The Houston oil field services firm Baker Hughes on April 25, 2017, reported a loss of $129 million in its 1st quarter of the year despite lower offshore spending.
Baker Hughes continued to deeply cut costs and trim losses in the 1st quarter this year as its revenues fell.
The company posted $129 million in losses, compared to losses of nearly $1 billion in the 1st quarter last year.
The company slashed expenses by more than $900 million or almost 30 % over the year to $2.29 billion.
Revenues, meanwhile, fell by $400 million or 15 % to $2.26 billion.
Losses per share improved to 30 cents from $2.22 in the 1st quarter of last year.
Executives lauded the progress. «Baker Hughes delivered another sequential quarter of improved adjusted operating profit, despite industry headwinds in certain market segments,» said Chairman and CEO Martin Craighead.
Craighead said the company grew its North American onshore well construction business, particularly drill bits and rotary steerable systems, but that growth was offset by losses in pressure pumping - part of the hydraulic fracturing process - and reduced customer spending in the Gulf of Mexico.
Baker is in the midst of a $32 billion merger with industrial manufacturing giant GE.
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