Baker Hughes Co Stock Price, News & Analysis

Baker Hughes Company (Nasdaq: BKR) reported strong financial results for Q1 2023, with orders of $7.6 billion, reflecting a 12% year-over-year increase. Revenue reached $5.7 billion, up 18% year-over-year. GAAP operating income was $438 million, an increase of $160 million year-over-year, while adjusted operating income soared 47% to $512 million. The company generated $461 million in cash flows from operating activities and $197 million in free cash flow. Despite some sequential declines in revenue and operating income, year-over-year growth signals a robust business environment. Baker Hughes remains optimistic about the energy services market, citing a diverse portfolio and strong order momentum across its segments.

Baker Hughes announced a donation of $270,000 in grants to nonprofit organizations promoting diversity, equity, and inclusion (DEI) on April 3, 2023. The recipients were nominated by employee resource groups (ERGs) within the company. These grants support initiatives addressing challenges in education and social equality. Notable recipients include MySkills Foundation for STEM education in Malaysia and The Trevor Project for LGBTQ crisis support in the U.S. This marks the second consecutive year the Baker Hughes Foundation has provided funding through ERG nominations, aligning with the company's commitment to the United Nations' Sustainable Development Goals.

Baker Hughes (NASDAQ: BKR) has secured a significant order with QatarEnergy to supply two main refrigerant compressors (MRCs) for the North Field South (NFS) project, contributing to an increase in Qatar's LNG production capacity from 110 million tons per annum (MTPA) to 126 MTPA by 2027. This order, which involves six gas turbines and twelve centrifugal compressors for two LNG mega trains, builds on a previous contract for the North Field East expansion. The partnership highlights over two decades of collaboration with QatarEnergy, enhancing Baker Hughes' role in the global LNG sector. The North Field is the largest non-associated gas field globally.

Baker Hughes (NASDAQ: BKR) has been awarded a contract by Bechtel for two Main Refrigerant Compressors (MRCs) as part of the Port Arthur LNG Phase 1 project, following a positive Final Investment Decision (FID) announced on March 20, 2023. The project aims to enhance U.S. LNG export infrastructure, featuring a total capacity of approximately 13 million tonnes per annum (MTPA) across two liquefaction trains. Baker Hughes will supply four Frame 7 turbines and eight centrifugal compressors, alongside two electric motor-driven compressors. Commercial operations for the first and second trains are expected to commence in 2027 and 2028, respectively.