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Baker Hughes BAKER HUGHES I NCO RPO RATE D t989 Annuol Report ll Horizontol drilling requires downhole I Finonciol Highlrghts motors ond computer controls to ochieve 2 Letter to Stockho/ders the desired profile. Boker Hughes Drilling 4 Operotions Review System's drilling motor rotors ond a cRI drs- t3 Finonciol Palyie,,r ploy of o desired hole profile ore shown. t9 Finonciol Stotemen* 43 Corpo rote O rgo nizoti o n 44 Officers ond Directors 44 Corporate lnformotion Boker Hughes lncorporoted provides prod- ucts ond services to the petroleum ond min- ing industries. Tvtenty divisions operote through four mojor groups: Boker Hughes Production Tools, Boker Hughes Dril/ing Equipment, BJ Titon Services ond Boker Hughes Process Equ ip ment. SUMMARY OF SELECTED FINANCIAL DATA Bo ker H ughes I n co rp o roted (ln thousonds of dollors except per shore omounts) Yeors Ended September 30, 1989 t988 5o/es $ t ,763,329 $1,77s,346 Servlces ond rentols 564,666 s40,805 Iotol reyenues 2,327 ,995 2,3t6,t5t Net income 85,023 t03,247 Net income per shore .66 .82 Working copitol 620,0 t7 592, I 34 Iotol ossets 2,065,920 2, n 7 ,526 Net property, plont ond equipment 660,592 647,788 Copitol expenditures 92,702 62,048 Dep reciotio n o n d o mo rtizoti o n n0,344 t22,178 Long-term debt 4 t7 ,045 440,007 Stockholders' equity t ,003,380 96 t ,488 Cosh dividends per shore of common stock .46 .46 Number of shores (000) Averoge durtng yeor n9,09t n7,9t9 Outstonding ot end of yeor t20,435 t t8,4 t9 Number of employees 20,400 2t,500 TO exceeded 500/o toword the end of the yeor. We expect to see gos drilling o ccount for ouR opproximotely holf of the U .5. drilling octivity over the neor term. STOC KH O LD E RS ln oddition to the much improved operoting eornings which Boker Hughes enjoyed in 1989, the yeor wos olso morked by signifi- Fiscol yeor 1989 wos o good yeor for Boker cont ocquisition ond divestiture octivity Hughes lncorporoted. Although worldwide which will hove o meoningful impoct on the drillingoctivity wos much lower thon we future performonce of the Compony. Strote- F expected, re\€nues ond eornings beneflted gicolly, Boker Hughes wonts businesses thot from o fovoroble mix of offshore ond gos produce good operoting morgtns bosed on o drilling octivity os wel/ os from increosed strong technologicol position ond, secondly, demond for the products ond servlces of businesses thot occuw the number one or Eoker Hughes Process Equipment. two morket shore posltion in their respectirze product niches. Our octlvities over the post Revenues for 1989 were $2.33 billion, essen- yeor kept these two strotegres firmly in mind tiolly unchonged from $2.32 billion in 1988. ln luly, we sold our MiningEquipmentgroup Net income wos $85.0 million or $.66 per to Oy Tompello AB, o Finnish compony. shore compored to $ 103.2 million or $,82 While we hod inrzested significont resources per shore in 1988. Pretox operoting income in ottemptingto improve the overoll profit- for the yeor wos $ 117.6 million os compored obility of these componies which serve the to the prior yeois $77.2 million, which u ndergrou nd mi ning equipment morket, exc/udes the impoct ofnet unusuo/ credits the group locked the criticol moss in the ond nonrecurringgoins. This $40.4 million morketploce to ochieve the type of returns increose represents on improvement of 52o/o occeptoble to Boker Hughes. Proceeds from in pretox operoting income on flot re\€nues. the sole opproximoted $ 130 million, on omount neor the net corryingvolue of The improvementin Boker Hughes' quolity the ossets sold. of revenues is ottributoble in lorge meosure to increosed levels of drilling for noturol gos. On the ocquisition side, we ocquired three The cost of drillingthe orreroge gos v,tell in buslnesses thot will odd substontiolly to the United Stotes is obout 600/o greoter thon exlsting core product lines. ln Morch, we the cost of drilling on overoge oil well. During odded the business of Vetco Services to our 1988, 35.70/o of the rotory rigs drilling in the existingtubulor inspection business ond in U.5. vrere seorchingfor noturol gos, while in the process become the world leoder in oil- 1989, the percentoge of rigs drillingfor gos field tubulor inspection. ln Moy, we ocquired increosed to on overoge of 44.60/o ond the business of EDEco Petroleum Services, on Aberdeen, Scotlond bosed distributor for Brown liner hongers ond Centrilift electric submersible pumps, which brings under our direct control the soles ofthese two product two /ines in this criticol oilfield morket. Finolly of the lost sererol yeors. We will continue to in June, we purchosed the ossets ofBird diligently pursue ocquisition oppo rtu nities Mochine Compony, o leodingsupplier of thot enhonce our oil field business. centrifugol solidl liquid sqorotion equipment which will enhonce our olreody leodingposi- Boker Hughes' 1989 rorenues from soles tion in this morket through E/MCO Process of environmentol equipment ond services Equipment Compony. exceeded $250 million or obout 10.80/o of totol reyenues. The bulk ofthese revenues The Mining Equipment group wos operoting wos generoted by the Process Equipment slightly obove the breok-even profit level, group. With continued emphosis on the pro- whtle the three businesses ocquired ore tection of our environment ond the enoct- expected to generote pretox operating ment of more stringent cleon oir ond ocid income of opproximotely $20 million. Thus rain legislotion, spendingby industry ond we hove significontly upgroded the quolity governmentol ogencies in these oreos will of our revenue streom. occelerote. We intend to pursue opportuni- ties to brooden our porticipotion in these Also, during 1989, we hove continued Boker envi ro n mentol morke* through develop- Hughes' commitment to reseorch ond dqel- ment of new applicotions of our existing opment, investing $30 million, Severol new techno/ogres os wel, os ocquisitions. products were introduced duringthe post year which ore covered in the operotions We thonk our 20lN employees for their revlew sectlon of this report. dedicoted efforts in gettlng us over the dislo- cotions ond uncertointies of the post yeors Outlook ond our stockholders for hoving continuing confidence in our industry ond in our Com- We expect 1990 to bring o rnodest increose pony. We hove worked hord to positlon the tn the number of rotory rigs drillingworld- Compony to toke odvontoge of the growth wide with o continuotion of the trend toword opportunities thot lie oheod ond we feel.our o more fovoroble drillingmix. Anticipoted efforts will be reworded. higher prices for noturol gos in the United Stotes ond increosed offshore drilling, portic- We extend our sincere oppreciotion for o job ulorly in the U.5. Gulf of Mexico ond the For well done to two of our directors who will be Eost, shou/d be key drivers in 1990. retiringthis yeor Henry LeMieux ond Dan Krousse. Both ofthese directors hore sened The oil field service industry in generol the stockho/ders well ond we wil/ miss their oppeors to be in the fnol stoges of consoli- input ond guidonce. dotion orising from the tremendous turmoil J. D. Woods Choirman, President ond Chief Executive fficer three BAKER HUGHES DRILLING EQUIPMENT: EXLOG New, next generation modular measurement while-drilling tools are tested in EXLOG's headquarter's laboratory in Houston. High technology in downhole packaging. A BAKE R kquiring more oil from a single hole is possi- ble through reservoir engrneering opplicotion HUGHES of horizontol drilling. This exciting process ls growingropidly, ond Boker Hughes Dril/ing DRI LLI NG Systems is in the forefront of new, improved technology to occomplish the desired result. EQUIPM ENT Additionolly, BHDE hos progroms to reduce operotor risk while coupling the products Revenues Br Boker Hughes Drilling Equip- ond services of serrero/ Eoker Hughes divi- ment (BHDE) in 1989 were $728.6 million, sions. Rrsk shoring ls o new concept ond this 2.90/o below 1988 levels, olthough worldwide pockoged progrom is receiving growing R drilling octivity, os meosured by the octive rig ottention by customer ond trode press. Rrsk count, wos 140/o lower. The ocquisition of reduction is o/so the focus of Boker Hughes Vetco Services in Morch 1989 contributed Tubulor Services ond Iri-Stote. Tubulors, the 4.20/o to revenues, but the improved quolity lorgesttongible osset in o well, must be of drilling, i.e. offshore ond gos, generolly competentfor their intended service, ond mode up for the lower number of rigs work- well site inspection ls one sure woy to ensure ing. Pretox operotingincome fur the yeor thot competence. Ihe ocguisition of Vetco wos $50.0 million, 5.70/o obove the previous Services ot mid-yeor ploces Boker Hughes yeor, despite the rercnue decline, reflecting Tubulor Services os the world leoder in pipe continuing cost contoinment which is inspection. Similorly, lost time removingor improving morgns. Net copltol employed milling-out lost or broken too/s in we//s is very wos $508 million, o 9.70/o increose from expensirre, so IriStote is lncreoslng reseorch 1988, ond includes $37 million fur the ond development significontly to improve Vetco Services ocqu isiti o n. fishing ond milling technology. The very successfu/ In-Stote "Metol Muncher" is o Ihe strotegc emphosis of BHDE contlnues current result of just such emphosls. Ihis thepcus of loweringthe reol costoFoccess product /ine hos been so successFul lt hos to oil ond gos reserves for our customers. ottrocted o host of imitotors. fhe stroteg,c The principle poth for such emphosis is emphosls of BHDE is poying off hondsomely through technology, efficiency ond reduced os individual divisions improve whotthE do risk.
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