General Electric Co. is tapping proceeds from the sale of NBC to fund its $3.3 billion purchase of Lufkin Industries Inc. as Chief Executive Officer Jeffrey Immelt takes advantage of an oil-drilling boom.
General Electric Co. will spend $110 million on a research lab in Oklahoma City to study ways to improve extraction of hard-to-reach oil and gas deposits, including hydraulic fracturing and horizontal drilling.
General Electric Co., hoping to resume collecting an annual dividend from its finance unit in 2012, sees the business generating “billions” more in free capital than needed for the payment, the finance chief said.
General Electric Co. profit increased 14 percent in the second quarter as the finance unit stabilized and the health-care division improved. The shares fell as sales dropped and missed analysts’ estimates.
General Electric Co. investors eager to find out when the finance unit will resume sharing some of its free cash with the parent company, one indicator of renewed health and safety, will have to wait until the Federal Reserve finishes an inaugural review.