Bill Herbert News
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Deep-water oil exploration has been disrupted from the Gulf of Mexico to Brazil by the discovery of faulty bolts used in safety equipment less than three years after the worst-ever U.S. maritime crude spill.
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Activist investors from Carl Icahn to Daniel Loeb are amassing stakes in energy companies to replace directors and spin off assets dragging down valuations amid record oil prices.
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Omar Nokta, a managing director at Dahlman Rose & Co. who covered marine transportation, left the investment bank yesterday after nine years.
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Hedge funds bought $1.6 billion of shares in two oil-services companies in the second quarter as analysts said a drilling boom in the U.S. may spread overseas, helping reverse a slump in the companies’ stock prices.
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Baker Hughes Inc. , the oilfield contractor that acquired BJ Services Co. last year, said profit quadrupled as higher crude prices lifted demand for drilling work in North America.
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Kinder Morgan Inc.’s agreement to buy El Paso Corp. for $21.1 billion, the energy industry’s biggest transaction in more than a year, would create the largest natural-gas pipeline network in the U.S.
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Goldman Sachs Group Inc. may be better off cutting its losses instead of fighting what it terms “unfounded” fraud claims, say professors of securities law who have examined the U.S. Securities and Exchange Commission’s lawsuit against the bank.
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Schlumberger Ltd., the world’s largest oilfield-services provider, said fourth-quarter profit rose 36 percent as higher crude prices pushed oil companies to boost exploration and production spending around the world.
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Mariner Energy Inc., the oil and gas explorer being bought by Apache Corp. for more than $2 billion in cash and stock, was sued by a shareholder contending the deal undervalues the company.
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National Oilwell Varco Inc., the largest U.S. oilfield-equipment maker, agreed to buy NKT Flexibles for $673 million (3.8 billion kroner), expanding its ability to sell gear for deep-water exploration projects.
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