Baker Hughes 2014 Annual Report Download - page 6

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We’re certainly pleased with these
outcomes and we know that they’re
critical milestones on our path.
We also know that they’re built
on something that can’t be
measured on a balance sheet.
It’s a new energy.
At the heart of this new energy
is our understanding that our role,
both in our industry and on
the world stage, has expanded
far beyond that of being simply
a service provider.
Today, working interdependently
with our customers and our commu-
nities, we make energy available
to the world, safely and affordably,
so that lives are transformed and
prosperity thrives. We believe in this
purpose so strongly that we have
formalized it and made it part of
our culture.
Our purpose shapes our strategy,
which is focused on creating
value not only for our customers,
our industry, and our shareholders,
but also for worldwide energy
consumers.
In 2014, we leveraged our strength
in technology innovation and our
global supply chain to deliver differ-
entiating new products and services
designed to solve our customers’
most pressing challenges by trans-
forming their workflows around:
Efficient well construction
Optimized well production
Improved ultimate recovery
To deliver on this strategy, we
considered new possibilities,
challenged traditional thinking,
and committed to achieving
positive outcomes.
We put muscle behind innovation,
making a step change in the pace
of commercialization.
We relentlessly focused on
execution, managing our business
more efficiently. And, more
important, we did it the right way –
by simultaneously improving
the sustainability of our industry.
As always, we maintained our
focus on financial results, and were
encouraged by improvements in
our operating margins and returns
on capital. We know, however,
that we have more work to do
in these areas.
In all, the outcome of these
strategies was approximately 60%
growth in earnings per share
over the prior year, and another
successful chapter in the proud
history of Baker Hughes.
EARNINGSFROM
TECHNOLOGY
The need to improve the economics
of energy production led us to
commercialize more than 160 new
products – or one new product
every 55 hours!
Efficient Well Construction.
Redefining technical limits