The transaction will expand Schlumberger’s revenue base by more than 20%, Paal Kibsgaard, the company’s CEO and chairman, said in a press call. Schlumberger expects cost synergies of $900 million over two years
AGL is planning to spend $670 million on interstate pipeline construction projects, including infrastructure from the Marcellus and Utica and that could grow volumes moving to the Southeast, Midcontinent and Eastern Canada.
Halliburton Co. and Baker Hughes received Department of Justice second requests in February under Hart-Scott-Rodino Antitrust Improvements Act of 1976’s notification requirements. Baker Hughes certified the second request July 14.
Both companies said July 10 that they had agreed to extend the Department of Justice’s review of their merger while Halliburton readies divestment of billions of dollars in revenue-generating business divisions.
Energy Transfer Equity LP signed confidentiality agreement to participate in an auction for Williams Cos., the pipeline company that turned down its $48 billion takeover offer last month, Bloomberg said.
Doubts that regulators will approve Halliburton’s $35 billion takeover of fellow oilfield services company Baker Hughes this year creates high-reward opportunity for investors with appetite for risk, Reuters said.
Deal-making opportunities for E&P’s are expected to grow stronger through 2016, an investment service predicts. The midstream sector will remain open to M&A activity amid waning opportunities for organic growth.