TheStreet’s Jim Cramer says the Halliburton-Baker Hughes deal is looking better than ever because of the reduction in drilling that’s going to come in 2015. He says this is a great opportunity to be defensive against that because there will be so many costs taken out. Cramer says Baker Hughes at $55 looks like a buy and Halliburton at $40 looks like a buy. Yes, the future is grim for 2015 with oil prices coming down, Cramer says, but there will be a self-corrective mechanism. He adds, next year could be better than this year and isn’t that when you want to buy these stocks? Halliburton, the second largest oil field services company, posted higher earnings and revenue for the fourth quarter but warned that 2015 will be a challenging year. The low cost of oil has put pressure on companies like Halliburton to cut costs and adjust with lower demand. The company recently announced it would layoff 1,000 workers outside the United States. Halliburton struck a deal to acquire rival Baker Hughes in November for about $35 billion.
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