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Increasing Rig Declines Gouge Baker Hughes' 4Q Financials
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Baker Hughes Incorporated announced results for the fourth quarter and full year of 2015.
Martin Craighead, Baker Hughes Chairman and Chief Executive Officer, said: "Our 2015 results are reflective of an extremely difficult and increasingly challenging year for the industry. Since the fourth quarter of 2014, the global rig count has declined 46% as our customers adjusted their spending to align with declining commodity prices. Despite this challenging environment, we generated $1.2 billion of free cash flow during the year, after more than $446 million of restructuring payments. This achievement was the result of our ongoing commitment to maintain capital discipline, as well as solid progress on initiatives to improve working capital.
"For the fourth quarter, revenue declined 10%…
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