Oil Service Giant Baker Hughes Received Record Orders of $8.0 Billion in Fourth Quarter

Energy services company Baker Hughes reported weaker than expected fourth quarter earnings on Monday before the market open. However, $BKR said it had record orders of $8.0 billion for the fourth quarter. Baker Hughes reported fourth-quarter net income of $182 million, or 18 cents a share. On an adjusted basis, BKR earned 38 cents a share, up from 25 cents a share a year before. Last quarter the company reported a loss of $17 million for the second-straight quarterly loss … Continue reading “Oil Service Giant Baker Hughes Received Record Orders of $8.0 Billion in Fourth Quarter”

Oil Service Giant Baker Hughes says Main Challenges are in the Rearview Mirror

Energy services company Baker Hughes reported stronger than expected third quarter earnings on Wednesday before the market open. The company still reported a loss of $17 million for the three-months for the second-straight quarterly loss this year after making $72 million in the first three months. The company took large charges after pulling out of Russia after the Ukraine invasion. $BKR shares were up 6.2% at $25.67 after the release. Updated: Peers Halliburton reported Tuesday and Schlumberger reported Friday. Baker … Continue reading “Oil Service Giant Baker Hughes says Main Challenges are in the Rearview Mirror”

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”

Global Supply Chain Contagion Hits Oil Service Firm Baker Hughes Earnings

Energy services company Baker Hughes,reported weaker than expected third quarter earnings on Wednesday before the market open. Oilfield services were negatively impacted by Hurricane Ida and supply chain problems. $BKR peers Halliburton reported Monday and Schlumberger reports Friday.

Drilling Ramps Up in Oil Patch With Natural Gas Rig Count Unchanged

U.S. oil rigs in service rose 7 this week with U.S. oil production at 11.40 million bpd and oil prices consolidating between $65 and $75. US Natural gas rigs remained flat. US natural gas prices at 3 year highs and 10 year highs in Europe all eyes are production numbers.