Baker Hughes Co Stock Price, News & Analysis

Baker Hughes (NASDAQ: BKR) will announce its second-quarter 2024 earnings results on July 25, 2024, at 5 p.m. Eastern Time. The company will also hold a webcast to discuss the results on July 26, 2024, at 9:30 a.m. Eastern Time. Interested parties can access the webcast through the Baker Hughes investor relations website, where an archived version will be available afterward.

Baker Hughes (NASDAQ: BKR) announced a significant contract from Petrobras for workover and plug and abandonment (P&A) services in Brazil's offshore pre-salt and post-salt fields.

This multi-year project, starting in early 2025, will leverage Baker Hughes’ integrated solutions portfolio to optimize Petrobras’ operational performance. The services will encompass wireline, coiled tubing, cementing, tubular running, wellbore intervention, fishing, and geosciences, as well as remedial tools, completion fluids, and production chemicals.

To support this venture, Baker Hughes will expand its facilities in Macaé, Rio de Janeiro, enhancing local industry and workforce development. Maria Claudia Borras, EVP of Oilfield Services & Equipment at Baker Hughes, emphasized the importance of their comprehensive technology portfolio and localization expertise in driving the project's success.

The Baker Hughes Foundation commemorates UN World Environment Day by announcing a total of $340,000 in grants.

A $310,000 grant is awarded to One Tree Planted for 12 urban forestry projects, aiming to enhance reforestation and environmental awareness. This is the Foundation's fourth grant to the organization.

A $30,000 grant goes to the Children's Environmental Literacy Foundation (CELF) to fund a Houston-based program, engaging over 2,000 students across Title 1 schools.

The grants support environmental education, biodiversity, and restoration activities, aligning with Baker Hughes' sustainability goals and the UN's Sustainable Development Goals.

Tekion, a leading cloud-native platform for the automotive retail ecosystem, has appointed Binu Mathew as its new Chief Technology Officer (CTO). Mathew brings 30 years of expertise in software product development and strategy, previously holding significant roles at C3 AI, Baker Hughes, Oracle, Hewlett Packard Enterprise, and Citicorp Overseas Software As CTO, Mathew will drive Tekion's technology strategy, focusing on scaling the platform, enhancing AI capabilities, and ensuring robust system security and reliability.

He will lead engineering, product management, and design teams, aiming to accelerate product development and align technological advancements with Tekion's business goals. CEO Jay Vijayan emphasized Mathew's role in meeting the automotive industry's demand for reliable generative AI and expanding Tekion's market presence.

Akastor ASA, a 50% owner of HMH Holding B.V., has announced that HMH's subsidiary, HMH Holding Inc., has submitted a confidential draft registration statement on Form S-1 to the U.S. SEC. This is a preliminary step towards a potential initial public offering (IPO) in the U.S. The size and price range for the IPO are yet to be determined. The IPO is expected to proceed after the SEC review process, which is anticipated to finish in the second half of 2024, subject to market conditions. There is no guarantee that the IPO will be completed.

Baker Hughes (NASDAQ: BKR) has been awarded a major contract by SONATRACH for a gas-boosting project at the Hassi R’Mel gas field in Algeria. The project, in collaboration with Tecnimont (part of MAIRE), aims to enhance Algeria's energy system and support Europe's energy security. The scope includes 20 compression trains leveraging Frame 5 gas turbine and BCL compressor technology. The project is essential in stabilizing and boosting natural gas production, thereby solidifying Algeria as a key energy supplier to Europe. Manufacturing and testing will occur at Baker Hughes' facilities in Italy, emphasizing bilateral cooperation between Algeria and Italy.

Baker Hughes released its 2023 corporate sustainability report, showcasing a notable reduction in Scope 1 and 2 emissions by 28.3% from the 2019 baseline. The company also reported that nearly one-third (29.8%) of its electricity usage came from zero-carbon sources. The report highlights the development of a roadmap for Scope 3 emissions reduction, driven by the employee-led Carbon Out program.

The company spent $410 million to support diverse and small businesses and saw a 43.7% increase in total employee volunteer hours. Additionally, Baker Hughes quantified its product emissions by conducting over 300 life cycle assessments, a 600% increase from last year.

Achievements in Diversity, Equity, and Inclusion (DEI) include a 0.4% increase in women employees and a rise in representation of people of color by 2.2%. The company also reported a 34.5% increase in Health, Safety, and Environment (HSE) observations, with a 16.2% increase in HSE training hours for employees. Baker Hughes remains committed to achieving its operational emissions reduction goal of 50% by 2030 and net-zero by 2050.