• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 13 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Does Toyota Know Something That We Don’t?
  • 6 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 1 day America should go after China but it should be done in a wise way.
  • 6 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 4 days China is using Chinese Names of Cities on their Border with Russia.
  • 6 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 4 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 10 days huge-deposit-of-natural-hydrogen-gas-detected-deep-in-albanian-mine
  • 5 days Putin and Xi Bet on the Global South
  • 6 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 6 days United States LNG Exports Reach Third Place
  • 6 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Major Oil Companies Make Moves in Megamerger Frenzy

Major Oil Companies Make Moves in Megamerger Frenzy

Several high-profile mergers among oil…

Hydrogen Mining: The New Energy Transition Challenge

Hydrogen Mining: The New Energy Transition Challenge

French researchers have discovered a…

Baker Hughes Q2 Profit Beats Analyst Estimates

Oilfield services provider Baker Hughes (NASDAQ: BKR) reported on Wednesday second-quarter earnings beat analyst expectations as strong global upstream activities and the return of offshore drilling more than offset a recent market softness in North America.

Baker Hughes, one of the three biggest energy service providers in the world, reported adjusted diluted earnings of $0.39 per share for the second quarter. The earnings beat the analyst consensus estimate of $0.33 per share compiled by The Wall Street Journal.

Orders and revenues both jumped by double digits compared to the same period of last year. Baker Hughes’s orders surged by 28% year-over-year to $7.5 billion, while revenue jumped by 25% year-over-year to $6.3 billion for the second quarter.

Despite lower oil prices in the first half of 2023, Baker Hughes remains optimistic on the outlook for this year and maintains a constructive outlook for global upstream spending in 2023, Baker Hughes chairman and CEO Lorenzo Simonelli said.

Subsea and surface pressure systems orders boomed in the second quarter, as offshore activities and exploration are accelerating.

The world’s top oilfield services provider, SLB, said last month that offshore is the fastest-growing market globally.

“Offshore is experiencing a renaissance, with significant breadth and anticipated durability,” SLB’s chief executive Olivier Le Peuch said at the J.P. Morgan Energy, Power & Renewables Conference 2023.

Baker Hughes is optimistic about offshore drilling and exploration, too, but it flagged today “market softness in North America,” which it expects to be “more than offset by strength in international and offshore markets.” 

ADVERTISEMENT

Halliburton (NYSE: HAL), the world’s top fracking services provider, also signaled a weaker North American market despite its earnings beating analyst estimates. Total revenues at Halliburton increased by 14% year-on-year to $5.8 billion in the second quarter. However, revenues from North American operations dropped by 2% compared to the first quarter, to $2.7 billion.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News