Poe Fratt Quotations

I think it's a reasonable premium for both entities. This is an industry where it's tough to justify huge premiums just because it's a very high-asset intensive business, there are high fixed costs and there really aren't much in the way of cost savings that you can justify at the field overhead level or at the retail level.

Five, six years ago, Venezuela was producing 3 million barrels a day. Now, it's closer to 2 million.

They made a very attractive bid of $2.4 billion. It's frankly a little bit better, in my view, for Baker Hughes than it is for Schlumberger.

Government-owned facilities like naval facilities and shipyards are going with their existing relationships. But many of the decisions about reconstruction are happening at the state level, so those outcomes are still up in the air.

The companies will merge, it's just a matter of bringing down some of the expectations of some of the companies.