Baker Hughes 2004 Annual Report Download - page 11
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Please find page 11 of the 2004 Baker Hughes annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.improvedtheirreturnoncapitalcompared
to2003.
In2004,Centriliftagaindelivereda
recordyearforrevenuesandprofitability.
Strongoilandgaspricesdroveworldwide
demandforelectricsubmersiblepumps
(ESPs),whilegrowthintheEasternHemi-
spheremadethelargestcontribution.To
supportthegrowingbusinessinRussiaand
theMiddleEast,Centriliftcommissioned
newESPservicecentersinWesternSiberia
andDubai.Thedivisionalsoestablished
NorthAmericanmanufacturingcapabilities
foritsgrowingLifteqTMprogressingcavity
pumpline.
BakerPetrolite’srevenuesincreased
14.7%,withgrowthinallproductlines.
Theoilfieldchemicalbusinessgrewworld-
wideascustomersstrivedtooptimize
maturefieldproduction.BakerPetrolite
establishedaventurewithSonangol,the
NationalOilCompanyinAngola.Thedivi-
sion’spipelinemanagementgrouphad
strongdemandforitsFLO®dragreducing
agentsandenhanceditspipelineintegrity
business,addingnewtechnologytothe
CPIGTMin-lineinspectionoffering.Baker
Petrolite’sEXCALIBURTMmetalsremoval
technologyenabledrefiningcustomersto
processlow-grade“opportunity”crudes,
anditsTOLADTMSilverShieldfueladditive
helpedgasolinemarketersreducesulfurin
fuelandavoiddamagetovehicles.
Throughouttheyear,thedivisionwasable
tooffsetrisingmaterialcoststhrough
improvedmanufacturingefficiencyand
priceincreases.
INTEQdeliveredsolidperformance
in2004withrecordrevenuesanda
strongimprovementinprofitability.
Withindustry-leadingexperience,the
AutoTrak®rotarysteerablesystemhasnow
drilledmorethan10millionfeet.INTEQ
expandeditsAutoTrakfleetwiththefirst
commercialapplicationsofits4-3/4”and
3-1/8”rotaryclosedloopsystems.INTEQ
alsodeployednewformationevaluation
technology,includingitsAcousticProper-
tieseXplorerSMsystemandTesTrakSMforma-
tionpressuretester.ThesenewLogging
WhileDrilling(LWD)systemswererunin
conjunctionwiththeAutoTraksystemin
high-profilewellsintheNorthSeaand
WestAfrica,andwererecognizedwith
SpotlightonNewTechnologyAwardsat
the2004OffshoreTechnologyConference.
During2004,thedrillingfluidsproduct
linewasseparatedfromINTEQtoforma
stand-alonedivision,BakerHughesDrilling
Fluids.Thenewdivisionisfocusedon
providingdrillingandcompletionsfluids
andservices,aswellasdrillingfluids
environmentalservices.Duringtheyear,
thedivisionsuccessfullylaunchedits
PERFORMAXTMwater-baseddrillingfluid,
whichisdesignedtoenhancedrilling
performancewhilemeetingstrictenviron-
mentalrequirements.Thedivisionalso
demonstrateditsleadershipindeepwater
operationsbyprovidingSYN-TEQ®CFsyn-
theticemulsionfluids,fluidsengineering
software,anddynamickilldrillingservices.
HughesChristensenhadarecordyear
inrevenuesandprofits.In2004,thedivi-
sionsetagoalofdrilling“further,faster”
thancompetitorswitheachofitsbits.The
companymaintaineditspositionasthe
leaderinPDCandTricone®drillbitswith
theintroductionofnewtechnology.New
Genesis®XTPDCbits,withenhancedcut-
tersandotherdesignimprovements,set
recordsforpenetrationratesandbitlife
duringtheyear.HughesChristensen’snew
Mini-MXTMbitsextendedtheperformance
0%
4%
2%
6%
8%
10%
12%
ReturnonAssets
2002–2004,byQuarter
(AnnualizedOperating
ProfitAfterTax,Divided
byTotalAssets)
200220032004
2004AnnualReport7