Halliburton Co, the world's No.2 oilfield services provider, reported a better-than-expected quarterly profit as costs cuts helped offset the impact of a steep drop in drilling activity.
The company also said it was "fully committed" to completing its takeover of smaller rival Baker Hughes Inc, after the U.S. Department of Justice extended its review of the deal.
Halliburton's shares rose 3 percent to $41.25 in premarket trading on Monday. The Halliburton-Baker Hughes deal is facing stiff regulatory scrutiny because the companies have overlapping businesses in the United States, Asia and Europe.
Halliburton has put up three drilling businesses for sale to alleviate regulatory concerns and said on Monday it was "pleased with the prices and level of interest" it had received.44 cents vs 29 cents expected.
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Disclaimer
This is not an investment site. 'Nuf said.
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Two Dots To Connect
The Fed directs eight (8) largest banks to hold extra capital. The headline is a bit misleading:
JPMorgan is the only one that doesn't already meet the requirements. It currently falls about $12.5 billion short, according to Fed officials.However, why is the Fed worried at this moment about failures and bailouts?
Commodity prices plunge to their lowest since 2002. This make borrowing that much more difficult for these oil companies just as the Fed is getting ready to raise rates anyway. Huge challenge for oil and gas companies.
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