News broke late last week the world’s second and third largest oil field services providers Halliburton and Baker Hughes were in merger negotiations. The combined company would more effectively compete with Schlumberger, the world’s largest oilfield service company. The deal briefly went hostile when it was reported over the weekend that Halliburton would make a run at Baker Hughes’ board of directors, but by Monday morning it appeared the two firms had reached a deal. However, antitrust issues will need to be worked out. “The companies announced Monday that Baker Hughes investors will get 1.2 shares in Halliburton and $19 in cash for each share they own. That values Baker Hughes at $78.62 a share, a 31 percent premium over Friday’s closing price. Baker Hughes investors would own 36 percent of the combined entity after the deal closes, expected in the second half of 2015.” [Fuel Fix]
Total US liquids production reached its highest level since 1986 according to the EIA. “Domestic production has increased dramatically over the past four years, increasing from 5.4 million bbl/d in January 2010 to its current level, driven by increasing production from shale and other tight formations. During 2014 alone, 10 states (the three states previously mentioned in addition to Oklahoma, Colorado, Wyoming, Utah, Ohio, West Virginia, and Pennsylvania) have set monthly production records since 1995, and accounted for more than 64% of total U.S. production during August.” [EIA]
BrightSource is teaming up with Shanghai Electric to construct concentrated solar projects in China. “The joint venture’s first two projects are already lined up — two 135 MW CSP projects being developed as part of the first phase of the Qinghai Delingha Solar Thermal Power Generation Project, which is owned (mostly) by Huanghe Hydropower Development Company (Huanghe).” [CleanTechnica]
The US Senate will vote on a bill to construct the Keystone XL oil pipeline tomorrow. “Keystone is playing out to be one of the biggest issues of the lame-duck session. While the House has voted to approve it eight times, Senate Majority Leader Harry Reid (D-Nev.) has repeatedly refused to allow a vote.” [The Hill]
