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Baker Hughes Revenues Drop 39% YOY on Weak Domestic Drilling
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Baker Hughes Incorporated reported results for the third quarter of 2015.
Highlights:Revenue for the quarter was $3.8 billion, down 39% compared to the third quarter of 2014. Compared to the prior quarter, revenue declined $182 million or 5%.
The decline was driven primarily by reduced onshore U.S. activity, most notably in stimulation, drilling services and completions product lines, lower pricing across the region, and an unfavorable mix of activity in the Gulf of Mexico. Revenue declines in the U.S. were partially offset by the seasonal activity recovery in Canada, though to a much lesser extent than in prior years.
Martin Craighead, Baker Hughes Chairman and Chief Executive Officer, said: "In the third quarter, we delivered increased operating profit sequentially, despite…
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