The Hughes Tool Company's oil drill manufacturing plant in downtown Houston, 1915. Wikimedia Commons There may be an energy mega-deal in the works.

"Halliburton Co. is in talks to buy Baker Hughes Inc., according to people familiar with the matter," reports the Wall Street Journal's Dana Mattioli, Liz Hoffman and Dana Cimilluca. "Talks between the two oil-field-services companies are moving quickly, and they could reach an agreement soon, said two of the people."

The Journal's report made no mention of a price. However, Baker Hughes shares got as high as $61.78, or 21% after news crossed the wires.

Halliburton is an energy industry behemoth with a market cap of $48 billion. Baker Hughes carries a market cap of around $22 billion.