Diamond Offshore Drilling Inc.NYSE
Nov. 17, 2014, 3:59 PM
- In the wake of Halliburton's (NYSE:HAL) $34.6B offer for Baker Hughes (NYSE:BHI), it appears the next hot sector for M&A action is energy: More consolidation is likely, given the weakness for stocks in the oilfield services subsector, low interest rates, and as a drop in demand for oil increases cutthroat pricing competition.
- Speculation is running rampant as investors try to figure out who is next in an industry that is sure to undergo some more consolidation; some names identified as possible candidates include Kodiak Oil and Gas (NYSE:KOG), Marathon Oil (NYSE:MRO), Northern Oil and Gas (NYSEMKT:NOG), Anadarko Petroleum (NYSE:APC), Pioneer Natural Resources (NYSE:PXD).
- GE could go after National Oilwell Varco (NYSE:NOV) to show it is serious about the energy industry after last year’s purchase of pumpmaker Lufkin, Royal Bank of Canada says, and Oppenheimer says even BP could be an acquisition candidate.
- But Morgan Stanley does not see offshore drillers getting in on the action, as larger players like Diamond Offshore (NYSE:DO), Transocean (NYSE:RIG) and Seadrill (NYSE:SDRL) are still addressing dividend concerns while smaller companies such as Atwood Oceanics (NYSE:ATW) and Pacific Drilling (NYSE:PACD) still trade close to replacement value.
Aug. 11, 2014, 11:54 AM
- Loews (L +0.5%) agrees to sell HighMount Exploration & Production but does not disclose the buyer or the price.
- Loews recorded a Q2 impairment of $167M tied to HighMount, according to the statement, a figure that may be adjusted based on the final sale price and transaction costs.
- Loews purchased HighMount in 2007 for ~$4B but sustained low natural gas prices prompted the sale.
- The divestiture helps narrow Loews’ focus to its luxury hotel operation and units such as insurer CNA Financial and Diamond Offshore Drilling (NYSE:DO).
Jan. 4, 2013, 8:28 AMHelix Energy (HLX) is turning into a takeover target after streamlining the company to focus on its expanding operations for offshore oilwell support, Bloomberg writes. Analysts say recent sales of its oil-and-gas unit and a pipe-laying business have made HLX more appealing to a potential suitor such as Aker Solutions, Technip or Diamond Offshore. | Jan. 4, 2013, 8:28 AM