Baker Hughes Co Stock Price, News & Analysis

Baker Hughes (NASDAQ: BKR) announced the appointment of Ganesh Ramaswamy as executive vice president of the Industrial & Energy Technology (IET) segment, effective January 16, 2023. This leadership change is part of a strategic transformation initiated in September 2022 aimed at enhancing profitability and driving growth in energy and industrial markets. Ramaswamy brings over 25 years of experience, previously serving as president of Global Services at Johnson Controls. The transition follows Rod Christie's move to a strategic adviser role, highlighting Baker Hughes' commitment to evolving its operational capabilities.

Baker Hughes has secured a contract to supply turbocompression equipment for PETRONAS’ Kasawari Carbon Capture and Sequestration project in Malaysia. This offshore project aims to be the largest of its kind globally, targeting a CO₂ emission reduction of 3.3 million tons per year. The state-of-the-art compressors will enable the transportation of captured CO₂ via a subsea pipeline, supporting PETRONAS' net-zero carbon emission goals by 2050. The project highlights the potential for commercial-scale carbon capture in offshore gas facilities.

Baker Hughes (NASDAQ: BKR) has been added to the Nasdaq-100 Index, marking its recognition as the first energy technology company in this select group. The announcement was made on December 9, 2022, and will take effect on December 19, 2022. This inclusion underscores Baker Hughes' strategic advancements and commitment to innovation in the energy sector. The company has transitioned its stock exchange listing to Nasdaq in 2021 and aims to deliver sustainable energy solutions globally.

Baker Hughes and Technip Energies have signed a Memorandum of Understanding (MoU) to collaborate on developing a new liquefied natural gas (LNG) modular solution with a production range of 1 to 2 million tons per annum (MTPA) for the onshore market. This agreement aims to enhance LNG capacity and reduce time-to-market, addressing the growing demand for modular solutions. The new offering complements Baker Hughes' existing 1 MTPA range LNG solution and Technip's SnapLNG^TM. Both companies emphasize their commitment to low-emission liquefaction processes.

Baker Hughes (NASDAQ: BKR) will hold a webcast on January 23, 2023, at 8:30 a.m. ET to discuss its fourth-quarter and full-year results for 2022. A press release detailing the results will be made available at 7 a.m. ET. Investors can access the webcast via the Baker Hughes website, with an archived version to follow.

As a leading energy technology company, Baker Hughes focuses on providing innovative solutions to energy and industrial clients globally, enhancing the safety and efficiency of energy production.

Baker Hughes (NASDAQ: BKR) declared a quarterly cash dividend of $0.19 per share, a 5.5% increase from the previous quarter. The dividend is payable on November 18, 2022, to shareholders of record on November 7, 2022. Additionally, Baker Hughes authorized a $2 billion increase in its share repurchase program, raising the total to $4 billion. The company aims to return over $1.5 billion to shareholders in 2022, reflecting its commitment to returning value while investing in growth across energy and industrial sectors.

Baker Hughes (NASDAQ: BKR) has appointed Nancy Buese as Chief Financial Officer, effective November 2, 2022. Buese brings over 30 years of experience, previously serving as CFO for Newmont Corporation and MarkWest Energy Partners. CEO Lorenzo Simonelli expressed confidence in Buese's ability to drive strategic transformation and enhance shareholder value. The current CFO, Brian Worrell, will transition to a strategic advisor role before departing in Q2 2023, following a successful tenure that included significant milestones such as the GE Oil & Gas merger and the COVID-19 pandemic.

Baker Hughes Company (BKR) reported Q3 2022 results with orders reaching $6.1 billion, a 3% sequential and 13% year-over-year increase. Revenue stood at $5.4 billion, up 6% sequentially and 5% year-over-year. The company recorded a GAAP operating income of $269 million, up $294 million sequentially but down $110 million YoY. Adjusted operating income rose 34% sequentially to $503 million. Free cash flow was $417 million. Baker Hughes aims to enhance operational efficiency through restructuring, targeting at least $150 million in cost savings.

One Equity Partners has successfully sold BRUSH Group's Power Generation business to Baker Hughes (NASDAQ: BKR). This strategic move aims to maximize investor returns and allow BRUSH to concentrate on its remaining Power Distribution & Networks segment. Since the sale agreement in August, BRUSH has acquired Eta Projects Ltd and KUS Power Engineering, enhancing its engineering capabilities for sustainable infrastructure. OEP focuses on transformative business combinations in industrial, healthcare, and technology sectors, having completed over 300 transactions since its establishment.