Oil Service Giant Baker Hughes Losses Widen Hit by Russian Charges and Inflation

Energy services company Baker Hughes reported weaker than expected second quarter earnings on Wednesday before the market open. The cited inflation and its suspension of operations in Russia as reasons earnings were negatively impacted. Baker Hughes stock plunged to 25.32 −2.90 (-10.29%) on the result. Peers Halliburton reported Tuesday crushing estimates and predicted years of growth in demand for drilling and Schlumberger reports Friday. Baker Hughes: $BKR Reported Before Open Wednesday Baker Hughes (BKR) Q2 2022 Earnings and Revenues Miss … Continue reading “Oil Service Giant Baker Hughes Losses Widen Hit by Russian Charges and Inflation”

Halliburton Quarterly Profit Biggest Since 2018 With Oil and Gas Demand Pressure

Oil and gas servicing giant Halliburton reported better than expected second quarter earnings Tuesday before the market. HAL reported earnings per share of 49 cents from $5.1 billion in sales. Analysts were looking for EPS of 45 cents and $4.7 billion in sales. HAL stock was trading up 3.5% on the news. Improved North American and international markets for drilling, completion, and production with $HAL’s aggressive approach to cutting costs flowed through. The Baker Hughes oil rig count benefiting oil … Continue reading “Halliburton Quarterly Profit Biggest Since 2018 With Oil and Gas Demand Pressure”