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 (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.
Baker Hughes (NYSE:BKR) has formed a multi-year commercial alliance with Augury, enhancing its asset performance management (APM) capabilities. This partnership integrates Augury’s advanced machine health technology, which utilizes AI and sensors to predict failures and optimize operations. By extending APM solutions to balance of plant machines, the collaboration aims to reduce downtime, maintenance costs, and energy consumption. The APM market is projected to grow at a CAGR of 10.1% through 2026, highlighting the significance of this alliance in accelerating digital transformation within the energy and industrial sectors.
Baker Hughes (NYSE: BKR) has announced a cash dividend of $.18 per share of Class A common stock. This dividend will be payable on November 12, 2021, to shareholders on record as of November 2, 2021. The company's operational footprint spans over 120 countries, providing innovative energy solutions to enhance safety, efficiency, and sustainability in energy production.
Baker Hughes Company (NYSE: BKR) reported third-quarter 2021 results, highlighting orders of $5.4 billion, up 6% sequentially and 5% year-over-year. Revenue was $5.1 billion, down 1% sequentially but up 1% year-over-year. GAAP operating income rose 95% sequentially to $378 million, while adjusted operating income increased 21% sequentially to $402 million. Free cash flow for the quarter stood at $305 million. Despite challenges like supply chain constraints and cost inflation, the company remains committed to higher margins and shareholder returns.
Baker Hughes' (NYSE: BKR) Subsea Drilling Systems business has successfully merged with Akastor ASA's wholly-owned subsidiary MHWirth AS to establish a new global offshore drilling equipment company named HMH. Both companies hold equal equity in HMH, which aims to enhance drilling efficiency and support the energy transition with innovative solutions. Headquartered in Amsterdam, HMH will leverage a robust service and technology portfolio to explore growth opportunities in drilling services and adjacent industries.
Baker Hughes (NYSE: BKR) has successfully merged its Subsea Drilling Systems business with Akastor ASA's MHWirth AS to form HMH, a global offshore drilling equipment company, effective October 1, 2021. The joint venture combines expertise and resources, aiming to enhance energy-efficient solutions and competitiveness in offshore drilling. HMH, headquartered in Amsterdam with operational centers in Houston and Kristiansand, seeks to leverage its full-service approach in drilling services and explore opportunities in adjacent industries like renewables and mining.
Baker Hughes (NYSE: BKR) will host a webcast on October 20, 2021, at 8:30 a.m. Eastern Time to discuss its third-quarter results for the period ending September 30, 2021. A press release detailing the results will be issued at 7:00 a.m. Eastern Time. Investors can access the webcast via the company's website, with an archived version available afterward. Baker Hughes is a leading energy technology company operating in over 120 countries, focusing on safer and more efficient energy solutions.
MEG Energy has deployed BakerHughesC3.ai's BHC3 Production Optimization AI application to enhance upstream oil and gas production. This implementation aims to improve operational efficiency and increase productivity, while also visualizing risks in production operations. The BHC3 technology utilizes machine learning to monitor and optimize over 300 thermal production wells, contributing to sustainability goals by reducing energy and water usage. Baker Hughes and C3 AI emphasize that enterprise AI is crucial for extracting economic value from complex production data.
Baker Hughes and C3 AI announced the deployment of BHC3 Production Optimization at MEG Energy to enhance operational efficiency in upstream oil and gas production. This enterprise AI application utilizes machine learning for predictive intelligence, improving workflow and risk visualization. MEG Energy aims to optimize steam-assisted gravity drainage production while reducing energy use and greenhouse gas emissions. The deployment is expected to provide actionable insights for over 300 thermal production wells, enhancing productivity and sustainability in their operations.
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