File - The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas in this April 6, 2012.REUTERS/Richard Carson
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With its $34.6 billion purchase of Baker Hughes Inc., Halliburton Co. will acquire a new technology that's aimed at replacing the well-known nodding donkey pumps that have been a symbol of the oil business for a century. The new system, unveiled by Baker Hughes in May, offers a way to retrieve the final drops of crude from aging oil fields, and should help fill a gap in Halliburton's offerings. Halliburton is now No. 11 in the market. The new device, ready for use early next year, is part of a Baker Hughes product portfolio that's expected to help boost the combined company to the No. 2 spot. Schlumberger Ltd., the world's biggest provider of oil field services, is No. 2 in the artificial lift market with a 16 percent market share. Halliburton will vault into a tie for the second spot with a 16 percent share after acquiring Baker Hughes. Most of Baker Hughes's artificial lift business now comes from another technology, electronic submersible pumps that are installed at the bottom of wells and push oil up.Halliburton and Baker Hughes' combined 39 percent market share will be more than double Schlumberger's share.
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