Baker Hughes, a GE company, announced that the transaction combining GE’s oil and gas business with Baker Hughes is complete. The new company brings together industry-leading equipment, services and digital solutions across the spectrum of oil and gas development.
BHGE is focused on:
- Providing a full stream offering by bringing together capabilities across the full value chain of oil and gas activities—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 5% 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 opportunity;
- Creating new ways to win. BHGE’s 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 long-standing local partnerships, creative business models and access to financing; and
- 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 more than 120 countries.
Lorenzo Simonelli, President and CEO of BHGE, said, “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.”
He continued: “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.”
Jeffrey Immelt, Chairman and CEO of GE, said, “BHGE can help our customers be more productive 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.”