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Not only does oilfield factoring eliminate your cash flow gap, allowing you to pay your subcontractors, your bills and buy new equipment, but it also gives business owners the ability to focus on growing business and securing your next project. Give us a call today if you want immediate payment on your Baker Hughes invoices.
Baker Hughes, a GE Company is one of the largest oilfield service companies in the world. Acquired by General Electric in July 2017, Baker Hughes now makes up the infrastructure giant’s oil and gas division. Baker Hughes provides oilfield products, services, systems and technology to global players in the oil and gas industry. Baker Hughes has found immense success since its establishment in 1907, and now operates in more than 120 countries around the world.
Baker Hughes focuses on providing innovative services and products to make reservoir evaluation and drilling more efficient. It also provides consulting services for reservoir performance, completion and production. Its products in geoscience and intelligent production systems help oil and gas producers to monitor, control and analyze their processes, leading to greater financial returns.
Baker Hughes is also at the forefront of offshore drilling technologies, as well as industrial services that cover process, pipeline and downstream chemical services. With assets worth over $27 billion, Baker Hughes is a major player in the global oil and gas industry today. Its incorporation as a subsidiary of General Electric only serves to expose Baker Hughes to a larger market, more influence and greater profits in the coming years.
Howard R. Hughes Sr. and Walter Benona Sharp founded the Hughes Tool Company in 1908. In the same year, the business partners developed the pioneer two-cone drill bit. This tool was designed to make it easier to drill into deeper and harder formations. After a series of secret tests, the Sharp & Hughes drill bit received a U.S. Patent in 1909. The partners went on to form the Sharp-Hughes Tool Company that year, which was based in Houston, Texas.
Hughes purchased Sharp’s half of the company after the latter passed away in 1912. In 1915, the firm was then renamed Hughes Tool Company. In 1924, Howard R. Hughes Jr. went on to inherit the company after the death of his father. This marked a period of significant growth, expansion and technical innovation for the company. Although it still remained in private hands, the younger Hughes turned over the company’s management to people such as Maynard Montrose and Fred Ayers while he pursued his passions in Hollywood.
In 1959, the company launched a series of sealed, self-lubricating rock bits. They carried out extensive research that allowed them to create the first exhaustive guide for efficient drilling practices, released in 1964. They also managed to combine hydraulic jets and a new cutting structure in the Hughes X-Line rock bits, which were introduced in 1964.
On the other side of the Baker Hughes equation was inventor and entrepreneur, Reuben C. Baker. Baker formed and ran Baker International, and was granted a U.S. Patent for an innovative casing shoe in 1907. This piece of equipment revolutionized how cable tool drilling is done even today. The casing shoe allowed drillers to run cement and casing in oil wells more efficiently. This invention also allowed Baker to launch Baker Casing Shoe Company, which later changed its name to Baker Oil Tools Inc. in 1928. By the time of his death in 1956, Baker had created a hugely successful company and received more than 150 patents. He was succeeded by Ted Sutter, a long-time associate.
Baker International acquired and merged with Hughes Tool Company in 1987 to create Baker Hughes Incorporated. Today, Baker Hughes is an amalgamation of numerous companies that have created a variety of new technologies for the oil and gas industry. These include many oilfield pioneers like EDECO, CTC, Brown Oil Tools, EXLOG, Elder Oil Tools, Christensen Diamond Products, Teleco, Aquaness and BJ Services Company, among many others. The company has also briefly partnered with oilfield services giants like Schlumberger for short-term, mutually beneficial deals.
Baker Hughes, a GE Company (BHGE) is the first and only full-stream supplier of an integrated array of products, services and digital solutions for oilfields in the world. Its major strengths come from the company’s solid background in inventions, which has helped to optimize productivity across the gas and oil value chain, from upstream to midstream and downstream.
BHGE’s business model is also strengthened by the truly global scale of its operations. This enables the firm to combine invaluable grassroots information with more than a century’s worth of experience in order to create smarter ways to provide the world with energy. BHGE has adopted a business model that breaks the company down into four distinct segments:
Furthermore, BHGE enables its clients to acquire, transport and refine petroleum products even more safely and efficiently. Because of its innovations, firms within the oil and gas industry are able to have a smaller footprint, cut down waste and produce products at a lower cost. This assurance has contributed to its massive success.
In a deal estimated to be worth $30 billion, General Electric Company acquired Baker Hughes in 2017. Specifically, this deal combined Baker Hughes and GE Oil and Gas to form a stronger petroleum industry services division. The transaction also created a publicly-traded entity under GE’s control. The deal was completed in late June 2017.
Today, Baker Hughes, a GE Company operates out of its American General Center headquarters in Houston, Texas. Lorenzo Simonelli currently serves as the company’s CEO. It also has more than 35,000 employees working for the company all around the world.
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