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 (NASDAQ: BKR) announced leadership changes effective Oct. 1, 2024, to drive strategic growth and customer success. Key appointments include:
1. Amerino Gatti as EVP of Oilfield Services & Equipment (OFSE), bringing 25 years of experience from Schlumberger.
2. Maria Claudia Borras as Chief Growth & Experience Officer (CGXO), a new role focused on enterprise growth and customer experience.
3. Muzzamil Khider Ahmed promoted to Chief People & Culture Officer.
These changes aim to enhance profitability, innovation, and customer satisfaction across Baker Hughes' energy and industrial segments. CEO Lorenzo Simonelli expressed confidence in the new leadership team's ability to deliver on growth ambitions for customers, shareholders, and employees.
The Baker Hughes Foundation has announced two $200,000 grants to support Historically Black Colleges and Universities (HBCUs) for the 2024-25 academic year. The recipients are Texas Southern University (TSU) and Prairie View A&M University (PVAMU). These grants aim to support various STEM programs, student development, professional certifications, and career readiness initiatives.
Since 2021, the Foundation has contributed over $1 million to HBCUs. The grants align with Baker Hughes' strategy of building a diverse energy workforce and promoting inclusive education. At TSU, the funds will support curriculum development and career services in business and technology fields. At PVAMU, the grant will primarily fund summer bridge programs, scholarships, and leadership programs for engineering and business students.
Akastor ASA provided an update on its 50%-owned affiliate, HMH Holding B.V. HMH has filed an updated draft Registration Statement for its proposed IPO with the SEC. This filing is now public on the SEC's EDGAR database but is not yet final or effective. HMH intends to list its Class A shares on the Nasdaq Global Select Market under the symbol HMHW. The offering's completion is subject to market conditions and other factors. The number of shares and price range have not been determined. HMH, formed in October 2021 by merging Baker Hughes' Subsea Drilling Systems and Akastor's MHWirth AS, offers critical drilling solutions for oil, gas, and mining sectors.
Baker Hughes has announced its role as the presenting sponsor for the 2024 Bad Pants Open, an annual golf tournament benefiting Texas Children's Hospital Newborn Center and NICU. Set for November 11, 2024, at Champions Golf Club in Houston, the event has raised over $7 million since 1998 to support innovation in infant care and research.
Texas Children's NICU, the largest in the nation and a Level IV facility, treats over 1,800 sick babies annually. The hospital ranks 3rd best nationally and 1st in Texas according to U.S. News & World Report. This year's proceeds will fund a new peer-to-peer support service by Hand to Hold, offering emotional support to NICU families.
Baker Hughes Company announced results for Q2 2024, showcasing strong performance and significant growth.
Key Highlights:
- Orders: $7.5B, including $3.5B of IET orders.
- Revenue: $7.1B, up 13% YoY.
- Net income: $579M; GAAP EPS: $0.58; Adjusted EPS: $0.57.
- Adjusted EBITDA: $1.13B, up 25% YoY.
- Free cash flow: $106M.
- Returns to shareholders: $375M, including $166M in share repurchases.
Segment Performance:
- OFSE revenue: $4.01B, up 3% YoY.
- IET revenue: $3.13B, up 28% YoY.
CEO Lorenzo Simonelli highlighted the company's strategy execution, driving margin expansion, and raising the midpoint of full-year guidance by 5%.
Baker Hughes (NASDAQ: BKR) has declared a quarterly cash dividend of $0.21 per share of Class A common stock. This represents a 5% increase ($0.01) compared to the same quarter last year, aligning with the company's goal to responsibly grow dividends over time. The dividend will be payable on Aug. 16, 2024, to shareholders of record as of Aug. 6, 2024. Baker Hughes plans to fund this dividend from cash generated from operations, demonstrating confidence in its financial stability and commitment to shareholder returns.
The Baker Hughes Foundation has announced a $100,000 grant to the Angeli del Bello Foundation, aimed at supporting urban regeneration and social inclusion in Italy. The grant will fund the Custodi del Bello project in Florence, where Baker Hughes employs over 4,500 people. This initiative brings together marginalized groups to care for public spaces, offering them reintegration into the community and job market through paid work and training. The project aims to foster civic sense and sustainability, in line with the United Nations' Sustainable Development Goals. Baker Hughes has a history of collaboration with Angeli del Bello, with employees volunteering in various initiatives since 2015.
Baker Hughes (NASDAQ: BKR) will announce its second-quarter 2024 earnings results on July 25, 2024, at 5 p.m. Eastern Time. The company will also hold a webcast to discuss the results on July 26, 2024, at 9:30 a.m. Eastern Time. Interested parties can access the webcast through the Baker Hughes investor relations website, where an archived version will be available afterward.
Baker Hughes (NASDAQ: BKR) announced a significant contract from Petrobras for workover and plug and abandonment (P&A) services in Brazil's offshore pre-salt and post-salt fields.
This multi-year project, starting in early 2025, will leverage Baker Hughes’ integrated solutions portfolio to optimize Petrobras’ operational performance. The services will encompass wireline, coiled tubing, cementing, tubular running, wellbore intervention, fishing, and geosciences, as well as remedial tools, completion fluids, and production chemicals.
To support this venture, Baker Hughes will expand its facilities in Macaé, Rio de Janeiro, enhancing local industry and workforce development. Maria Claudia Borras, EVP of Oilfield Services & Equipment at Baker Hughes, emphasized the importance of their comprehensive technology portfolio and localization expertise in driving the project's success.
The Baker Hughes Foundation commemorates UN World Environment Day by announcing a total of $340,000 in grants.
A $310,000 grant is awarded to One Tree Planted for 12 urban forestry projects, aiming to enhance reforestation and environmental awareness. This is the Foundation's fourth grant to the organization.
A $30,000 grant goes to the Children's Environmental Literacy Foundation (CELF) to fund a Houston-based program, engaging over 2,000 students across Title 1 schools.
The grants support environmental education, biodiversity, and restoration activities, aligning with Baker Hughes' sustainability goals and the UN's Sustainable Development Goals.
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