After the oil boom of the early 1970s, there was a long cooling off in the petroleum industry that reached a nadir in the mid-1980s. During that time, the company went through some restructuring and name changes. First, in 1974, Hughes Tool Company purchased BJ, changing its name to BJ-Hughes Inc. A decade later, in 1985, a subsidiary of Dresser Industries named Titan Services formed a partnership with Hughes, using the name BJ Titan Services, but the partnership dissolved in 1989. That breakup allowed the company to evolve into an independent corporation, BJ Services, formed on May 13, 1990. In July of that same year, the company went public. It became totally independent of Hughes by 1991, when Baker Hughes Inc. sold all its remaining interest in the company.
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BHI has no idea how to provide a service to customers. They sell widgets. They completely destroyed bj services. Craighead has already publically admited defeat. "Fracking has become a commodity business". He means I have no idea how to adjust to market conditions so we arereducing staff and eliminating experience. Just sayin.
Nothing lasts forever, get over it.
As an investor in the O&G business I made lots of money under the old BJS company . I did my research and they were very well respected in the market they competed in . As I do my research today on the BHI company they seem to be a complete failure in the Pumping business . I have friends who are struggling producers and they explain the BHI company / Pumping division cannot seem to get out of their own way . Bad pricing, apathy among the employees and equipment that just seems to fail. I would invest again if the old BJ services company came back with the past management . As I said BJS made me some money .
If Bill Stewart has anything to do with it they may be able to Start BJ Services back up.
Think BJ could start up again?
Are they buying Baker PP??
And then they tried again and failed again. They should of just ran it independently.