Halliburton: No Need to Merge to Compete with Rivals
The world's second-largest oilfield services provider doesn't feel the need to make a major acquisition, Bloomberg reported Wednesday.
Speaking at an industry conference in Houston, Tim Probert, president of global business lines and corporate development at Halliburton, said, " We feel no compulsion to go out and do any large transaction" as the company is "very satisfied with where we are," Bloomberg noted.
Recently, two of Houston-based Halliburton's rivals announced billion-dollar transactions to combine forces with other major oilfield services divisions, creating behemoths for the oil and gas services industry.
In August 2009, Baker Hughes announced its acquisition of BJ Services Co. for more than $6.5 billion, and, last month, the world's leading oilfield services provider Schlumberger agreed to takeover Smith International for $11 billion in stock.