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Old 02-16-2009, 02:15 PM
 
Location: San Antonio-Westover Hills
6,884 posts, read 20,401,094 times
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When did General Electric get into the Oil & Gas Industry? They have a nice new shiny building on the N. Sam Houston Tollway near Clay Rd...anyone notice?
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Old 02-16-2009, 04:29 PM
 
Location: Houston, TX (Bellaire)
4,900 posts, read 13,731,452 times
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GE Oil & Gas
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Old 02-16-2009, 07:18 PM
 
Location: Katy, TX
1,288 posts, read 4,936,056 times
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GE is into lots of things people don't ordinarily know about. Like water, for example, they had been buying up smaller companies in my industry left and right. Which is good, but their stock is in the toilet because of how heavily they were into banking!
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Old 02-17-2009, 07:50 AM
 
152 posts, read 537,227 times
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Looks like GE is in the O&G services business, not the O&G itself... in other words, it competes with Schlumberger, Baker Hughes, etc. instead of competing with Exxon, Chevron, and the likes.
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Old 02-17-2009, 08:09 AM
 
Location: San Antonio-Westover Hills
6,884 posts, read 20,401,094 times
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Quote:
Originally Posted by sbhubbell View Post
GE is into lots of things people don't ordinarily know about. Like water, for example, they had been buying up smaller companies in my industry left and right. Which is good, but their stock is in the toilet because of how heavily they were into banking!

Well, I guess that's why I'm so surprised...because wouldn't that mean they were part of the bailout plan?
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Old 02-17-2009, 08:11 AM
 
Location: Charleston Sc and Western NC
9,273 posts, read 26,487,875 times
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Quote:
Originally Posted by Mom2Feebs View Post
Well, I guess that's why I'm so surprised...because wouldn't that mean they were part of the bailout plan?

Only people and companies that have worked hard and pay their taxes are NOT part of the bailout plan. If you are one of those people and loose your job, or your company fails, you're screwed.
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Old 02-17-2009, 08:28 AM
 
Location: houston
439 posts, read 1,241,950 times
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My boss told me when he moved to Houston 30 years ago, he was working at GE's energy division. So i think they've been in oil and gas a while now. Maybe they're starting to really expand though.
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Old 02-17-2009, 08:28 AM
 
152 posts, read 537,227 times
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Quote:
Originally Posted by Mom2Feebs View Post
Well, I guess that's why I'm so surprised...because wouldn't that mean they were part of the bailout plan?
GE is huge in commercial financing business through GE Capital. They provide loans/financing to companies to buy things like medical equipment, airplanes or to build plants and roads. They don't have a significant presence in retail/consumer banking, except maybe in mortgage.

Like most other finance companies, GE has invested in a lot of the so-called 'toxic' investments. GE Capital is on the gov't's bailout list; although GE itself has previously been bailed out by Warren Buffet.
http://www.nytimes.com/2008/10/02/bu...2electric.html
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Old 02-17-2009, 11:09 PM
 
5,976 posts, read 15,265,276 times
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Default GE has been involved with the energy for decades

If you have natural gas in your homes, chances are it was delivered to using GE's gas turbines. My industry has been using GE gas turbines since at least the early 80s that I am aware of, probably before that.
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Old 02-18-2009, 07:21 AM
 
Location: Katy, TX
1,288 posts, read 4,936,056 times
Reputation: 631
I'm not surprised at all to hear GE Capital is on the bailout list. Many MANY years ago I studied GE pretty closely in one of my economics classes and was surprised to learn that (I think) as much as 30% of their revenue was coming from financing. I think GE will be fine and will come back around, but it's a real shame that such a solid, diversified company it being hit so hard with the financial upheaval of the banking sector. I just hope it's sooner than later...my portfolio is certainly feeling it.
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