Baker Hughes will get $3.5 billion as part of the merger agreement, which the companies terminated on May 1 after opposition from U.S. and European antitrust regulators.
The tie up would have brought together the world’s No. 2 and No. 3 oil services companies, raising concerns it would result in higher prices in the sector.
As part of 10,300 job cuts it has already announced, 2,800 will come from integration of BG and 7,500 from Shell’s existing staff and direct contractor base, Reuters reported.
Williams has alleged that Energy Transfer is looking into ways to walk away from the tie-up even though the terms of the deal would not allow that.
A merger could hurt the Tel Aviv bourse, since both trade in the blue-chip Tel Aviv 25 index and have significant trading volume.
Porter said he expects to see more consolidation in the oil sector. "You will see increased energy M&A and I think you're going to see increased issuance throughout the sector," he said.
Pertamina is looking to buy into projects in countries including Iraq, Saudi Arabia and Russia and will target expansion in border areas to strengthen Indonesia's sovereign claims, including in the South China Sea, Pertamina Upstream Director Syamsu Alam told Reuters in an interview April 11.
The European Commission, which halted its investigation into the $35 billion deal last month while waiting for more details from the companies, will now decide by Aug. 11 whether to clear or veto the takeover.
The company, which operates in Algeria, Egypt, the Black Sea and the Kurdistan region of Iraq, has been struggling with low crude oil prices.
Amphora Canada Gas Storage ULC completed its purchase of Chevron Alberta Gas Storage ULC (CAGS) from Chevron Canada Properties Ltd.
The deal expands the Houston-based oilfield services giant into new territory in subsea and equipment manufacturing. The merger will result in the industry’s first complete drilling and production systems
As a result, the parties intend to close the transaction on April 1, according to a news release.
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