Baker Hughes Company - BKR STOCK NEWS

Baker Hughes (NYSE: BKR) and C3 AI (NYSE: AI) have launched the BHC3™ Production Schedule Optimization (PSO), an AI application aimed at enhancing industrial demand planning and manufacturing scheduling. This tool improves supply chain performance and reduces costs for engineered products by generating precise demand forecasts and production schedules. The PSO integrates multiple inputs to optimize manufacturing processes and has already shown a 20% improvement in demand forecasting accuracy during trials with clients in the oil and gas sector.

Baker Hughes and C3 AI have introduced the BHC3™ Production Schedule Optimization (PSO), an AI application aimed at enhancing industrial demand planning and scheduling in manufacturing. This tool optimizes supply chains by accurately forecasting demand and creating optimal production schedules. It integrates various inputs such as market prices and customer orders, demonstrating a 20% improvement in forecasting accuracy during trials with a hydrocarbon processing company. BHC3 PSO supports diverse manufacturing processes, aiming to reduce costs and improve productivity across industrial sectors.

Baker Hughes (NYSE:BKR) and Akastor ASA have formed a joint venture combining Baker Hughes’ Subsea Drilling Systems with Akastor’s MHWirth. This partnership aims to deliver a full-service offshore drilling equipment offering, enhancing operational capabilities and financial strength. The 50-50 owned company will operate from Houston and Kristiansand, with Merrill A. Miller as CEO. The transaction, subject to regulatory approvals, is anticipated to close in the second half of 2021, leveraging a combined revenue of $713 million for FY 2020.

Baker Hughes (NYSE: BKR) is set to acquire ARMS Reliability, a leader in reliability solutions for various industries, including mining and oil. This acquisition enhances Baker Hughes’ asset performance management (APM) capabilities and expands its industrial asset management services. The integration is expected to drive growth in APM adoption globally and provide a complete suite of services across industrial asset lifecycles, improving operational efficiencies and reducing downtime significantly. The deal is anticipated to close in Q2 2021.

Baker Hughes (NYSE: BKR) has partnered with PAO NOVATEK to address carbon emissions in natural gas and LNG production. This collaboration focuses on developing cutting-edge compression and power generation technologies for NOVATEK's LNG projects. The initial phase includes a pilot program introducing hydrogen blends to reduce CO2 emissions at the Yamal LNG complex. Baker Hughes will supply engineering and turbomachinery solutions to retrofit existing LNG liquefaction trains, supporting both efficiency and sustainability in operations.

Baker Hughes (NYSE: BKR) has declared a cash dividend of $.18 per share of Class A common stock. This dividend is payable on February 19, 2021 to shareholders on record as of February 9, 2021. The company, recognized for its innovative energy technology solutions, operates in over 120 countries and is committed to delivering efficient and sustainable energy solutions.

Baker Hughes (NYSE: BKR) reported its fourth quarter 2020 results, showing a 2% sequential increase in orders at $5.188 billion, but a 25% decline year-over-year. Revenue rose 9% sequentially to $5.495 billion, down 13% year-over-year. The firm generated $250 million in free cash flow, significantly less than the prior year’s $1.053 billion. Adjusted operating income was $462 million, down 15% year-over-year. The company remains optimistic about 2021, despite challenging market conditions, and is focused on cost discipline and energy transition technologies to position itself for future growth.

On December 21, 2020, Michael Baker International appointed Tim Little as the Regional Practice Lead – Transportation for the Mid-Atlantic Region. With over 30 years of experience in transportation, including his tenure as Chief Engineer at the North Carolina Department of Transportation, Mr. Little is expected to advance the firm’s client outreach and business opportunities. His extensive expertise in transportation networks and project development processes positions him as a key asset for Michael Baker's continued leadership in engineering and consulting services.

Baker Hughes (NYSE: BKR) will present its fourth-quarter and full-year earnings results for 2020 on January 21, 2021, via a webcast at 9:00 a.m. ET. A press release with detailed results will precede the event at 7:00 a.m. ET. The company, which operates in over 120 countries, focuses on providing energy technology solutions to its global customers, enhancing efficiency and sustainability in the energy sector.