HOUSTON & LONDON – (BUSINESS WIRE) – October 17, 2019 – Baker Hughes, a GE (NYSE: BHGE) company, today announced its successful name change to Baker Hughes Company. The Company will be known as Baker Hughes and, on October 18, 2019, its Class A common shares will trade on the New York Stock Exchange under the symbol „BKR”. This innovation launched the company that would become Baker Oil Tools. In 1928, the Baker Casing Shoe Company changed its name to Baker Oil Tools, Inc. to reflect its line of finishing, cementing and fishing equipment. Baker Oil Tools expanded to Houston in the 1920s and, although affected by the Great Depression, it survived and continued to grow in the 1960s. In 1976, it became Baker International Corporation with almost all of its operations in Houston. 17021 Aldine Westfield RoadHouston, TX 77073-5101United States713 439 8600www.bakerhughes.com INTEQ originally included Baker Hughes` drilling fluids division, which included Milpark and others. This division was named „INTEQ Drilling Fluids” and supplied the leading brands of oil and gas well drilling mud and well cleaning fluids.
In 2003, these product lines were split to form the separate unit of Baker Hughes Drilling Fluids (BHDF), with INTEQ continuing as a drilling and evaluation (D&E) company. INTEQ provides directional drilling, MWD/LWD, surface logging (sludge deforestation) and core drilling services. The Baker Hughes Company offers a portfolio of technologies and services for the energy and industrial value chain worldwide. The company operates in four segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS) and Digital Solutions (DS). The FSO sector provides exploration, drilling, fixed network, evaluation, completion, production and intervention services; and drilling and completion fluids, cable services, well completion tools and systems, well response tools and services, pressure pump systems, industrial and petroleum chemicals, artificial elevator technologies for oil and natural gas, and petroleum service companies. The OFE segment provides subsea and surface wellheads, pressure control and production systems and services, flexible piping systems for offshore and onshore applications, and field life solutions, including well intervention and decommissioning solutions; and services related to onshore and offshore drilling and production operations. The TPS segment provides equipment and related services for mechanical propulsion, compression and power generation applications in the oil and gas industry. The product portfolio includes drivers, compressors and turnkey solutions; and pumps, valves and compressed natural gas and small liquefied natural gas solutions. This segment serves upstream, intermediate, downstream, onshore, offshore and industrial customers.
The DS segment offers sensor-based process measurements, machine condition and condition monitoring, plant strategy and management, control systems, and non-destructive testing and inspection and piping integrity solutions. The company was previously known as Baker Hughes, a GE company, and changed its name to Baker Hughes Company in October 2019. The baker hughes company is based in Houston, Texas. In 2001, the company launched the largest hydraulic fracturing proppant vessel for offshore operations in the Gulf of Mexico. It was named after founder Howard R. Hughes Sr. After Walter Sharp`s death in 1912, Hughes Sharps bought half of the company. The company was renamed the Hughes Tool Company in 1915 and Hughes, Jr. inherited it after his father`s death in 1924. In the 1950s and 1960s, the Hughes Tool Company remained a private company owned by Hughes. While Hughes worked at his Hollywood and aviation companies, Houston executives such as Fred Ayers and Maynard Montrose ensured that the tool company grew through technical innovation and international expansion.
In 1958, the engineering and research laboratory was expanded to accommodate six laboratory sections that housed special instruments such as a direct-reading spectrometer and an X-ray diffractometer. In 1959, Hughes introduced self-lubricating and sealed pieces of rolling rock. After collecting data on thousands of boreholes, Hughes introduced the first comprehensive guide to efficient drilling practices in 1960. In 1964, X-Line rocks were introduced, combining new constructions of cutting structures and hydraulic nozzles. Meanwhile, in 1942, the Oil Base Drilling Company was founded by George Miller and made its first application of petroleum-based sludge. The company was acquired by the Hughes Tool Company in 1979 and renamed Hughes Drilling Fluids in 1982. In 1987, when Baker Hughes was founded, Hughes Drilling Fluids was merged with Milpark, and in 1993, Milpark became a product line within Baker Hughes INTEQ. In 1957, Frank Christensen`s Christensen Diamond Products opened its production plant in Celle, Germany. The plant built diamond heads and drills and soon began producing stabilizers, drill goggles and other equipment. In 1977, Celle`s engineering and manufacturing team launched the Navi line of drilling engines, which led the drilling industry for three decades in terms of performance and reliability.
Other innovations developed at Celle include the industry`s first steerable motor system and the AutoTrak closed-loop rotary system. In 1978, Christensen Diamond Products was acquired by Norton Co. and renamed Norton Christensen. In 1986, Eastman Whipstock merged with Norton Christensen to form Eastman Christensen. Baker Hughes is uniquely positioned as an energy technology company and has a diversified portfolio that spans the entire energy value chain. The company`s new name and brand better reflect its current and planned core business and diversified portfolio. These changes follow the recently completed secondary offering of Class A common shares and the simultaneous repurchase of shares, which resulted in general electric company and its affiliates owning the Company representing less than 50% of the voting rights of all classes of voting shares of the Company.