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 (NYSE:BKR) and Akastor ASA have formed a joint venture combining Baker Hughes’ Subsea Drilling Systems with Akastor’s MHWirth. This partnership aims to deliver a full-service offshore drilling equipment offering, enhancing operational capabilities and financial strength. The 50-50 owned company will operate from Houston and Kristiansand, with Merrill A. Miller as CEO. The transaction, subject to regulatory approvals, is anticipated to close in the second half of 2021, leveraging a combined revenue of $713 million for FY 2020.
Baker Hughes (NYSE: BKR) is set to acquire ARMS Reliability, a leader in reliability solutions for various industries, including mining and oil. This acquisition enhances Baker Hughes’ asset performance management (APM) capabilities and expands its industrial asset management services. The integration is expected to drive growth in APM adoption globally and provide a complete suite of services across industrial asset lifecycles, improving operational efficiencies and reducing downtime significantly. The deal is anticipated to close in Q2 2021.
Baker Hughes (NYSE: BKR) has partnered with PAO NOVATEK to address carbon emissions in natural gas and LNG production. This collaboration focuses on developing cutting-edge compression and power generation technologies for NOVATEK's LNG projects. The initial phase includes a pilot program introducing hydrogen blends to reduce CO2 emissions at the Yamal LNG complex. Baker Hughes will supply engineering and turbomachinery solutions to retrofit existing LNG liquefaction trains, supporting both efficiency and sustainability in operations.
Baker Hughes (NYSE: BKR) has declared a cash dividend of $.18 per share of Class A common stock. This dividend is payable on February 19, 2021 to shareholders on record as of February 9, 2021. The company, recognized for its innovative energy technology solutions, operates in over 120 countries and is committed to delivering efficient and sustainable energy solutions.
Baker Hughes (NYSE: BKR) reported its fourth quarter 2020 results, showing a 2% sequential increase in orders at $5.188 billion, but a 25% decline year-over-year. Revenue rose 9% sequentially to $5.495 billion, down 13% year-over-year. The firm generated $250 million in free cash flow, significantly less than the prior year’s $1.053 billion. Adjusted operating income was $462 million, down 15% year-over-year. The company remains optimistic about 2021, despite challenging market conditions, and is focused on cost discipline and energy transition technologies to position itself for future growth.
On December 21, 2020, Michael Baker International appointed Tim Little as the Regional Practice Lead – Transportation for the Mid-Atlantic Region. With over 30 years of experience in transportation, including his tenure as Chief Engineer at the North Carolina Department of Transportation, Mr. Little is expected to advance the firm’s client outreach and business opportunities. His extensive expertise in transportation networks and project development processes positions him as a key asset for Michael Baker's continued leadership in engineering and consulting services.
Baker Hughes (NYSE: BKR) will present its fourth-quarter and full-year earnings results for 2020 on January 21, 2021, via a webcast at 9:00 a.m. ET. A press release with detailed results will precede the event at 7:00 a.m. ET. The company, which operates in over 120 countries, focuses on providing energy technology solutions to its global customers, enhancing efficiency and sustainability in the energy sector.
Aramco and Baker Hughes (NYSE:BKR) have launched a 50/50 joint venture named Novel to develop non-metallic products for the energy sector. The initiative follows a memorandum of understanding signed in July 2019. The new facility, under construction at King Salman Energy Park, will initially produce reinforced thermoplastic pipes. This venture aligns with Aramco’s strategy to enhance oil-based product opportunities while promoting sustainability and job creation in Saudi Arabia. It aims to support Vision 2030 by expanding the commercial ecosystem in the region.
Würth Industry North America (WINA) and Baker Hughes announced a joint service offering to enhance advanced design and 3D printing capabilities for various industrial sectors. This collaboration will leverage Baker Hughes' expertise in additive manufacturing, allowing Würth's extensive customer base access to innovative manufacturing solutions. The partnership aims to reduce lead times and carbon footprints while enhancing supply chain efficiency. Notably, NASA is among the first beneficiaries of this service, utilizing Baker Hughes' 3D printing capabilities to create components for wind tunnel testing.
Baker Hughes (NYSE: BKR) has announced the acquisition of Compact Carbon Capture (3C), a company known for its innovative carbon capture technology. This move reinforces Baker Hughes' commitment to leading in the energy transition and providing decarbonization solutions for carbon-intensive industries. 3C's unique rotating bed technology enhances carbon capture efficiency, reducing capital expenditures by up to 75% and enabling scalability in various applications. Baker Hughes aims to leverage its expertise to accelerate the commercialization of 3C's solutions globally.