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Fly News Breaks for January 2, 2020
NEX, BOOM, BKR, HAL, SLB
Jan 2, 2020 | 09:09 EDT
Stifel analyst Stephen Gengaro predicts there are several positives that will surface in 2020 for the Oilfield Services & Equipment group, including a broader reflation trade that favors cyclical stocks, an end to the downward estimate revision cycle for the group, weakening U.S. oil production growth and positive free cash flow generation. In particular, he thinks a potential slowdown in U.S. oil production growth could keep OPEC+ compliant and willing to support oil prices, would underpin 2021 oil supply/demand fundamentals and could lead to increased confidence in an uptick in 2021 upstream activity. Gengaro highlighted Schlumberger (SLB), Baker Hughes (BKR), DMC Global (BOOM) and NexTier (NEX) as his favorite names in the space. He raised his price target on Schlumberger shares to $47 from $45 and also increased his price target on Halliburton (HAL) shares to $30 from $26.
News For SLB;HAL;BKR;BOOM;NEX From the Last 2 Days
BKR
Mar 28, 2024 | 13:02 EDT
Baker Hughes reports that the U.S. rig count is down 3 from last week to 621 with oil rigs down 3 to 506, gas rigs unchanged at 112 and miscellaneous rigs unchanged at 3. The U.S. Rig Count is down 134 rigs from last year's count of 755 with oil rigs down 86, gas rigs down 48 and miscellaneous unchanged. The U.S. Offshore Rig Count is down 3 to 20, up 2 year-over-year. The Canada Rig Count is down 18 from last week to 151, with oil rigs down 16 to 75, and gas rigs down 2 to 76. The Canada Rig Count is up 12 from last year's count of 139, with oil rigs up 17, and gas rigs down 5.
SLB
Mar 27, 2024 | 19:34 EDT
SLB "announced an agreement to combine its carbon capture business with Aker Carbon Capture to support accelerated industrial decarbonization at scale. Bringing together complementary technology portfolios, leading process design expertise and an established project delivery platform, the combination will leverage ACC's commercial carbon capture product offering and SLB's new technology developments and industrialization capability. It will create a vehicle for accelerating the introduction of disruptive early-stage technology into the global market on a commercial, proven platform. Following the transaction, SLB will own 80% of the combined business and ACC will own 20%. The International Energy Agency (IEA) sees carbon capture, utilization, and sequestration playing a critical role in the net-zero transition-estimating that over one gigaton of CO2 per year will need to be captured by 2030, scaling up to over six gigatons by 2050. SLB will pay NOK 4.12 billion to purchase 80% of Aker Carbon Capture Holding AS, which holds the business of ACC, and will contribute the SLB carbon capture business to the combined entity. SLB may also make additional payments of up to NOK 1.36 billion over the next three years based on the performance of the business. The transaction is subject to regulatory approvals and is expected to close by the end of the second quarter, 2024."