Halliburton Buys Out Baker Hughes

Falling oil prices have resulted in Halliburton buying out rival oilfield services company Baker Hughes for $34.6 billion.  Global oil prices have fallen 31% in the past five months to the lowest in four years.  Capital costs and the increased cost of new drilling have cut profit margins. Halliburton Chairman and CEO estimates there will be a savings of $2 billion per year.