Baker Hughes Co Stock Price, News & Analysis

Baker Hughes (NASDAQ: BKR) has secured its largest-ever order for Integrated Compressor Line (ICL) units from Dubai Petroleum Establishment (DPE), on behalf of Dubai Supply Authority (DUSUP). The order, booked in Q3 2024, includes 10 ICL units to be installed at the Margham Gas storage facility in Dubai, significantly increasing its capacity.

This project aims to enhance energy supply reliability and support local decarbonization efforts in the United Arab Emirates. The ICL technology will provide a high-reliability system with reduced emissions, strengthening Dubai's ability to switch between natural gas and solar power. This order follows the successful operation of three ICL units since 2020, demonstrating DPE's trust in Baker Hughes' technology.

The ICL units' zero seal leakages and minimal maintenance downtime have made them increasingly popular in the market, with recent awards for projects in Italy, Germany, Argentina, and the United States.

Baker Hughes (NASDAQ: BKR) has launched CarbonEdge™, a pioneering digital platform for carbon capture, utilization, and storage (CCUS) operations. This end-to-end solution, powered by Cordant™, offers comprehensive support, regulatory reporting, and operational risk management across the entire CCUS value chain. CarbonEdge provides real-time data and alerts on CO2 flows, enabling customers to manage risk, improve decision-making, and enhance operational efficiency.

As part of a long-term agreement, Wabash Valley Resources (WVR) will be a launch customer, using CarbonEdge for measurement, monitoring, and verification of CO2 in their low-carbon ammonia fertilizer production. Baker Hughes and WVR will collaborate on further developing the platform, which is designed to be fast to deploy and easy to scale across various industries.

Baker Hughes (NASDAQ: BKR) has announced the schedule for its third-quarter 2024 earnings release and webcast. The company will release its financial results for the quarter ending September 30, 2024, through a press release on Tuesday, October 22, 2024, at 5 p.m. Eastern Time. Following the release, Baker Hughes will host a webcast on Wednesday, October 23, 2024, at 9:30 a.m. Eastern Time to discuss the results in detail. Interested parties can access the webcast through the company's investor relations website. An archived version of the webcast will be made available on the website for those unable to attend the live event.

Baker Hughes (NASDAQ: BKR) announced leadership changes effective Oct. 1, 2024, to drive strategic growth and customer success. Key appointments include:

1. Amerino Gatti as EVP of Oilfield Services & Equipment (OFSE), bringing 25 years of experience from Schlumberger.

2. Maria Claudia Borras as Chief Growth & Experience Officer (CGXO), a new role focused on enterprise growth and customer experience.

3. Muzzamil Khider Ahmed promoted to Chief People & Culture Officer.

These changes aim to enhance profitability, innovation, and customer satisfaction across Baker Hughes' energy and industrial segments. CEO Lorenzo Simonelli expressed confidence in the new leadership team's ability to deliver on growth ambitions for customers, shareholders, and employees.

The Baker Hughes Foundation has announced two $200,000 grants to support Historically Black Colleges and Universities (HBCUs) for the 2024-25 academic year. The recipients are Texas Southern University (TSU) and Prairie View A&M University (PVAMU). These grants aim to support various STEM programs, student development, professional certifications, and career readiness initiatives.

Since 2021, the Foundation has contributed over $1 million to HBCUs. The grants align with Baker Hughes' strategy of building a diverse energy workforce and promoting inclusive education. At TSU, the funds will support curriculum development and career services in business and technology fields. At PVAMU, the grant will primarily fund summer bridge programs, scholarships, and leadership programs for engineering and business students.

Akastor ASA provided an update on its 50%-owned affiliate, HMH Holding B.V. HMH has filed an updated draft Registration Statement for its proposed IPO with the SEC. This filing is now public on the SEC's EDGAR database but is not yet final or effective. HMH intends to list its Class A shares on the Nasdaq Global Select Market under the symbol HMHW. The offering's completion is subject to market conditions and other factors. The number of shares and price range have not been determined. HMH, formed in October 2021 by merging Baker Hughes' Subsea Drilling Systems and Akastor's MHWirth AS, offers critical drilling solutions for oil, gas, and mining sectors.

Baker Hughes has announced its role as the presenting sponsor for the 2024 Bad Pants Open, an annual golf tournament benefiting Texas Children's Hospital Newborn Center and NICU. Set for November 11, 2024, at Champions Golf Club in Houston, the event has raised over $7 million since 1998 to support innovation in infant care and research.

Texas Children's NICU, the largest in the nation and a Level IV facility, treats over 1,800 sick babies annually. The hospital ranks 3rd best nationally and 1st in Texas according to U.S. News & World Report. This year's proceeds will fund a new peer-to-peer support service by Hand to Hold, offering emotional support to NICU families.

Baker Hughes Company announced results for Q2 2024, showcasing strong performance and significant growth.

Key Highlights:

• Orders: $7.5B, including $3.5B of IET orders.
• Revenue: $7.1B, up 13% YoY.
• Net income: $579M; GAAP EPS: $0.58; Adjusted EPS: $0.57.
• Adjusted EBITDA: $1.13B, up 25% YoY.
• Free cash flow: $106M.
• Returns to shareholders: $375M, including $166M in share repurchases.

Segment Performance:

• OFSE revenue: $4.01B, up 3% YoY.
• IET revenue: $3.13B, up 28% YoY.

CEO Lorenzo Simonelli highlighted the company's strategy execution, driving margin expansion, and raising the midpoint of full-year guidance by 5%.

Baker Hughes (NASDAQ: BKR) has declared a quarterly cash dividend of $0.21 per share of Class A common stock. This represents a 5% increase ($0.01) compared to the same quarter last year, aligning with the company's goal to responsibly grow dividends over time. The dividend will be payable on Aug. 16, 2024, to shareholders of record as of Aug. 6, 2024. Baker Hughes plans to fund this dividend from cash generated from operations, demonstrating confidence in its financial stability and commitment to shareholder returns.