Liam Denning, Columnist

Halliburton Isn't Petrified

But it's straining its balance sheet to position for an oil rebound.

May 3, 2016 at 6:03 PM UTC

Liam Denning is a Bloomberg Opinion columnist covering energy. A former banker, he edited the Wall Street Journal’s Heard on the Street column and wrote the Financial Times’s Lex column.

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Both Halliburton and Baker Hughes performed their own particular renditions of "I Will Survive" on Tuesday morning. But while Baker Hughes opted for a low-key, jazzy approach, Halliburton's was more of a full-throated, late-night karaoke effort.

Baker Hughes glided over the collapse of the companies' proposed merger, expressing disappointment but essentially saying what's done is done. Having been the intended target and now walking away with a $3.5 billion break fee, the company can afford to be philosophical.