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The energy sector enjoyed a strong surge last week as oil price recorded its weekly gain in two months ending their longest run of weekly losses since 2015.
Schlumberger (NYSE:SLB) met expectations in its second-quarter earnings report. The world’s largest oilfield services firm grew both earnings and revenue as exploration and production (E&P) begins its climb from the recent slump in oil prices. Despite increasing SLB earnings, Schlumberger’s stock still trades near multi-year lows.
Baker Hughes, General Electric Co's oilfield services arm, on Friday reported a slight profit miss on weaker revenues in its oilfield equipment and turbomachinery businesses, but delivered an upbeat outlook for the second half of the year. Revenue from its oilfield equipment business, which includes deepwater drilling, fell 9.4 percent to $617 million in the second quarter, missing analysts' estimate of $648.2 million. "North American production is increasing as operators grow rig and well counts, and we are seeing signs of increasing international activity in some geomarkets," Chief Executive Officer Lorenzo Simonelli said.
When General Electric Co (GE.N) bought oilfield services giant Baker Hughes last July, it created a global industry colossus with $22 billion in annual revenue. GE promised to digitalize oilfields worldwide, marrying its expertise in big data, analytical software and subsea equipment with Baker Hughes' experience in drilling services, chemicals and tools. The retreat comes amid slipping market share, management missteps and culture clashes that have unsettled employees and frustrated suppliers and customers, according to data reviewed by Reuters and interviews with more than 30 employees, former employees, recruiters, analysts, suppliers and customers.
Oilfield services firms are seeking to tighten their focus to their core operations, as oil prices continue their recovery from their January 2016 lows. Baker Hughes' unit for sale, which makes sensors and monitors for industrial clients such as petrochemical makers and power generators, is expected to attract interest from other manufacturers of such devices, according to one of the sources.
Baker Hughes and General Electric signed a contract with Iraq's government on Monday to process natural gas extracted alongside crude oil at two fields in southern Iraq, the oil ministry said. The plan was first announced by GE last July and is part of Iraq's efforts to stop flaring gas associated with oil by 2021. Iraq continues to flare some of this gas because it lacks the facilities to process it into fuel for local consumption or exports.
General Electric (GE.N) and Baker Hughes closed a merger of their oilfield services businesses in July, and Wednesday's report was the second combined earnings release for the newly formed company. GE's Baker Hughes reported revenue of $5.76 billion in the fourth quarter, up 7 percent sequentially but down 3 percent from a year ago on a combined basis. Excluding items, Baker Hughes earned 15 cents per share, beating analysts' average estimate by 1 cent.
The merger between Baker Hughes and GE's oil and gas assets wasn't responsible for a 33% price decline by itself.
Baker Hughes a GE company (NYSE:BHGE) is currently trading at a trailing P/E of 49.4x, which is higher than the industry average of 22.6x. Although some investors may jump toRead More...
Analysts forecast NOV’s adjusted EPS (earnings per share) to be -$0.04 in 4Q17 compared to adjusted earnings of -$0.07 in 3Q17.
The number of rigs exploring for oil and natural gas in the U.S. declined by five this week to 924. That exceeds the 665 rigs that were active this time a year ago. Houston oilfield services company Baker ...
Offshore rigs fell one day after the Trump administration said the U.S. will open up much of its offshore waters to drilling, reversing a Obama-era decision on the matter.
In the latest US rig count released by Baker Hughes (BHI), the number of active US rigs drilling for oil and gas stayed flat between December 15 and December 22 at 70.
Baker Hughes’s FCF was -$559.0 million in 3Q17, and it had been negative in six out of the past 13 quarters.
In this series, we'll analyze the bottom five FCF generators in 3Q17 in the OFS industry, excluding the offshore drillers. We selected OFS companies with market capitalization exceeding $100 million.
The number of rigs exploring for oil and natural gas in the U.S. rose by one this week to 931. That exceeds the 653 rigs that were active this time a year ago. Houston oilfield services company Baker Hughes ...