Friday 27 March 2015 1:20 pm

Shareholders just approved the Halliburton, Baker Hughes merger

Shareholders of oil field services companies Halliburton and Baker Hughes have just approved the biggest tie-up to come out of the black stuff's decline.

Shares in Halliburton were trading down 0.2 percent, while Baker Hughes' share price was up 0.1 per cent.

Dave Lesar, chairman and chief executive officer of Halliburton: "We are extremely pleased Halliburton and Baker Hughes stockholders have shown overwhelming support by approving the pending transaction."

"We are more confident than ever that this combination will create a stronger, more diverse organization with an unsurpassed depth and breadth of services benefitting our stockholders, customers, employees and other key stakeholders of both companies."

A global supply glut as well as waning demand from emerging economies has weighed on oil prices recently. This pushed prices as low as $45 per barrel in January, down from last year's peak of $106 per barrel in June. 

The decline means oil services companies, which are responsible for getting the black stuff out of the ground, have seen the profitability of their projects eroded.

"Today’s results are an important milestone in our efforts to build a global leader in oilfield services that can deliver more benefits for customers, improved value for stockholders and more long-term opportunities for employees," Martin Craighead, chairman and chief executive of Baker Hughes, said.