Welcome to our dedicated page for Baker Hughes news (Ticker: BKR), a resource for investors and traders seeking the latest updates and insights on Baker Hughes stock.
Baker Hughes Company reports developments tied to its role as an energy technology company serving energy and industrial customers worldwide. Recurring updates cover oilfield services and equipment, industrial and energy technology, financial results, dividends, governance matters and customer orders for turbomachinery, gas compression, power generation and lifecycle services.
Company news also includes project awards involving NovaLT™ gas turbines, LM-series aeroderivative turbines, centrifugal compressors, remote monitoring and diagnostic services, and inspection technologies through Waygate Technologies. These announcements reflect Baker Hughes' exposure to LNG, pipeline, offshore production, refinery and industrial inspection markets, alongside regular capital-return and earnings communications.
Baker Hughes (NASDAQ: BKR) has secured a significant order from Tecnicas Reunidas for the third expansion phase of Aramco's Jafurah gas field in Saudi Arabia. The contract, booked in Q4 2024, includes six gas compression trains and six propane compressors, along with balance of plants and auxiliaries.
The company will provide state-of-the-art electric motor driven compression solutions, leveraging its recently expanded Damman Center in Dammam. This order strengthens Baker Hughes' partnership with Aramco, following previous collaborations on the Haradh and Hawiyah gas plants, first phase of Jafurah, and the third phase of Saudi Arabia's Master Gas System project.
Baker Hughes (NASDAQ: BKR) has secured a major contract to provide modularized LNG system and power island solutions to Venture Global (VG) LNG projects in the United States. The company also signed a multi-year services agreement for maintenance, inspection, repairs, and engineering services supporting phases 1 and 2 of VG's Plaquemines LNG project in Louisiana.
As a strategic LNG technology supplier to Venture Global, Baker Hughes has been instrumental in delivering over 100 million tons per annum (MTPA) of production capacity, including comprehensive LNG solutions for both Calcasieu Pass and Plaquemines LNG facilities. The equipment order and services agreement were secured in Q4 2024. Recently, Venture Global achieved a significant milestone with the successful loading and departure of the first LNG cargo from its Plaquemines LNG facility.
Baker Hughes (NASDAQ: BKR) has secured a significant order from Bechtel Energy for gas technology equipment to support Phase 1 of Woodside's Louisiana LNG development. The contract includes equipment for two liquefaction plants with an approximate total capacity of 11 MTPA, part of a larger project with a total permitted capacity of 27.6 MTPA.
The order encompasses eight main refrigeration compressors driven by LM6000PF+ gas turbines and eight expander-compressors. This agreement comes as Woodside targets final investment decision readiness from Q1 2025. Baker Hughes was also previously selected to supply electric-powered Integrated Compressor Line packages and turbomachinery equipment for the associated pipeline serving the LNG export terminal.
Baker Hughes (NASDAQ: BKR) has scheduled its fourth quarter and full-year 2024 earnings announcement for January 30, 2025, at 5 p.m. Eastern Time. The company will release results via press release, followed by a webcast discussion on January 31, 2025, at 9:30 a.m. Eastern Time. Investors can access the webcast through the Baker Hughes investor relations website, where an archived version will also be available after the event.
Baker Hughes (NASDAQ: BKR) has opened new facilities in Walvis Bay, Namibia, including the country's largest liquid mud plant, a cement bulk facility, and an integrated multi-modal facility. The liquid mud plant can hold 15,000 barrels of drilling and completion fluids. Located at Walvis Bay Port, these facilities will support Namibia's offshore oil and gas operations and enhance local employment opportunities. The company has provided training to local workers, NAMCOR personnel, and Ministry of Mines and Energy staff to develop skilled workforce. Baker Hughes has been providing drilling services and subsea operations in Namibia since 2021.
Baker Hughes (NASDAQ: BKR) and SOCAR have signed a contract for an integrated gas recovery and hydrogen sulfide removal system at SOCAR's Heydar Aliyev Oil Refinery in Baku, Azerbaijan. The project aims to reduce downstream flaring and is expected to recover flare gas equivalent to 7 million Nm3 of methane per year, while reducing CO2 emissions by 11,000 tons annually. The recovered gas will be repurposed as fuel within the refinery, improving efficiency and reducing operating costs. The project execution begins immediately with full commissioning targeted within 24 months.
Baker Hughes (NASDAQ: BKR) has secured significant contracts with Petrobras to supply 77 km of flexible pipe systems for Brazil's pre-salt fields. The multi-year project, signed October 15, 2024, includes risers and flowlines for hydrocarbon production and associated gas and water injection, with delivery starting mid-2026. The systems will be deployed across Petrobras' Búzios, Libra, Berbigão, Sururu and Sépia fields, addressing stress-induced corrosion cracking from CO2. The equipment will be manufactured at Baker Hughes' Niteroi plant in Brazil, supporting local employment and the energy supply chain.
Baker Hughes reported strong third-quarter 2024 results, with revenue of $6.9 billion, up 4% year-over-year. Key highlights include:
- Orders of $6.7 billion, including $2.9 billion in IET orders
- Record IET RPO of $30.2 billion
- Net income of $766 million
- Adjusted EBITDA of $1,208 million, up 23% year-over-year
- Free cash flow of $754 million
The company achieved record EBITDA margins of 17.5%, marking the highest margin quarter since formation. Both segments made progress toward 20% EBITDA margins. Baker Hughes remains confident in achieving its full-year EBITDA guidance midpoint based on solid Q3 results and a stable outlook.
Baker Hughes (NASDAQ: BKR) has announced a quarterly cash dividend of $0.21 per share of Class A common stock. This dividend will be payable on November 14, 2024, to shareholders of record as of November 4, 2024. The dividend represents a 5% increase, or $0.01, compared to the same quarter last year, aligning with the company's goal to responsibly grow the dividend over time. Baker Hughes plans to fund this quarterly cash dividend from cash generated from operations.
Akastor ASA's 50% owned affiliate HMH Holding B.V. (HMH) has appointed Daniel "Dan" W. Rabun as Chairman of the Board of Directors, effective October 21, 2024. Mr. Rabun brings extensive leadership experience from various industries, having held key roles at major companies like Ensco plc, Golar LNG , ChampionX , Borr Drilling, and APA
HMH, formed in October 2021 through the merger of Baker Hughes' Subsea Drilling Systems business and Akastor ASA's MHWirth AS, is a leading provider of drilling solutions. The company offers a comprehensive portfolio of drilling equipment, services, and systems for oil and gas operations, both offshore and onshore. HMH is also expanding its offerings to adjacent industries such as mining.