• 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
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 10 days They pay YOU to TAKE Natural Gas
  • 6 days What fool thought this was a good idea...
  • 9 days Why does this keep coming up? (The Renewable Energy Land Rush Could Threaten Food Security)
  • 4 days A question...
  • 15 days The United States produced more crude oil than any nation, at any time.
4 Bitcoin Trends to Watch in 2024 

4 Bitcoin Trends to Watch in 2024 

The Bitcoin mining industry is…

Baker Hughes Q3 Results Show Strengthening Demand For Oilfield Services

Baker Hughes reported expectation-beating financial results for the third quarter in the latest sign that the oilfield service industry is healing nicely after the pandemic and the oil and gas price slump the lockdowns caused.

The company booked a net profit of $518 million, swinging from a loss a year ago, and boasted 24% higher revenues. It also said its order book had swelled by 40% during the third quarter.

International business contributed significantly to the overall revenues, marking a 19% annual increase in the third quarter.

"Oil prices have rebounded as the combination of resilient oil demand and production cuts have tightened the market,” CEO Lorenzo Simonelli said.

“As a result, the oil market is likely to see inventory draws through the rest of 2023. Continued discipline from the world’s largest producers, the pace of oil demand growth in the face of economic uncertainty, and geopolitical risk will be important factors to monitor as we look into 2024."

The chief executive also noted that the global LNG market also remains tight, with prices prone to spikes on events such as the strikes at Chevron’s Gorgon and Wheatstone facilities in Australia and the latest flare-up of violence in the Middle East.

Simonelli said Banker Hughes expected LNG demand to increase 2% this year from 2022, to reach close to 410 million tons annually.

LNG is a growth area for Baker Hughes, responsible for a significant chunk of its bumper orders, via a recently closed deal with Venture Global. The LNG producer picked Baker Hughes to take part in its long-term expansion plans that should bring its production capacity to a sizeable 100 million tons from 20 million tons in initial nameplate capacity.


Other LNG makers are also choosing Baker Hughes to help build their future liquefaction capacity, boosting its order book.

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