The newly merged Baker Hughes reported on October 20, 2017, a $104 million net loss and revenues of nearly $5.4 billion in its 1st quarter as a bigger industry player under the General Electric umbrella.
Baker Hughes, a GE company, had seen growth in the booming U.S. shale market, but new Baker Hughes CEO Lorenzo Simonelli cited a «deceleration» in the 3rd quarter with the U.S. land rig count up just 6 % in the quarter, versus 40 % for the full year.
«We have seen some improvement in activity, but we have not seen meaningful increases in customer capital commitments. Oil prices remain volatile and, as a result, our customers remain cautious», Simonelli said.
«We continue to support our customers through innovative solutions and solid execution and are focused on integrating and driving the best of both legacy businesses», he continued, adding that he's more convinced than ever that the merger occurred at the right time.
Simonelli, who previously headed GE Oil & Gas, took over as Baker Hughes CEO in July after the merger of Baker Hughes with GE's oil and gas division was complete.
He added the chairman title in the beginning of October.
GE owns more than 60 % of Baker Hughes, which is traded under the «BHGE» stock ticker.
Traditional oilfield services and equipment accounted for more than $3.2 billion of the new Baker Hughes' revenue.