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Baker Hughes Restructures

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Oil-field services provider Baker Hughes announced this week that it will streamline its organizational structure to unlock efficiencies and better prepare for the energy transition. The company plans to combine its four existing product and service lines into two reporting segments — Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET). The restructuring will "simplify operations, enhance profitability and drive growth," Baker Hughes said in a statement, estimating that the changes will save about $150 million annually in operating costs. The company's new OFSE unit will integrate its oil-field services and equipment lines, while its IET unit will combine its turbomachinery & process and digital solutions divisions.

Topics:
Oil-Field Services, Corporate Strategy
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