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Baker Hughes Company (NYSE: BKR) delivers innovative energy technology solutions across oilfield services, industrial equipment, and digital integration. This dedicated news hub provides investors and industry professionals with authoritative updates on corporate developments shaping the global energy sector.
Access real-time announcements including quarterly earnings reports, strategic partnership agreements, and technological advancements in compression systems and low-carbon solutions. Our curated collection features official statements on operational expansions, leadership changes, and R&D breakthroughs in drilling optimization and asset management technologies.
Stay informed about BKR's initiatives in digital transformation and sustainable energy through verified press releases covering turbomachinery innovations, LNG project updates, and oilfield service contracts. Bookmark this page for direct access to primary source materials that impact investment decisions in the evolving energy markets.
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.
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