The transaction combining GE’s oil and gas business with Baker Hughes is now complete.
BHGE aims to help its customers acquire, transport and refine hydrocarbons more efficiently, productively and safely, with a smaller environmental footprint and at lower cost per barrel.
BHGE is focused on providing a fullstream offering, combining physical and digital to increase reliability and uptime, creating “new ways to win”, and building on heritage to create a world-class culture.
Lorenzo Simonelli, President and CEO of Baker Hughes, a GE company, 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 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.”
Jeffrey Immelt, Chairman and CEO of GE, added: “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.”
The integration of the Russian businesses will be completed upon receipt of Russian regulatory approval.
Read the article online at: https://www.hydrocarbonengineering.com/refining/04072017/baker-hughes-and-ge-complete-combination/