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Baker Hughes Announces Update on Russia Operations
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Baker Hughes (NASDAQ: BKR) has suspended new investments in its operations in Russia due to the ongoing crisis in Ukraine. The company emphasizes compliance with laws and sanctions while fulfilling existing contractual obligations. CEO Lorenzo Simonelli expressed concern over the situation, prioritizing the health and safety of employees and stakeholders. The decision follows an internal review with the Board of Directors, reflecting the company's commitment to responsible action amidst geopolitical tensions.
Positive
Suspension of new investments in Russia may mitigate financial risks.
Commitment to compliance with laws and sanctions enhances corporate governance.
Negative
Suspension of investments in Russia could lead to revenue losses.
Ongoing geopolitical tensions in Ukraine pose risks to future operations.
HOUSTON & LONDON--(BUSINESS WIRE)--
Baker Hughes (NASDAQ: BKR) (“Baker Hughes” or the “Company”) announced it has suspended new investments for its Russia operations. The Company is continuing to comply with applicable laws and sanctions as it fulfills current contractual obligations.
“The crisis in Ukraine is of grave concern and we strongly support a diplomatic solution. We condemn violence and our hearts go out to the people and families of those impacted,” said Lorenzo Simonelli, chairman & CEO of Baker Hughes. “The health and safety of our employees, customers, partners, and their families always remains our top priority. We have been continuously monitoring the situation, and today’s announcement follows an internal decision made with our Board of Directors and communicated to our leadership team earlier this week. We remain committed to act in full compliance.”
About Baker Hughes:
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.
