Halliburton to Merge With Baker Hughes

Halliburton and Baker Hughes to Merge
Halliburton and Baker Hughes to Merge

Shareholders from Halliburton and Baker Hughes recently gave overwhelming approval for a mega-merger that would combine the two companies in a deal estimated at $35 billion.

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Once the merger is approved by antitrust regulators, the new entity will surpass Texas-based Schlumberger as the world’s largest oil drilling company. Officials announce that the deal that was initiated in November should close during the second half of 2015.

We are extremely pleased Halliburton and Baker Hughes stockholders have shown overwhelming support by approving the pending transaction,” said Dave Lesar, chairman and chief executive officer of Halliburton. “We are more confident than ever that this combination will create a stronger, more diverse organization with an unsurpassed depth and breadth of services benefitting our stockholders, customers, employees and other key stakeholders of both companies.

Combined, Halliburton and Baker Hughes employ almost 2000 workers in North Dakota, but have already begun strategic layoffs including a recent closure of a facility in Minot. State officials have predicted that 3,000 to 4,000 oilfield jobs will be cut due to low oil prices.

Related: Halliburton Closing Minot Facility

Read more at halliburton.com