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.
Michael Baker International has announced a new organizational structure aimed at accelerating growth and expanding its capabilities over the next five years. This initiative, titled 'Reimagine Michael Baker,' is designed to enhance its services in Transportation, Bridge, Water, and Construction while increasing focus on Federal programs. An Executive Committee led by CEO Brian A. Lutes has been formed to oversee this strategic shift. The company aims to attract new clients by leveraging innovative technology solutions and enhancing professional growth opportunities for its employees.
Baker Hughes Company (BKR) reported fourth quarter results showing orders of $6.7 billion, marking a 24% sequential increase and a 28% year-over-year rise. Revenue reached $5.5 billion, an 8% sequential growth but flat year-over-year. GAAP operating income rose 52% sequentially to $574 million, with adjusted operating income increasing 42% to $571 million. The company generated $773 million in cash flows from operations and $645 million in free cash flow, highlighting strong cash generation capabilities.
Michael Baker International has appointed Jason Sipes, P.E., as the new Office Executive in Dallas. With over 25 years of experience in alternative project delivery, his role includes leading a multidisciplinary team to enhance client projects and expand the firm's reach in North Texas. Previously, Sipes worked at Atkins and Cintra US, specializing in tolling and transportation services. His academic qualifications include an MBA from the University of South Carolina and a Bachelor's in Construction Engineering from Purdue University.
Baker Hughes (NASDAQ: BKR) has secured a contract with Santos to provide turbomachinery for the Moomba Carbon Capture and Storage (CCS) project in South Australia. This project aims to permanently store 1.7 million tonnes of CO2 annually in depleted gas reservoirs and is a significant step in Santos' energy transition efforts. Baker Hughes will supply advanced technologies, including the PGT25+G4 gas turbine and MCL and BCL compressors, to compress and store CO2. This partnership marks over 35 years of collaboration between Baker Hughes and Santos, focusing on decarbonizing natural gas and advancing blue hydrogen production.
HMH has secured a contract valued at approximately USD 77 million from the Guangzhou Marine Geological Survey for a pressure control system. This includes a blowout preventer stack, the SeaONYX V.2 control system, and an 8,202 ft. riser package. The contract follows a prior USD 83 million engagement awarded to HMH's subsidiary, MHWirth AS, for topside drilling equipment. Expected delivery of these systems is set for December 2023, marking a significant milestone for HMH after its formation through merger in October 2021.
Baker Hughes (NASDAQ: BKR) has secured a contract with Bechtel to supply high-efficiency gas turbines and compressors for the expansion of the Pluto LNG facility in Western Australia. This new project, Pluto Train 2, will enhance LNG production capacity to about 5 million tons per annum. The collaboration extends Baker Hughes' 30-year partnership with Woodside, focusing on low-carbon energy solutions. The contract includes delivery of six LM6000PF+ gas turbines and 14 centrifugal compressors, aimed at maximizing efficiency and reducing emissions in LNG operations.
Baker Hughes (NYSE: BKR) announced a webcast scheduled for January 20, 2022, to discuss its fourth quarter and full-year results for the period ending December 31, 2021. The webcast will commence at 8:30 a.m. Eastern Time, following a press release at 7:00 a.m. Eastern Time. This event will be accessible via the Baker Hughes investor relations website. The company, with over a century of experience, offers innovative solutions to energy and industrial customers across more than 120 countries.
Baker Hughes (NYSE: BKR) has announced an investment in Ekona Power Inc. to advance the development of a novel methane pyrolysis technology, which produces turquoise hydrogen with significantly lower carbon emissions than traditional methods. This partnership aims to integrate the technology across various markets, including refineries and chemical plants. Baker Hughes will acquire a 20% stake in Ekona and support pilot project identification and commercialization efforts, enhancing its portfolio for hydrogen decarbonization solutions.
Baker Hughes will transition its Class A common stock and listed bonds from the NYSE to the Nasdaq, effective December 7, 2021. The stock will continue trading under the ticker symbol 'BKR'. This move is expected to enhance liquidity and provide cost savings for Baker Hughes, aligning with the company's strategy to lead in energy technology. CEO Lorenzo Simonelli emphasized that the shift supports their mission to advance the energy transition.
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