Baker Hughes posts first profit in 2021 as oil prices rise

Baker Hughes posts first profit in 2021 as oil prices rise

Baker Hughes posted its first profit this year during the third quarter as drilling activity and oil prices continued to rebound from the pandemic-driven oil bust.

The Houston oilfield services giant on Wednesday said it made $8 million during the three months ended Sept. 30, compared with losses of $68 million during the second quarter, $452 million during the first quarter and $170 million during the same quarter a year earlier. Revenue inched up to nearly $5.1 billion from $5.05 billion a year earlier.

The company was last in the black in the fourth quarter of 2020, when it reported a profit of $653 million after slashing more than $700 million from its budget last year because of the coronavirus pandemic.