The changes not only reflect the change in company ownership but also a new strategy for Baker Hughes. (Source: Baker Hughes Co./Shutterstock.com)
Baker Hughes made its separation with General Electric Co. (GE) official on Oct 17 by unveiling a complete overhaul to the company’s image.
“Welcome to the New Baker Hughes,” reads the Houston-based company’s website.
After a brief stint as Baker Hughes, a GE company, the oilfield services company with a history dating over a century will now be known as Baker Hughes Co. Additionally, the company’s stock will begin trading on the New York Stock Exchange Oct. 18 under the new symbol “BKR”.
Despite already having a storied history that dates back to 1907, Baker Hughes has seen some twists and turns so far this decade.
Shortly before the oil market crash of 2014, Baker Hughes agreed to a $34.6 billion buyout offer of all of its shares by Halliburton Co. The merger, which would have been transformational to the industry, ultimately failed due to antitrust issues and was announced terminated in May 2016.
A few months later, Baker Hughes agreed to be acquired by GE, which merged the company with its GE Oil & Gas division following close of the acquisition in 2017. Roughly a year later, however, the Boston industrial conglomerate announced plans to fully separate its 62.5% interest in Baker Hughes over the next two to three years in a June 2018 release.
GE followed through on those plans in September through a $2.7 billion share sale that reduced its ownership in Baker Hughes to 38.4%, ultimately losing majority control in the company.
The Oct. 17 changes not only reflect the change in company ownership but also a new strategy for Baker Hughes as the company also recently revealed a new logo that reflects its rebranding as an energy technology company.
After decades of a blue brand, the Baker Hughes company logo now consists of two green arrows merged into a geometrical shape known as a mobius.
“Our logo symbolizes the spirit and purpose of the new Baker Hughes—to take energy forward, making it safer, cleaner and more efficient for people and the planet,” the company said.
Baker Hughes currently operates in over 120 countries with a roughly 67,000 employee base.
Recommended Reading
Oxy’s Hollub Drills Down on CrownRock Deal, More M&A, Net-zero Oil
2024-11-01 - Vicki Hollub is leading Occidental Petroleum through the M&A wave while pioneering oil and gas in EOR and DAC towards the goal of net-zero oil.
Analyst: Is Jerry Jones Making a Run to Take Comstock Private?
2024-09-20 - After buying more than 13.4 million Comstock shares in August, analysts wonder if Dallas Cowboys owner Jerry Jones might split the tackles and run downhill toward a go-private buyout of the Haynesville Shale gas producer.
BP Profit Falls On Weak Oil Prices, May Slow Share Buybacks
2024-10-30 - Despite a drop in profit due to weak oil prices, BP reported strong results from its U.S. shale segment and new momentum in the Gulf of Mexico.
Post Oak Backs New Permian Team, But PE Faces Uphill Fundraising Battle
2024-10-11 - As private equity begins the process of recycling inventory, likely to be divested from large-scale mergers, executives acknowledged that raising funds has become increasingly difficult.
Post Oak Backs Third E&P: Tiburon Captures Liquids-rich Utica Deal
2024-10-15 - Since September, Post Oak Energy Capital has backed new portfolio companies in the Permian Basin and Haynesville Shale and made an equity commitment to Utica Shale E&P Tiburon Oil & Gas Partners.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.