Halliburton to Separately Market for Sale Its Drill Bits, Directional Drilling & LWD/MWD Businesses in Connection with Pendin...
April 07 2015 - 4:15PM
Business Wire
Halliburton Company (NYSE: HAL) today announced it will
separately market for sale the company’s Fixed Cutter and Roller
Cone Drill Bits, Directional Drilling and Logging-While-Drilling
(LWD)/Measurement-While-Drilling (MWD) businesses. The final sale
of these businesses will not be completed until we have reached
acceptable terms and conditions negotiated by Halliburton, the
approval of Halliburton’s Board of Directors and final approvals of
the Baker Hughes acquisition by competition authorities.
“Thanks to employees’ hard work, these businesses represent
strong products and services in the oilfield services industry, and
we believe the value inherent in these businesses will be
recognized by prospective buyers,” said Dave Lesar, chairman and
chief executive officer of Halliburton. “Although we would prefer
to retain these assets, we will be required to divest some of our
overlapping businesses to obtain competition authorities’ approvals
as anticipated when we announced the Halliburton-Baker Hughes
transaction. We are excited about the many benefits of our pending
acquisition of Baker Hughes, which was recently approved by the
stockholders of both companies, and look forward to creating a
bellwether global oilfield services company for the benefit of our
stockholders, customers, employees and other stakeholders.”
Halliburton will operate as one company, including the
businesses held for sale, until the sale of the identified
businesses is complete, and the company remains focused on
providing the same safe, reliable, cost-effective service to its
customers. Halliburton expects to complete the sale of the
businesses in the same timeframe as the closing of the pending
Baker Hughes acquisition late in the second half of 2015.
About Halliburton
Founded in 1919, Halliburton is one of the world's largest
providers of products and services to the energy industry. With
more than 75,000 employees, representing 140 nationalities in over
80 countries, the company serves the upstream oil and gas industry
throughout the lifecycle of the reservoir — from locating
hydrocarbons and managing geological data, to drilling and
formation evaluation, well construction and completion, and
optimizing production through the life of the field. Visit the
company’s website at www.halliburton.com. Connect with Halliburton
on Facebook, Twitter, LinkedIn, Oilpro and YouTube.
Safe Harbor
The statements in this communication that are not historical
statements, including statements regarding Halliburton’s ability to
negotiate acceptable terms and conditions in connection with the
divestitures, the approval of the divestitures by Halliburton’s
Board of Directors, the approvals from competition authorities of
the overall acquisition of Baker Hughes, and expectations regarding
the timing of the divestitures and the closing of the acquisition
of Baker Hughes, are forward-looking statements within the meaning
of the federal securities laws. These statements are subject to
numerous risks and uncertainties, many of which are beyond the
company's control, which could cause actual results to differ
materially from the results expressed or implied by the statements.
These risks and uncertainties include, but are not limited to: the
timing to consummate the proposed transaction; the conditions to
closing of the proposed transaction may not be satisfied or the
closing of the proposed transaction otherwise does not occur; the
risk a regulatory approval that may be required for the proposed
transaction is not obtained or is obtained subject to conditions
that are not anticipated; the diversion of management time on
transaction-related issues; the ultimate timing, outcome and
results of integrating the operations of Halliburton and Baker
Hughes and the ultimate outcome of Halliburton’s operating
efficiencies applied to Baker Hughes’ products and services; the
effects of the business combination of Halliburton and Baker
Hughes, including the combined company’s future financial
condition, results of operations, strategy and plans; expected
synergies and other benefits from the proposed transaction and the
ability of Halliburton to realize such synergies and other
benefits; results of litigation, settlements, and investigations;
and other risks and uncertainties described in Halliburton’s Form
10-K for the year ended December 31, 2014, recent Current Reports
on Form 8-K, and other Securities and Exchange Commission filings.
These filings also discuss some of the important risk factors
identified that may affect Halliburton's business, results of
operations, and financial condition. Halliburton undertakes no
obligation to revise or update publicly any forward-looking
statements for any reason.
Additional Information
This communication does not constitute an offer to buy or sell
or the solicitation of an offer to buy or sell any securities or a
solicitation of any vote or approval. This communication relates to
a proposed business combination between Halliburton and Baker
Hughes. In connection with this proposed business combination,
Halliburton has filed with the Securities and Exchange Commission
(the "SEC") a registration statement on Form S-4, including
Amendments No. 1 and 2 thereto, and a definitive joint proxy
statement/prospectus of Halliburton and Baker Hughes and other
documents related to the proposed transaction. The registration
statement was declared effective by the SEC on February 17, 2015
and the definitive proxy statement/prospectus has been mailed to
stockholders of Halliburton and Baker Hughes. INVESTORS AND
SECURITY HOLDERS OF HALLIBURTON AND BAKER HUGHES ARE URGED TO READ
THE JOINT PROXY STATEMENT/PROSPECTUS, REGISTRATION STATEMENT AND
OTHER DOCUMENTS FILED OR THAT MAY BE FILED WITH THE SEC CAREFULLY
AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN
IMPORTANT INFORMATION. Investors and security holders may obtain
free copies of these documents and other documents filed with the
SEC by Halliburton and/or Baker Hughes through the website
maintained by the SEC at http://www.sec.gov. Copies of the
documents filed with the SEC by Halliburton are available free of
charge on Halliburton’s internet website at
http://www.halliburton.com or by contacting Halliburton’s Investor
Relations Department by email at investors@Halliburton.com or by
phone at +1-281-871-2688. Copies of the documents filed with the
SEC by Baker Hughes are available free of charge on Baker Hughes’
internet website at http://www.bakerhughes.com or by contacting
Baker Hughes’ Investor Relations Department by email at
trey.clark@bakerhughes.com or alondra.oteyza@bakerhughes.com or by
phone at +1-713-439-8039 or +1-713-439-8822.
Participants in Solicitation
Halliburton, Baker Hughes, their respective directors and
certain of their respective executive officers may be considered
participants in the solicitation of proxies in connection with the
proposed transaction. Information about the directors and executive
officers of Halliburton is set forth in its Annual Report on Form
10-K for the year ended December 31, 2014, which was filed with the
SEC on February 24, 2015, and its proxy statement for its 2015
annual meeting of stockholders, which was filed with the SEC on
April 7, 2015. Information about the directors and executive
officers of Baker Hughes is set forth in its Annual Report on Form
10-K for the year ended December 31, 2014, which was filed with the
SEC on February 26, 2015, and its proxy statement for its 2015
annual meeting of stockholders, which was filed with the SEC on
March 27, 2015. These documents can be obtained free of charge from
the sources indicated above. Additional information regarding the
participants in the proxy solicitations and a description of their
direct and indirect interests, by security holdings or otherwise,
are contained in the proxy statement/prospectus and other relevant
materials filed with the SEC.
HalliburtonFor Investors:Kelly Youngblood,
281-871-2688Investor RelationsInvestors@Halliburton.comorFor
Media:Emily Mir, 281-871-2601Public
RelationsPR@Halliburton.com
Halliburton (NYSE:HAL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Halliburton (NYSE:HAL)
Historical Stock Chart
From Sep 2023 to Sep 2024