Baker Hughes Co Stock Price, News & Analysis

Baker Hughes (NASDAQ: BKR) is set to hold a webcast on October 19, 2022, at 8:30 a.m. Eastern Time to discuss its third-quarter results for the period ending September 30, 2022. A press release detailing the financial results will be issued earlier at 7 a.m. Eastern Time. Investors can access the webcast via the Baker Hughes website, with an archived version available post-broadcast. Baker Hughes specializes in energy technology solutions, leveraging over a century of experience and serving customers in more than 120 countries.

Baker Hughes Company (NASDAQ: BKR) is implementing a strategic transformation by establishing two reporting business segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET). This restructuring aims to simplify operations, enhance profitability, and generate at least $150 million in cost savings, thereby maximizing shareholder value. The changes will take effect on October 1. Baker Hughes continues to focus on improving returns and generating strong free cash flow to deliver value to its shareholders amidst a dynamic energy landscape.

HMH Holdings B.V. announced the completion of its acquisition of Electrical Subsea & Drilling AS (ESD) on August 24, 2022. Based in Bergen, Norway, ESD possesses innovative technologies, including electronic blowout preventers and rotating control devices for drilling operations. CEO Merrill A. ‘Pete’ Miller Jr. emphasized that ESD enhances HMH's technological capabilities and aligns with environmental goals by reducing drilling's ecological footprint. This acquisition marks HMH's first move toward expanding its portfolio, supporting energy-efficient solutions in offshore drilling.

Baker Hughes (NASDAQ: BKR) has opened a new manufacturing facility for oilfield services chemicals in Singapore as of August 16, 2022. Spanning 40,000 square meters, the facility aims to enhance local manufacturing capabilities and supply chain efficiencies while supporting Singapore’s Green Plan 2030 for sustainability. The site will provide chemical solutions for various sectors and is part of Baker Hughes’ strategy to localize production near key demand hubs. This facility represents Baker Hughes' first chemicals manufacturing site in the region, contributing to job creation and operational optimization.

One Equity Partners has announced a definitive agreement to sell BRUSH Group's Power Generation business to Baker Hughes (NASDAQ: BKR). This strategic move is aimed at enhancing Baker Hughes’ turbomachinery portfolio and supporting decarbonization solutions. The sale marks a significant exit event for One Equity after one year of investment in BRUSH, which has established itself as a strong standalone company. The deal is expected to close by the end of the year, subject to customary closing conditions.

Baker Hughes (NASDAQ: BKR) has agreed to sell its Oilfield Services business in Russia to the local management team, following its suspension of new investments in the region. The new entity will operate independently, assuming all assets, liabilities, and obligations of OFS Russia. The transaction is expected to close in the second half of 2022, pending local authority approval. Baker Hughes assures support for its employees and customers during the transition, continuing its commitment to operational integrity and compliance with applicable laws and sanctions.

Baker Hughes (NASDAQ: BKR) announced a cash dividend of $.18 per share on its Class A common stock. This dividend will be payable on August 19, 2022, to shareholders on record as of August 9, 2022. The company aims to provide innovative energy solutions globally, reinforcing its commitment to making energy safer and cleaner.

For further details, investors can contact the Investor Relations team at Baker Hughes.

Baker Hughes (BKR) reported $5.9 billion in orders for Q2 2022, down 14% sequentially but up 15% year-over-year. Revenue reached $5.0 billion, increasing 4% sequentially but decreasing 2% compared to the previous year. The company recorded a GAAP operating loss of $25 million, a significant sequential decline, with adjusted operating income rising 8% sequentially to $376 million. Adjusted EBITDA was $651 million, up 4% sequentially. Net loss attributable to Baker Hughes was $839 million, leading to a GAAP loss per share of $(0.84) and an adjusted EPS of $0.11. Cash flow from operating activities totaled $321 million, with free cash flow at $147 million.

Tellurian Inc. (TELL) and Baker Hughes (BKR) have partnered for a natural gas transmission project, marking Baker Hughes' first installation of its Integrated Compressor Line (ICL) technology in North America. The project aims to provide cleaner, zero-emissions natural gas, with an estimated capacity of over 5.5 billion cubic feet daily. Tellurian is investing $240 million into the Driftwood Pipeline, part of its broader initiative to enhance energy reliability and sustainability. The ICL technology is designed to lower the carbon footprint of the natural gas supply chain significantly.