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.
The Baker Hughes Foundation has announced two $200,000 grants to support Historically Black Colleges and Universities (HBCUs) for the 2024-25 academic year. The recipients are Texas Southern University (TSU) and Prairie View A&M University (PVAMU). These grants aim to support various STEM programs, student development, professional certifications, and career readiness initiatives.
Since 2021, the Foundation has contributed over $1 million to HBCUs. The grants align with Baker Hughes' strategy of building a diverse energy workforce and promoting inclusive education. At TSU, the funds will support curriculum development and career services in business and technology fields. At PVAMU, the grant will primarily fund summer bridge programs, scholarships, and leadership programs for engineering and business students.
Akastor ASA provided an update on its 50%-owned affiliate, HMH Holding B.V. HMH has filed an updated draft Registration Statement for its proposed IPO with the SEC. This filing is now public on the SEC's EDGAR database but is not yet final or effective. HMH intends to list its Class A shares on the Nasdaq Global Select Market under the symbol HMHW. The offering's completion is subject to market conditions and other factors. The number of shares and price range have not been determined. HMH, formed in October 2021 by merging Baker Hughes' Subsea Drilling Systems and Akastor's MHWirth AS, offers critical drilling solutions for oil, gas, and mining sectors.
Baker Hughes has announced its role as the presenting sponsor for the 2024 Bad Pants Open, an annual golf tournament benefiting Texas Children's Hospital Newborn Center and NICU. Set for November 11, 2024, at Champions Golf Club in Houston, the event has raised over $7 million since 1998 to support innovation in infant care and research.
Texas Children's NICU, the largest in the nation and a Level IV facility, treats over 1,800 sick babies annually. The hospital ranks 3rd best nationally and 1st in Texas according to U.S. News & World Report. This year's proceeds will fund a new peer-to-peer support service by Hand to Hold, offering emotional support to NICU families.
Baker Hughes Company announced results for Q2 2024, showcasing strong performance and significant growth.
Key Highlights:
- Orders: $7.5B, including $3.5B of IET orders.
- Revenue: $7.1B, up 13% YoY.
- Net income: $579M; GAAP EPS: $0.58; Adjusted EPS: $0.57.
- Adjusted EBITDA: $1.13B, up 25% YoY.
- Free cash flow: $106M.
- Returns to shareholders: $375M, including $166M in share repurchases.
Segment Performance:
- OFSE revenue: $4.01B, up 3% YoY.
- IET revenue: $3.13B, up 28% YoY.
CEO Lorenzo Simonelli highlighted the company's strategy execution, driving margin expansion, and raising the midpoint of full-year guidance by 5%.
Baker Hughes (NASDAQ: BKR) has declared a quarterly cash dividend of $0.21 per share of Class A common stock. This represents a 5% increase ($0.01) compared to the same quarter last year, aligning with the company's goal to responsibly grow dividends over time. The dividend will be payable on Aug. 16, 2024, to shareholders of record as of Aug. 6, 2024. Baker Hughes plans to fund this dividend from cash generated from operations, demonstrating confidence in its financial stability and commitment to shareholder returns.
The Baker Hughes Foundation has announced a $100,000 grant to the Angeli del Bello Foundation, aimed at supporting urban regeneration and social inclusion in Italy. The grant will fund the Custodi del Bello project in Florence, where Baker Hughes employs over 4,500 people. This initiative brings together marginalized groups to care for public spaces, offering them reintegration into the community and job market through paid work and training. The project aims to foster civic sense and sustainability, in line with the United Nations' Sustainable Development Goals. Baker Hughes has a history of collaboration with Angeli del Bello, with employees volunteering in various initiatives since 2015.
Baker Hughes (NASDAQ: BKR) will announce its second-quarter 2024 earnings results on July 25, 2024, at 5 p.m. Eastern Time. The company will also hold a webcast to discuss the results on July 26, 2024, at 9:30 a.m. Eastern Time. Interested parties can access the webcast through the Baker Hughes investor relations website, where an archived version will be available afterward.
The Baker Hughes Foundation commemorates UN World Environment Day by announcing a total of $340,000 in grants.
A $310,000 grant is awarded to One Tree Planted for 12 urban forestry projects, aiming to enhance reforestation and environmental awareness. This is the Foundation's fourth grant to the organization.
A $30,000 grant goes to the Children's Environmental Literacy Foundation (CELF) to fund a Houston-based program, engaging over 2,000 students across Title 1 schools.
The grants support environmental education, biodiversity, and restoration activities, aligning with Baker Hughes' sustainability goals and the UN's Sustainable Development Goals.
Baker Hughes (NASDAQ: BKR) announced a significant contract from Petrobras for workover and plug and abandonment (P&A) services in Brazil's offshore pre-salt and post-salt fields.
This multi-year project, starting in early 2025, will leverage Baker Hughes’ integrated solutions portfolio to optimize Petrobras’ operational performance. The services will encompass wireline, coiled tubing, cementing, tubular running, wellbore intervention, fishing, and geosciences, as well as remedial tools, completion fluids, and production chemicals.
To support this venture, Baker Hughes will expand its facilities in Macaé, Rio de Janeiro, enhancing local industry and workforce development. Maria Claudia Borras, EVP of Oilfield Services & Equipment at Baker Hughes, emphasized the importance of their comprehensive technology portfolio and localization expertise in driving the project's success.
Tekion, a leading cloud-native platform for the automotive retail ecosystem, has appointed Binu Mathew as its new Chief Technology Officer (CTO). Mathew brings 30 years of expertise in software product development and strategy, previously holding significant roles at C3 AI, Baker Hughes, Oracle, Hewlett Packard Enterprise, and Citicorp Overseas Software As CTO, Mathew will drive Tekion's technology strategy, focusing on scaling the platform, enhancing AI capabilities, and ensuring robust system security and reliability.
He will lead engineering, product management, and design teams, aiming to accelerate product development and align technological advancements with Tekion's business goals. CEO Jay Vijayan emphasized Mathew's role in meeting the automotive industry's demand for reliable generative AI and expanding Tekion's market presence.