Baker Hughes (BKR) Stock News, Feb-May 2023

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.

Baker Hughes has announced a $75,000 grant to Banco Alimentare Onlus Foundation aimed at combating food waste and hunger in Italy. This contribution enables Banco Alimentare, which has been operational since 1989, to recover and redistribute food surpluses to those in need. The initiative aligns with Baker Hughes' community support mission and the United Nations' Sustainable Development Goals. Additionally, over 2,700 servings of food from their Annual Meeting were donated to reduce waste and support local communities.

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.