Halliburton slips on speculation Baker Hughes deal at risk

Oil refinery with fire,
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Halliburton shares fell Monday as analysts said the delay in the company's earnings release may be a sign that its merger agreement with Baker Hughes will be terminated.

Oilfield services giant Halliburton said it delayed first quarter results as it works to resolve regulatory concerns over its planned merger with Baker Hughes, ahead of the Saturday deadline.

Baker Hughes shares were also trading lower, down nearly 3 percent, while Halliburton fell nearly 2 percent.

In a statement to CNBC, Halliburton said: "As previously announced, Halliburton and Baker Hughes agreed to extend the time period under the merger agreement to obtain regulatory approvals to no later than April 30, 2016, after which the parties may continue to seek relevant regulatory approvals or either of the parties may terminate the merger agreement."

Baker Hughes declined to comment.

Halliburton's postponement "likely reflects that it and/or BHI will likely terminate the merger agreement once it expires on April 30," Jefferies analysts said in a note. Nomura analyst Matthew Johnston warned in a note to investors that Halliburton's delayed earnings "suggests an extension of the deadline may not be in the horizon."

The Halliburton-Baker Hughes deal was announced in 2014 but has faced stiff regulatory hurdles. Earlier this month, the U.S. Justice Department filed a lawsuit to block the deal, and European Union antitrust regulators could make issue objections to the deal next week.

Read More Halliburton says it cut 6,000 jobs in Q1

Halliburton did report a few key numbers on Monday, saying it would cut 6,000 jobs during the first quarter and that revenue fell 40 percent to $4.2 billion.

Baker Hughes is due to report on Wednesday, but has not held conference calls since the merger was announced in 2014.

Halliburton has gained about 18 percent year-to-date, while Baker Hughes has lost 2.4 percent over the same time period.