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Andy Tully of OilPrice.com reports on Halliburtons November acquisition of Baker Hughes. By Buying Baker Hughes, Halliburton Aims To Dominate US Fracking By: Andy Tully (OilPrice.com) Halliburton Co.s purchase of Baker Hughes for about $35 billion is designed to cuts costs for the combined companies and help them dominate hydraulic fracturing in North America. It also could make the new Halliburton surpass Schlumberger Ltd. as the global market leader in oilfield services. This transaction came about because of the current fall in in the price of crude oil and the rise in the cost of extracting it. Wedding the two companies would eliminate redundancies, and therefore costs, allowing a new Halliburton to offer its customers lower prices, according to executives at both companies. At the same time the deal would give Halliburton two products it lacks now; chemicals and pumps that increase output from oil and gas wells. If Halliburtons purchase of Baker Hughes is approved, the combination
Andy Tully of oilprice.com reports on Schlumbergers 45.65% purchase of Russias Eurasia Drilling Co. at a time when the U.S. and E.U. have placed economic sanctions on the country. Schlumberger To Retake Oil Services Crown With New Deal By: Andy Tully (OilPrice.com) Schlumberger Ltd.s move to buy nearly half of Eurasia Drilling Co. (EDC), Russias largest oil drilling concern, will cost it about $1.7 billion and perhaps a few sleepless nights over the prospect that Western sanctions may eventually apply to the new acquisition. But the American oil services giant also just may have found a genuine bargain. Houston-based Schlumbergers decision to buy 45.65 percent of EDC comes at a time when the European Union and the United States have imposed stiff economic sanctions on Russia for its support of separatist fighters in neighboring Ukraine. Under the sanctions, Western energy companies may not help specific Russian companies explore for oil in the Arctic, in deep water or in underground
The New York-based water technology giant plans to spend several hundred million dollars on acquisitions in fast-growth markets in coming years. Xylem May Spend Hundreds of Millions on Acquisitions: CEO By: Mahmoud Habboush Xylem Inc. (XYL), the water technology company spun off from ITT Corp., is looking to spend several hundred million dollars on acquisitions over the coming years, its chief executive officer said. Weve got a balance sheet that is very capable of taking on some additional leverage if we needed to, Patrick Decker said in an interview in Abu Dhabi at an industry conference. We have a very strong cash profile, the former head of Harsco Corp. said yesterday. So weve acknowledged that well certainly be able to do the acquisitions up to several hundred million dollars along the way. The New York-based company led by Decker since March reported improved third-quarter earnings backed by $1.03 billion in orders. In August it won a pumps contract for a Mekong River hydropower