Baker Hughes Posts Q4 Profit as Higher Oil Prices Spur Drilling Demand

Arunima Kumar
Thursday, January 20, 2022

Baker Hughes Co on Thursday reported an adjusted quarterly profit compared with a year-ago loss, as producers took advantage of a rise in crude prices that fueled demand for oilfield service equipment.

Oil prices surged more than 50% last year on hopes of a global economic recovery from the COVID-19 pandemic and as OPEC+ cut supplies, even as coronavirus infections around the world continued to surge.

The higher crude prices encouraged U.S. producers to ramp up drilling activity, with the U.S. rig count rising to 586 at the end of the fourth quarter, compared with 348 at the close of the December quarter in 2020, according to Baker Hughes data.

"We believe the broader macro recovery should translate into rising energy demand for 2022 and relatively tight supplies for oil and natural gas, providing an attractive investment environment for our customers and a strong tailwind for many of our product companies," said Lorenzo Simonelli, the chief executive officer of Baker Hughes.

Adjusted net income stood at $224 million, or 25 cents per share, in the three months ended Dec. 31, compared with a loss of $50 million, or 7 cents per share, last year.


(Reporting by Arunima Kumar in Bengaluru; Editing by Amy Caren Daniel)

Categories: North America Oilfield Services Drilling Engineering Production Activity Industry News

Related Stories

Helix Energy Solutions to Buy Alliance Companies to Boost Presence in Gulf of Mexico Decommissioning Space

Chevron Wraps Up Wheatstone Maintenance

Neptune Energy Eyes Spending More than $1B to 'Support UK Energy Security'

Current News

Liberty Green Creates Offshore Wind Consortium

Equinor Spuds First of Two Offshore Wells in Canada's Flemish Pass

Crew Transfer Vessel-maker Strategic Marine Orders 50 Caterpillar Engines Citing Supply Chain Chaos

Westwood: Offshore Drilling Rig Utilization Much Higher Than Typically Reported

Subscribe for OE Digital E‑News