Hughes

People — Simonelli Named BHGE Chairman

Lorenzo Simonelli, president and CEO of Baker Hughes, a GE company (BHGE), has added chairmanto his title, as expected, succeeding GE Chairman/CEO Jeff Immelt, who has retired from the BHGE board. BHGE board member J. Larry Nichols, chairman of Devon Energy Corp., also plans to resign from the board after serving on the Baker Hughes Inc. board for 16 years. With the two resignations, BHGE has reduced the size of its board to nine and named current GE-designee BHGE board member W. Geoffrey Beattie as the lead director. GE owns 62.5% of BHGE.

October 4, 2017

Baker Hughes, GE Merger Gets DOJ OK

Baker Hughes Inc. and General Electric Co. said Monday they have reached tentative agreement with the U.S. Department of Justice to allow their mega-merger to be completed by mid-year.

June 12, 2017
Baker Hughes, GE to Create ‘Digital, Industrial’ Oilfield Powerhouse in $32B Deal

Baker Hughes, GE to Create ‘Digital, Industrial’ Oilfield Powerhouse in $32B Deal

In a blockbuster deal worth an estimated $32 billion, General Electric (GE) on Monday agreed to become majority shareholder in a partnership combining its oil and natural gas business with Baker Hughes Inc., creating the second largest oilfield operator in the world.

October 31, 2016

‘Fireball’ in North America For Drilling Technology, Longer Laterals, Says Baker Hughes CEO

Baker Hughes Inc. continues to reposition after the failed merger with Halliburton Co. and is focusing more on drilling product innovation, including longer laterals, and less on pressure pumping, a “water and sand” business that requires less expertise, CEO Martin Craighead said Tuesday.

October 25, 2016
Baker Hughes Lays Off 3,000 in 2Q, Expects ‘Slow Grind Upwards For North America’

Baker Hughes Lays Off 3,000 in 2Q, Expects ‘Slow Grind Upwards For North America’

Responding to declining revenues amid continued commodity price pressures, Baker Hughes Inc. (BHI) looked to cut costs during the second quarter, including 3,000 layoffs as part of an organizational overhaul.

July 28, 2016
Halliburton, Baker Nix Merger; Baker to Reduce U.S. Pressure Pumping Business

Halliburton, Baker Nix Merger; Baker to Reduce U.S. Pressure Pumping Business

Halliburton Co. and Baker Hughes Inc. terminated their merger agreement on Sunday, ending an 18-month saga in which U.S. and European regulators challenged the multi-billion dollar tie-up.

May 2, 2016
Baker Hughes Reduces U.S. Onshore Footprint as Halliburton Merger Falters

Baker Hughes Reduces U.S. Onshore Footprint as Halliburton Merger Falters

Baker Hughes Inc. said Monday it plans to reduce its U.S. onshore pressure pumping business one day after its multi-billion dollar merger with Halliburton Co. was scuttled.

May 2, 2016
Halliburton, Baker Nix Merger; Baker to Reduce U.S. Pressure Pumping Business

Halliburton, Baker Nix Merger; Baker to Reduce U.S. Pressure Pumping Business

Halliburton Co. and Baker Hughes Inc. terminated their merger agreement on Sunday, ending an 18-month saga in which U.S. and European regulators challenged the multi-billion dollar tie-up.

May 2, 2016
Baker Hughes Reduces U.S. Onshore Footprint as Halliburton Merger Falters

Baker Hughes Reduces U.S. Onshore Footprint as Halliburton Merger Falters

Baker Hughes Inc. said Monday it plans to reduce its U.S. onshore pressure pumping business one day after its multi-billion dollar merger with Halliburton Co. was scuttled.

May 2, 2016
NatGas Rig Count Poised to Break Below 100

NatGas Rig Count Poised to Break Below 100

The count of drilling rigs active in the United States plummeted again for the week ending Feb. 5. The U.S. total declined by 48 units to end at 571, which is just under 40% of where it was one year ago when the count was 1,456.

February 5, 2016
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