“Our strategy remains unchanged. We are focused on maintaining a strong customer portfolio, investing in more efficient technology, and delivering reliable, best-in-class service quality for our customers. We are looking through this cycle, drawing upon our management’s deep experience and preparing the business for growth when the industry recovers,” said Miller.

Halliburton and Baker Hughes, which do the physical work of drilling wells and extracting oil and natural gas for energy companies, trail only Schlumberger Ltd. in the marketplace.

Third Quarter 2015 Highlights: - Net debt decreased by $28 million and positive free cash flow from operations was $123 million; - Operating income increased 3% and by 47 basis points sequentially, driven mostly by improvements in North America where revenue increased by 2% and operating margins increased 493 basis points with the modest recovery from spring break up in Canada and continued cost reduction measures; - Best-in-class sequential incrementals of 2% and year-on-year decrementals of 29%; - Completed the previous reduction in force target of 11,000 employees by September 30, 2015, with realized annualized savings of $803 million; and - Repurchased $236 million of long-term debt through open market transactions generating a gain of $35 million.

Revenue for the quarter was $3.8 billion, down 39% compared to the third quarter of 2014. Compared to the prior quarter, revenue declined $182 million or 5%. On a GAAP basis, net loss attributable to Baker Hughes for the third quarter was $159 million or $0.36 per diluted share. Adjusted EBITDA (a non-GAAP measure) for the third quarter of 2015 was $522 million, an increase of $63 million or 14% sequentially, and a decrease of $666 million or 56% compared to the third quarter of 2014.

- Revenue of $4 billion for the quarter, down 33% year-over-year - GAAP net loss per diluted share of $0.43 for the quarter, includes adjusting items of $0.29 per diluted share - Free cash flow for the quarter of $413 million, increased $341 million year-over-year

U.S. Rig Count is down 11 rigs from last week to 894, with oil rigs down 11 to 668, gas rigs down 1 to 221, and miscellaneous rigs up 1 to 5.

Baker Hughes Inc (BHI.N), which is being bought by Halliburton Co (HAL.N) for $35 billion, said it expects "unfavorable market conditions" to persist in the second quarter as drillers turn off more rigs, intensifying a glut in oilfield services.

Revenue for the first quarter of 2015 was $4.6 billion, down 20% compared to the first quarter of 2014.

Halliburton shareholders have overwhelmingly approved the company’s long-awaited merger with Baker Hughes. Baker Hughes also announced on Friday that its stockholders adopted the merger agreement, thereby approving the merger. Each company held their own special meetings Friday morning.

The US drilling rig count plunged 90 units—a majority of which were in Texas—to settle at 1,543 rigs working during the week ended Jan. 30, Baker Hughes Inc. reported.