Service & Supply | Quarterly / Earnings Reports | Oilfield Services | First Quarter (1Q) Update
Baker Hughes Underperforms in Q1 Despite Increased Activity
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Baker Hughes announced today results for the first quarter of 2017. Revenue for the quarter was $2.3 billion, a decrease of $148 million, or 6%, sequentially. Compared to the same quarter last year, revenue declined $408 million, or 15%.
This decrease is despite increased activity in North America. Baker Hughes' competitors Halliburton and Schlumberger both saw sizable revenue growth this quarter.
Key Points: Onshore construction activity increase Pressure pumping deconsolidation and reduced customer spending in GOM offset total growth Service capacity will continue to be absorbed due to saturated marketIn Baker Hughes' conference call, Kimberly A. Ross commented: "Looking ahead, based on current activity growth trends, in North America we are forecasting revenues in the second…
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