1989–1990 acquisitions and divestitures
In 1989, the company acquired Bird Machine Company for $47.5 million, Vetco Services for $37 million, and EDECO Petroleum Services for $12.1 million. In 1990, the company acquired Eastman Christensen, a leader in directional drilling systems and diamond bit technology, for $600 million. It also acquired the instrumentation units of Tracor Holdings for $93.7 million in cash and Chemlink for $136 million in cash.[27] In 1990, the company also sold Totco division of its Exlog subsidiary to NOV Inc. for $41 million in cash and stock.[28]
Eastman Christensen (1990)
In 1929, H. John Eastman introduced "controlled directional drilling" in Huntington Beach, California, using whipstocks and magnetic survey instruments to deflect the drill pipe from shore-based rigs to reach oil deposits offshore. In 1934, Eastman Whipstock Inc. was founded by Eastman and Roman W. Hines, the same year the company drilled the world's first relief well to control a blowout in Conroe, Texas, that had been on fire for more than a year.
In 1957, Frank Christensen's Christensen Diamond Products opened a manufacturing plant in Celle, Germany. The facility built diamond core heads and drilling bits and soon began producing stabilizers, drilling jars and other equipment. In 1977, the Celle engineering and manufacturing team introduced the Navi-Drill line of downhole drilling motors, which has led the drilling industry in performance and reliability for three decades. Other innovations developed in Celle include the industry's first steerable motor system, and the AutoTrak Rotary Closed Loop System, a pioneering directional drilling tool. In 1978, Christensen Diamond Products was acquired by Norton Co. and changed its name to Norton Christensen. In 1986, Eastman Whipstock merged with Norton Christensen to form Eastman Christensen.
In 1990, Baker Hughes acquired Eastman Christensen from Norton Abrasives for $550 million. To receive approval from the United States Department of Justice, the company sold its Hughes Tool diamond bit business.[29] Baker Hughes combined Eastman Christensen and the remainder of Hughes Tools to form Hughes Christensen.
In 1993, Hughes Christensen introduced the AR-Series PDC bits, anti-whirl bits with increased penetration rates up to 100% in some applications and extended bit life as much as four-fold, compared to previous bit designs.[30] By 1995, Hughes Christensen's Gold Series PDC line increased drilling efficiency by reducing the frictional forces that can accumulate in front of the cutting edge, reducing the energy required to remove the rock.[31] In 1996, patented ChipMaster PDCs, known for their efficiency and durability, were built on the success of the Eggbeater product line. Hughes Christensen next introduced the Genesis HCM bits for steerable motors with patented EZSteer depth-of-cut control technology. This same technology was adapted to Genesis HCR bits for rotary steerable systems, such as the Baker Hughes AutoTrak rotary closed loop system. Genesis ZX PDCs followed with new Zenith cutters.
Teleco Oilfield Services (1992)
In April 1992, Baker Hughes acquired Teleco Oilfield Services, a provider of directional measurement-while-drilling technology, from Sonat for $200 million cash, preferred stock and royalty from future sales of Teleco's "triple combo" sensors.[32] Teleco Oilfield Services was founded in 1972 and introduced the world's first MWD tool in 1978. Teleco had approximately 1,300 employees, including 430 in Meriden, Connecticut.[33] In 1993, Baker Hughes INTEQ was formed by combining five of the company's oilfield divisions.[5]
Petrolite (1997)
Petrolite was formed in 1930 from the merger of William Barnickel's Tret-O-Lite with Petroleum Rectifying Company of California (PETRECO). In 1997, Baker Hughes acquired Petrolite for $693 million in stock. At that time, Wm. S. Barnickel & Co. owned 47% of Petrolite.[34]
In 2003, the division acquired Cornerstone Pipeline Inspection Group.[35]
Drilex (1997)
In 1997, the company acquired Drilex, a provider of drilling products and services, for $109 million in stock.[36]
Western Rock Bit Company (1998)
In 1998, the company acquired Western Rock Bit Company, a Canadian bit distributor, for $30.8 million.[37]
Western Atlas (1998)
Western Atlas, which specialized in finding oil by mapping geological formations with sound waves and using wires to manipulate tools and gauges in oil and natural-gas wells, was divested from Litton Industries in 1994.[38] In 1995, Western Atlas acquired 50% of PetroAlliance Services Company, Ltd., which offered seismic, well-logging, and integrated project services in the Post-Soviet states. In May 1997, Western Atlas acquired Sungroup Energy Services, a Canadian well logging, production testing, and completion services provider. During the fourth quarter of 1997, Western Atlas acquired Geosignal, a seismic data processing company; Seismic Resources, a provider of nonexclusive seismic surveys; and ParaMagnetic Logging, a well-logging research company. In the fourth quarter of 1997, the company acquired Heartland Kingfisher, a Canadian well-logging company.[39]
On August 10, 1998, Baker Hughes acquired Western Atlas for $5.5 billion in stock plus the assumption of $700 million in debt.[40]
Joint venture with Schlumberger (2000–2006)
In 1999, the only new seismic technology that was being introduced was the 4-dimensional seismic survey monitoring.[45]
In 2000, during a downturn in the petroleum industry, the company merged its Western Geophysical division with Schlumberger's Geco (Geophysical Company of Norway) to form WesternGeco.[46][47]
In 2006, Baker Hughes sold its 30% share of WesternGeco to Schlumberger for $2.4 billion in cash.[48]
OCRE (2001)
In 2001, Baker Hughes acquired OCRE (Scotland) Ltd. from Maritime Well Service, a division of Aker ASA.[49]
Nova Technology Corporation (2006)
In February 2006, Baker Hughes acquired Nova Technology Corporation, a supplier of permanent monitoring, chemical injection systems, and multiline services for deepwater and subsea oil and gas well applications, for $70 million in cash and assumed debt.[50]
JOA Oil and Gas BV (2010)
In October 2010, Baker Hughes acquired JOA Oil & Gas BV. JOA developed JewelSuite, a reservoir modelling software.[51]
BJ Services Company (2010–2017)
In 1990, the company sold a 71% stake in BJ Services via an initial public offering. On April 28, 2010, Baker Hughes re-acquired BJ Services.[52] In 2017, after the division suffered market share losses, the company sold a majority interest in BJ Services to private equity firms to obtain approval for the merger with GE Oil and Gas.[53]
Proposed acquisition by Halliburton (2016)
In November 2014, the company agreed to a merger with Halliburton valued at $34.6 billion.[54] If consummated, it would have been the largest merger in the history of the petroleum industry. The merger was approved by both companies' stockholders; however, on April 6, 2016, the United States Department of Justice sued to block the transaction due to concerns that the merger would affect competition and prices in the oilfield service industry.[55] On May 1, 2016, the companies terminated the merger agreement due to the regulatory opposition.[56][57]
Merger with GE Oil and Gas (2017)
In July 2017, the company merged with GE Oil and Gas.[58] As part of the transaction, the company sold a 53.3% percent stake in the hydraulic fracturing and cementing business to CSL Capital Management and Goldman Sachs’ West Street Energy Partners for $325 million.[59] General Electric announced plans to divest its stake by 2023; by year-end 2021, its remaining ownership was approximately 11.4%.[1]
Sale of Reciprocating Compression division (2019)
In 2019, the company sold its Reciprocating Compression division to Arcline Investment Management, a private equity firm.[60][61]
Sale of chemical manufacturing facility to Sterling Auxiliaries (2020)
In September 2020, Sterling Auxiliaries & Artek Surfin Chemicals acquired Baker Hughes' Sand Springs chemical manufacturing facility.[62]
Compact Carbon Capture (2020)
In November 2020, Baker Hughes acquired Compact Carbon Capture, a company developing solvent-based carbon capture patents.[63]
Joint venture with Aramco (2020)
In December 2020, Baker Hughes set up a joint venture with Aramco to create a non-metallic materials company called Novel Non-Metallic Solutions Manufacturing. Novel's facility is being developed at King Salman Energy Park.[64]
ARMS Reliability (2021)
In 2021, Baker Hughes acquired ARMS Reliability, a company providing advisory services and software to several industries.[65]
SRI International (2021)
In March 2021, Baker Hughes acquired a license for the use of mixed-salt process technology for flue gas carbon capture from SRI International.[66][67]
Joint venture with Akastor (2021)
In March 2021, Baker Hughes announced the creation of a joint venture for drilling services with Akastor ASA's subsidiary MHWirth AS, called HMH.[68]
Altus Intervention (2022)
in March 2022, Baker Hughes acquired Altus Intervention, an oilwell specialist company headquartered in Norway.[69]
Sale of operations in Russia (2022)
In August 2022, after the 2022 Russian invasion of Ukraine, the company agreed to sell its operations in Russia to local management.[70][71]
Quest Integrity (2022)
In November 2022, the company acquired Quest Integrity from Team, Inc. for $279 million.[72][73]
Chart Industries (2025)
In July 2025, Baker Hughes announced they were acquiring Chart Industries for $13.6 billion[74]
