Soon to Merge, Halliburton, Baker Hughes See Tough 2015 as Drilling Slows

By On January 20, 2015 3:02 pm

By: Rick Stouffer, Senior Energy Editor, Shale Energy Business Briefing

Oilfield service providers Baker Hughes and Halliburton, which later this year will merge in a $35 billion deal, on Tuesday, Jan 20, posted better-than-expected quarterly profit on resilient demand, but warned a drop in drilling activity due to weak oil prices would hurt 2015 results.

Global oil prices have plummeted roughly 60% since June, hitting five-year lows as growing production and low global demand caused a supply glut, prompting oil producers to scale back spending.

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