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Employee Retention of BJ Services Company

Employee Retention of BJ Services Company

Discuss Employee Retention of BJ Services Company within the Human Resources Management (H.R) forums, part of the PUBLISH / UPLOAD PROJECT OR DOWNLOAD REFERENCE PROJECT category; BJ Services Company was a oil and gas equipment and services company that is now a subsidiary of Baker Hughes. ...

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Employee Retention of BJ Services Company
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Pratik Kukreja
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pratikkk
Student of PGDM at PATLIPUTRA MEDICAL COLLEGE
Jamshedpur, Jharkhand
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Location: Jamshedpur, Jharkhand
Employee Retention of BJ Services Company - April 5th, 2011

BJ Services Company was a oil and gas equipment and services company that is now a subsidiary of Baker Hughes.
It was founded in 1872 as the Byron Jackson Company by inventor Byron Jackson and at its peak operated in more than 50 countries worldwide.
BJ Services Company is a leading worldwide provider of pressure pumping and oilfield services for the petroleum industry. Pressure pumping services consist of cementing and stimulation services used in the completion of new oil and natural gas wells and in remedial work on existing wells, both onshore and offshore. Oilfield services include completion tools, completion fluids, casing and tubular services, production chemical services, and precommissioning, maintenance and turnaround services in the pipeline and process business, including pipeline inspection.
On April 28, 2010, the company was bought by Baker Hughes in a $5.5 billion stock and cash deal. Greenhill & Co. advised on the transaction.[1]


WELFARE PLAN
As an active full-time employee permanently assigned to a U.S. location and scheduled to work 20 hours a week, you are eligible to participate in the various benefit programs including:
Health Plan
Dental Plan
Reimbursement Accounts
Disability Plans
Life and Accident

401(k) RETIREMENT THRIFT PLAN
You are eligible to participate on the first day of the month following your hire date if you are on the U.S. payroll. The plan offers a variety of investment options through Fidelity Investments.
Employee Contribution
Company Matching Contribution
Company Retirement Contribution

STOCK PURCHASE PLAN
When you join the plan, you can take advantage of buying BJ Services stock at a 15% discount. You will be allowed to contribute up to 10% of your annual base salary. Certificates are issued to you at the end of the plan year.

OTHER BENEFITS
Vacation
Holidays
Service Awards
Educational Assistance
This is a brief description of BJ Benefits. The Summary Plan Document provides complete plan details.

Key Employee Share Option Plan and Deferred Compensation Plan. In 1997, the Committee approved the BJ Services Company Key Employee Share Option
Plan, called the “Keysop Plan,” which allows participants to elect to receive, in lieu of salary and bonus, options to purchase certain designated mutual funds. An
executive will not be taxed on the value of the mutual funds until the Keysop option is exercised, and the Company does not deduct such amount for tax purposes as
compensation until the option is exercised. Beginning January 1, 2005, future elections were discontinued. In 2000, the Company also implemented a deferred
compensation plan for officers and certain key employees that enables participants to defer taxation on their bonus and a portion of their salary. Amounts deferred after
January 1, 2005, are subject to new Section 409(A) of the Internal Revenue Code (“Section 409”) and the plan will be modified to conform to this law.
Supplemental Executive Retirement Plan. In 2000, the Committee approved the BJ Services Company Supplemental Executive Retirement Plan, which
provides supplemental retirement benefits to the Company’s executive officers. The purpose of this plan is to insure that the Company’s overall compensation program
for its executives is competitive.
Compensation of Directors. The Committee is also responsible for determining the annual retainer, meeting fees, stock options and other benefits for members
of the Board of Directors. The Committee’s objective with respect to director compensation is to provide compensation incentives that attract and retain individuals of
outstanding ability.
During fiscal 2006, the Company paid non-employee directors a monthly retainer based on an annual retainer of $60,000, an additional annual retainer of
$25,000 to the Audit Committee Chairman and annual retainers of $10,000 to the other committee chairmen, and an attendance fee of $1,500 for each Board or
committee meeting attended. Members of the Audit Committee received a fee of $1,500 for each quarterly pre-earnings release conference call in which they
participated. Committee chairmen are also paid an additional attendance or participation fee equal to 50% of the meeting fee paid to other committee members. The
Lead Director also receives an annual retainer of $10,000. Directors who are employees of the Company are not paid directors’ fees. The Company reimburses the
directors’ out-of-pocket expenses. In addition, under the terms of the 1997 Incentive Plan and the 2000 Incentive Plan, non-employee directors are eligible to receive
awards of options to purchase shares of Common Stock. Under the terms of the 2003 Incentive Plan, non-employee directors are eligible to receive any awards except
incentive stock options.
Under the Directors’ Benefit Plan, which was adopted in 2000, each non-employee director serving on the Board for more than three years will earn an annual
benefit for each year of service on the Board equal to the annual retainer in effect for directors at the time of termination of his Board service. Payment of the benefit
commences following the director’s termination of service and continues for the number of years equal to his years of service as a director of the Company. Directors
who have served on the Board for more than ten years will receive an amount based on their years of service, paid over a ten-year period. In the event of the death of a
participant, benefit payments will be made to the director’s beneficiaries over the remainder of the benefit period. The three-year minimum period is waived in the case
of death.

BJ Services Company is a leading provider of pressure pumping services worldwide. BJ also provides casing and tubular running services, process plant and pipeline services, and specialty chemical services in selected geographic markets.

Baker Hughes has agreed to acquire BJ Services in a $5.5 billion deal.

BJ Services' pressure pumping services consist of well stimulation, cementing, sand control, coiled tubing and downhole tools services used in the completion of new oil and natural gas wells and in remedial work on existing wells, both onshore and offshore. These services are provided through domestic and international locations to customers in most of the major oil and natural gas producing regions of the United States, Canada, Latin America, Europe, Asia, Africa and the Middle East.

The Company is also one of the largest suppliers of casing and tubular services in the U.K. North Sea and is continuing to expand these services into several of the major oil and natural gas producing regions. The Company provides commissioning, leak detection and inspection services to refineries, pipelines and offshore platforms and also provides specialty chemical services to the oil, gas refining and petrochemical industries in the United States.

Benefits

WELFARE PLAN
As an active full-time employee permanently assigned to a U.S. location and scheduled to work 20 hours a week, you are eligible to participate in the various benefit programs including:

- Health Plan
- Dental Plan
- Reimbursement Accounts
- Disability Plans
- Life and Accident

401(k) RETIREMENT THRIFT PLAN
You are eligible to participate on the first day of the month following your hire date if you are on the U.S. payroll. The plan offers a variety of investment options through Fidelity Investments.

- Employee Contribution
- Company Matching Contribution
- Company Retirement Contribution

STOCK PURCHASE PLAN
When you join the plan, you can take advantage of buying BJ Services stock at a 15% discount. You will be allowed to contribute up to 10% of your annual base salary. Certificates are issued to you at the end of the plan year.

OTHER BENEFITS

- Vacation
- Holidays
- Service Awards
- Educational Assistance

Zonal isolation is a key requirement for responsible oil and gas production. BJ Services emphasizes best practices in cementing by improving the performance of this primary protection barrier, and in the process, safeguarding the underground sources of drinking water whether or not hydraulic fracturing services are utilized.

Products and services provided to the oil and gas industry by BJ Services are based upon efficient, effective and economical chemical solutions which pose minimal risk to the environment, our employees and the public. We strive to meet or exceed environmental related U.S. federal, state or local compliance or regulatory guidelines, as well as the EU's REACH requirements or other provincial guidelines around the world.
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Last edited by pratikkk; April 5th, 2011 at 12:42 PM..
   
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