BFW 04/07 20:16 *HAL TO MARKET DRILL BITS, DIRECTIONAL DRILLING, LWD/MWD UNITS
BN 04/07 20:15 *HAL TO MARKET DRILL BITS, DIRECTIONAL DRILLING, LWD/MWD UNITS
BFW 04/07 20:15 *HALLIBURTON TO SEPARATELY MARKET FOR SALE DRILL BITS, DIRECTION
BN 04/07 20:15 *HALLIBURTON TO SEPARATELY MARKET FOR SALE DRILL BITS, DIRECTION
BN 04/07 20:15 *HAL TO MARKET DRILL BITS, DIRECTIONAL DRILLING, LWD/MWD UNITS
BFW 04/07 20:15 *HALLIBURTON TO SEPARATELY MARKET FOR SALE DRILL BITS, DIRECTION
BN 04/07 20:15 *HALLIBURTON TO SEPARATELY MARKET FOR SALE DRILL BITS, DIRECTION
Halliburton to Separately Market for Sale Its Drill Bits, Directional Drilling and LWD/MWD Businesses in Connection with Pending
2015-04-07 20:15:00.168 GMT
Halliburton to Separately Market for Sale Its Drill Bits, Directional
Drilling and LWD/MWD Businesses in Connection with Pending Baker Hughes
Acquisition
Business Wire
HOUSTON -- April 7, 2015
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.
Contact:
Halliburton
For Investors:
Kelly Youngblood, 281-871-2688
Investor Relations
Investors@Halliburton.com
or
For Media:
Emily Mir, 281-871-2601
Public Relations
PR@Halliburton.com
-0- Apr/07/2015 20:15 GMT
2015-04-07 20:15:00.168 GMT
Halliburton to Separately Market for Sale Its Drill Bits, Directional
Drilling and LWD/MWD Businesses in Connection with Pending Baker Hughes
Acquisition
Business Wire
HOUSTON -- April 7, 2015
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.
Contact:
Halliburton
For Investors:
Kelly Youngblood, 281-871-2688
Investor Relations
Investors@Halliburton.com
or
For Media:
Emily Mir, 281-871-2601
Public Relations
PR@Halliburton.com
-0- Apr/07/2015 20:15 GMT