Baker Hughes Co. (BKR) Q1 2020 Earnings Call Transcript

Baker Hughes Co. (BKR) Q1 2020 Earnings Call Transcript

Good day, ladies and gentlemen, and welcome to the Baker Hughes Company First Quarter 2020 Earnings Call.. The first quarter of 2020 was challenging for Baker Hughes and the rest of the industry due to the turmoil and economic fallout created from the COVID-19 pandemic, as well as the significant decline we saw in oil and gas prices.. Even with the ongoing disruptions, we produced solid results in our TPS and OFS businesses during the quarter and generated over $150 million in free cash flow, despite typical seasonal headwinds.. Overall, I'm extremely proud of our team for the level of focus and perseverance through an extraordinary set of circumstances.. While global GDP is expected to contract meaningfully, for both the second quarter and the full year.. For the natural gas and LNG market, the excess supply the industry encountered earlier this year is likely to be compounded by the decline in economic activity.. As a result of this uncertain market, we at Baker Hughes are taking multiple steps to prepare for what is likely to be a sharp reduction in activity levels, and delays to project FIDS.. For our OFS segment, we now believe that North America drilling and completion