At 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
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