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.
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 SnapLNGTM. 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 Investors can access the webcast via the Baker Hughes website, with an archived version to follow.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.
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.