Baker Hughes provides reservoir consulting, drilling, pressure pumping, formation evaluation, completion and production products and services to the oil and gas industry.
The company helps oil and gas producers by providing practical technology to find, develop, produce and manage petroleum reservoirs through seven business units: Baker Atlas, Inteq, Baker Oil Tools, Hughes Christensen, Centrilift, Baker Petrolite, Baker Hughes Drilling Fluids.
Baker Hughes operates in over 80 countries worldwide providing products and technologies to international oil and gas companies, independent oil and gas companies, and national oil companies.
The company has four regional and 25 geomarket management teams that work to understand customer needs and coordinate delivery of individual products or comprehensive service solutions that include the right Baker Hughes technologies for the project.
The Baker Hughes regions are: U.S. Land, Gulf of Mexico, Canada, Latin America, Europe, Africa, Russia and Caspian, Middle East and Asia Pacific.
In 2014, the company reported record revenues of $24.6 billion, up 10%, and net income of $1.8 billion.
The company's worldwide rig count for December 2014 was 9,544 wells with 1,856 in the U.S.
With the big decline in oil prices, the company plans to cut 7,000 jobs this year.
In November, Halliburton announced it would acquire Baker Hughes for $78.62 per share or about $34.6 billion.
Baker Hughes is the combination of many innovative companies that have developed and introduced technology to serve the petroleum service industry. Their combined history dates back to the early 1900s.
In 1907, Reuben C. Baker developed a casing shoe that revolutionized cable tool drilling. In 1909, Howard R. Hughes, Sr. introduced the first roller cutter bit that dramatically improved the rotary drilling process. Over the next eight decades, Baker International and Hughes Tool Company became worldwide leaders in well completions, drilling tools and related services. The two companies merged in 1987 to form Baker Hughes Incorporated.
During its history, Baker Hughes has acquired many oilfield pioneers including: Brown Oil Tools, CTC, EDECO, and Elder Oil Tools (completions); Milchem and Newpark (drilling fluids); EXLOG (mud logging); Eastman Christensen and Drilex (directional drilling and diamond drill bits); Teleco (measurement while drilling); Tri-State and Wilson (fishing tools and services); Aquaness, Chemlink and Petrolite (specialty chemicals), Western Atlas (seismic exploration, well logging). In 2000, Baker Hughes and Schlumberger formed a joint venture called Western Geco.
In April 2010, Baker Hughes acquired BJ Services for $5.5 billion. BJ Services is a leader in pressure pumping, cementing and coiled tubing services.
Eligibility for most Baker Hughes benefits begins on the first day of work; 11 paid holidays; Advance vacation banks of two to five weeks; Sick pay; Comprehensive medical, dental, vision and prescription insurance plans; BHI-provided basic life insurance; Voluntary group universal life; BHI-provided basic accidental death & dismemberment coverage; Voluntary accidental death & dismemberment coverage; Long and BHI-provided short term disability insurance; Business travel accident insurance; Flexible spending accounts; Retiree medical account; 401K thrift plan with company matching; BHI-funded pension; Discounted employee stock purchase plan; Tuition reimbursement; Employee assistance program; Worldwide emergency assistance services; Business casual dress.
Updated January 21, 2015