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$ENB and $SE agreed to merge. Al Monaco will continue to serve as President and CEO of the combined company. Greg Ebel will serve as non-executive Chairman of $ENB's BoD. $ENB's BoD is expected to have a total of 13 directors consisting of 8 members designated by $ENB, including Monaco, and 5 members designated by $SE, including Ebel.
During 4Q17, $HAL recorded an $882MM non-cash charge, primarily as a result of a preliminary provision for net impact of tax reform. Given current U.S. tax attributes, $HAL does not expect to pay any cash tax on deemed repatriation tax obligations. $HAL sees 2018 and 1Q effective tax rate to be about 23% based on expected geographic earnings mix.
$HAL said tax reform bill is a big positive and expects this to lower effective tax rate percentage from the high-20s to 21-23% range, reflecting the new U.S. corporate rate plus state and local taxes along with geographic earnings mix. This will positively impact future earnings and help level playing field with foreign domicile competitors.
$HAL's International revenue for 4Q17 increased 11% sequentially to $2.5Bil. This resulted primarily from increased activity across multiple product services lines in Latin America, and increases in drilling and stimulation activity in the Eastern Hemisphere.
$HAL's North America revenue for 4Q17 rose 7% sequentially to $3.4Bil. This was driven primarily by higher utilization and pricing throughout the U.S. land sector in the majority of product service lines, primarily pressure pumping, as well as higher drilling activity and completion tool sales in the Gulf of Mexico.
$HAL's Drilling and Evaluation revenue for 4Q17 grew 12% to $2.1Bil from last quarter and operating income climbed 62% to $291MM. These increases were primarily due to increased drilling activity in the Middle East and North America and higher software sales and services in Latin America.
$HAL's Completion and Production revenue for 4Q17 rose 8% to $3.8Bil from last quarter. In the U.S. land sector, higher pressure pumping activity and pricing led to higher revenue while higher costs and seasonality hindered profitability.
$HAL reported a wider loss in 4Q17 due to charges related to U.S. tax reform and Venezuela receivables. Net loss widened to $824MM or $0.94 per share from $149MM or $0.17 per share last year. Revenue grew to $5.94Bil from $4.02Bil. Adjusted EPS from continuing operations jumped to $0.53 from $0.04.
$WPZ's Transco pipeline delivered 15.58MM dekatherms of natural gas on Jan. 5, 2018. The Transco system, which stretches from South Texas to New York City, also established a new three-day market area delivery record, averaging 14.90 MMdt from Jan. 4 to Jan. 6, 2018.
Energy infrastructure company $TRP has signed an agreement to sell its outstanding retail power contracts in the US to EDF Energy Services. The transaction is expected to close in the first quarter of 2018. The divestiture is part of winding down the operations of TransCanada'sPower Marketing.
$COG agreed to sell its operated and non-operated Eagle Ford Shale assets to an affiliate of Venado Oil & Gas LLC for $765MM. This transaction is expected to close during 1Q18. Separately, the company announced the sale of its remaining East Texas assets to an undisclosed buyer that is expected to close on or before July 1, 2018.
$NOG Chairman Rich Weber announced his resignation to allow him to focus his time on his responsibilities as Chairman and CEO of PennEnergy Resources. The Board appointed current director Bahram Akradi as Lead Independent Director and a member of Executive Committee. Akradi and the Executive Committee will provide leadership on an ongoing basis.
$NOG's Board approved a preliminary 2018 capital budget of up to $176MM, which contemplates 20-22 net wells added to production during 2018. Based on this preliminary budget, 2018 annual production is expected to increase by 10-14% when compared to 2017. The Board also sees a 10-15% reduction in general and administrative expenses from 2017.
$NOG now expects 4Q17 average daily production to increase by 4-6% over 3Q17, compared to prior guidance indicating flat sequential production at the mid-point. The company now expects to add about 5-6 net wells to production and oil differential to improve by $1.50 per barrel.
$AES agreed to sell its equity interest Masin-AES Pte. to SMC Global Power Holdings. SMC Global Power is also purchasing the remaining 49% equity interest in the same assets, held by Electricity Generating Public Co. for $850MM. The transaction has a total enterprise value of about $2.4Bil.