• 5 minutes China Faces Economic Collapse
  • 8 minutes ZeroHedge: Oil And Gas Bankruptcies To Accelerate As $137 Billion Debt Matures Over Next Two Years
  • 11 minutes Trump Will Win In 2020
  • 14 minutes Oil Production Growth In U.S. Grinds To A Halt
  • 2 mins Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 20 mins The Belt & Road Initiative: A Wolf in Sheep's Clothing?
  • 12 hours How OPEC and OECD play their role in setting oil price in light of Iranian oil sanction ?? Does the world agree with Iran's oil sanctions ???
  • 9 hours Cost of oil
  • 5 hours Democrats and Gun Views
  • 19 hours Swedish Behavioral Scientist Suggests Eating Humans to ‘Save the Planet’ from Climate Change. What could possibly go wrong?
  • 2 hours USAvChina.com
  • 19 hours Trump Orders Biofuel Boost
  • 14 hours Iran says tanker oil sold at sea, buyer sets destination
  • 5 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 1 hour Iran in the world market
  • 23 hours Green New Deal Preview in Texas Town
  • 20 hours “Who’s going to bail out the Central Banks?”
Coal Is Fueling China’s Data Center Boom

Coal Is Fueling China’s Data Center Boom

China’s data center sector is…

GE to Buy Oil Pump Makers Lufkin for $2.98 Billion

General Electric (NYSE: GE) has announced that it will buy the oilfield pump maker Lufkin Industries for $2.98 billion, as part of its strategy to increase its presence in the growing shale sector.

The deal, which is expected to be completed by June this year, will nearly double the revenues of GE’s Oil & Gas unit; last year GE earned $1.92 billion from its oil and gas assets, and Lufkin made $1.3 billion. The Oil & Gas unit has been growing at a rapid rate, increasing revenues by 16% from 2011 to 2012, and will now become GE’s third largest manufacturing unit.

Related article: Are Canadian Oil Policies Misguided?

Last year Keff Immelt, the CEO of GE, spoke openly about his company’s plans to focus on developing a larger market presence in the shale fields of North Dakota, Texas, and elsewhere in the US. He revealed that GE would look for acquisitions and investments in the range of $1 billion to $3 billion. He always admitted that the natural gas sector, especially shale gas is “the place to play both in terms of the U.S. and the rest of the world.”

In order to try and grow its share in the US shale market, GE has spent around $11 billion since 2007, acquiring various assets within the oil and gas sector.

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play