netrashetty
Netra Shetty
Baker Hughes NYSE: BHI is the world's third largest oilfield services company, after Schlumberger and Halliburton, its main competitors. Baker Hughes provides the world's oil & gas industry with products and services for drilling, formation evaluation, completion, production and reservoir consulting. Baker Hughes operates in over 90 countries worldwide mainly based in countries with a mature petroleum industry as is the case with most oil & gas service companies. Baker Hughes has its headquarters in the America Tower in the American General Center in Neartown, Houston.[3][4]
Baker Hughes Incorporated was formed when Baker International and Hughes Tool Company merged in 1987. Baker Hughes operates worldwide with major offices in Liverpool, United Kingdom, Singapore, Dubai, Research & Maintenance Facility in Celle, Germany, Lafayette, Louisiana, Houston, Texas Pescara, Italy, and Kuala Lumpur, Malaysia. The company is administered broadly in two Hemispheres; Eastern Hemisphere with five Regions (Europe, Africa, Middle East, Asia Pacific & Russia/Caspian) and Western Hemisphere with four Regions (Canada, US Land, US Gulf & Latin America); each of these Regions is subdivided into Geo Markets.
David H. Barr, Vice President and Group President, Baker Hughes Drilling and Evaluation, has been appointed Vice President and Group President, Baker Hughes Completion and Production reporting to James R. "Rod" Clark, President and Chief Operating Officer. Mr. Barr replaces Douglas J. Wall (54) who has announced that he will be leaving Baker Hughes effective March 30, 2007 to pursue another opportunity in the oilfield service industry.
Martin S. Craighead has been appointed Vice President and Group President, Baker Hughes Drilling and Evaluation, reporting to Mr. Clark. Mr. Craighead replaces Mr. Barr.
Paul S. Butero, President of Baker Atlas, has been appointed President of INTEQ succeeding Mr. Craighead and will report to Mr. Craighead.
Commenting on the changes, Rod Clark said, "Doug Wall has served Baker Hughes well during his 16 years with the company. We wish him well and look forward to working with him in his new position.
"David Barr has demonstrated his leadership skills in the industry with well over 34 years of service in the industry, primarily with Baker Hughes. The Completion and Production Group will benefit from his strong business skills and operational and manufacturing experience.
"Martin Craighead brings a strong technical background to his new role along with a growth-oriented leadership style. His extensive experience in formation evaluation and previous international assignments will be an asset to the Drilling and Evaluation Group."
Mr. Clark concluded, "Paul Butero is a seasoned veteran whose leadership and vision for market leadership helped drive record results at Hughes Christensen and improving results at Baker Atlas. As a near term priority Paul and Martin will work together to complete the leadership team at Baker Atlas."
Biographies
David H. Barr (57) will become Group President, Completion and Production on March 30, 2007. He was named Group President, Drilling and Evaluation in 2005 after serving since 2000 as President of Baker Atlas. Previously, he was Vice President, Supply Chain Management for Cameron division of Cooper Cameron Corporation, where he served for one year. Mr. Barr began his career with Hughes Tool Company in 1972 after completing his Bachelor of Science degree in mechanical engineering at Texas Tech University. His career with Baker Hughes spans 34 years in various manufacturing, marketing, engineering, and product management functions. Most of his tenure has been with the Hughes Tool and Hughes Christensen divisions, and he was the original architect and executive manager of Project Renaissance.
Martin S. Craighead (47) will become Group President, Drilling and Evaluation on March 30, 2007. He previously served as the President of INTEQ since August 2005. Mr. Craighead joined the company in 1986 and has served Western Atlas and Baker Atlas in a number of operational positions, including assignments in Canada, Latin America, and Asia; as vice president of worldwide operations from 2003 to 2005; and as president of Baker Atlas since February 2005. Before he joined Baker Hughes, he was employed as a Research Engineer at BJ Services. He earned a Bachelor of Science degree from Pennsylvania State University in Petroleum and Natural Gas Engineering and a Master of Business Administration from Vanderbilt University.
Paul S. Butero (50) will become President of INTEQ on March 30, 2007. He has served as President of Baker Atlas since September 2006 and President of Hughes Christensen since February 2005. Mr. Butero joined Baker Hughes in 1981 and has served 25 years in a number of operations roles in the United States and the Eastern Hemisphere before becoming Vice President of Marketing for Hughes Christensen in 2000. He earned his Bachelor of Science degree from the University of Colorado-Boulder.
Forward-Looking Statements
This news release (and oral statements made regarding the subjects of this release) contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a "Forward-Looking Statement"). The word "will," and similar expressions, and the negative thereof, are intended to identify forward-looking statements. These forward-looking-statements are also affected by the risk factors described in the company's Annual Report on Form 10-K for the year ended December 31, 2006 and those set forth from time to time in our filings with the Securities and Exchange Commission. The documents are available through the company's web site or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov . We undertake no obligation to publicly update or revise any forward-looking statement.
Baker Hughes is a leading provider of drilling, formation evaluation, completion and production products and services to the worldwide oil and gas industry."We have been forecasting a level of drilling activity worldwide that will not allow a lot of companies to earn a competitive return on capital for several years," he said. "Clearly, Hughes was not going to prosper by itself in the kind of environment we are looking forward to over next two to three years."
John Curti, of Birr Wilson & Co., a San Francisco investment firm, said he expects the new company to quickly move to lay off unneeded workers, including managers, and close unnecessary manufacturing plants. But because of the consolidation, Curti said, the new company will be better able to survive this downturn and will "will be able to make a tremendous amount of money on lower volumes" once the industry rebounds.
The deal calls for Earnest Hubert Clark Jr., the current chairman and president of Baker, to become chairman of the new company. Known as "Hubie" to his friends, Clark has won high marks on Wall Street and throughout the oil industry for his strong leadership style.
Hughes Tool Chairman W.A. Kistler Jr. will become vice chairman and J.D. Woods, Baker's current chief executive officer, will become president and chief executive of the new company.
Although the merger raises anti-trust issues because the two companies both service oil drilling rigs, analysts said they do not expect the deal to encounter problems obtaining federal approval because the product lines are sufficiently distinct.
Hughes primarily makes drill bits. Baker's product line includes pumps, devices for controlling oil and gas flow, as well as various equipment used both in testing and drilling new wells.
Albright said he believes that the merger is not likely to run into any problems, if for no other reason than the industry is in such bad shape, and the regulators today are more pro-business. "I would put a 60% to 70% probability on it going through," he said.
Officials from both companies said the merger is not expected to have any effect on the ongoing patent infringement litigation between Hughes and Smith International Inc., the Newport Beach oil services equipment maker. "These are two separate matters," a Hughes spokesman said.
'Someone We Know'
Baker Hughes Incorporated was formed when Baker International and Hughes Tool Company merged in 1987. Baker Hughes operates worldwide with major offices in Liverpool, United Kingdom, Singapore, Dubai, Research & Maintenance Facility in Celle, Germany, Lafayette, Louisiana, Houston, Texas Pescara, Italy, and Kuala Lumpur, Malaysia. The company is administered broadly in two Hemispheres; Eastern Hemisphere with five Regions (Europe, Africa, Middle East, Asia Pacific & Russia/Caspian) and Western Hemisphere with four Regions (Canada, US Land, US Gulf & Latin America); each of these Regions is subdivided into Geo Markets.
David H. Barr, Vice President and Group President, Baker Hughes Drilling and Evaluation, has been appointed Vice President and Group President, Baker Hughes Completion and Production reporting to James R. "Rod" Clark, President and Chief Operating Officer. Mr. Barr replaces Douglas J. Wall (54) who has announced that he will be leaving Baker Hughes effective March 30, 2007 to pursue another opportunity in the oilfield service industry.
Martin S. Craighead has been appointed Vice President and Group President, Baker Hughes Drilling and Evaluation, reporting to Mr. Clark. Mr. Craighead replaces Mr. Barr.
Paul S. Butero, President of Baker Atlas, has been appointed President of INTEQ succeeding Mr. Craighead and will report to Mr. Craighead.
Commenting on the changes, Rod Clark said, "Doug Wall has served Baker Hughes well during his 16 years with the company. We wish him well and look forward to working with him in his new position.
"David Barr has demonstrated his leadership skills in the industry with well over 34 years of service in the industry, primarily with Baker Hughes. The Completion and Production Group will benefit from his strong business skills and operational and manufacturing experience.
"Martin Craighead brings a strong technical background to his new role along with a growth-oriented leadership style. His extensive experience in formation evaluation and previous international assignments will be an asset to the Drilling and Evaluation Group."
Mr. Clark concluded, "Paul Butero is a seasoned veteran whose leadership and vision for market leadership helped drive record results at Hughes Christensen and improving results at Baker Atlas. As a near term priority Paul and Martin will work together to complete the leadership team at Baker Atlas."
Biographies
David H. Barr (57) will become Group President, Completion and Production on March 30, 2007. He was named Group President, Drilling and Evaluation in 2005 after serving since 2000 as President of Baker Atlas. Previously, he was Vice President, Supply Chain Management for Cameron division of Cooper Cameron Corporation, where he served for one year. Mr. Barr began his career with Hughes Tool Company in 1972 after completing his Bachelor of Science degree in mechanical engineering at Texas Tech University. His career with Baker Hughes spans 34 years in various manufacturing, marketing, engineering, and product management functions. Most of his tenure has been with the Hughes Tool and Hughes Christensen divisions, and he was the original architect and executive manager of Project Renaissance.
Martin S. Craighead (47) will become Group President, Drilling and Evaluation on March 30, 2007. He previously served as the President of INTEQ since August 2005. Mr. Craighead joined the company in 1986 and has served Western Atlas and Baker Atlas in a number of operational positions, including assignments in Canada, Latin America, and Asia; as vice president of worldwide operations from 2003 to 2005; and as president of Baker Atlas since February 2005. Before he joined Baker Hughes, he was employed as a Research Engineer at BJ Services. He earned a Bachelor of Science degree from Pennsylvania State University in Petroleum and Natural Gas Engineering and a Master of Business Administration from Vanderbilt University.
Paul S. Butero (50) will become President of INTEQ on March 30, 2007. He has served as President of Baker Atlas since September 2006 and President of Hughes Christensen since February 2005. Mr. Butero joined Baker Hughes in 1981 and has served 25 years in a number of operations roles in the United States and the Eastern Hemisphere before becoming Vice President of Marketing for Hughes Christensen in 2000. He earned his Bachelor of Science degree from the University of Colorado-Boulder.
Forward-Looking Statements
This news release (and oral statements made regarding the subjects of this release) contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a "Forward-Looking Statement"). The word "will," and similar expressions, and the negative thereof, are intended to identify forward-looking statements. These forward-looking-statements are also affected by the risk factors described in the company's Annual Report on Form 10-K for the year ended December 31, 2006 and those set forth from time to time in our filings with the Securities and Exchange Commission. The documents are available through the company's web site or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov . We undertake no obligation to publicly update or revise any forward-looking statement.
Baker Hughes is a leading provider of drilling, formation evaluation, completion and production products and services to the worldwide oil and gas industry."We have been forecasting a level of drilling activity worldwide that will not allow a lot of companies to earn a competitive return on capital for several years," he said. "Clearly, Hughes was not going to prosper by itself in the kind of environment we are looking forward to over next two to three years."
John Curti, of Birr Wilson & Co., a San Francisco investment firm, said he expects the new company to quickly move to lay off unneeded workers, including managers, and close unnecessary manufacturing plants. But because of the consolidation, Curti said, the new company will be better able to survive this downturn and will "will be able to make a tremendous amount of money on lower volumes" once the industry rebounds.
The deal calls for Earnest Hubert Clark Jr., the current chairman and president of Baker, to become chairman of the new company. Known as "Hubie" to his friends, Clark has won high marks on Wall Street and throughout the oil industry for his strong leadership style.
Hughes Tool Chairman W.A. Kistler Jr. will become vice chairman and J.D. Woods, Baker's current chief executive officer, will become president and chief executive of the new company.
Although the merger raises anti-trust issues because the two companies both service oil drilling rigs, analysts said they do not expect the deal to encounter problems obtaining federal approval because the product lines are sufficiently distinct.
Hughes primarily makes drill bits. Baker's product line includes pumps, devices for controlling oil and gas flow, as well as various equipment used both in testing and drilling new wells.
Albright said he believes that the merger is not likely to run into any problems, if for no other reason than the industry is in such bad shape, and the regulators today are more pro-business. "I would put a 60% to 70% probability on it going through," he said.
Officials from both companies said the merger is not expected to have any effect on the ongoing patent infringement litigation between Hughes and Smith International Inc., the Newport Beach oil services equipment maker. "These are two separate matters," a Hughes spokesman said.
'Someone We Know'