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US Baker Hughes confirms merger talks with Halliburton
(MENAFN) US oil services firm Baker Hughes confirmed media reports which state that it is in preliminary talks with Halliburton Energy Services on a possible merger, Oman Observer reported.
Baker Hughes, the world's third-largest company in the oil field services industry by market capitalization, said the talks may or may not lead to any transaction with Halliburton Company.
The move comes with oil prices at their lowest levels since 2010. That could force oil companies to trim their exploration operations, dealing a blow to subcontractors like Baker Hughes and Halliburton.
US-based and the world's second-largest in the sector Halliburton has a market capitalization of USD45.5 billion, while the world's leader in the field, Schlumberger, has one of USD122 billion.
Baker Hughes, the world's third-largest company in the oil field services industry by market capitalization, said the talks may or may not lead to any transaction with Halliburton Company.
The move comes with oil prices at their lowest levels since 2010. That could force oil companies to trim their exploration operations, dealing a blow to subcontractors like Baker Hughes and Halliburton.
US-based and the world's second-largest in the sector Halliburton has a market capitalization of USD45.5 billion, while the world's leader in the field, Schlumberger, has one of USD122 billion.
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