General Electric is taking advantage of a prolonged energy slump to become a bigger player in the oil and gas drilling business, a bet that could pay off big when prices recover. GE and Baker Hughes Inc. will combine their oil and gas operations, creating a major player in the oilfield-services industry at a time when the energy sector is bogged down by weak and volatile commodity prices. The new publicly traded company will still be called Baker Hughes, but GE will own 62.5 percent of it. On a call with investors, GE CEO Jeff Immelt said the deal was intended to create a more technically sophisticated company that can provide the kinds of advanced services that oil companies will demand. It will also be better able to weather the slump in oil prices, and “if pricing gets better, it allows us […]