Energy Biz Report: Venoco’s Deadline EXTENSION, Halliburton’s WARNING

Venoco, Inc. (NYSE:VQ) has extended the deadline until September 13th for Chief Executive Timothy Marquez to obtain funding by which to take the company private, marking the third such extension. A spokesperson for the board commented that “Marquez has delivered evidence of commitments covering all of the required financing for the merger.”

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Chief Executive Mark McCollum of Halliburton Company (NYSE:HAL) has warned that a decline in activity in its home market in North America could mean that third quarter revenue will decrease, and the necessary lower pricing might cut profit margins by as much as 3 percent. A consensus had forecast a rise in revenues by about 2 percent. Shares of Baker Hughes Inc. (NYSE:BHI), Schlumberger Limited (NYSE:SLB), and C&J Energy Services, Inc. (NYSE:CJES) were negatively affected by Haliburton’s announcement.

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