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Baker Hughes Reports Forecast-Beating Earnings in Q1

Baker Hughes has reported forecast-beating financial figures for the first quarter of the year, joining Halliburton and SLB in booking robust performance amid strong demand for oilfield services.

Baker Hughes boasted a net income of $455 million for the first quarter, on revenues of $6.4 billion, which was a 12% improvement on the year. Earnings before interest, tax, depreciation, and amortization rose 21% to $943 million.

The strong financial performance was driven by higher demand for oilfield services amid rising oil prices, with international operations contributing the bulk of the improvement. As a result, Baker Hughes is raising its dividend by a cent to $0.21 per share, CEO Lorenzo Simonelli said.

"We delivered strong first quarter operating results, highlighted by 50% year-over-year Adjusted EPS growth,” Simonelli said at the release of the results.

“Importantly, we exceeded the midpoint of our EBITDA margin guidance, driven by outstanding operational performance in the IET [industrial and energy technology] segment. We also booked $239 million of new energy orders and generated more than $500 million of free cash flow."

Baker Hughes noted the results were lifted by new deals closed during the quarter, notable with Aramco and Brazil’s Petrobras.

The report follows SLB reporting a 14% increase in net profits for the first quarter last week, driven by stronger international demand for its services. Revenues of $8.71 billion increased by 13% compared to the first quarter of 2023 and were slightly above the analyst consensus estimate of $8.7 billion.

Halliburton was next, booking net profits of $679 million for the first quarter of 2024, with earnings per share at $0.76, which was slightly above analyst expectations. Revenues from U.S. operations declined by 8%, the company said, but international operations pushed revenues higher by 12%. Q1 marked the 11th consecutive quarter of growth in international revenues, Halliburton said.


By Irina Slav for Oilprice.com

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