Baker Hughes trims losses in second quarter

hughes baker losses oil activity
Gulf
  • Date: 07/22/2021
  • Source: Energy Voice
  • Sector: Oil & Gas
  • Country: Gulf

Baker Hughes trims losses in second quarter

Baker Hughes trimmed its losses in the second quarter as drilling activity continued to rebound from the pandemic-driven oil bust. The Houston oil-field services giant on Wednesday said it lost $68 million in the three months ended June 30, compared with losses of $452 million during the first quarter and $195 million a year earlier. Revenue grew 9 percent to $5.1 billion from $4.7 billion a year earlier. “As we look ahead to the second half of 2021, we see continued signs of global economic recovery that should drive further demand growth for oil and natural gas,” Baker Hughes CEO Lorenzo Simonelli said in a statement. “Although we recognize the risks presented by the variant strains of the COVID-19 virus, we expect spending and activity levels to gain momentum through the year as the macro environment improves, likely setting up the industry for stronger growth in 2022.” Large oil-field services such as Halliburton, Schlumberger and Baker Hughes are benefiting from increasing drilling and completion activity in North America amid a pickup in business and travel. Drillers have added 133 rigs this year as crude prices have recovered, recently reaching $75 a barrel compared with $48 a barrel in January. Employment…