It took a marked downturn in the industry plus a buyout to make it come to fruition. And we're still not dead.
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Thought I would remind you how the BJ President took care of no one but himself on his way out the door during the Baker \ BJ merger. He negotiated a 92 million dollar merger package for himself while leaving everyone else hanging. http://www.chron.com/business/steffy/article/Houston-CEO-cashes-in-by-bowing-out-1593199.php
@Anonymous | Post ID: @ENDBvRO-2wdr - Dinosaur, well maybe, at least that is what my 20-something year olds think, but bitter? No, bitterness went the way of job security, when I was laid off the first time, not too long ago--after I had time to get over the hurt feelings and understood that there was no job security. Hasn't been any really since the "60s. My point in my post was that most of the bitterness towards the acquisition of BJS, could not have come from former BJS employees. BHI is not selling out to Halliburton because of BJS. BHI would not have purchased BJS if it didn't think it was a wise investment. BHI had their own team of people to come in and look over every part of BJS. If you think otherwise, then you really never had confidence in BHI. BHI is selling because Halliburton made them an offer, they (upper Management) and the Shareholders believed was a good deal for them. I don't know about you, but they didn't ask me for my opinion on the buy-out. But it is human nature isn't it? For BHI employees to blame BJS and former BJS employees to blame BHI.
I believe BJ did some fusging of unit pricing to make the company look attractive for the purchase, but they were far from broke.
BHI has eliminated all but 3 former BJ managers in Canada related to PP and have certainly not promoted from BJ stock of employees. But it seems they know best. BJ pumped over 10000 job in 2010 and pumped fewer and fewer job every year after that at a time industry was growing. They certainly know how to down size a product line... Getting ready for the down turn 4 years early!
For all those BHI people who say that BJS was a bankrupted company when BHI bought them, then what does that really make BHI?! Look back at the reason that BHI stated they wanted BJS. BHI wanted a PP division, unfortunately, once BHI bought the company, their mistake was not to allow the people who knew how to run and manage a successful PP business continue to run and manage it. Classic mistake. As one poster mentioned, those ex BJS execs have moved on to head up other successful oil & gas companies. Let's face it, BHI's decision to get bought out by Halliburton was nothing more than those at the top wanted to cash in on their golden parachutes, stock and stock options and nothing pleases them more than to have the minions below them tear each other apart.
BJ Services was not about to go bankrupt when BHI bought them. They were a profitable company making money. Then BHI took over and decided to change everything and get rid of all there experienced managers that didn't fit there moto. BHI is paying for those mistakes now. They have no idea how to manage Pressure Pumping in a downturn.
BJ Service was ran by a group of oil field guys who to this day are all CEOs and directors of other oil field companies and doing well. Baker has taken the approach that anyone can be replaced by a 20 something college grad. This has hurt the company greatly. This of you who say this is not true you can now look at this company we all tried to make work and be successful and see that the generation running it has greatly messed up. We all laugh at the company that was great at one point and now struggles to gain market share and where our customers can not trust is. The main fall guy for this type of business is Martin Craighead as he is the one who sets expectations for this orginization and did not. There is a lot of competitiveness in the people who work for BHI but we all missed the mark some where along the way.
BJ Services would have survived if the BIG name would have we entered the picture. Baker had no idea how to run a pressure pumping service. It is not a Walmart. Insecure and unskilled managers in Baker
BJ service was dead when Baker bought them .BJ was going bankrupt. Equipment that way too expensive and only worked part time.
If you had learned to give better BJ services, you might still be employed. You should have just sucked it up.
That is not true, you are just bitter.