Baker Hughes Co Stock Price, News & Analysis

Baker Hughes (NASDAQ: BKR) is set to hold a webcast on April 19, 2023, at 8:30 a.m. Eastern Time to discuss its Q1 2023 results, which end on March 31, 2023. An announcement of the financial results will be made in a press release at 7 a.m. Eastern Time. The webcast will be accessible via the Baker Hughes website, with an archived version available post-event. Baker Hughes is a leading energy technology company, known for delivering innovative solutions globally, enhancing safety, cleanliness, and efficiency in energy production and consumption.

Baker Hughes and HIF Global have entered into a collaboration to develop and deploy Direct Air Capture (DAC) technology. The partnership aims to test Baker Hughes' Mosaic DAC technology to accelerate carbon dioxide capture at a commercial scale. HIF Global targets capturing 25 million tons of CO₂ annually, producing 150,000 barrels per day of eFuels to decarbonize over 5 million vehicles. Baker Hughes enhances its carbon capture portfolio with the Mosaic technology, focused on modular design and efficiency. HIF's facilities in Chile and Texas are poised for DAC deployment, underscoring the commitment to advancing climate technology.

Baker Hughes (NASDAQ: BKR) has secured its first major greenfield project in Angola in over five years, awarded by Azule Energy for the Agogo oilfield. The contract entails providing 23 standard subsea trees, 11 Aptara™ manifolds, and SemStar5™ fiber optic controls, alongside comprehensive service and aftermarket support for the subsea production system. A significant portion of the equipment will be produced in Angola, utilizing local facilities. This project signals Baker Hughes' commitment to enhancing oil production in Angola and highlights its advanced subsea technology capabilities.

Baker Hughes announced a $50 million investment in Unity Bank of Houston, Texas' only Black-owned bank, through J.P. Morgan Asset Management's Empower share class. This investment aims to enhance the bank's offerings and drive positive change in underserved communities. Unity Bank, a Minority Depository Institution, supports Black-, Hispanic-, and Latino-owned small businesses. Baker Hughes emphasizes its commitment to supplier diversity and community support, having nearly doubled its utilization of small and diverse businesses in 2022. This initiative aligns with Baker Hughes' strategy to support organizations that share their values.

Baker Hughes held its Annual Meeting on January 30-31, 2023, in Florence, Italy, focusing on the energy transition and sustainability. CEO Lorenzo Simonelli emphasized the importance of balancing energy security, affordability, and social responsibility. The event showcased over 60 technologies aimed at achieving net-zero emissions by 2050. Key discussions highlighted the shift from traditional hydrocarbon production to diverse energy solutions. Baker Hughes announced collaborations, including a partnership with Fortescue Future Industries for green hydrogen projects. The launch of new digital solutions aimed at enhancing efficiency and emissions reduction was also a significant highlight.

Baker Hughes is committed to reducing its carbon footprint and achieving net zero Scope 1 and 2 emissions by 2050. In collaboration with PwC, the company has developed a new system for tracking and measuring its ESG metrics, which aids in evaluating progress towards its sustainability goals. Notably, in 2021, Baker Hughes successfully reduced its Scope 1 and 2 emissions by 23 percent compared to 2019 through various initiatives, including energy efficiency improvements and increased reliance on renewable energy. This ongoing effort aligns with the objectives of the Paris Climate Agreement.

Baker Hughes (NASDAQ: BKR) announced a memorandum of understanding (MoU) with Fortescue Future Industries (FFI) on January 30, 2023, to collaborate on green hydrogen, ammonia, and geothermal projects aimed at reducing greenhouse gas emissions. The partnership will leverage Baker Hughes’ technology in liquefaction, compression, and emissions measurement. Both companies aim to accelerate the energy transition and address climate change through innovative solutions in hard-to-abate industries like mining, steel, and cement. The announcement was made during the 23rd Annual Meeting in Florence, Italy, attended by over 1,600 industry leaders.

Baker Hughes (NASDAQ: BKR) announced new digital solutions aimed at enhancing efficiency and reducing emissions in the oil and gas sector during its Annual Meeting in Florence, Italy. The Leucipa™ automated field production solution promises proactive management of production, while Cordant integrates asset performance management and process optimization for industrial customers. Additionally, Baker Hughes will collaborate with Corva to improve drilling operations through real-time data analytics. These innovations reflect Baker Hughes' commitment to sustainability and digital transformation in energy and industrial sectors.