GE and Baker Hughes: Merger Expected to Close 3rd of July
Baker Hughes Incorporated today announced that more than 99% of the votes cast at the special meeting of Baker Hughes stockowners were voted to approve the previously announced combination of Baker Hughes with General Electric Company’s oil and gas business (“GE Oil & Gas”). The combination will create Baker Hughes, a GE company, which will …
Baker Hughes and GE Announce Executive Leadership Team for Baker Hughes, a GE Company
Baker Hughes Incorporated and General Electric Company (NYSE:GE) today announced the executive team that will lead Baker Hughes, a GE Company upon closing of their proposed transaction to combine GE’s Oil & Gas business with Baker Hughes. The combined executive team, which has considerable experience, deep expertise and will drive …
Baker Hughes: BJ Services Reformed After Pressure Pumping Merger with Allied Energy Services
Baker Hughes Incorporated, CSL Capital Management and West Street Energy Partners (WSEP), a fund managed by the Merchant Banking Division of Goldman Sachs, announced today an agreement to create a pure-play North American land pressure pumping company. The new company, BJ Services, will leverage operational experience and industry expertise to …
Halliburton and Baker Hughes: Terminate Merger Agreement – BH to Receive $3.5bn
Halliburton Company and Baker Hughes Incorporated today announced that the companies have terminated the merger agreement they entered into in November 2014, effective April 30, 2016. “While both companies expected the proposed merger to result in compelling benefits to shareholders, customers and other stakeholders, challenges in obtaining remaining regulatory approvals …
Baker Hughes: The Path Forwards – Buy Back $1.5bn in Shares and $1bn in Debt
Following the termination of its merger agreement, Baker Hughes Incorporated today outlined a series of actions to reduce costs and simplify its business, enhance its commercial strategy, and optimize its capital structure. – To reduce costs by simplifying its organization and rationalizing its operational footprint – Commercial strategy focused on …
Baker Hughes: Q3 Results – Revenue Down 39% yoy, Increased Demand for Production Systems
– Revenue of $3.8 billion for the quarter, down 5% sequentially and 39% year-over-year – Adjusted operating profit margin increased 140 bps sequentially – Free cash flow for the quarter of $348 million – GAAP net loss per share of $0.36 for the quarter, includes $0.31 per share of restructuring …
Baker Hughes: Q2 Results – Revenue $4bn Down 33% yoy
Baker Hughes Incorporated (NYSE: BHI) announced today results for the second quarter of 2015. – Revenue of $4 billion for the quarter, down 33% year-over-year – GAAP net loss per diluted share of $0.43 for the quarter, includes adjusting items of $0.29 per diluted share – Free cash flow for …
Baker Hughes Declares Quarterly Dividend
Baker Hughes Incorporated Chairman and Chief Executive Officer Martin S. Craighead announced today that the Baker Hughes Board of Directors declared the regular quarterly cash dividend of $0.17 per share of common stock payable June 24, 2015 to holders of record on June 3, 2015. Source
Baker Hughes: Q1 Results: 20% Decline in Revenue
Baker Hughes Incorporated (NYSE: BHI) announced today results for the first quarter of 2015. – 20% decline in revenue compared to the first quarter of 2014 attributed to unfavorable market conditions. – GAAP net loss per diluted share of $1.35 for the quarter includes $557 million, or $1.28 per diluted …
Halliburton and Baker Hughes Merger Receives Shareholder Approval
Halliburton Company today announced that its stockholders approved Halliburton’s proposal to issue shares of Halliburton common stock as contemplated by its merger agreement with Baker Hughes Incorporated. In addition, Baker Hughes today announced that its stockholders adopted the merger agreement and thereby approved the proposed combination of the two companies. …