NEW YORK (TheStreet) -- Shares of Halliburton (HAL) are higher by 0.39% to $38.27 in afternoon trading Thursday following the oilfield services company's announcement yesterday that it met with antitrust regulators for the first time to work out its $35 billion acquisition of rival Baker Hughes (BHI) , the Houston Chronicle reports.
Halliburton CFO Mark McCollum, who will lead the merger of the two companies, said the regulatory review process to clear the deal with U.S. and European Union authorities has begun, the Houston Chronicle added.
Halliburton noted that it expects to take a $75 million charge in the fourth quarter as it trims staff for its planned takeover of Baker Hughes, a company official said yesterday at Capital One's annual energy conference, the Houston Chronicle noted.
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Separately, fracking giant Halliburton and other oil and energy stocks have felt the effects of the declining oil prices after the Organization of Petroleum Exporting Countries lowered its projection for global demand for its oil in 2015.
OPEC now expects demand for its oil to decline to 28.9 million barrels a day next year, down from 29.4 million barrels a day in 2014, the Wall Street Journal reports.
Separately, TheStreet Ratings team rates HALLIBURTON CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: