Baker Hughes, GE Merger Forms Full-stream Oil & Gas Company
BHGE Aims to Help Customers Cut Cost Increase Productivity, Withstand Volatility
Baker Hughes has announced that the transaction combining GE’s oil and gas business with Baker Hughes is complete. The new company is the first and only to bring together equipment, services and digital solutions across the entire spectrum of oil and gas development.
“Disruptive change is the oil and gas industry’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,” says Lorenzo Simonelli, president and CEO of Baker Hughes, a GE company.
Effective immediately, 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 full-stream offering across the full value chain of oil and gas activities—from upstream to midstream to downstream.
- Combining physical and digital to increase reliability and uptime. BHGE will use cloud-based software, advanced manufacturing and factory solutions to help its customers reduce risk and improve productivity in their operations as well as its own.
- Creating new ways to win. BHGE’s technology and access to the “GE Store” of knowledge, experience and research mean that it can bring new solutions to market faster. It deepens its competitive advantage through its longstanding 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.
“BHGE 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,” Simonelli says.
Jeffrey Immelt, chairman and CEO of GE, says BHGE can help improve customer productivity in any cycle, especially today’s. “It’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 company’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 team’s focus, dedication and diligence, which resulted in the completion of this combination in just eight months.”
Baker Hughes is a supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry. The company's 60,000 employees today work in more than 80 countries. For more information, visit www.bakerhughes.com.