Baker Hughes Completed the 2nd Quarter of 2023 with a Net Profit
In 2023, U.S. oilfield services corporation Baker Hughes ended the 2nd quarter with net income, with adjusted earnings per share and revenue better than expected.
This was reported by the press service of Baker Hughes.
The company’s net profit in April-June 2023 was $410 million, or 40 cents/share, against a net loss of $839 million, or 84 cents/share, for the same period in 2022.
Adjusted earnings rose to 39 cents/share from 11 cents/share.
Analysts polled by FactSet averaged adjusted earnings of 33 cents/share on revenue of $6.27 billion.
In 2023, the corporation’s revenue increased by 25% and reached $6.315 billion compared to $5.047 billion last year.
Baker Hughes also noted that it received $7.474 billion in new orders in the last quarter, up 28% from $5.86 billion in 2022.
Baker Hughes’ oilfield services and equipment manufacturing revenue grew 20% in the quarter to $3.877 billion.
Income has also increased:
- in North America – by 13%, up to 1.042 billion US dollars,
- in Latin America – by 37%, up to 698 million US dollars,
- in the Middle East and Asia – by 29%, up to 1.465 billion US dollars,
- in Europe, the CIS and the countries of central and southern Africa – by 2%, to USD 672 million.
The company’s revenue in the industrial and energy technology segment grew by 34% to $2.438 billion.
Over the past 3 months, the capitalization of Baker Hughes has increased by 14.7%, to 35.1 billion US dollars, while the Nasdaq stock index has grown by 18% over this period.
As a reminder, on January 24, 2023, it became known that OFS Technologies, the new owner of the former assets of Baker Hughes in Russia, is launching an investment program for its own oilfield services technologies.
The investment program will be aimed at the development of production sites, as well as oilfield services technologies, primarily in the field of high-tech drilling, artificial lift and well completion.
To do this, the company plans to form its own R&D center.
In the future, the company intends to increase its staff, incl. at the expense of young specialists, as well as to attract more employees to high-tech areas.
Baker Hughes announced the suspension of new investments in its operations in the Russian Federation in April 2022.
On August 1, 2022, the company announced that it had entered into an agreement to sell its business in Russia to local management.
The deal was approved by Russian President V. Putin in November 2022, after which the Oilfield Service Technologies company became the new owner of Baker Hughes assets, co-owned in equal shares by A. Monakhov, A. Anikeev and N. Aidarova, former top managers of Baker Hughes in RF.
