Baker Hughes, a GE company (BHGE), is selling its natural gas solutions (NGS) business, part of the turbomachinery and process solutions segment, in two separate agreements for a total of $375 million. The NGS product line is being sold to First Reserve in a transaction that includes three manufacturing sites in North America and the UK, as well as transferring 450 employees in eight countries. Separately, the Talamona, Italy branch of the NGS product line, which includes a manufacturing site, is being sold to Pietro Fiorentini SpA. Forty employees in Talamona also would be transferred. Both transactions are expected to close by the end of the year.
Oklahoma City-based Chaparral Energy Inc. is transferring its Class A common stock listing to the New York Stock Exchange (NYSE) from the OTCQB effective Tuesday (July 24). It will trade under “CHAP.” The “uplisting to the NYSE marks another historic milestone for our company,” said CEO Earl Reynolds. In the past 18 months, he noted, the independent has completed a strategic shift to become a pure-play Oklahoma producer focused on the Sooner Trend of the Anadarko Basin, mostly in Canadian and Kingfisher counties, i.e. the STACK.