DOJ Sues ValueAct Capital for Meddling in Halliburton/BH Merger
So what’s happening with Halliburton’s $34.6 billion buyout of Baker Hughes? At last check the deal was at best a 50/50 proposition as to whether or not it would happen. Europe currently has the deal under a microscope (see Europe Puts Halliburton/BH Merger Under a Microscope). The European Commission launched a “second phase” of their investigation into the deal, which is problematic for Halliburton. The European Commission says they see “serious potential competition concerns” with the deal. Not good. But that was in January. Since then we’d not heard anything about the deal’s progress–until now. Yesterday the U.S. Dept. of Justice sued ValueAct Capital, accusing the company of purchasing $2.6 billion worth of stock in Halliburton and BH with “the intent to influence the companies’ business decisions as the merger unfolded.” The company has been charged with violating the reporting and waiting period requirements of the Hart-Scott-Rodino Antitrust Improvements Act…
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We don’t automatically believe every poll we read–especially polls by left-leaning pollsters like the Gallup organization. But their latest poll results have the ring of truth–and it’s disturbing. In 2014 and again in 2015 Gallup conducted a nationwide poll of the American public asking this question: “Do you favor or oppose hydraulic fracturing or “fracking” as a means of increasing the production of natural gas and oil in the U.S.?” In March 2014 opinion was evenly split–with 40% favoring and 40% opposing and another 19% clueless (i.e. no opinion). One year later, in March 2016, it breaks down thus: 36% support fracking, 51% oppose it and 13% remain clueless. The biggest swing against fracking has been among Republicans. The vast majority of Democrats have been against fracking–for years–and remain so. They are ideologically rigid in their hatred of fossil fuels. The change has come among Republicans. Folks, we’re losing the public relations war with fracking. Fortunately the founding fathers constructed our great country as a republic–not a simple majority “mob rule” democracy. Democratic principles of freedom to be sure–but with safeguards to protect the minority, which the founders realized was often right. We have to do more to win the American public to our side–to show them that fracking is not evil and does not harm the environment but is, instead, a modern day miracle…
Everybody loves a list. We do too! We spotted a ranking in a recent issue of the Pittsburgh Business Times that lists the top 37 shale gas producers in southwestern Pennsylvania, based on the amount of gas they produced in 2015. We pulled the names of the top 10, listed in order from most to least…
Earlier this week (March 30th) the 2016 Northeast Oil & Gas Awards and Industry Summit was held in Pittsburgh. Once again the Awards and the Summit were a smashing success. Congratulations to all of the finalists and winners! Each year the Oil & Gas Awards recognize organizations operating responsibly and supporting the communities they operate within. Now in their 4th year, the Oil & Gas Awards are judged by over 100 senior industry professionals. Partners in the Northeast Awards are The US Chamber of Commerce, The Pennsylvania Chamber of Business and Industry, The Washington County Chamber of Commerce and the Western Virginia Oil and Natural Gas Association. Here is a complete list of the winners, by category…