SLB Schlumberger Ltd

Major oilfield services provider Halliburton Co. (HAL) has closed its previously announced acquisition of San Angelo, Texas-based privately held firm Multi-Chem Group LLC, a leading supplier of oilfield production and completion chemicals. The financial terms of the transaction, which was declared in September, were not disclosed.

Management of Multi-Chem – that has provided chemicals and services to more than 30,000 oil and natural gas wells across North America – believes that this deal will open various opportunities for the company based on Halliburton’s strong customer base and overseas operational strength.

On the other hand, for Halliburton, this step will further help the company to expand the breadth of its services and augment its average revenue per rig. At the same time, it will be able to serve and fulfill the demands of a large number of customers.

Houston, Texas-based Halliburton is one of the largest oilfield service providers in the world, offering a variety of equipment, maintenance, and engineering and construction services to the energy, industrial, and government sectors. The company operates under two main segments: Completion and Production, and Drilling and Evaluation.

Halliburton shares currently retain a Zacks #3 Rank, which translates into a short-term 'Hold' rating.

We like Halliburton’s leadership status in the global oilfield services market. We also appreciate its broad and technologically-complex product/service offerings as well as its very strong relationships with both publicly-traded and national oil companies worldwide. The company has been benefiting from increased activity in the unconventional oil and gas shale plays in North America, which have more than made up for the drop in deepwater Gulf of Mexico (“GoM”) activity and disruptions in North Africa.

However, the world's second-largest oilfield services company after Schlumberger Ltd. (SLB) continues to feel pressure from intense competition in the market, depressed natural gas prices, a volatile situation in Libya and the expected curtailment in incremental drilling projects. The dip in oil prices to around $80 per barrel is likely to further limit its ability to generate positive earnings surprises.

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