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Baker Hughes lost $201 million in the Q2 amid the COVID-19 pandemic

Baker Hughes lost $201 million in the Q2 amid the COVID-19 pandemic

Houston, July 23 - Neftegaz.RU. US oilfield services group Baker Hughes saw its loss deepen during the Q2 of the year as its revenues decreased by 21 % compared to the same period last year.

According to its report, the company’ orders of $4.9 billion for the quarter were down 12 % sequentially and down 25 % year-over-year when the company’s orders were $6.6 billion. Year-over-year equipment orders were down 22 % and service orders were down 28 %.

Revenue declined 21 % to $4.7 billion from $6 billion during the Q2 of 2019. Net loss attributable to Baker Hughes in 2Q 2020 was $201 million compared to a loss of $9 million in 2Q 2019.

Lorenzo Simonelli, Baker HughesCEO, said: “The Q2 of 2020 was challenging in several areas as our company navigated through the ongoing impacts of the COVID-19 pandemic and the sharp decline in activity levels due to lower oil and gas prices”.

Simonelli also said that Baker Hughes is on track to hit its goals of structurally right-sizing business and achieving the $700 million in annualized cost savings by year-end.

Baker Hughes is cutting jobs and reducing capital spending by 20% as it tries to save cash and ride out one of the worst energy downturns in decades.