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☆ U.S. LNG export pause is disappointing but won't stop growth of natural gas, Baker Hughes CEO says
▼ + stars: | 2024-02-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. LNG export pause is disappointing but won't stop growth of natural gas, Baker Hughes CEO saysLorenzo Simonelli, Baker Hughes CEO, says "we see natural gas playing a key role in providing energy security, affordability and sustainability."

Persons: Baker Hughes, Lorenzo Simonelli Organizations: LNG

☆ Companies are hopeful about the economy again — even if they’re nervous
▼ + stars: | 2024-02-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —Earnings season is in full swing, and that means investors get a chance to hear from multinational companies about the state of the global economy. Some of the United States’ biggest companies are in the hot seat to answer questions about the economy, and where it could be headed. Like the rest of the US, companies are watching whether the economy could still tip into a recession as interest rates hover around a 23-year high. Achieving a soft landing, or a situation in which inflation comes down without an economic downturn, looks likely, some companies said. According to the UK government’s own estimates, the checks — including physical inspections from April — will cost British businesses about £330 million ($419 million) annually and increase food inflation by about 0.2 percentage points over three years.

Persons: it’s, ”, Michael Hsu, Kimberly, Clark, Blackstone, Stephen Schwarzman, Christophe Le Caillec, Jim Vondruska, We’re, Robert Isom, Lorenzo Simonelli, Baker Hughes, Alan Schnitzer, Elisabeth Buchwald, “, Christopher Waller, Waller, Hanna Ziady, Read Organizations: CNN Business, Bell, New York CNN, United States ’, American, O'Hare Airport, Travelers Companies, ”, European Union Locations: New York, Chicago , Illinois, United Kingdom, Britain

☆ Baker Hughes beats profit estimates on robust international demand
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +2 min

A model of an equipment is displayed by energy services firm Baker Hughes during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File photo Acquire Licensing RightsOct 25 (Reuters) - U.S. oilfield technology firm Baker Hughes (BKR.O) joined rivals SLB (SLB.N) and Halliburton (HAL.N) in posting upbeat quarterly profit on Wednesday, driven by strong demand for its services and equipment in international markets. The move has benefited companies such as Baker Hughes, which provides services including drilling, well construction and completion. U.S. oil and natural gas prices have scaled back from the year-ago quarter's peak and dented some demand in North America. Baker Hughes also received contracts from several liquefied natural gas projects, as energy firms rush to build new LNG-producing facilities.

Persons: Baker Hughes, Chris Helgren, Lorenzo Simonelli, Sourasis Bose, Shailesh Kuber Organizations: REUTERS, SLB, Halliburton, Energy, Revenue, & Energy Technology, Thomson Locations: Vancouver , British Columbia, Canada, North America, U.S, Bengaluru

☆ From Bill Gates to the pope, talk of carbon capture and its efficacy is dividing society
▼ + stars: | 2023-10-25 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +5 min

In this article BP.-GBMSFTBKR Follow your favorite stocks CREATE FREE ACCOUNTThis image from 2016 shows a carbon capture project in Texas. Other processes in the sector include direct air capture, with firms like Climeworks operating in the space. Climeworks, which specializes in direct air capture and storage, has offices in Switzerland and Germany. Its clients include businesses such as Stripe and Microsoft , and the Microsoft Climate Innovation Fund has invested in the company. While carbon capture has its advocates, the technology is divisive and has been questioned by a range of organizations.

Persons: Baker Hughes, Lorenzo Simonelli, Simonelli, Bill Gates, Gates, Bob Dudley, there'll, We've, Dudley, — that's Organizations: Houston Chronicle, hearst Newspapers, Getty, Hearst Newspapers, CNBC, ADIPEC, U.S . Department of Energy, Microsoft, Innovation Fund, BBC, Breakthrough Energy, International Energy Agency, Greenpeace Locations: Texas, Abu Dhabi, United States, Europe, Switzerland, Germany, Kenya, Paris

A vessel carrying liquefied natural gas (LNG) cargo from Russia's Yamal LNG project, is seen at Rudong LNG Terminal in Nantong, Jiangsu province, China July 18, 2018. The key word Simonelli used is "destination," as it implies that LNG and natural gas are in the energy mix for a long time to come. The second bet is that the LNG industry will be able to convince government policymakers, companies and consumers that their fuel is better than the dirtier alternative of coal-fired generation. Overall, the industry is probably correct that energy demand, especially in Asia, is going to rise strongly in coming decades. But the LNG industry will also need to have policy settings just right and deploy technologies at a scale not yet seen to remain in the energy mix in a net-zero world.

Persons: Stringer, Lorenzo Simonelli, Baker Hughes, Jamie Freed Organizations: REUTERS, Rights, LNG, CCS, Reuters, Thomson Locations: Nantong, Jiangsu province, China, Rights SINGAPORE, Singapore, Asia, Gastech, Vietnam, India

☆ Halliburton, Baker Hughes beats on profit as international demand offsets weak N.America
▼ + stars: | 2023-07-19 | by ( ) www.reuters.com time to read: +2 min

[1/2] The company logo of Halliburton oilfield services corporate offices is seen in Houston, Texas April 6, 2012. REUTERS/Richard Carson/File PhotoJuly 19 (Reuters) - Halliburton Co (HAL.N) and Baker Hughes (BKR.O) beat analysts' estimates for second-quarter profit on Wednesday on the back of strong demand for oilfield services internationally, even as domestic activity stumbled. Halliburton shares were down 2.1% in premarket trading at $37.30, while Baker Hughes' shares were down 3.5% at $33.98 as markets zoomed in on the first signs of weakness in North America. Halliburton, which gets nearly half its revenue from North America, said revenue from the region fell 2% to $2.7 billion, while that from international operations climbed 7% to $3.1 billion from first-quarter. Halliburton beat analysts' estimate by 2 cents at 77 cents per share for the three months ended June 30, while Baker Hughes topped estimates by 6 cents per share at 39 cents, according to Refinitiv data.

Persons: Richard Carson, Baker Hughes, Lorenzo Simonelli, Halliburton, Arathy Somasekhar, Arunima Kumar, Sourasis Bose, Sriraj Kalluvila Organizations: Halliburton, REUTERS, Thomson Locations: Houston , Texas, America, Ukraine, North America, Europe, Asia, Houston, Bengaluru

☆ Natural gas and LNG play a key role in solving the energy 'tri-lemma': Baker Hughes CEO Simonelli
▼ + stars: | 2023-07-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNatural gas and LNG play a key role in solving the energy 'tri-lemma': Baker Hughes CEO SimonelliLorenzo Simonelli, Baker Hughes CEO, joins 'Closing Bell Overtime' to talk the oil market, natural gas, A.I.

Persons: Baker Hughes, Simonelli Lorenzo Simonelli

☆ Oilfield firm Baker Hughes beats profit estimate
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Baker Hughes (BKR) is seen in this image provided July 21, 2020. Baker Hughes/Handout via REUTERSApril 19 (Reuters) - Oilfield technology firm Baker Hughes Co (BKR.O) beat first-quarter profit estimates on Wednesday, boosted by higher demand for its services from oil and natural gas producers looking to cash in on a recovery in China and strong prices. The average North America rig count for the quarter stood at 948, 12% higher than the previous year, as per Baker Hughes data. Baker Hughes kicks off first-quarter earnings for the oilfield services industry. Industry leader SLB (SLB.N) is expected to report quarterly results on Friday and Halliburton Co (HAL.N) on Tuesday.

[1/2] The logo of Baker Hughes (BKR) is seen in this image provided July 21, 2020. Baker Hughes/Handout via REUTERSApril 19 (Reuters) - Oilfield firm Baker Hughes Co (BKR.O) beat first-quarter profit estimates on Wednesday, as stronger oil prices supported demand for its equipment and services. Shares of Baker Hughes were up 1.4% in pre-market trading at $29.90 each. Revenue from Baker's Oilfield Services & Equipment business rose 19% year-over-year, while sales in its Industrial & Energy Technology business grew by 18%. Baker Hughes kicks off first-quarter earnings for the oilfield services industry.

☆ Baker Hughes CEO on recession threat, global energy markets and higher interest rates
▼ + stars: | 2023-03-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBaker Hughes CEO on recession threat, global energy markets and higher interest ratesCNBC's Brian Sullivan talks to Baker Hughes CEO Lorenzo Simonelli about the global energy markets on 'Closing Bell: Overtime.'

☆ Oil and gas industries are back, says Baker Hughes CEO
▼ + stars: | 2023-01-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOil and gas industries are back, says Baker Hughes CEOLorenzo Simonelli, CEO of Baker Hughes, joins CNBC for an exclusive interview at this year's Baker Hughes conference and what he foresees for the gas and oil sector in 2023.

☆ Baker Hughes misses profit estimate amid shortages, inflation
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

Jan 23 (Reuters) - Baker Hughes Co (BKR.O) missed a fourth-quarter profit estimate on Monday as the oilfield services firm navigated challenges including component shortages, supply chain inflation and disruptions caused by Russia's invasion of Ukraine. Many oilfield firms have also been facing workforce shortages, inflation and supply chain constraints. Baker Hughes restructured its business last year into two segments, one focused on oilfield equipment and services and another on industrial and energy technology. Total company revenues of $5.9 billion also missed Wall Street estimates of $6.1 billion, according to Refinitiv data. Still, analysts were upbeat on the firm's adjusted EBITDA of $947 million, which beat forecasts of around $925 million.

☆ Oilfield firm Baker Hughes misses fourth-quarter Wall St. profit estimate
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - Baker Hughes Co (BKR.O) missed fourth-quarter profit estimates on Monday as the oilfield services firm navigated challenges including component shortages, supply chain inflation and disruption caused by Russia's invasion on Ukraine. The oilfield sector last year was impacted by workforce shortages, inflation and supply chain constraints. "In 2023, the global economy is expected to experience some challenges under the weight of inflationary pressures and tightening monetary conditions," Chief Executive Officer Lorenzo Simonelli said. Adjusted net income stood at $381 million or 38 cents per share, for the three months ended Dec. 31, compared with average analyst estimates of 40 cents per share, according to Refinitiv data. Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Hydrocarbons will play a critical role for decades going forward, CEO says
▼ + stars: | 2022-11-10 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHydrocarbons will play a critical role for decades going forward, CEO saysLorenzo Simonelli, Baker Hughes CEO, says hydrocarbons play a critical role" and will do for "decades going forward.

Baker is the first oilfield services firm to report quarterly results, and its beat bodes well for rivals Schlumberger (SLB.N) and Halliburton (HAL.N), both of which report in coming days. On an adjusted basis, Baker Hughes posted a profit of $264 million, or 26 cents a share, up from $141 million a year earlier. The profit topped analysts' forecasts for around 24 cents per share, according to Refinitiv data. The company anticipates double-digit revenue growth in its international oilfield services business in 2023 and modest growth in its North America business, driven largely by public firms. Its oilfield business segments accounted for about 63% of its revenue during the quarter through September.

☆ Oilfield services provider Baker Hughes posts loss on charges
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

Oct 19 (Reuters) - Baker Hughes Co (BKR.O) posted a quarterly loss on Wednesday, compared with a profit a year ago, hit by $230 million in restructuring and impairment charges related to the oilfield services provider's latest reorganization. The company during the quarter said it would simplify its organizational structure into two business units from four. Net loss attributable to the company was $17 million, or 2 cents per share, for the three months ended Sept. 30, compared with a profit of $8 million, or 1 cent per share, a year earlier. On an adjusted basis the company posted a profit of $264 million, up from $141 million a year earlier. Register now for FREE unlimited access to Reuters.com RegisterReporting by Arunima Kumar in Bengaluru; Editing by Sriraj KalluvilaOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks making the biggest moves midday: Netflix, Intuitive Surgical, Generac, Winnebago and more
▼ + stars: | 2022-10-19 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

The power company also reported preliminary third-quarter results, with earnings per share expected to come in at $1.75 compared to the $3.21 estimate. Netflix — Shares of the streaming media company soared 13.1% after the firm on Tuesday posted better-than-expected results on the top and bottom lines. Netflix also reported the addition of 2.41 million net global subscribers, more than doubling the adds the company had projected a quarter ago. Intuitive also reported growth in its da Vinci procedures of about 20% compared with the third quarter of 2021. Snap — The social media stock climbed 2.5% after Citi added a positive catalyst watch on Snap heading into its earnings results Thursday.

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