UPDATE 4-Halliburton aims to boost weak businesses after failed Baker Hughes deal

Tue May 3, 2016 4:39pm EDT
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* To boost weak businesses through investments, deals

* Baker Hughes deal would have been pro-competitive -CEO

* Q1 adjusted EPS beats estimates as cost cuts help

* Plans to reduce costs by $1 bln by year-end

* Shares down 3.8 pct (Adds Breakingviews link)

By Amrutha Gayathri

May 3 (Reuters) - Halliburton Co said it would consider acquisitions to bolster its weaker businesses as the world's No. 2 oilfield services company looked to move on after abandoning a deal to buy smaller rival Baker Hughes Inc.

The deal would have helped Halliburton better compete with market-leader Schlumberger for the dwindling number of contracts from oil producers as crude prices stay stubbornly low.

While Halliburton is the market-leader in fracturing, cementing, and completion services, acquiring Baker Hughes would have boosted its artificial lift and production chemicals businesses, where the company is not dominant.   Continued...