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Prospectuses and communications, business combinations


Filing pursuant to Rule 425 under the

Securities Act of 1933, as amended

Deemed filed under Rule 14a-12 under the

Securities Exchange Act of 1934, as amended

Filer: Halliburton Company

Subject Company: Baker Hughes Incorporated

Commission File No.: 001-09397

The following is the transcript of an interview between Deloitte and Mark McCollum, Executive Vice President and Chief Integration Officer of Halliburton Company.

CFO as Chief Integration Officer: Mark McCollum of Halliburton

In November 2014, Halliburton announced a $35 billion acquisition of Baker Hughes, the largest oil field services M&A deal in history. What does it take to combine two global companies with 120,000 people operating in more than 80 countries while delivering on nearly $2 billion of projected synergies within two years? In this case, the answer is an integration planning effort led by Halliburton CFO Mark McCollum, who is serving as chief integration officer of the proposed merger. Mr. McCollum discusses the leadership, project management and cultural challenges of such a massive and complex integration with Jeff Walker, partner, Deloitte Tax LLP, and lead client service partner for Halliburton. Mr. McCollum explains how he is planning the integration effort with a focus on delivering value to shareholders, employees and customers.

Jeff Walker: What led to the decision to have you take the role as chief integration officer for this merger?

Mark McCollum: Soon after the deal was announced, (CEO) Dave Lesar and I did a road trip to explain the transactions value to shareholders. After hearing some concerns around delivering on the deals projected value with a downturn looming in the energy market, we decided to elevate the integration leadership role to the C-suite to instill confidence among investors. Since I had been one of the deals champions and helped build the business case and the strategy to execute the transaction, Dave thought I was the right choice to take the role.

I felt comfortable temporarily shifting into the role because I have a tremendously capable team who I felt could step in to lead finance on an interim basis. For me personally, this as a unique opportunity to play a major part in the largest energy services integration in history. Most compelling was the leadership challenge of being able to bring together the two organizations of Halliburton and Baker Hughes. We are building a new organization of 120,000 people in more than 80 countries and combining all these different capabilities around technology, manufacturing, supply chain and accounting systems. It is leadership on steroids.

Jeff Walker: What are your goals for the integration effort?

Mark McCollum : We told our shareholders that this deal will be cash flow positive by the first year after close and that within two years, we are going to deliver nearly $2 billion of synergies we identified in the discovery process. We are building the integration plan around achieving those two primary goals. To deliver those synergies within two years, we have developed timelines associated with the achievement of each area of synergy and the work programs that are designed to achieve them. For instance, in

supply chain it became immediately apparent there were some big synergy opportunities in logistics and buying power, and consolidating the supply chain using category management in our procurement. Every functional and operational group is developing KPIs so we can track, measure and report on their progress, the equivalent of an audit log that we can use to demonstrate to our board and our shareholders that we are achieving our targets.

Jeff Walker : What are some key elements to achieving your integration goals?

Mark McCollum : We are focusing on integration planning from three different aspects. First is our customers. We are working to make the integration as close to invisible and as seamless as possible from a customer service aspect. So from day one, the goal is that our customers understand who is servicing them and feel comfortable that the customer service experience will be every bit as good as it was pre-merger, if not better. A second focus is ensuring that our employees, both current and new, are comfortable and onboard with the combining of our companies. Making sure our employees are comfortable and their needs are met will better enable them to focus on serving our customers. Our change management goal is to make the employee experience as transparent as possible, starting with a strong communications effort to explain the transaction and how it will impact them. Were creating videos, conducting teleconferences and town halls, and communicating through newsletters and emails. I recently led town halls in Dubai that cut across the organization. The aim is that from day one, people will know where they stand, what is expected of them and who they are taking direction from. The third focal point of the integration planning is one I already mentioned, delivering the value our shareholders expect.

Jeff Walker: What are you anticipating as integration challenges?

Mark McCollum: In researching other integrations I found that most of the ones that fail do so for one of two reasons: lack of speed or lack of focus on cultureand sometimes both. So one key element for us is to move with a sense of urgency to get the integration done in a timely manner. For example, getting all our systems and information technology (IT) integrated is a big...