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 suspended new investments in its operations in Russia due to the ongoing crisis in Ukraine. The company emphasizes compliance with laws and sanctions while fulfilling existing contractual obligations. CEO Lorenzo Simonelli expressed concern over the situation, prioritizing the health and safety of employees and stakeholders. The decision follows an internal review with the Board of Directors, reflecting the company's commitment to responsible action amidst geopolitical tensions.
Baker Hughes (NASDAQ: BKR) will hold a webcast on April 20, 2022, to discuss its first-quarter results for the period ending March 31, 2022. The webcast is set to begin at 8:30 a.m. ET and a press release with results will be issued at 7:00 a.m. ET.
Shareholders and interested parties can access the webcast on the Baker Hughes website, with an archived version available later.
Baker Hughes (NASDAQ: BKR) has secured a contract from Venture Global LNG to provide a liquefaction train system for the Plaquemines LNG project in Louisiana. This is part of a 70 MTPA master equipment supply agreement. The modularized compression trains will reduce costs and enable faster installation. Baker Hughes will also provide commissioning services. This order builds on previous contracts, showcasing a strong partnership. Initial equipment deliveries are expected in the first half of 2023, contributing to the anticipated robust demand for LNG.
Baker Hughes (NASDAQ:BKR) has formed a strategic partnership with NET Power to enhance the development and commercialization of NET Power's emission-free electric power system. This collaboration will leverage Baker Hughes' advanced technology for creating supercritical CO2 turboexpanders, accelerating market deployment for NET Power's technology. NET Power aims to generate low-cost clean energy while capturing CO2, supporting global decarbonization efforts. The partnership includes other major industry players and focuses on the rapid rollout of utility-scale NET Power plants.
Baker Hughes (NASDAQ: BKR) has declared a cash dividend of $.18 per share for its Class A common stock. This dividend is payable on February 18, 2022, to shareholders on record by February 7, 2022. The company, recognized for its energy technology solutions, operates in over 120 countries and focuses on making energy safer and more efficient.
Michael Baker International has announced a new organizational structure aimed at accelerating growth and expanding its capabilities over the next five years. This initiative, titled 'Reimagine Michael Baker,' is designed to enhance its services in Transportation, Bridge, Water, and Construction while increasing focus on Federal programs. An Executive Committee led by CEO Brian A. Lutes has been formed to oversee this strategic shift. The company aims to attract new clients by leveraging innovative technology solutions and enhancing professional growth opportunities for its employees.
Baker Hughes Company (BKR) reported fourth quarter results showing orders of $6.7 billion, marking a 24% sequential increase and a 28% year-over-year rise. Revenue reached $5.5 billion, an 8% sequential growth but flat year-over-year. GAAP operating income rose 52% sequentially to $574 million, with adjusted operating income increasing 42% to $571 million. The company generated $773 million in cash flows from operations and $645 million in free cash flow, highlighting strong cash generation capabilities.
Michael Baker International has appointed Jason Sipes, P.E., as the new Office Executive in Dallas. With over 25 years of experience in alternative project delivery, his role includes leading a multidisciplinary team to enhance client projects and expand the firm's reach in North Texas. Previously, Sipes worked at Atkins and Cintra US, specializing in tolling and transportation services. His academic qualifications include an MBA from the University of South Carolina and a Bachelor's in Construction Engineering from Purdue University.
Baker Hughes (NASDAQ: BKR) has secured a contract with Santos to provide turbomachinery for the Moomba Carbon Capture and Storage (CCS) project in South Australia. This project aims to permanently store 1.7 million tonnes of CO2 annually in depleted gas reservoirs and is a significant step in Santos' energy transition efforts. Baker Hughes will supply advanced technologies, including the PGT25+G4 gas turbine and MCL and BCL compressors, to compress and store CO2. This partnership marks over 35 years of collaboration between Baker Hughes and Santos, focusing on decarbonizing natural gas and advancing blue hydrogen production.
HMH has secured a contract valued at approximately USD 77 million from the Guangzhou Marine Geological Survey for a pressure control system. This includes a blowout preventer stack, the SeaONYX V.2 control system, and an 8,202 ft. riser package. The contract follows a prior USD 83 million engagement awarded to HMH's subsidiary, MHWirth AS, for topside drilling equipment. Expected delivery of these systems is set for December 2023, marking a significant milestone for HMH after its formation through merger in October 2021.