Baker Hughes and GE Oil & Gas create first fullstream oil and gas company
Baker Hughes has moved closer to completing its integration with GE Oil & Gas, which will create the world’s first fullstream oil and gas company known as Baker Hughes, a GE company (BHGE).
The agreement, which was announced in November 2016, is intended to provide more productive solutions for the customers of both companies, bringing together equipment, services and digital solutions across all aspects of oil and gas development.
BHGE will aim to provide more efficient means of obtaining, transporting and refining hydrocarbons, working at the upstream, midstream and downstream stages.
It combines the knowledge and resources of both companies to build networks, while also applying digital and advanced technologies to reduce risk and improve production in the oil and gas industry.
“Disruptive change is the oil and gas industry’s new normal,” said Baker Hughes President and CEO Lorenzo Simonelli.
“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 minimising costs and risks.
“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.”
“BHGE can help our customers be more productive in any cycle, especially today’s,” said GE Chairman and CEO Jeffrey Immelt.
“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.”
The integration process will be completed once it has received regulatory approval.
For more information visit the Baker Hughes website.
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Images provided by Baker Hughes