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) has secured a significant order with QatarEnergy to supply two main refrigerant compressors (MRCs) for the North Field South (NFS) project, contributing to an increase in Qatar's LNG production capacity from 110 million tons per annum (MTPA) to 126 MTPA by 2027. This order, which involves six gas turbines and twelve centrifugal compressors for two LNG mega trains, builds on a previous contract for the North Field East expansion. The partnership highlights over two decades of collaboration with QatarEnergy, enhancing Baker Hughes' role in the global LNG sector. The North Field is the largest non-associated gas field globally.
Baker Hughes (NASDAQ: BKR) has been awarded a contract by Bechtel for two Main Refrigerant Compressors (MRCs) as part of the Port Arthur LNG Phase 1 project, following a positive Final Investment Decision (FID) announced on March 20, 2023. The project aims to enhance U.S. LNG export infrastructure, featuring a total capacity of approximately 13 million tonnes per annum (MTPA) across two liquefaction trains. Baker Hughes will supply four Frame 7 turbines and eight centrifugal compressors, alongside two electric motor-driven compressors. Commercial operations for the first and second trains are expected to commence in 2027 and 2028, respectively.
Baker Hughes has announced a $75,000 grant to Banco Alimentare Onlus Foundation aimed at combating food waste and hunger in Italy. This contribution enables Banco Alimentare, which has been operational since 1989, to recover and redistribute food surpluses to those in need. The initiative aligns with Baker Hughes' community support mission and the United Nations' Sustainable Development Goals. Additionally, over 2,700 servings of food from their Annual Meeting were donated to reduce waste and support local communities.
Baker Hughes (NASDAQ: BKR) is set to hold a webcast on April 19, 2023, at 8:30 a.m. Eastern Time to discuss its Q1 2023 results, which end on March 31, 2023. An announcement of the financial results will be made in a press release at 7 a.m. Eastern Time. The webcast will be accessible via the Baker Hughes website, with an archived version available post-event. Baker Hughes is a leading energy technology company, known for delivering innovative solutions globally, enhancing safety, cleanliness, and efficiency in energy production and consumption.
Baker Hughes and HIF Global have entered into a collaboration to develop and deploy Direct Air Capture (DAC) technology. The partnership aims to test Baker Hughes' Mosaic DAC technology to accelerate carbon dioxide capture at a commercial scale. HIF Global targets capturing 25 million tons of CO2 annually, producing 150,000 barrels per day of eFuels to decarbonize over 5 million vehicles. Baker Hughes enhances its carbon capture portfolio with the Mosaic technology, focused on modular design and efficiency. HIF's facilities in Chile and Texas are poised for DAC deployment, underscoring the commitment to advancing climate technology.
Baker Hughes (NASDAQ: BKR) has secured its first major greenfield project in Angola in over five years, awarded by Azule Energy for the Agogo oilfield. The contract entails providing 23 standard subsea trees, 11 Aptara™ manifolds, and SemStar5™ fiber optic controls, alongside comprehensive service and aftermarket support for the subsea production system. A significant portion of the equipment will be produced in Angola, utilizing local facilities. This project signals Baker Hughes' commitment to enhancing oil production in Angola and highlights its advanced subsea technology capabilities.
Baker Hughes announced a $50 million investment in Unity Bank of Houston, Texas' only Black-owned bank, through J.P. Morgan Asset Management's Empower share class. This investment aims to enhance the bank's offerings and drive positive change in underserved communities. Unity Bank, a Minority Depository Institution, supports Black-, Hispanic-, and Latino-owned small businesses. Baker Hughes emphasizes its commitment to supplier diversity and community support, having nearly doubled its utilization of small and diverse businesses in 2022. This initiative aligns with Baker Hughes' strategy to support organizations that share their values.
Baker Hughes held its Annual Meeting on January 30-31, 2023, in Florence, Italy, focusing on the energy transition and sustainability. CEO Lorenzo Simonelli emphasized the importance of balancing energy security, affordability, and social responsibility. The event showcased over 60 technologies aimed at achieving net-zero emissions by 2050. Key discussions highlighted the shift from traditional hydrocarbon production to diverse energy solutions. Baker Hughes announced collaborations, including a partnership with Fortescue Future Industries for green hydrogen projects. The launch of new digital solutions aimed at enhancing efficiency and emissions reduction was also a significant highlight.
Baker Hughes is committed to reducing its carbon footprint and achieving net zero Scope 1 and 2 emissions by 2050. In collaboration with PwC, the company has developed a new system for tracking and measuring its ESG metrics, which aids in evaluating progress towards its sustainability goals. Notably, in 2021, Baker Hughes successfully reduced its Scope 1 and 2 emissions by 23 percent compared to 2019 through various initiatives, including energy efficiency improvements and increased reliance on renewable energy. This ongoing effort aligns with the objectives of the Paris Climate Agreement.
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