• 3 minutes Natural gas is crushing wind and solar power
  • 6 minutes OPEC and Russia could discuss emergency cuts
  • 8 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 11 minutes Question: Why are oil futures so low through 2020?
  • 13 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 24 mins Oil and gas producers fire back at Democratic presidential candidates.
  • 5 hours So the west is winning, is it? Only if you’re a delusional Trump toady, Mr Pompeo, by Simon Tisdall
  • 9 hours Peak Shale Will Send Oil Prices Sky High
  • 6 mins "Criticism of migration will become a criminal offense.  And media outlets that give room to criticism of migration, can be shut down." - EU Official to the Media.
  • 2 hours Fight with American ignorance, Part 1: US is a Republic, it is not a Democracy
  • 10 hours Charts of COVID-19 Fatality Rate by Age and Sex
  • 3 hours CDC covid19 coverup?
  • 18 hours Democrats Plan "B" Bloomberg Implodes. Plan "C" = John Kerry ?
  • 1 day “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy

GE to Buy Oil Pump Makers Lufkin for $2.98 Billion

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