The Deal
Sunday, July 5, 
12:18 am

Credit crisis? Halliburton in M&A mood with 'A' rating

[ Share ]  [ E-mail ]  [ Leave a Comment ]
MarkMcCollumBig.jpgAt an analyst meeting Wednesday morning, Houston-based Halliburton Co.'s CFO Mark McCollum (pictured) said he wants to keep the oil and gas giant's mergers and acquisitions pipeline full. One story noted the company has about $1 billion in cash, $1.6 billion in unused credit and an "A" corporate credit rating, putting it on solid ground amid a turbulent economy. Executives said one of their aims is to continue to expand Halliburton's overseas business.

A Reuters report noted, though, that McCollum said the company will struggle in 2009 to meet its long-term goal of increasing revenue by 20% on an annual basis due to commodity price volatility and the global financial crisis. Oil prices have dropped about 60% over four months to under $54 a barrel, making oil companies reduce spending on services such as the ones Halliburton provides.

Earlier in June, Halliburton lost out to a private equity consortium led by Candover Partners Ltd. on a bid for U.K. oil services provider Expro International Group plc. Halliburton had offered slightly more than Candover's $3.6 billion. In October, Halliburton completed a smaller deal to acquire Houston's Pinnacle Technologies Inc., which provides microseismic fracture and tiltmeter mapping services to natural gas explorers in North America. - Baz Hiralal


Join Corporate Dealmaker's LinkedIn forum

Comments
Post a comment


Search


Search For

Decade of The Deal

Corporate Dealmaker Video


Vanterra's Shad Azimi on PE's evolution

Vanterra Capital's Azimi on how PE firms are investing in management to increase the value of their portfolio companies.


Movers & Shakers


Cuong Viet Do
Tyco Electronics Ltd.

Ram Ramakrishnan
Millipore Corp.

Cliff Miller
DeviceVM Inc.

Sam Wick
News Corp.

Arturo Gomez
Purfresh Inc.
Cuong Viet Do, Tyco Electronics Ltd.
Ram Ramakrishnan, Millipore Corp.
Cliff Miller, DeviceVM Inc.
Sam Wick, News Corp.
Arturo Gomez, Purfresh Inc.


COMPLETE MOVERS & SHAKERS ARCHIVES

The Magazine


MACDdec1cover.gifAnd the winners are...
Even in a period when things like toxic credit default swaps and noxious structured investment vehicles dominate the conversation in many parts of the deal community, people are still willing to take the time to recognize skill and achievement in the strategic transactions that help those companies adapt and grow.
View the complete issue


Last Issue
Archives
Suggest a topic
Purchase a reprint
Subscribe to The Deal


Monthly Archives


Syndicate

Contributors

footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg footspacer.jpg


©Copyright 2009, The Deal, LLC. All rights reserved. Please send all technical questions, comments or concerns to the Webmaster.