General Electric Co. and oilfield-services giant Baker Hughes Inc. plan to create a new, publicly traded oil and gas company with assets from both firms.

Baker Hughes has Colorado operations and regional offices in Denver.

The Wall Street Journal reported Sunday evening, citing anonymous sources, that GE (NYSE: GE) plans to “contribute its oil-and-gas business and some cash to the new entity, which would have publicly traded shares and be majority-owned and controlled by GE.”

Monday morning, GE confirmed those plans.

Read more at the Denver Business Journal: