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) declared a quarterly cash dividend of $0.19 per share, a 5.5% increase from the previous quarter. The dividend is payable on November 18, 2022, to shareholders of record on November 7, 2022. Additionally, Baker Hughes authorized a $2 billion increase in its share repurchase program, raising the total to $4 billion. The company aims to return over $1.5 billion to shareholders in 2022, reflecting its commitment to returning value while investing in growth across energy and industrial sectors.
Baker Hughes (NASDAQ: BKR) has appointed Nancy Buese as Chief Financial Officer, effective November 2, 2022. Buese brings over 30 years of experience, previously serving as CFO for Newmont Corporation and MarkWest Energy Partners. CEO Lorenzo Simonelli expressed confidence in Buese's ability to drive strategic transformation and enhance shareholder value. The current CFO, Brian Worrell, will transition to a strategic advisor role before departing in Q2 2023, following a successful tenure that included significant milestones such as the GE Oil & Gas merger and the COVID-19 pandemic.
Baker Hughes Company (BKR) reported Q3 2022 results with orders reaching $6.1 billion, a 3% sequential and 13% year-over-year increase. Revenue stood at $5.4 billion, up 6% sequentially and 5% year-over-year. The company recorded a GAAP operating income of $269 million, up $294 million sequentially but down $110 million YoY. Adjusted operating income rose 34% sequentially to $503 million. Free cash flow was $417 million. Baker Hughes aims to enhance operational efficiency through restructuring, targeting at least $150 million in cost savings.
One Equity Partners has successfully sold BRUSH Group's Power Generation business to Baker Hughes (NASDAQ: BKR). This strategic move aims to maximize investor returns and allow BRUSH to concentrate on its remaining Power Distribution & Networks segment. Since the sale agreement in August, BRUSH has acquired Eta Projects Ltd and KUS Power Engineering, enhancing its engineering capabilities for sustainable infrastructure. OEP focuses on transformative business combinations in industrial, healthcare, and technology sectors, having completed over 300 transactions since its establishment.
Baker Hughes (NASDAQ: BKR) is set to hold a webcast on October 19, 2022, at 8:30 a.m. Eastern Time to discuss its third-quarter results for the period ending September 30, 2022. A press release detailing the financial results will be issued earlier at 7 a.m. Eastern Time. Investors can access the webcast via the Baker Hughes website, with an archived version available post-broadcast. Baker Hughes specializes in energy technology solutions, leveraging over a century of experience and serving customers in more than 120 countries.
Baker Hughes Company (NASDAQ: BKR) is implementing a strategic transformation by establishing two reporting business segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET). This restructuring aims to simplify operations, enhance profitability, and generate at least $150 million in cost savings, thereby maximizing shareholder value. The changes will take effect on October 1. Baker Hughes continues to focus on improving returns and generating strong free cash flow to deliver value to its shareholders amidst a dynamic energy landscape.
HMH Holdings B.V. announced the completion of its acquisition of Electrical Subsea & Drilling AS (ESD) on August 24, 2022. Based in Bergen, Norway, ESD possesses innovative technologies, including electronic blowout preventers and rotating control devices for drilling operations. CEO Merrill A. ‘Pete’ Miller Jr. emphasized that ESD enhances HMH's technological capabilities and aligns with environmental goals by reducing drilling's ecological footprint. This acquisition marks HMH's first move toward expanding its portfolio, supporting energy-efficient solutions in offshore drilling.
Baker Hughes (NASDAQ: BKR) has opened a new manufacturing facility for oilfield services chemicals in Singapore as of August 16, 2022. Spanning 40,000 square meters, the facility aims to enhance local manufacturing capabilities and supply chain efficiencies while supporting Singapore’s Green Plan 2030 for sustainability. The site will provide chemical solutions for various sectors and is part of Baker Hughes’ strategy to localize production near key demand hubs. This facility represents Baker Hughes' first chemicals manufacturing site in the region, contributing to job creation and operational optimization.
One Equity Partners has announced a definitive agreement to sell BRUSH Group's Power Generation business to Baker Hughes (NASDAQ: BKR). This strategic move is aimed at enhancing Baker Hughes’ turbomachinery portfolio and supporting decarbonization solutions. The sale marks a significant exit event for One Equity after one year of investment in BRUSH, which has established itself as a strong standalone company. The deal is expected to close by the end of the year, subject to customary closing conditions.
Baker Hughes (NASDAQ: BKR) has agreed to sell its Oilfield Services business in Russia to the local management team, following its suspension of new investments in the region. The new entity will operate independently, assuming all assets, liabilities, and obligations of OFS Russia. The transaction is expected to close in the second half of 2022, pending local authority approval. Baker Hughes assures support for its employees and customers during the transition, continuing its commitment to operational integrity and compliance with applicable laws and sanctions.
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