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) 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.
Baker Hughes (NYSE:BKR) has successfully deployed its remote operations digital technology at over 200 Aramco drilling sites, marking the largest deployment in the company's history. This initiative enhances data management, real-time monitoring, and operational performance while reducing emissions. The WellLink solution facilitates faster data access for personnel, ensuring proactive hazard mitigation. Completed 50% faster than anticipated, the project supports over 2,000 end users with a dedicated team, predominantly local Saudi nationals. Baker Hughes continues to expand its digital capabilities to improve efficiency and transform industry operations.
Baker Hughes (NYSE: BKR) has announced a cash dividend of $.18 per share of Class A common stock. This dividend is payable on June 4, 2021, to shareholders on record as of May 25, 2021. With over a century of experience, Baker Hughes operates in over 120 countries, providing innovative energy technology solutions that are safer, cleaner, and more efficient.
Baker Hughes (NYSE: BKR) and Bloom Energy (NYSE: BE) have announced a collaboration to commercialize low-carbon power-generation and hydrogen solutions. The partnership aims to launch pilot projects over the next 2-3 years, focusing on integrated power and hydrogen solutions. Key objectives include developing efficient energy systems using Bloom's solid oxide fuel cells and Baker's gas turbines, as well as hydrogen production and transport technologies. Leaders from both companies emphasize the collaboration's potential in supporting global decarbonization efforts.
Bloom Energy (NYSE: BE) and Baker Hughes (NYSE: BKR) have announced a collaboration to advance low-carbon power generation and hydrogen solutions. They aim to launch pilot projects within 2-3 years, focusing on integrated power solutions, hydrogen production, and mutual technical collaborations. The partnership will combine Bloom Energy’s solid oxide fuel cell and electrolyzer technologies with Baker Hughes’ turbine and compression technologies, enhancing energy efficiency and promoting the hydrogen economy. This collaboration is positioned as a significant step toward achieving net-zero carbon emissions.
Baker Hughes Company (NYSE: BKR) reported its Q1 2021 earnings, highlighting significant challenges but also notable achievements. Orders totaled $4.54 billion, down 12% sequentially and 18% year-over-year. Revenue fell to $4.78 billion, a decrease of 13% sequentially and 12% on a year-over-year basis. Adjusted operating income was $270 million (down 42% sequentially, up 13% year-over-year), with a GAAP net loss of $452 million. Despite these declines, the company generated strong free cash flow of $498 million and advanced its investments in energy transition technologies, including hydrogen and carbon capture initiatives.
Plug Power, Chart Industries, and Baker Hughes are set to be cornerstone investors in the FiveT Hydrogen Fund, aimed at advancing clean hydrogen infrastructure. Plug Power will invest €160 million ($200 million), while Chart and Baker Hughes will each contribute €50 million ($60 million). The Fund aspires to raise €1 billion from various investors and will exclusively finance projects in clean hydrogen production, storage, and distribution. This collaboration emphasizes the increasing importance of hydrogen in the energy transition and the potential for significant environmental impact.
Baker Hughes (NYSE: BKR) has entered a global exclusive licensing agreement with SRI International for the innovative Mixed-Salt Process (MSP) for CO2 capture. Supported by the U.S. Department of Energy, this partnership enhances Baker Hughes' carbon capture, utilization, and storage (CCUS) capabilities, crucial for reducing emissions and achieving net-zero targets. The MSP offers improved efficiency, lower environmental impact, and uses widely available, eco-friendly solvents, presenting a cost-effective solution for various industries, including power and cement.
Baker Hughes (NYSE: BKR) has signed a memorandum of understanding with Horisont Energi to collaborate on the Polaris carbon storage project in Norway. This initiative aims to enhance carbon capture, transport, and storage (CCTS) technologies while minimizing costs and delivery times. The Polaris project is set to have a carbon storage capacity of over 100 million tons, equivalent to twice Norway's annual greenhouse gas emissions. Both companies aim to drive decarbonization in the energy sector and develop high-efficiency technologies across the carbon capture value chain.
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