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Halliburton says no merger necessary

March 11, 2010
TOPICS: In the news
After watching its two largest competitors grow through mergers, Halliburton says it has no plans to make a major acquisition.

From the Houston Chronicle:

“We feel no compulsion to go out and do any large transaction,” Tim Probert, president of global business lines and corporate development at Halliburton, said in an interview in Houston.

Schlumberger Ltd., the largest oil field-services provider, said in February that it agreed to acquire Houston-based Smith International Inc. for about $11 billion in stock, in part to accelerate advances in shale-gas drilling. That deal follows a planned acquisition announced in August by Baker Hughes Inc. to buy BJ Services Co. for more than $6.5 billion.

Probert, who spoke at a Cambridge Energy Research Associates industry conference in Houston, said Halliburton is “very satisfied with where we are and we're very comfortable with our offering.” He said the company's strategy in recent years has included acquisitions in areas such as technology.

Houston-based Halliburton is positioned to compete in growth areas such as deepwater and U.S. shale-gas projects and doesn't need to match deals by competitors, Roger Read, an analyst at Natixis Bleichroeder in Houston, said last month.
 
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