Baker Hughes, GE Oil complete merger
The merger between Baker Hughes Inc (BH). and GE’s oil and gas business is complete. The combination, Baker Hughes, a GE company, brings together capabilities across the full value chain of oil and gas activities—from upstream to midstream to downstream.
A joint media statement disclosed that the new company is the first and only to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development.
It stated that the two companies 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.
President and Chief Executive Officer of Baker Hughes, a GE company, Lorenzo Simonelli, said BHGE was created because oil and gas customers need to withstand volatility, work smarter and bring energy to more people.
He added that the companies’ 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.
Simonelli added” “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.”
Chairman and Chief Executive Officer of GE, Jeffrey Immelt, said that BHGE can help its customers to be more productive in any cycle. “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.”