Baker Hughes $BHGE Earnings Miss on Challenging Oil and Gas

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  • #12769
    ThePitBoss
    Participant

    [article]298[/article]

    #12775
    MoneyNeverSleeps
    Participant

    Comparing this to $SLB result isn’t pretty but want to see how the merger clears out after restructure costs

    #12777
    ThePitBoss
    Participant

    [quote=”MoneyNeverSleeps” post=2525]Comparing this to $SLB result isn’t pretty but want to see how the merger clears out after restructure costs[/quote]

    It’s also tainted with that $GE stank this morning

    #13246
    ThePitBoss
    Participant

    Baker Hughes, a GE company $BHGE to repurchase $3 billion worth of its common stock

    After a disappointing earnings and cash flow issues Oilfield services provider $BHGE announced Monday morning over an unspecified period it will repurchase $3 billion worth of stock. At the current share price, this buyback amounts to around 8% of company’s outstanding stock.

    The buyback also will include repurchasing shares held by General Electric Co. $GE which completed its acquisition of Baker Hughes in July and owns about 62.5% of the oilfield services firm’s stock.
    :

    Today’s announcement represents an important step in our plan to optimize BHGE’s capital structure. We believe the buyback is an attractive use of cash given the value of our franchise and the highly accretive nature of this program. … We are pleased that BHGE’s strong balance sheet enables us to not only return value to shareholders through our regular quarterly dividend and share repurchases, but also invest in opportunities that will strengthen our fullstream portfolio and drive long-term growth. Baker Hughes CEO Lorenzo Simonelli said

    So basically they are sending dollars back to $GE and they are going to issue more debt…

    also announced its intention for BHGE LLC to issue new debt.” Baker Hughes reported $3.04 billion in long-term debt as of the end of September, along with $1.87 billion short-term debt and the current portion of long-term debt.

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