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Baker Hughes' Q3 Losses Minimized by Increasing Onshore Activity
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Baker Hughes' revenue for the quarter was $2.4 billion, a decrease of $55 million, or 2%, sequentially.
North America revenue of $674 million for the quarter increased 1% sequentially. However, the activity increase in the U.S. onshore and the seasonal uplift in Canada were almost entirely offset by a steep decline in activity in the Gulf of Mexico.Compared to the same quarter last year, revenue is down $1.4 billion, or 38%. Sequentially, revenue was impacted by activity declines, primarily in the Gulf of Mexico, Norway, and West Africa deepwater operations, and increasing market pricing pressures. This was partially offset by pockets of activity increase, mainly in the U.S. onshore, Saudi Arabia, Canada, and Kuwait.
On a GAAP basis, net loss attributable to Baker Hughes for the third…
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