GE, Baker Hughes merger complete

HOUSTON, July 4, 2017 – Baker Hughes announced on Monday that it had successfully merged with GE’s oil and gas arm, creating what the company described in a statement as “the world’s first and only fullstream oil and gas company.”

The U.S. Department of Justice approved the merger last month, after GE said it would divest its Water & Process Technologies arm once the deal is concluded. The Russian assets of the new company would be integrated once an approval from the Russian regulatory authorities is granted, the press release added.

“Disruptive change is the oil and gas industry’s new normal,” said Lorenzo Simonelli, president and CEO of the new Baker Hughes, a GE company.

“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.”

Among other products of the restructured company, whose yearly revenue is estimated at USD 32 billion, a unique mixture of physical and digital solutions would drive productivity across the entire value chain of the oil and gas industry up by about 5%, the statement claimed.

Baker Hughes will operate in over 120 countries and employ around 70,000 people, offering oilfield services and equipment, turbomachinery and process solutions as well as digital solutions.

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