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GE Baker Hughes Drills Record Lateral in Q1 at 20,000+ Feet; Talks Financials
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GE-owned Baker Hughes has reported its Q1 2018 results.
Highlights:
- Revenue of $5.4 billion for the quarter, down 7% sequentially and up 1% year-over-year on a combined business basis
- Revenue for the quarter was $5,399 million, a decrease of $400 million, or 7%, sequentially. The decrease was driven primarily by lower revenue in Turbomachinery & Process Solutions which was down 12%, as well as seasonality in Digital Solutions and Oilfield Services, which were down 17% and 4%, respectively.
- Record Lateral Length: BHGE’s OFS business set another record in the Marcellus Basin with its high efficiency integrated drilling solution. The system drilled the longest extended reach single-run ever recorded, a total of over 20,000 feet in just eight days, in a completely remote drilling operation.
- In the Q1 2018 conference call, Lorenzo Simonelli commented: "We also made significant progress on our automation strategy and well construction by setting another record in the Marcellus Basin. Our MWD engineers and directional drillers performed a completely remote drilling operation from the customer's office. In this operation, we drove the longest extended reach single-run ever recorded a total of over 20,000 feet in just eight days."
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