Pre-merger Baker Hughes sees smaller loss in 2Q

Oilfield services provider Baker Hughes reduced its loss for the 2Q 2017 while recording a small decrease in revenues. 

Baker Hughes, which is now a GE company, noted that these results did not include GE Oil and Gas’ operations as the merger between the two was closed in early July, creating the world’s only fullstream company. Baker Hughes, a GE company, is the successor to Baker Hughes Incorporated.

According to the financial report on Friday for the pre-merger company, on a GAAP basis, net loss attributable to Baker Hughes for the second quarter of 2017 was $179 million, compared to $129 million in the first quarter of 2017 and compared to $911 million in the second quarter of 2016.

Adjusted net loss, a non-GAAP measure, for the second quarter of 2017 was $46 million, compared to $15 million in the first quarter of 2017. Adjusted net loss excludes adjustments totaling $133 million after tax, primarily associated with litigation and other related matters and merger costs.

Revenues for the second quarter of 2017 were $2.4 billion, which is a slight decrease compared to revenues of $2.41 billion in the second quarter 2016. Sequentially, the company’s revenues increased by 6% or $142 million.

The company explained that the sequential increase was driven by improved activity across U.S. operations, a seasonal activity uplift in the Russia Caspian region, process and pipeline business, and North Sea operations, and certain areas of activity growth internationally, such as Mexico, West Africa, and Iraq.

This increase was partially offset by the seasonal spring break-up in Canada, price deterioration in the Middle East, and a large direct sale into China in the prior quarter, not repeating.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Jun 2019 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30

Shanghai Int Petrochemical and Offshore Oil & Gas and Chemical Industry Technology and Equipment Exhibition 2019

cippe Shanghai has attracts both domestic and overseas buyer groups, including Shell, Exxon Mobil, Total…

read more >

OIL & GAS PHILIPPINES 2019

Oil & Gas Philippines event display products like Oil & gas, fire protection systems and materials…

read more >

Nigeria Oil & Gas Conference & Exhibition 2019

The annual meeting once again proved to be a great success, gathering over 700 industry professionals…

read more >

08th OIL & GAS AFRICA 2019 CONFERENCE

OIL & GAS AFRICA is one of the most prime regional & international Oil and Gas conferences in East Africa…

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply