Baker Hughes, a GE company announced that the transaction combining GEâ€™s oil and gas business with Baker Hughes is complete. The new company is the first and only to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development.
Starting today, BHGE will help its customers acquire, transport and refine hydrocarbons more efficiently, productively and safely, with a smaller environmental footprint and at lower cost per barrel. BHGE is focused on:
Providing a fullstream offering. No other company brings together capabilities across the full value chain of oil and gas activitiesâ€”from upstream to midstream to downstream. This portfolio positions BHGE to create new sources of value, improving productivity and project economics through integrated equipment and service offerings.
Combining physical and digital to increase reliability and uptime. Applying digital and advanced technologies to oil and gas could bring approximately five percent productivity improvements across the entire industry. BHGE will use cloud-based software, advanced manufacturing and brilliant factory solutions to help its customers capture some of this opportunityâ€”reducing risk and improving productivity in their operations as well as its own.
Creating new ways to win. BHGEâ€™s leading technology and access to the â€œGE Storeâ€ of knowledge, experience, and research mean that it can bring new solutions to market faster. It deepens its competitive advantage through its long-standing local partnerships, creative business models and access to financing.
Building on heritage to create a world-class culture. BHGE brings together over 125 years of experienced talent in the industry with a mindset of continuous improvement to serve customers in over 120 countries. Both Baker Hughes and GE have world-recognized commitments to integrity, innovation, simplification and diversity, and BHGE recommits to these principles.
Lorenzo Simonelli, president and CEO of Baker Hughes, a GE company said, â€œDisruptive change is the oil and gas industryâ€™s new normal. We created BHGE because oil and gas customers need to withstand volatility, work smarter and bring energy to more people. Our offering is further differentiated from any other in the industry across the value stream and enables and assists our customers in driving productivity, while minimizing costs and risks.â€
Simonelli continued, â€œBHGE has proven technologies and experience with the spirit of a startup, and our leadership team looks forward to quickly demonstrating the strengths of the new company. Our focus is on integrating our businesses quickly and seamlessly so we can drive long-term value for all of our stakeholders.â€
Jeffrey Immelt, chairman and CEO of GE, said, â€œBHGE can help our customers be more productive in any cycle, especially todayâ€™s. Itâ€™s a smart deal for our combined customers, shareholders and employees. Lorenzo and his team are world-class leaders and will focus on accelerating the Companyâ€™s capability to extend the digital framework in ways oil and gas customers have never seen before. The completion of the transaction marks a new era in the industry, and I am extremely proud of our teamâ€™s focus, dedication and diligence, which resulted in the completion of this combination in just eight months.â€
The integration of the Russian businesses will be completed upon receipt of Russian regulatory approval.
Set up for success
BHGEâ€™s global organization is designed to achieve business continuity, minimize disruption and meet and exceed performance objectives. It brings global scale and tailors its capabilities for the local needs of its customers. In numbers, that breaks down to:
Operations in more than 120 countries
Four product companiesâ€”Oilfield Services, Oilfield Equipment, Turbomachinery and Process Solutions, and Digital Solutionsâ€”and 24 product lines and segments
Dual headquarters in Houston, TX and London, UK
Click here to view a snapshot of the company.
Its highly experienced executive team, which has drawn on the talent and expertise inherent in both predecessor businesses, is well positioned to guide and support the organization for success. As previously announced, GE Chairman Jeff Immelt is serving as Chairman of the Board of Directors of Baker Hughes, a GE company, and Martin Craighead, former Chairman and CEO at Baker Hughes, is Vice Chairman of the Board.
Click here to learn more about the executive leadership and governance teams.
About Baker Hughes, a GE company
Baker Hughes, a GE company is the worldâ€™s first and only fullstream provider of integrated oilfield products, services and digital solutions. We deploy minds and machines to enhance customer productivity, safety and environmental stewardship, while minimizing costs and risks at every step of the energy value chain. With operations in over 120 countries, we infuse over a century of experience with the spirit of a startup â€“ inventing smarter ways to bring energy to the world.Visit us at BHGE.com.
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