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Baker Hughes books loss in 2nd quarter

Baker Hughes recorded a net loss during the second quarter of 2018 while its revenues were up by 2 %.


Houston, July 20 - Neftegaz.RU. Oilfield services company Baker Hughes, a GE company, recorded a net loss during the 2nd quarter of 2018 while its revenues were up by 2 %.

 

Baker Hughes, which completed its merger with GE’s Oil & Gas division in July 2017, said that its orders for the 2nd quarter of 2017 were $6 billion, up 15% sequentially and up 9% year-over-year on a combined business basis when its combined orders amounted to $5.6 billion.

 

It is worth mentioning that GE recently revealed its intentions to get rid of its Baker Hughes business, just one year after acquiring it for $3 billion. This will be done over the next 2 to 3 years.

 

Back to the company’s 2Q performance, the revenues for the quarter were $5.5 billion, up 3% sequentially and up 2% year-over-year on a combined business basis and revenues of $5.4 billion. Year-over-year, the increase was driven by Oilfield Services, up 14%, and Digital Solutions, up 7%, and partially offset by Turbomachinery & Process Solutions which was down 13%, and Oilfield Equipment which was down 9%.

 

Finally, BHGE’s net loss for the 2nd quarter 2018 was $19 million compared to a profit of $70 million in the Q1 of 2018. However, the company did not provide earnings for the combined business in the Q2 of 2017.

 

Lorenzo Simonelli, BHGE CEO, said: «The macro outlook continues to be favorable. North American production is increasing as operators grow rig and well counts, and we are seeing signs of increasing international activity in some geomarkets. Our portfolio mix positions us well for short and long-term growth as the market improves and the next wave of customer projects come into view.»

 

Source : Netegaz.RU