The Strategist

Baker Hughes cuts loss by 20pp in first half of 2021

07/22/2021 - 03:26

US oil services company Baker Hughes posted a net loss attributable to shareholders of $520 million in the first half of the year, down 20 times from a year earlier, the company said.

Stanley Howe
Stanley Howe
Diluted loss per share was $0.67, compared with a loss of $15.93 per share a year earlier. The company's revenues fell 2.3 per cent from the same period in 2020, to $9.924 billion.

The company's second-quarter net loss declined 2.9 times from a year ago, to $68 million. Diluted loss per share was $0.08, versus a loss of $0.3 a year earlier. The company's revenue for the quarter rose 8.5% year on year to $5.142 billion, although analysts had expected an increase to $4.94 billion.

"Looking ahead to the second half of 2021, we see continued signs of global economic recovery, which should support further growth in demand for oil and natural gas. While we are aware of the risks associated with the various strains of the COVID-19 virus, we expect spending and activity to increase as the macro environment improves, possibly providing the industry with a base for stronger growth in 2022," Baker Hughes chief executive Lorenzo Simonelli said in the release.

Baker Hughes is an American oilfield services company with operations in more than 120 countries. It employs 58,000 people. The firm also presents weekly data on changes in the number of rigs in the U.S. and Canada since 1944. Since 1975, the service company also publishes monthly data on the number of rigs around the world.