Welcome to our dedicated page for Baker Hughes Company news (Ticker: BKR), a resource for investors and traders seeking the latest updates and insights on Baker Hughes Company stock.
Baker Hughes Company (NASDAQ: BKR) stands as a global leader in oilfield services and oilfield equipment, renowned for its extensive portfolio and innovative technologies. The company specializes in providing reliable and practical solutions aimed at lowering costs, reducing risk, and improving productivity across the oil and gas value chain. From reservoir analysis to hydrocarbon refinery, Baker Hughes offers high-performance products and services that encompass drilling, evaluation, completion, and production stages.
Founded in 1986 through the merger of Baker International and Hughes Tool Company, both established over a century ago, Baker Hughes has a long-standing history of innovation. The company operates in two main segments: Oilfield Services & Equipment and Industrial & Energy Technology. While the former caters to markets such as artificial lift, specialty chemicals, and completions, the latter focuses on industrial power generation, process solutions, and industrial asset management, with significant exposure to the liquid natural gas market.
Recent achievements underscore Baker Hughes' commitment to sustainability and technological advancement. The company has announced a net-zero commitment by 2050 and has successfully diverted over 125 million pounds of scrap metals from its locations through a partnership with Venture Metals +. This initiative reflects their dedication to reducing environmental impact and promoting circular economy principles.
Baker Hughes is also at the forefront of decarbonizing energy infrastructure. The company secured a contract from Snam, Europe's leading natural gas operator, to provide gas turbine-driven compressor trains for the Adriatic Line pipeline project in Italy. This project aims to transport energy supplies from regions like Azerbaijan and Africa to Northern Europe, supporting Europe's energy transition goals.
Financially, Baker Hughes maintains robust performance with strategic partnerships and new project acquisitions. The Cedar LNG project in Canada and collaboration with Black & Veatch for low-carbon LNG facilities highlight their role in advancing decarbonization through innovative solutions. The company's 2023 Corporate Sustainability Report further details a significant reduction in Scope 1 and 2 emissions by 28.3% from its baseline, emphasizing their leadership in sustainable energy practices.
With over 58,000 employees operating in more than 120 countries, Baker Hughes combines global reach with local expertise, ensuring the delivery of practical and efficient solutions to its industrial and energy customers worldwide. To stay updated on Baker Hughes' latest news and developments, visit their investors page.
Baker Hughes (NASDAQ: BKR) and SOCAR have signed a contract for an integrated gas recovery and hydrogen sulfide removal system at SOCAR's Heydar Aliyev Oil Refinery in Baku, Azerbaijan. The project aims to reduce downstream flaring and is expected to recover flare gas equivalent to 7 million Nm3 of methane per year, while reducing CO2 emissions by 11,000 tons annually. The recovered gas will be repurposed as fuel within the refinery, improving efficiency and reducing operating costs. The project execution begins immediately with full commissioning targeted within 24 months.
Baker Hughes (NASDAQ: BKR) has secured significant contracts with Petrobras to supply 77 km of flexible pipe systems for Brazil's pre-salt fields. The multi-year project, signed October 15, 2024, includes risers and flowlines for hydrocarbon production and associated gas and water injection, with delivery starting mid-2026. The systems will be deployed across Petrobras' Búzios, Libra, Berbigão, Sururu and Sépia fields, addressing stress-induced corrosion cracking from CO2. The equipment will be manufactured at Baker Hughes' Niteroi plant in Brazil, supporting local employment and the energy supply chain.
Baker Hughes reported strong third-quarter 2024 results, with revenue of $6.9 billion, up 4% year-over-year. Key highlights include:
- Orders of $6.7 billion, including $2.9 billion in IET orders
- Record IET RPO of $30.2 billion
- Net income of $766 million
- Adjusted EBITDA of $1,208 million, up 23% year-over-year
- Free cash flow of $754 million
The company achieved record EBITDA margins of 17.5%, marking the highest margin quarter since formation. Both segments made progress toward 20% EBITDA margins. Baker Hughes remains confident in achieving its full-year EBITDA guidance midpoint based on solid Q3 results and a stable outlook.
Baker Hughes (NASDAQ: BKR) has announced a quarterly cash dividend of $0.21 per share of Class A common stock. This dividend will be payable on November 14, 2024, to shareholders of record as of November 4, 2024. The dividend represents a 5% increase, or $0.01, compared to the same quarter last year, aligning with the company's goal to responsibly grow the dividend over time. Baker Hughes plans to fund this quarterly cash dividend from cash generated from operations.
Akastor ASA's 50% owned affiliate HMH Holding B.V. (HMH) has appointed Daniel "Dan" W. Rabun as Chairman of the Board of Directors, effective October 21, 2024. Mr. Rabun brings extensive leadership experience from various industries, having held key roles at major companies like Ensco plc, Golar LNG , ChampionX , Borr Drilling, and APA
HMH, formed in October 2021 through the merger of Baker Hughes' Subsea Drilling Systems business and Akastor ASA's MHWirth AS, is a leading provider of drilling solutions. The company offers a comprehensive portfolio of drilling equipment, services, and systems for oil and gas operations, both offshore and onshore. HMH is also expanding its offerings to adjacent industries such as mining.
HMH has appointed Daniel "Dan" W. Rabun as Chairman of the Board of Directors, effective October 21, 2024. Rabun brings extensive leadership experience, having served as CEO, Chairman, and Board member across multiple major companies. His background includes roles at Ensco plc, Golar LNG , and ChampionX . Rabun's expertise spans legal and financial domains, complementing his industry knowledge.
Eirik Bergsvik, HMH CEO, expressed excitement about Rabun's appointment, highlighting his potential contribution to strengthening operations and exploring strategic opportunities. Rabun stated his commitment to building on HMH's strong foundation in the drilling sector and guiding the company through its next growth phase.
HMH, formed in October 2021 through a merger involving Baker Hughes (Nasdaq: BKR), is a leading provider of drilling solutions, equipment, and services for the oil and gas industry, with expanding interests in adjacent sectors like mining.
Baker Hughes (NASDAQ: BKR) and Repsol have announced a new agreement to develop and deploy next-generation artificial intelligence capabilities through the Leucipa™ automated field production solution. This collaboration aims to implement AI-powered automation workflows across Repsol's global assets to enhance operational capabilities, optimize production, improve efficiency, and reduce emissions.
The partnership will leverage shared knowledge and expertise to accelerate the energy industry's digital evolution. Repsol, which has been using Leucipa since its introduction, will deepen its relationship with Baker Hughes, reinforcing its position as an industry leader and creating new commercial opportunities for Leucipa.
Leucipa focuses on achieving specific operator outcomes by harnessing data to drive intelligent operations. By automating production processes, it aims to reduce inefficiency, ensure more environmentally sound operations, and enable the recovery of millions of barrels that would otherwise remain in the ground.
Baker Hughes (NASDAQ: BKR) has secured its largest-ever order for Integrated Compressor Line (ICL) units from Dubai Petroleum Establishment (DPE), on behalf of Dubai Supply Authority (DUSUP). The order, booked in Q3 2024, includes 10 ICL units to be installed at the Margham Gas storage facility in Dubai, significantly increasing its capacity.
This project aims to enhance energy supply reliability and support local decarbonization efforts in the United Arab Emirates. The ICL technology will provide a high-reliability system with reduced emissions, strengthening Dubai's ability to switch between natural gas and solar power. This order follows the successful operation of three ICL units since 2020, demonstrating DPE's trust in Baker Hughes' technology.
The ICL units' zero seal leakages and minimal maintenance downtime have made them increasingly popular in the market, with recent awards for projects in Italy, Germany, Argentina, and the United States.
Baker Hughes (NASDAQ: BKR) has launched CarbonEdge™, a pioneering digital platform for carbon capture, utilization, and storage (CCUS) operations. This end-to-end solution, powered by Cordant™, offers comprehensive support, regulatory reporting, and operational risk management across the entire CCUS value chain. CarbonEdge provides real-time data and alerts on CO2 flows, enabling customers to manage risk, improve decision-making, and enhance operational efficiency.
As part of a long-term agreement, Wabash Valley Resources (WVR) will be a launch customer, using CarbonEdge for measurement, monitoring, and verification of CO2 in their low-carbon ammonia fertilizer production. Baker Hughes and WVR will collaborate on further developing the platform, which is designed to be fast to deploy and easy to scale across various industries.
Baker Hughes (NASDAQ: BKR) has announced the schedule for its third-quarter 2024 earnings release and webcast. The company will release its financial results for the quarter ending September 30, 2024, through a press release on Tuesday, October 22, 2024, at 5 p.m. Eastern Time. Following the release, Baker Hughes will host a webcast on Wednesday, October 23, 2024, at 9:30 a.m. Eastern Time to discuss the results in detail. Interested parties can access the webcast through the company's investor relations website. An archived version of the webcast will be made available on the website for those unable to attend the live event.
FAQ
What is the current stock price of Baker Hughes Company (BKR)?
What is the market cap of Baker Hughes Company (BKR)?
What does Baker Hughes do?
What are Baker Hughes' core business segments?
What recent sustainability initiatives has Baker Hughes undertaken?
What recent contracts has Baker Hughes secured?
How does Baker Hughes contribute to the energy transition?
Where can I find Baker Hughes' sustainability reports?
How does Baker Hughes support its customers' sustainability goals?
What is Baker Hughes' presence in the liquid natural gas market?
How many employees does Baker Hughes have?
In how many countries does Baker Hughes operate?
