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Baker Hughes Revenue Down on Lower Rig Activity
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Baker Hughes Incorporated announced results for the fourth quarter and full year of 2016.
2016 Full Year ResultsFor the year, capital expenditures were $332 million, a decrease of $633 million, or 66%, compared to 2015. This reduction is attributable to reduced activity levels and our continued focus on capital discipline.
Revenue for the year was $9.8 billion, down $5.9 billion, or 37%, compared to $15.7 billion for 2015. This reduction resulted from the steep decline in activity, as evident by the 32% drop in the average rig count, global pricing pressures, and sharply reduced revenue in onshore pressure pumping as we strived to maintain cash flow positive operations.
On a GAAP basis, net loss attributable to Baker Hughes was $2.7 billion compared to net loss of $2.0 billion for 2015.
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