General Electric Co’s deal with Baker Hughes Inc to create the world’s No. 2 oilfield services business is the clearest signal yet that consolidation is picking up in the energy sector as companies face long-term lower oil prices. GE said on Monday it would merge its oil and gas business with Baker Hughes, creating a company with $32 billion in annual revenue and leapfrogging Halliburton Co to be second globally behind Schlumberger AG . “The transaction assumes a slow recovery (in oil prices), really $45 to $60 per barrel through 2019, and this seems reasonable,” GE Chief Executive Jeff Immelt said on a call with investors and analysts on Monday.
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Oilfield services shakeup in cards after GE-Baker Hughes deal