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Baker Hughes Sees Sharp Declines in 1Q; Stays Mum on Merger Deal
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Baker Hughes Incorporated reported results for the first quarter of 2016.
Key Points: Revenue for the quarter was $2.7 billion, a decrease of $724 million, or 21% sequentially, and down $1.9 billion, or 42% compared to the first quarter of 2015. In North America, revenue declined 28% compared to the fourth quarter of 2015Martin Craighead, Baker Hughes Chairman and Chief Executive Officer, said: "During the quarter, the industry faced another precipitous decline in activity, exceeding even the most pessimistic predictions, as E&P companies further cut spending in an effort to protect cash flows. As a result of this steep decrease in customer spending, our revenue for the first quarter was down 21% sequentially. Compared to the prior year, revenue declined 42%, driven by lower activity…
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