Houston, July 26 – Baker Hughes, a leading global oilfield services company, announced today that it has reported significant growth in both revenue and profit for the second quarter, exceeding market expectations. Similar to its larger competitor, SLB, Baker Hughes has benefited from increased demand from upstream companies. Reuters and RTTNews reported the news.
Baker Hughes’ net income reached $579 million in the second quarter, compared to $410 million in the same period last year. Excluding special items, the company’s profit was $568 million, or 57 cents per share, representing a 45% increase compared to the second quarter of the previous year. This result significantly exceeded analysts’ expectations, who had forecast adjusted earnings per share of 49 cents for Baker Hughes.
The increase in profit was driven by a 13% growth in revenue. The company reported revenue of $7.14 billion in the second quarter, compared to $6.32 billion a year ago. This also surpassed analysts’ expectations, who had forecast revenue growth of only 6.8 billion dollars.(1 EUR = 1.0851 USD)
Baker Hughes: A Global Leader in Oilfield Services
Baker Hughes is a prominent American corporation that specializes in providing a wide array of services and technologies crucial to the oil and gas industry. Headquartered in Houston, Texas, the company operates on a global scale, serving clients in over 120 countries. Â
Core competencies of Baker Hughes include:
- Drilling and evaluation: Offering advanced technologies and services for exploring and assessing oil and gas reservoirs. Â
- Production: Providing solutions to optimize the extraction and production of hydrocarbons.
- Completion and production: Delivering technologies and services for well completion and production enhancement.
- Reservoir engineering: Applying scientific and engineering principles to understand and manage oil and gas reservoirs.
Baker Hughes has a rich history, dating back to the early 20th century, and has consistently evolved to meet the changing demands of the energy industry. The company’s commitment to innovation and technological advancements has positioned it as a key player in shaping the future of the oil and gas sector.
