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Schlumberger to buy Smith Int'l for $11 billion

Schlumberger Ltd., the world's biggest oilfield services company, has agreed to purchase fellow industry player Smith International Inc. for about $11 billion in stock in a move to diversify its product offerings and better compete with rival Halliburton Co.

 

Baker Hughes to Cut 1,500 Jobs

Oilfield services provider Baker Hughes has begun laying off 1,500 workers, or about 4% of its workforce, as part of a second round of cuts resulting from the economic downturn.

 

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