Baker Hughes Attempts to Reassure Investors Despite Failure of Halliburton Deal

Baker Hughes Inc (BHI.N) sought to reassure investors on Monday by announcing a $2.5 billion plan to buy back stock and pay down debt, using the breakup fee it will receive following the collapse of its long-stalled takeover by fellow oilfield services provider Halliburton. Wall Street analysts said Halliburton should be in better shape than Baker Hughes but praised Baker Hughes’ plan to cut annual costs by some $500 million in an oversupplied market while repurchasing shares.

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