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Establishing Oilfield and Industrial sections.
Baker Hughes is simplifying itself from four to two business sections. Their goals are to enhance operations, profitability, and growth in energy and industry.
Its four product companies are going down to two. Savings are estimated around $150 million. Effective October 1, Baker Hughes will be formally restructured into two reporting business segments:
Oilfield Services & Equipment (OFSE) integrates the current Oilfield Services (OFS) and Oilfield Equipment (OFE) product companies. Industrial & Energy Technology (IET) integrates the current Turbomachinery & Process Solutions (TPS) and Digital Solutions (DS) product companies. Maria Claudia Borras is executive vice president (EVP) of OFSE and Rod Christie is EVP of IET.
After identifying OFSE and IET as the two broad business areas in 2021, Baker Hughes evaluated corporate performance, organizational structure, and market outlook. This reorganization positions Baker Hughes for future changes in the energy landscape.