Boston, MA 10/02/2014 (wallstreetpr) – According to reports, Baker Hughes Incorporated (NYSE:BHI) has announced that it has implemented a new policy under which 100% of chemistry involved in hydraulic fracturing fluid system will be disclosed. The company has implemented this new technology without using any trade secret designation.
Road so far:
Earlier in the month of March Baker Hughes Incorporated (NYSE:BHI) announced its plans to provide complete lists of all of its chemical constituents and other products for all the wells that it fractured with the help of hydraulic fracturing fluid products. Although company announced its plans to reveal lists of all the products, but it didn’t give details of specific products formulation. The management of BHI hopes that it will further enhance the public trust on hydraulic fracturing, that too without impacting market-driven commercial innovation. In other words, BHI is looking forward to increasing its market share, revenues, profits and public support after the implementation of the new policy.
According to Derek Mathieson, Chief Strategy Officer Baker Hughes Incorporated (NYSE:BHI), the company has been trying its best to offer best available services to its customers for a long time. Introduction of higher transparency about various chemicals used in hydraulic fracturing process and enhancing the ability to innovate further are not different goals. They will never lead to any conflict in the future. The management of BHI thinks that its current goals have been set up with an objective to provide all the information to its customer that they deserve. BHI is fair in its deals, and it wants to grow further with its customers. Its way of working will surely sort out industrial challenges in coming time. Even after being fair with its customers, BHI can easily protect proprietary information that is critical to its growth and can play a big role in its overall success. As per the new policy, BHI will disclose a single list of all the chemicals used in its products, whenever it performs any fracturing job on or after October 1, 2014.