Halliburton, Dresser Reportedly Merging in $7.7-Billion Deal

Halliburton Co. and Dresser Industries Inc., two of the world’s four largest oil-field services companies, are merging in a $7.7-billion stock swap, the Dallas Morning News reported.

If the proposed deal is completed as intended later this year, the resulting company would carry the Halliburton name and keep its headquarters in Dallas, the newspaper reported, citing one person familiar with the transaction.

The source said the deal was to be announced today.

Together, the companies would employ nearly 100,000 people worldwide and have annual revenue of more than $16.3 billion.

Halliburton and Dresser, which also is based in Dallas, have long histories as competitors in the industry that provides oil-field services and products from drill bits to oil rigs.

The new company would vault over New York-based rival Schlumberger Ltd., which had $10.7 billion in net sales in 1997. The other industry giant is Houston-based Baker Hughes Inc., which had revenues of $3.7 billion last year.