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Fly News Breaks for June 21, 2017
HAL, WFT, SLB
Jun 21, 2017 | 07:25 EDT
Barclays analyst J. David Anderson downgraded Schlumberger (SLB) to Equal Weight from Overweight, stating that based on strip prices and the firm's oil price forecast he expects 2018 North America E&P spending to be up about 10-15%. Paired with little growth internationally and another down year offshore, he cut next year's EBITDA estimates by 15% across large cap services companies, which he said leaves little upside for the group. Anderson, who lowered his price target on Schlumberger to $73 from $98, also lowered his price target on Weatherford to $6 from $7 and on Haliburton (HAL) to $50 from $73. However, he keeps an Overweight rating on Haliburton and upgraded Weatherford to Overweight this morning, citing valuation.
News For SLB;WFT;HAL From the Last 2 Days
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."