Uniquely Positioned to Drive Productivity,
Lower Costs and Innovate Globally for Customers
Baker Hughes, a GE company (NYSE: BHGE) announced today that the
transaction combining GE’s oil and gas business with Baker Hughes
is complete. 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.
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20170703005367/en/
BHGE at a glance (Graphic: Business
Wire)
Starting today, BHGE 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. BHGE is focused on:
- Providing a fullstream offering.
No other company brings together capabilities across the full value
chain of oil and gas activities—from upstream to midstream to
downstream. This portfolio positions BHGE to create new sources of
value, improving productivity and project economics through
integrated equipment and service offerings.
- Combining physical and digital to
increase reliability and uptime. Applying digital and advanced
technologies to oil and gas could bring approximately five percent
productivity improvements across the entire industry. BHGE will use
cloud-based software, advanced manufacturing and brilliant factory
solutions to help its customers capture some of this
opportunity—reducing risk and improving productivity in their
operations as well as its own.
- Creating new ways to win. BHGE’s
leading technology and access to the “GE Store” of knowledge,
experience and research mean that it can bring new solutions to
market faster. It deepens its competitive advantage through its
long-standing local partnerships, creative business models and
access to financing.
- Building on heritage to create a
world-class culture. BHGE brings together over 125 years of
experienced talent in the industry with a mindset of continuous
improvement to serve customers in over 120 countries. Both Baker
Hughes and GE have world-recognized commitments to integrity,
innovation, simplification and diversity, and BHGE recommits to
these principles.
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 minimizing costs and
risks.”
Simonelli continued, “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, said, “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.
Set up for success
BHGE’s global organization is designed to achieve business
continuity, minimize disruption and meet and exceed performance
objectives. It brings global scale and tailors its capabilities for
the local needs of its customers. In numbers, that breaks down
to:
- ~70,000 people
- Operations in more than 120
countries
- Four product companies—Oilfield
Services, Oilfield Equipment, Turbomachinery and Process Solutions,
and Digital Solutions—and 24 product lines and segments
- Dual headquarters in Houston, TX and
London, UK
Click here to view a snapshot of the company.
Its highly experienced executive team, which has drawn on the
talent and expertise inherent in both predecessor businesses, is
well positioned to guide and support the organization for success.
As previously announced, GE Chairman Jeff Immelt is serving as
Chairman of the Board of Directors of Baker Hughes, a GE company,
and Martin Craighead, former Chairman and CEO at Baker Hughes, is
Vice Chairman of the Board.
Click here to learn more about the executive leadership and
governance teams.
Stock Exchange Trading
Class A common stock of Baker Hughes, a GE company will begin
trading on the New York Stock Exchange (NYSE) under the symbol BHGE
on the opening of the NYSE on July 5, 2017. In connection with the
completion of the transaction, the shares of common stock of Baker
Hughes Incorporated (NYSE: BHI) will continue to trade on the NYSE
until the close of the NYSE today, July 3, 2017, at which point BHI
will be delisted from the NYSE.
Stockholders of Baker Hughes immediately prior to the closing of
the transaction will receive one share of Class A common stock of
Baker Hughes, a GE company and will also be entitled to a special
one-time cash dividend of $17.50 per share (to be paid on July 6,
2017). Following the closing of the transaction and during the
NYSE trading day today, July 3, 2017, Baker Hughes will be quoted
on the NYSE with the value of the special one-time cash dividend of
$17.50 per share. As a result, a person who purchases one
share of common stock of Baker Hughes after the closing of the
transaction on July 3, 2017 would be purchasing the right to
receive one share of Class A common stock of Baker Hughes, a GE
company and the right to receive the special one-time cash dividend
of $17.50. Conversely, a person who sells one share of common stock
of Baker Hughes on or prior to July 3, 2017 would be selling such
rights and would not receive the special one-time cash dividend of
$17.50 with respect to such share. For additional information
regarding the transaction, stockholders are encouraged to visit the
investor page at investors.bhge.com.
Learn more
- About BHGE
- At a glance
- About our brand
- GE Reports story
- BHGE Newsroom
- BHGE Investor Relations
About Baker Hughes, a GE company
Baker Hughes, a GE company (NYSE: BHGE) is the world’s first and
only fullstream provider of integrated oilfield products, services
and digital solutions. We deploy minds and machines to enhance
customer productivity, safety and environmental stewardship, while
minimizing costs and risks at every step of the energy value chain.
With operations in over 120 countries, we infuse over a century of
experience with the spirit of a startup – inventing smarter ways to
bring energy to the world.
Visit us at BHGE.com.
Caution Concerning Forward-Looking Statements:
This document contains “forward-looking statements” – that is,
statements related to future, not past, events. In this context,
forward-looking statements often address our expected future
business and financial performance and financial condition, and
often contain words such as “expect,” “anticipate,” “intend,”
“plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,”
“forecast” or “target.” Forward-looking statements by their nature
address matters that are, to different degrees, uncertain, such as
statements about our future growth, our future product and service
offerings and their performance, and the integration of GE Oil
& Gas and Baker Hughes.
For us, particular uncertainties that could cause our actual
results to be materially different than those expressed in our
forward-looking statements include: (1) unexpected costs, charges
or expenses resulting from the combination of GE Oil & Gas and
Baker Hughes; (2) uncertainty of the expected financial performance
of BHGE following completion of the combination; (3) failure to
realize the anticipated benefits of the combination, including as a
result of delay in integrating the businesses of GE Oil & Gas
and Baker Hughes; (4) the ability of BHGE to implement its business
strategy; (5) difficulties and delays in achieving revenue and cost
synergies of BHGE; (6) inability to retain and hire key personnel;
(7) the risk that stockholder litigation in connection with the
combination or other settlements or investigations may result in
significant costs of defense, indemnification and liability; (8)
evolving legal, regulatory and tax regimes; (9) changes in general
economic and/or industry-specific conditions, including oil price
changes; (10) actions by third parties, including government
agencies; (11) the risk factors in the section titled “Risk
Factors” of the Registration Statement on Form S-4 (File No.
333-216991) initially filed with the U.S. Securities and Exchange
Commission on March 29, 2017 and declared effective on May 30,
2017, and (12) other risk factors as detailed from time to time in
BHGE’s reports filed with the SEC. These or other uncertainties may
cause our actual future results to be materially different than
those expressed in our forward-looking statements. We do not
undertake to update our forward-looking statements.
Our public communications and SEC filings may include certain
forward-looking projected financial information that is based on
current estimates and forecasts. Actual results could differ
materially.
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version on businesswire.com: http://www.businesswire.com/news/home/20170703005367/en/
Baker Hughes, a GE companyMedia Relations:Stephanie Cathcart, +1
202-549-6462stephanie.cathcart@bhge.comMelanie Kania, +1
713-439-8303melanie.kania@bhge.comorInvestor Relations:Philipp
Mueller, +1 281-809-9088investor.relations@bhge.com
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