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 authorized a $2 billion share repurchase program, signaling confidence in its operational outlook and strategic positioning. This buyback represents over 9% of outstanding shares, funded through strong cash flow. CEO Lorenzo Simonelli emphasized that this move is an attractive use of capital, aligning with their commitment to return value to shareholders while investing in growth. The repurchase will involve buying back Class A shares, and the exact number may vary based on market conditions and other factors.
Baker Hughes (NYSE: BKR) reported second-quarter 2021 results, showing sequential and year-over-year growth in orders and revenue. Orders increased by 12% sequentially to $5,093 million, while revenue rose 8% to $5,142 million. Operating income reached $194 million, up 18%, and adjusted EBITDA climbed 9% to $611 million. Despite a net loss of $68 million, adjusted net income was $83 million. The company continues to see positive trends in energy demand and has secured key contracts, particularly in the Oilfield Services and Turbomachinery segments, focusing on low-carbon technologies and strategic partnerships.
Baker Hughes has secured two significant flexible pipe contracts from Petrobras in Q2 2021, totaling 322 kilometers for the Sapinhoá, Tupi, Marlim 2, and Itapu fields. This brings the total to 370 kilometers awarded in 2021, surpassing prior years' volumes. The flexible pipes will support production and injection operations in Brazil's challenging subsea environments, designed for high pressure and corrosive conditions. These wins highlight Baker Hughes' expertise and its strong partnership with Petrobras, alongside a previous contract for subsea equipment in the Campos Basin.
Baker Hughes (NYSE: BKR) has announced a strategic investment in Electrochaea, a company pioneering bio-methanation technology. This investment will bolster Baker Hughes' carbon capture and utilization (CCU) portfolio by enabling the production of low-carbon synthetic natural gas (SNG) from captured CO2 and green hydrogen. The two firms aim to accelerate technology scale-up and commercialization, potentially transforming CO2 emissions into clean SNG, thereby advancing the energy transition and offering solutions for hard-to-decarbonize sectors.
Baker Hughes (NYSE: BKR) and Borg CO2 AS have signed a memorandum of understanding to collaborate on a carbon capture and storage project in Norway's Viken region. This initiative aims to capture and store up to 90% of CO2 emissions from local industrial sites, contributing to emissions reduction goals aligned with the Paris Agreement. The project will involve the capture of approximately 700,000 tonnes of CO2 annually, with plans to store it beneath the North Sea. Baker Hughes will support ongoing feasibility studies and technology implementation.
Baker Hughes (NYSE: BKR) will host a webcast on July 21, 2021, at 8:30 a.m. ET to discuss its second-quarter results, ending June 30, 2021. A press release detailing these results will be issued earlier at 7:00 a.m. ET. The webcast will be accessible on the Baker Hughes investor website, with an archived version available post-event. Baker Hughes, a leader in energy technology, operates in over 120 countries, providing innovative solutions to enhance the efficiency and safety of energy production.
Michael Baker International has appointed Les Hopper as the Regional Practice Lead – Transportation for the West Region. With over 40 years of experience, Mr. Hopper will enhance the firm's transportation projects and strategic growth across 16 offices in Washington, California, Nevada, and Arizona. Previously, he worked at RICK Engineering and T.Y. Lin International. Michael Baker International continues its commitment to infrastructure improvement, delivering innovative engineering solutions for over 80 years. The firm employs over 3,000 individuals across nearly 100 locations.
Air Products (NYSE:APD) and Baker Hughes (NYSE:BKR) have launched a strategic collaboration to enhance hydrogen compression technology, aiming to reduce production costs and promote hydrogen as a zero-carbon fuel. The partnership will leverage Baker Hughes' advanced compression and gas turbine technology for significant projects, including Air Products' net-zero hydrogen energy complex in Edmonton and the NEOM project in Saudi Arabia. This initiative aligns with global efforts to foster a sustainable hydrogen economy and achieve net-zero targets.
Baker Hughes (NYSE: BKR) and C3 AI (NYSE: AI) announced that KBC will deploy AI technology to enhance its software for oil and gas simulation, supply chain optimization, and energy management. KBC aims to leverage BHC3 technology to improve operational efficiency, with potential economic value exceeding $0.65 per barrel. The integration will boost process planning accuracy and productivity. This collaboration underscores Baker Hughes' commitment to investing in digital transformation within the energy sector.
Baker Hughes (NYSE: BKR) and C3 AI (NYSE: AI) have forged a partnership with KBC, a subsidiary of Yokogawa Electric, to integrate artificial intelligence (AI) technology into KBC's software offerings. This collaboration aims to enhance oil and gas process simulations, supply chain optimization, and energy management. The enhanced software is expected to improve operational efficiency, yielding over $0.65 in economic value per barrel for KBC's customers. Leaders from both companies highlight the potential for digital transformation in the energy sector through this strategic integration.
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