The plan for Halliburton and Baker Hughes to merge has been abandoned. 

According to NewsWest 9, Halliburton and Baker Hughes have abandoned their $34 million merger, a win for the Justice Department.

Officials from the Justice Department stated that the merger would have increased prices while decreasing output and hindering the innovation of at least 23 oilfield products crucial to American energy supplies.

Halliburton will pay the $3.5 billion termination fee to Baker Hughes by Wednesday according to press releases from both companies.