Halliburton plans to sell spate of businesses
NEW YORK (AP) — Oil and gas drilling services company Halliburton said Tuesday it will sell several businesses as it works to complete its $34.6 billion acquisition of competitor Baker Hughes.
Halliburton said it will sell its directional drilling and logging- and measurement-while-drilling businesses and part of its drill bits division. The Houston company said it will market the businesses separately and did not disclose how much revenue they have.
Halliburton said the sales will not close until regulators approve its purchase of Baker Hughes.
Halliburton moved to buy Baker Hughes as global oil prices tumbled in 2014. The reduced price of oil forced oil companies to cut costs by delaying or reducing drilling. That hurt both Halliburton and Baker Hughes, which manage oil and gas fields for energy companies. Oil prices continued to fall in early 2015, and Halliburton and Baker Hughes each said they would eliminate thousands of jobs.
Shares of Halliburton Co. fell 17 cents to $44.35 in after-hours trading.