Baker Hughes Company - BKR STOCK NEWS

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.

Tekion, a leading cloud-native platform for the automotive retail ecosystem, has appointed Binu Mathew as its new Chief Technology Officer (CTO). Mathew brings 30 years of expertise in software product development and strategy, previously holding significant roles at C3 AI, Baker Hughes, Oracle, Hewlett Packard Enterprise, and Citicorp Overseas Software As CTO, Mathew will drive Tekion's technology strategy, focusing on scaling the platform, enhancing AI capabilities, and ensuring robust system security and reliability.

He will lead engineering, product management, and design teams, aiming to accelerate product development and align technological advancements with Tekion's business goals. CEO Jay Vijayan emphasized Mathew's role in meeting the automotive industry's demand for reliable generative AI and expanding Tekion's market presence.

Akastor ASA, a 50% owner of HMH Holding B.V., has announced that HMH's subsidiary, HMH Holding Inc., has submitted a confidential draft registration statement on Form S-1 to the U.S. SEC. This is a preliminary step towards a potential initial public offering (IPO) in the U.S. The size and price range for the IPO are yet to be determined. The IPO is expected to proceed after the SEC review process, which is anticipated to finish in the second half of 2024, subject to market conditions. There is no guarantee that the IPO will be completed.

Baker Hughes (NASDAQ: BKR) has been awarded a major contract by SONATRACH for a gas-boosting project at the Hassi R’Mel gas field in Algeria. The project, in collaboration with Tecnimont (part of MAIRE), aims to enhance Algeria's energy system and support Europe's energy security. The scope includes 20 compression trains leveraging Frame 5 gas turbine and BCL compressor technology. The project is essential in stabilizing and boosting natural gas production, thereby solidifying Algeria as a key energy supplier to Europe. Manufacturing and testing will occur at Baker Hughes' facilities in Italy, emphasizing bilateral cooperation between Algeria and Italy.

Baker Hughes released its 2023 corporate sustainability report, showcasing a notable reduction in Scope 1 and 2 emissions by 28.3% from the 2019 baseline. The company also reported that nearly one-third (29.8%) of its electricity usage came from zero-carbon sources. The report highlights the development of a roadmap for Scope 3 emissions reduction, driven by the employee-led Carbon Out program.

The company spent $410 million to support diverse and small businesses and saw a 43.7% increase in total employee volunteer hours. Additionally, Baker Hughes quantified its product emissions by conducting over 300 life cycle assessments, a 600% increase from last year.

Achievements in Diversity, Equity, and Inclusion (DEI) include a 0.4% increase in women employees and a rise in representation of people of color by 2.2%. The company also reported a 34.5% increase in Health, Safety, and Environment (HSE) observations, with a 16.2% increase in HSE training hours for employees. Baker Hughes remains committed to achieving its operational emissions reduction goal of 50% by 2030 and net-zero by 2050.

Baker Hughes Company reported strong first-quarter 2024 results with orders of $6.5 billion, revenue of $6.4 billion, net income of $455 million, and adjusted diluted EPS of $0.43. The company's adjusted EBITDA was $943 million, up 21% year-over-year, and free cash flow was $502 million. Baker Hughes also returned $368 million to shareholders through dividends and share repurchases.

Baker Hughes (BKR) declared a quarterly dividend of $0.21 per share of Class A common stock, with an 11% increase from the previous quarter. The dividend will be payable on May 16, 2024, to shareholders of record on May 6, 2024, funded by cash generated from operations.

Baker Hughes, an energy technology company, has been awarded a significant gas technology scope for Phase 3 of Saudi Arabia’s Master Gas System project. The company will supply 17 pipeline centrifugal compressors driven by aeroderivative gas turbines to increase gas distribution across Saudi Arabia, supporting the Kingdom’s goal of reducing carbon emissions. The order builds on the successful completion of Phase 1 and 2 agreements, showcasing Baker Hughes' commitment to sustainable energy solutions.

Baker Hughes secures a contract to supply Cedar LNG in Canada with electric-driven liquefaction technologies, making it one of the lowest carbon intensity LNG facilities globally. The project is a significant step in the economic and social development of the Haisla Nation, allowing them to own and participate in a major industrial development in their territory.