Smith International, Inc. (NYSE: SII) announced today that its Oil and gas services provider Schlumberger Ltd. announced plans to acquire Smith International Inc. in a stock-for-stock transaction worth an estimated $11 billion. The strategy worked. © 2020 Endeavor Business Media, LLC. Continental Resources, the largest producer in North Dakota's Bakken formation, reported a net loss of $239.3 million for the second quarter of 2020 on weaker oil volumes and oil price realizations. Subject to Smith stockholder approval and customary regulatory approvals, closing is expected in this year’s second half. Weatherford Ltd, the fourth largest U.S.-listed player, bought the services unit of BP Plc affiliate TNK-BP last year. A spokesman for Schlumberger on Sunday declined to comment on possible antitrust issues. Like Herman C Smith, our people are a curious sort—working to better understand drilling applications our customers encounter and how to develop advancements that make a difference. The sale price is 45.84-a-share price was 37.5 percent higher than Smith's closing price on February 18, 2010. Smith International shares climbed 13 percent on Friday to $37.70. Nicolae Titulescu 4-8 Sectorul 1. Smith International was a Fortune 500 company headquartered in the Greenspoint district and in unincorporated Harris County, Texas. Click below to get started. In the mid-1980s, business faltered due to declining oil prices and the loss of a lawsuit against Hughes Tool (now part of Hughes Christensen). Smith International, Inc.Director ? Over the next 20 years, Smith acquired more than 80 companies, the largest of which was W-H Energy purchased in 2008, itself a conglomerate of more than a dozen businesses. Under the terms of the deal, Smith shareholders will receive 0.6966 shares of Schlumberger for each Smith share. Smith International ceased to exist as an independent company following the merger with Schlumberger. The two companies have long considered a deal and have been circling each other for four or five years, according to two sources familiar with the situation. Both companies’ boards unanimously approved a definitive merger agreement. Terms call for Smith shareholders to receive 0.6966 of a share of Schlumberger in exchange for each Smith share. In addition, Smith's stockholders voted in favor of all proposals After the deal, Schlumberger would boast revenue double that of nearest rival Halliburton Co, which had 2009 revenues of $14.7 billion. Over 99 percent of the shares voted at the meeting were voted in favor of the merger. In a recent review, Smith Bits set 53% of the global records in the drillbit industry—more than all other bit companies combined—with 595 of the 1,123 world records. statements of historical fact, are forward-looking statements. Housley, (281) 443-3370. opinions, forecasts, projections, or other statements other than separate and independent companies and continue to serve their Additionally, Smith Bits is continually recognized for advancement in bit technology, having earned the Hart Energy Special Meritorious Awards for Engineering Innovation (MEA) for cutting element technology in 2014, 2015, 2017, 2020, and the World Oil Award for drill bits in 2014. The company used to be identified by its red Sii logo. Murphy Oil Corp. reduced its full year budget an additional $40 million at the midpoint, to $680-720 million, and with the revised budget, anticipates production volumes of 153,000-163,000 boe/d for the third quarter. Analysts on Friday said the deal would likely get a hard look from antitrust regulators. will prove to be correct. The company used to be easily identified by its red Sii logo. M-I specializes in drilling fluids and systems as well as equipment used in drilling to control solids, manage pressure, and handle waste; this joint venture is 60 percent owned by Smith International and 40 percent by Schlumberger Limited. The deal is the biggest acquisition in Schlumberger history.  Smith International ceased to exist as an independent company following the merger with Schlumberger. Did you find what you were looking for? Schlumberger supplies technology, project management and information solutions to the oil and gas industry. meaning of Section 27A of the Securities Act of 1933, as amended, and Many of the legacy brand names have been retained post-merger with Schlumberger under Schlumberger's Drilling Products & Services offerings . I. We start at the rock with the kind of formation and lithology your bit will encounter. Until that time, Schlumberger and Smith will continue to operate as The merger is expected to increase earnings per share in 2012, said the company, which has major corporate offices in Houston, Paris, and The Hague. Schlumberger Ltd agreed to buy Smith International in a $11.34 billion all-stock deal that will boost the oilfield services leader's revenue to double that of its nearest rival. Section 21E of the Securities Exchange Act of 1934, as amended. Both companies currently operate M-I SWACO, which sells drilling fluids to the oil and gas sector, as a 60-40 joint venture. Investor RelationsShawn Many of the legacy brand names have been retained post-merger with Schlumberger under Schlumberger's Drilling Products & Services. Paula DittrickOGJ Senior Staff WriterHOUSTON, Feb. 22 -- Oil and gas services provider Schlumberger Ltd. announced plans to acquire Smith International Inc. in a stock-for-stock transaction worth an estimated $11 billion. Smith International Gulf Services, LLC (SIGS), was established in Dubai, United Arab Emirates in 1974 under the Oilfields Supply Centre group of companies. All quotes delayed a minimum of 15 minutes. Ritchie Bros. has been evolving rapidly, growing into new sectors and offering new solutions. Schlumberger expects the acquisition will generate pretax savings of about $160 million in 2011 and $320 million in 2012. He said more wells are being drilling in challenging environments and new resource plays, which increases a project’s complexity. This company supplies products to gas and oil production and exploration companies. respective customers. Smith Bits has a long history of know-how, experience, and the dedication to design and build bits that work best for your drilling applications and to help you improve drilling operations. The original part of the company, Smith Bits, grew out of a blacksmith shop in the small town of Whittier, California, in 1902. Under the leadership of then CEO Doug Rock, the company began to rebuild and reinvent itself in a campaign of growth through acquisition. BP reported a net loss of $16.8 billion for the second quarter of 2020, compared with a profit of $1.8 billion for the same period a year earlier. The company used to be easily identified by its red Sii logo. Smith International had many separate divisions that perform various functions in drilling and the petrochemical industry. Learn more about buying and selling oil & gas equipment with Ritchie Bros. Remora Petroleum LP, Austin, Tex., filed a petition for Chapter 11 protection Aug. 12, in the Southern District of Texas, Houston Division, listing $85 million in debt. REUTERS/David Moir. Andrew Gould, Schlumberger chairman and chief executive officer, said the Smith acquisition will add Smith’s drilling expertise and its drillbits to Schlumberger’s product offerings. Both Schlumberger and Smith own M-I Swaco, which sells drilling fluids, as a joint venture . The deal is the biggest acquisition in Schlumberger history. Goodrich Petroleum Corp. has a net loss of $15.7 million in second-quarter 2020 versus net income of $11.8 million in the prior year period. Smith Services operates as a business unit of Smith International, one of the world’s leading suppliers of premium, leading edge services to the oil and gas exploration and production industry, and the petrochemical sector. were voted in favor of the merger. Carving Out a New Dimension with Wiley Long. The company has recently changed its logo to consist of the word "SMITH" in black capital letters with a green globe. The process also takes into account the specific operating parameters and the interaction between individual elements of the drilling assembly. Internet site (http://www.sec.gov). pendency of the merger, the ability to successfully integrate the merged Using his knowledge of metals, he modified and improved oilfield tools, designing and constructing new tools on demand. Marathon Oil Corp. posted a second quarter 2020 net loss of $750 million, compared to net income of $1.1 billion for second-quarter 2019. things, satisfaction of the closing conditions to the merger, the risk Parsley Energy Inc. reactivated two rigs and two frac spreads in July and, if prices do not deteriorate, the company anticipates moving to a stabilized activity level of four to five rigs and one to two frac spreads early in this year’s fourth quarter. Jean Francois (J-F) Poupeau, President, Drilling Group. or otherwise. Smith International grew into a global, diversified Fortune 500 company that had three main operating segments: M-I SWACO, a 60-40% joint venture with Schlumberger; Wilson Distribution, one of the two largest energy industry supply chain solutions businesses in North America; and, as of last year, Smith Oilfield. Smith International was a Fortune 500 company headquartered in the Greenspoint district and in unincorporated Harris County, Texas. The Wall Street Journal on Friday had reported Schlumberger was in advanced talks to buy Smith International. Engineer the optimal drilling assembly for any application, including bit designs that account for each element of the BHA. Our Standards: The Thomson Reuters Trust Principles. members of Smith's board of directors and the amendment of Smith's See here for a complete list of exchanges and delays. Reporting by Elinor Comlay and Michael Erman; additional reporting by Matt Daily in New York and Braden Reddall in San Francisco, Editing by Tim Dobbyn, Bernard Orr. But a source familiar with the deal said the two companies do not expect to have to sell any major assets to satisfy government antitrust enforcers. EOG Resources Inc. has narrowed its 2020 capex to $3.4-3.6B and raised its 2020 oil production guidance 4% to 402,600-409,200 b/d on lowered curtailments and plans to drill two additional wells in Trinidad over the remainder of the year. Our design process isn't about cookie-cutter solutions. It was there, at the age of 20, that Herman C. Smith became the right man in the right place at the right time: oil was discovered nearby and the local drilling operators needed their fishtail bits sharpened. Shares in Schlumberger, which has principal offices in Paris, Houston and The Hague, closed down 2.9 percent at $63.90. Smith Bits has been a Schlumberger company since 2010. that the contemplated merger does not occur, negative effects from the Smith Chief Executive John Yearwood and new chief financial officer, William Restrepo, previously worked at Schlumberger for two decades. Experience premium performance, dynamic stability, and durability. The deal, still subject to shareholder and regulatory approval, values Smith Stock at $45.84, a 37.5 percent premium over Thursday’s closing price, according to a joint statement by the companies on Sunday. Forward-looking statements speak only as of the date they are made, and The company had recently changed its logo to consist of the word "SMITH" in black capital letters with a green globe. Among its products and services, Smith provides drilling and completion fluids; solids control and separation equipment; waste-management; water-treatment systems; production chemicals; directional drilling tools and services; two-cone, three-cone, and diamond drillbits; turbine drilling products; and drilling and fishing tools. Schlumberger Limited ("Schlumberger", USA) acquires within the meaning of Article 3(1)(b) of the Merger Regulation sole control of Smith International, Inc. ("Smith", USA), by way of purchase of shares. Baker Hughes Inc, the third-largest oilfield services company, is due to close its $6 billion takeover of smaller peer BJ Services Co this quarter.
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