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The Bak Make Th Worked Would I Casing S H.R. Hu Harder R Hughes B A K E R H U G R.C. Baker H.R. Hughes, Sr. H ES INCORPORATED The Baker Hughes story began in the early 20th century, when two young men set out to make their fortunes in the booming new oilfields of California and Texas. Initially both men worked as wildcatters, but they achieved lasting success through technical innovations that would improve operations for the entire industry. In 1907, R.C. Baker received a patent on a Baker Hughes Incorporated 2006 casing shoe that revolutionized well cementing and thus launched Baker Oil Tools. In 1909, H.R. Hughes, Sr. patented a roller cone bit that made it possible to drill through deeper, 2929 Allen Parkway, Suite 2100 Houston, Texas 77019-2118 harder rock. This invention gave birth to the Hughes Tool Company. A century later, Baker P.O. Box 4740 Hughes carries on the tradition of technical innovation, not only by its two founders, but also Houston, TX 77210-4740 A N N U A L by the many other industry pioneers whose inventions and business lines became part of a (713) 439-8600 global oilfield service leader. www.bakerhughes.com R E P O R T A N D ◆ In the 21st century, Baker Hughes has People Our success depends on a quali- Global Presence To be a worldwide P greater opportunities than ever as we fied, diverse workforce. Integrity, creativ- leader, we need a global presence, with R O X Y help the world meet its growing need ity and dedication to service make the the infrastructure and resources to serve for energy. Our long-term Strategic critical difference in delivering solutions both mature and emerging markets. We Framework is supported by four key to our customers. As Baker Hughes con- will continue to invest to support our cus- S TATEMENT elements, aimed at making our company tinues to grow at a rapid pace, we are tomers, leverage opportunities, and make the global leader in oilfield services. investing in recruiting, training and devel- our business grow. oping the employees who will build our global future. Performance We hold ourselves to high standards of performance. Our high per- Technology Innovation creates value for formance culture makes us ethical, safe, our customers and our shareholders. We responsive and competitive. We are com- ◆ have increased our investment in new mitted to flawless execution and reliabil- technologies, and we use our specialized ity in delivering solutions to our custom- B A K E R H U G H ES INCORPORATED knowledge to apply them during the drill- ers. Our ultimate measure of success in ing, evaluation, completion and produc- financial performance is creating value 2 0 0 6 A N N U A L R EPORT tion processes. We are building our for our investors and opportunities for knowledge and expertise in the reservoir our employees. to broaden the solutions that we provide. B A K E R H U G R.C. Baker H.R. Hughes, Sr. H ES INCORPORATED The Baker Hughes story began in the early 20th century, when two young men set out to make their fortunes in the booming new oilfields of California and Texas. Initially both men worked as wildcatters, but they achieved lasting success through technical innovations that would improve operations for the entire industry. In 1907, R.C. Baker received a patent on a Baker Hughes Incorporated 2006 casing shoe that revolutionized well cementing and thus launched Baker Oil Tools. In 1909, H.R. Hughes, Sr. patented a roller cone bit that made it possible to drill through deeper, 2929 Allen Parkway, Suite 2100 Houston, Texas 77019-2118 harder rock. This invention gave birth to the Hughes Tool Company. A century later, Baker P.O. Box 4740 Hughes carries on the tradition of technical innovation, not only by its two founders, but also Houston, TX 77210-4740 A N N U A L by the many other industry pioneers whose inventions and business lines became part of a (713) 439-8600 global oilfield service leader. www.bakerhughes.com R E P O R T A N D ◆ In the 21st century, Baker Hughes has People Our success depends on a quali- Global Presence To be a worldwide P greater opportunities than ever as we fied, diverse workforce. Integrity, creativ- leader, we need a global presence, with R O X Y help the world meet its growing need ity and dedication to service make the the infrastructure and resources to serve for energy. Our long-term Strategic critical difference in delivering solutions both mature and emerging markets. We Framework is supported by four key to our customers. As Baker Hughes con- will continue to invest to support our cus- S TATEMENT elements, aimed at making our company tinues to grow at a rapid pace, we are tomers, leverage opportunities, and make the global leader in oilfield services. investing in recruiting, training and devel- our business grow. oping the employees who will build our global future. Performance We hold ourselves to high standards of performance. Our high per- Technology Innovation creates value for formance culture makes us ethical, safe, our customers and our shareholders. We responsive and competitive. We are com- ◆ have increased our investment in new mitted to flawless execution and reliabil- technologies, and we use our specialized ity in delivering solutions to our custom- B A K E R H U G H ES INCORPORATED knowledge to apply them during the drill- ers. Our ultimate measure of success in ing, evaluation, completion and produc- financial performance is creating value 2 0 0 6 A N N U A L R EPORT tion processes. We are building our for our investors and opportunities for knowledge and expertise in the reservoir our employees. to broaden the solutions that we provide. GL oba L Keys to Success Our Core Values Corporate Officers Board of Directors Stockholder Information • People contributing to their Integrity – We believe integrity is the foundation of our individual and corporate actions. Chad C. Deaton Larry D. Brady Transfer Agent and Registrar full potential. We are accountable for our actions, successes and failures. Chairman and Chief Executive Officer Chairman and Chief Executive Officer, Mellon Investor Services, LLC Intermec, Inc. 480 Washington Boulevard • Delivering unmatched value to Teamwork – We believe teamwork leverages our individual strengths. We willingly share our James R. Clark Jersey City, NJ 07310 our customers. resources as we work toward common goals. President and Chief Operating Officer Clarence P. Cazalot, Jr. (888) 216-8057 • Being cost-efficient in everything we do. Performance – We believe performance excellence will differentiate us from our competitors. President and Chief Executive Officer, David H. Barr Marathon Oil Corporation • Employing our resources effectively. We work hard, celebrate our successes and learn from our failures. Vice President and Group President, Stock Exchange Listings Learning – We believe a learning environment is the way to achieve the full potential of each Baker Hughes Drilling and Evaluation Chad C. Deaton individual and the company. Chairman and Chief Executive Officer, Ticker Symbol “BHI” Paul S. Butero Baker Hughes Incorporated New York Stock Exchange, Inc. Vice President and President, Baker Atlas SWX Swiss Exchange Edward P. Djerejian Martin S. Craighead Director, James A. Baker III Institute for Investor Relations Office Vice President and President, INTEQ Public Policy, Rice University Baker Atlas Baker Hughes INTEQ Gary G. Rich Gary R. Flaharty Anthony G. Fernandes Director, Investor Relations Baker Atlas provides wire- Drilling Fluids INTEQ provides directional Vice President and President, Former Chairman, President and Baker Hughes Incorporated line-conveyed well log- Baker Hughes Drilling Fluids drilling, measurement-while- Hughes Christensen Chief Executive Officer, P.O. Box 4740 ging, data analysis and provides fluids systems and drilling (MWD), logging- Richard L. Williams Phillip Services Corporation Houston, Texas 77210-4740 perforating services for services that help optimize while-drilling (LWD), and Vice President and President, [email protected] formation evaluation, the drilling and completion wellsite information services. Claire W. Gargalli Baker Hughes Drilling Fluids ® Former Vice Chairman, Diversified Search production and reservoir processes, maximize hydro- INTEQ’s AutoTrak rotary Form 10-K management. Baker Atlas carbon production and closed-loop drilling system Douglas J. Wall and Diversified Health Search Companies has a strong reputation manage drilling waste, even has set the standard for hori- Vice President and Group President, Pierre H. Jungels, CBE Additional copies of the company’s for data accuracy, superior in demanding deepwater, zontal, extended reach, Baker Hughes Completion and Production Former President of the Institute of Petroleum Annual Report to the Securities and Exchange wellsite execution, and high temperature and hos- designer profile and geo- Commission (Form 10-K) are available by Christopher P. Beaver ™ James A. Lash people-oriented service. Baker Atlas is a tech- tile environments. With its PERFORMAX high steering applications. Advanced LWD capabilities Vice President and President, writing to Baker Hughes Investor Relations. nology leader in wellbore imaging, wireline performance water-based mud system, Baker include real-time pressure testing and formation First Selectman, Greenwich, Connecticut and Baker Oil Tools Chairman, Manchester Principal LLC formation testing and fluid sampling, magnetic Hughes Drilling Fluids is a leader in meeting fluids evaluation through resistivity, density, porosity, Annual Meeting resonance logging, and in acquiring data in high requirements for operational efficiency and envi- acoustic, and magnetic resonance measurements. John A. O’Donnell James F. McCall The company’s Annual Meeting of pressure, high temperature wells. Customers can ronmental compliance. Real-time reservoir navigation capabilities are avail- Vice President and President, Lt. General, U.S. Army (Retired) and Former 5 Stockholders will be held at 9:00 a.m. view and analyze their data through Web-based able through BEACON expert advisory centers.
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