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Baker Hughes Company Announces Second Quarter 2020 Results

  • Orders of $4.9 billion for the quarter, down 12% sequentially and down 25% year-over-year
  • Revenue of $4.7 billion for the quarter, down 13% sequentially and down 21% year-over-year
  • GAAP operating loss of $52 million for the quarter was favorable sequentially and unfavorable year-over-year.
  • Adjusted operating income (a non-GAAP measure) of $104 million for the quarter, down 56% sequentially and down 71% year-over-year
  • GAAP loss per share of $(0.31) for the quarter which included $0.26 per share of adjusting items. Adjusted loss per share (a non-GAAP measure) was $(0.05).
  • Cash flows generated from operating activities were $230 million for the quarter. Free cash flow (a non-GAAP measure) for the quarter was $63 million. 

    The Company presents its financial results in accordance with GAAP. However, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. Please see Tables 1a, 1b and 1c in the section entitled "Charges & Credits" for a reconciliation of GAAP to non-GAAP financial measures. Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

LONDON & HOUSTON--(BUSINESS WIRE)--Baker Hughes Company (NYSE: BKR) ("Baker Hughes" or the "Company") announced results today for the second quarter of 2020.


 

Three Months Ended

 

Variance

(in millions except per share amounts)

June 30,
2020

March 31,
2020

June 30,
2019

 

Sequential

Year-
over-year

Orders

$

4,888

 

$

5,532

 

$

6,554

 

 

(12)%

(25)%

Revenue

4,736

 

5,425

 

5,994

 

 

(13)%

(21)%

Operating income (loss)

(52)

 

(16,059)

 

271

 

 

F

U

Adjusted operating income (non-GAAP)

104

 

240

 

361

 

 

(56)%

(71)%

Net loss attributable to Baker Hughes

(201)

 

(10,210)

 

(9)

 

 

98%

U

Adjusted net income (loss) (non-GAAP) attributable to Baker Hughes

(31)

 

70

 

104

 

 

U

U

EPS attributable to Class A shareholders

(0.31)

 

(15.64)

 

(0.02)

 

 

98%

U

Adjusted EPS (non-GAAP) attributable to Class A shareholders

(0.05)

 

0.11

 

0.20

 

 

U

U

Cash flow from operating activities

230

 

478

 

593

 

 

(52)%

(61)%

Free cash flow (non-GAAP)

63

 

152

 

355

 

 

(59)%

(82)%

"F" is used in most instances when variance is above 100%. Additionally, "U" is used in most instances when variance is below (100)%.

The second quarter of 2020 was challenging in several areas as our company navigated through the ongoing impacts of the COVID-19 pandemic and the sharp decline in activity levels due to lower oil and gas prices. Despite these headwinds, I was pleased with how our team executed with strong margin performance in TPS and DS, cost execution in OFS, solid order bookings in OFE and TPS, and another quarter of free cash flow generation,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

Although the majority of lockdowns have been easing globally and economic activity likely troughed during the second quarter, visibility on the economic outlook remains extremely limited. More specifically, the risk of a second wave of virus cases, the reinstitution of select lockdowns, and the risk of lingering high unemployment creates an uncertain economic environment that likely persists through the rest of 2020. Given these factors, we are preparing for potential future volatility, while also focusing on structurally reducing our cost base and implementing a number of strategic initiatives across all of our product companies.

Overall, we are executing on the framework we laid out on our first quarter earnings call. We are on track to hit our goals of structurally right-sizing our business and achieving the $700 million in annualized cost savings by year end. I am confident in the ability of our team to execute while keeping safety as our highest priority.

We remain committed to our strategy, maintaining our focus on higher-margin and differentiated portfolio offerings, and providing our customers with leading technologies to support the energy transition,” concluded Simonelli.

Quarter Highlights

Despite continued market challenges, the Company continued to execute on its priorities in the quarter.

Supporting our Customers

In the second quarter, the OFS segment delivered 72% of its global drilling services jobs remotely, compared to 60% in the first quarter. Remote wireline jobs increased by 13% compared to the first quarter despite lower activity levels. The OFS team achieved new execution milestones, remotely drilling two miles in a 24-hour period – an industry first – and separately drilling 11,253 feet in a 24-hour period with North American customers. OFS’ remote capabilities continue to improve efficiencies and lower costs for customers, with significant projects in the Gulf of Mexico, Middle East, APAC, and Brazil.

The OFE segment expanded its remote inspection capabilities in the second quarter, supporting customers facing business continuity issues due to COVID-19 restrictions. OFE’s engageSubsea remote operations offering, a pillar of Subsea Connect, was optimized successfully and deployed across multiple contracts, including equipment installation, factory acceptance testing, and project approvals. In one example, the team installed multiple wellheads on two different rigs, supporting the customer remotely without incurring any downtime.

The TPS segment continued to achieve important execution milestones for LNG projects, performing more than 50 remote witness tests and inspections for customers in the second quarter. In June, TPS announced the completion of the First Engine to Test (FETT) for the LM9000 aeroderivative gas turbine for NOVATEK’s Arctic LNG 2 project. The FETT completion paves the way for the supply of the LM9000 for NOVATEK’s new LNG projects and confirms the LM9000 as the world’s most efficient and powerful aeroderivative gas turbine in its class, with simple-cycle efficiency in excess of 44% and power output 15% higher compared to industry peers. This efficiency is key to driving lower carbon intensity and, combined with lower NOx emissions (15 ppm in dry condition, 40% lower than competing technology), is a more environmentally sensitive solution.

TPS also won a contract to supply nine NovaLT16 gas turbines for a utility power generation project in the Middle East. The NovaLT family provides a more-efficient, cleaner power generation solution for a broad range of industrial and emerging energy applications, with the customer awarding the contract based on the NovaLT’s superior performance in electrical efficiency (36% at ISO conditions) and plant availability (35,000 hours mean time between maintenance).

The DS segment maintained critical customer support in key international markets such as China, where customers began to resume normal operations after COVID-19 restrictions were lifted. DS also continued to drive growth across industrial end markets, winning key contracts with multiple automotive OEMs for industrial X-Ray and CT systems in Asia and Europe.

Executing on Priorities

OFS continued to focus on its differentiated portfolio to help customers lower costs and increase efficiencies, securing multi-year contracts for drilling services, completions, and artificial lift. The OFS Chemicals product line won multiple large orders in North America, APAC, and Sub-Saharan Africa, including securing a five-year preferred partnership agreement with Marathon Petroleum Corporation to provide downstream hydrocarbon treatment products and services at its 16 refining locations.

TPS continued to execute against its strategic priorities, including growth in services and upgrades. In the second quarter, TPS secured a key upgrades contract for an onshore project in Algeria. The upgrades will enhance the plant’s gas treatment and compressor trains, increasing production and efficiency of the plant while eliminating gas flaring. The project scope includes engineering, supply of equipment, site modifications, and commissioning.

In DS, the Bently Nevada product line continued to drive growth across industrial segments. In the second quarter, Bently Nevada executed a major project in South America to provide a plant-wide condition monitoring solution for the Arauco pulp & paper plant in Chile, one of the largest plants of its kind in the world.

Leading with Innovation

Baker Hughes continued to drive advancements in leading technologies and being at the forefront of the energy transition. As customers look for more productive and efficient operations, the BakerHughesC3.ai joint venture alliance secured a contract with a Canadian oil company to deploy BHC3™ Production Optimization, an AI-based application that helps operators better visualize and optimize oil and gas production. The contract marks the first customer commitment for Production Optimization since the technology was announced at Baker Hughes’ Annual Meeting in the first quarter.

The Company remains committed to reducing its carbon footprint as well as those of its customers. In the second quarter, TPS successfully completed a testing campaign to replace conventional refrigerant gases for compressor testing at its largest global rotating machinery testing facility in Massa, Italy. The new hydrofluoro-olefin gas will enable the Company to save an average of 20,000 tons of CO2 equivalent emissions per year for the Massa and Florence TPS sites combined.

OFS significantly expanded the capabilities of its i-Trak automation service. Eight out of nine Equinor rigs in Norway are now using this service to identify well incidents early, resulting in reduced risk of stuck pipe, lost circulation, and other well events. As a first-of-its kind automated directional drilling service, i-Trak provides more efficient drilling at a lower cost for the operator.

Consolidated Results by Reporting Segment

 

Consolidated Orders by Reporting Segment

 

(in millions)

Three Months Ended

 

Variance

Consolidated segment orders

June 30,
2020

March 31,
2020

June 30,
2019

 

Sequential

Year-
over-year

Oilfield Services

$

2,411

 

$

3,147

 

$

3,266

 

 

(23

)%

(26

)%

Oilfield Equipment

699

 

492

 

617

 

 

42

%

13

%

Turbomachinery & Process Solutions

1,313

 

1,394

 

1,983

 

 

(6

)%

(34

)%

Digital Solutions

465

 

500

 

688

 

 

(7

)%

(32

)%

Total

$

4,888

 

$

5,532

 

$

6,554

 

 

(12

)%

(25

)%

Orders for the quarter were $4,888 million, down 12% sequentially and down 25% year-over-year. The sequential decline was a result of lower order intake in Oilfield Services, Digital Solutions, and Turbomachinery & Process Solutions, partially offset with strong intake in Oilfield Equipment. Equipment orders were flat sequentially and service orders were down 19%.

Year-over-year, the decline in orders was driven by Turbomachinery & Process Solutions, Digital Solutions, and Oilfield Services, partially offset by year-over-year growth in Oilfield Equipment. Year-over-year equipment orders were down 22% and service orders were down 28%.

The Company's total book-to-bill ratio in the quarter was 1.0; the equipment book-to-bill ratio in the quarter was 1.1.

Remaining Performance Obligations (RPO) in the second quarter ended at $22.9 billion, an increase of $0.2 billion from the first quarter of 2020. Equipment RPO was $8.0 billion, up 2% sequentially. Services RPO was $14.9 billion, flat sequentially.

Consolidated Revenue by Reporting Segment

 

(in millions)

Three Months Ended

 

Variance

Consolidated segment revenue

June 30,
2020

March 31,
2020

June 30,
2019

 

Sequential

Year-
over-year

Oilfield Services

$

2,411

 

$

3,139

 

$

3,263

 

 

(23

)%

(26

)%

Oilfield Equipment

696

 

712

 

693

 

 

(2

)%

%

Turbomachinery & Process Solutions

1,161

 

1,085

 

1,405

 

 

7

%

(17

)%

Digital Solutions

468

 

489

 

632

 

 

(4

)%

(26

)%

Total

$

4,736

 

$

5,425

 

$

5,994

 

 

(13

)%

(21

)%

Revenue for the quarter was $4,736 million, a decrease of 13%, sequentially. The decline in revenue was driven by Oilfield Services, Digital Solutions, and Oilfield Equipment, partially offset by Turbomachinery & Process Solutions.

Compared to the same quarter last year, revenue was down 21%, driven by lower volume across the Oilfield Services, Digital Solutions, and Turbomachinery & Process Solutions segments.

Consolidated Operating Income by Reporting Segment

 

(in millions)

Three Months Ended

 

Variance

Segment operating income

June 30,
2020

March 31,
2020

June 30,
2019

 

Sequential

Year-
over-year

Oilfield Services

$

46

 

$

206

 

$

233

 

 

(78

)%

(80

)%

Oilfield Equipment

(14

)

(8

)

14

 

 

(76

)%

U

Turbomachinery & Process Solutions

149

 

134

 

135

 

 

11

%

10

%

Digital Solutions

41

 

29

 

84

 

 

41

%

(51

)%

Total segment operating income

221

 

361

 

466

 

 

(39

)%

(52

)%

Corporate

(117

)

(122

)

(105

)

 

4

%

(12

)%

Goodwill impairment

 

(14,773

)

 

 

F

%

Inventory impairment

(16

)

(160

)

 

 

90

%

U

Restructuring, impairment & other charges

(103

)

(1,325

)

(50

)

 

92

%

U

Separation related

(37

)

(41

)

(40

)

 

10

%

9

%

Operating income (loss)

(52

)

(16,059

)

271

 

 

F

U

Adjusted operating income*

$

104

 

$

240

 

$

361

 

 

(56

)%

(71

)%

*Non-GAAP measure.

"F" is used in most instances when variance is above 100%. Additionally, "U" is used in most instances when variance is below (100)%.

On a GAAP basis, operating loss for the second quarter of 2020 was $52 million. Operating loss decreased $16,007 million sequentially and increased $323 million year-over-year. Total segment operating income was $221 million for the second quarter of 2020, down 39% sequentially and down 52% year-over-year.

Adjusted operating income (a non-GAAP measure) for the second quarter of 2020 was $104 million, which excludes adjustments totaling $156 million before tax, mainly related to asset impairments, restructuring and separation related charges. A complete list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1a in the section entitled “Charges and Credits.” Adjusted operating income for the second quarter was down 56% sequentially, driven by lower margins across the Oilfield Services and Oilfield Equipment Segments, partially offset by margin expansion in Turbomachinery & Process Solutions and Digital Solutions. Adjusted operating income was down 71% year-over-year driven by lower margins across the Oilfield Services, Digital Solutions, and Oilfield Equipment segments, partially offset by margin expansion in Turbomachinery & Process Solutions.

Depreciation and amortization for the second quarter of 2020 was $340 million.

Corporate costs were $117 million in the second quarter of 2020, down 4% sequentially and up 12% year-over-year.

Other Financial Items

Income tax benefit in the second quarter of 2020 was $21 million. Included in income tax is a $75 million benefit related to the CARES Act. This benefit has been excluded from adjusted earnings per share.

Other non-operating loss in the second quarter of 2020 was $255 million. Included in other non-operating loss was a $242 million loss related to the sale of a business and write-down of assets held for sale.

GAAP diluted loss per share was $(0.31). Adjusted diluted loss per share was $(0.05). Excluded from adjusted diluted earnings per share were all items listed in Table 1a in the section entitled "Charges and Credits" as well as the "other adjustments (non-operating)" found in Table 1b.

Cash flow from operating activities was $230 million for the second quarter of 2020. Free cash flow (a non-GAAP measure) for the quarter was $63 million. A reconciliation from GAAP has been provided in Table 1c in the section entitled "Charges and Credits."

Capital expenditures, net of proceeds from disposal of assets, were $167 million for the second quarter of 2020.

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management's view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

Oilfield Services

 

(in millions)

Three Months Ended

 

Variance

Oilfield Services

June 30, 2020

March 31, 2020

June 30, 2019

 

Sequential

Year-
over-year

Revenue

$

2,411

 

$

3,139

 

$

3,263

 

 

(23

)%

(26

)%

Operating income

$

46

 

$

206

 

$

233

 

 

(78

)%

(80

)%

Operating income margin

1.9

%

6.6

%

7.1

%

 

(4.7

)pts

(5.2

)pts

Oilfield Services (OFS) revenue of $2,411 million for the second quarter decreased by $728 million, or 23%, sequentially.

North America revenue was $604 million, down 41% sequentially. International revenue was $1,807 million, a decrease of 15% sequentially, driven by Latin America, Sub-Saharan Africa, and the Middle East. Revenue declined across all product lines.

Segment operating income before tax for the quarter was $46 million. Operating income for the second quarter of 2020 was down $160 million, or 78%, sequentially, primarily driven by lower volume and unfavorable business mix, partially offset with lower fixed costs.

Oilfield Equipment

 

(in millions)

Three Months Ended

 

Variance

Oilfield Equipment

June 30,
2020

March 31,
2020

June 30,
2019

 

Sequential

Year-
over-year

Orders

$

699

 

$

492

 

$

617

 

 

42

%

13

%

Revenue

$

696

 

$

712

 

$

693

 

 

(2

)%

%

Operating income (loss)

$

(14

)

$

(8

)

$

14

 

 

(76

)%

U

Operating income margin

(2.1

)%

(1.1

)%

2.0

%

 

(0.9

)pts

(4.1

)pts

Oilfield Equipment (OFE) orders were up $82 million, or 13%, year-over-year, driven primarily by higher order intake in the Subsea Production Systems business, partially offset by lower orders across most segments. Equipment orders were up 54% and services orders were down 33% year-over-year.

OFE revenue of $696 million for the quarter increased $3 million year-over-year. The increase was driven by higher volume in the Subsea Production Systems, Flexible Pipe, and Subsea Drilling Systems businesses, offset by lower volume in Subsea Services and Surface Pressures Control.

Segment operating loss before tax for the quarter was $14 million, a decline of $28 million year-over-year. The decline was driven primarily by impacts from lower productivity and unfavorable mix.

Turbomachinery & Process Solutions

 

(in millions)

Three Months Ended

 

Variance

Turbomachinery & Process Solutions

June 30,
2020

March 31,
2020

June 30,
2019

 

Sequential

Year-
over-year

Orders

$

1,313

 

$

1,394

 

$

1,983

 

 

(6

)%

(34

)%

Revenue

$

1,161

 

$

1,085

 

$

1,405

 

 

7

%

(17

)%

Operating income

$

149

 

$

134

 

$

135

 

 

11

%

10

%

Operating income margin

12.8

%

12.3

%

9.6

%

 

0.5

pts

3.2

pts

Turbomachinery & Process Solutions (TPS) orders were down 34% year-over-year. Equipment orders were down 48% and service orders were down 19%.

TPS revenue of $1,161 million for the quarter decreased $244 million, or 17%, year-over-year. The decrease was driven by lower volume across both equipment and services. Equipment revenue in the quarter represented 36% of total segment revenue, and Service revenue represented 64% of total segment revenue.

Segment operating income before tax for the quarter was $149 million, up $14 million, or 10%, year-over-year. The increase was driven primarily by cost productivity, partially offset by lower volume.

Digital Solutions

 

(in millions)

Three Months Ended

 

Variance

Digital Solutions

June 30,
2020

March 31,
2020

June 30,
2019

 

Sequential

Year-
over-year

Orders

$

465

 

$

500

 

$

688

 

 

(7

)%

(32

)%

Revenue

$

468

 

$

489

 

$

632

 

 

(4

)%

(26

)%

Operating income

$

41

 

$

29

 

$

84

 

 

41

%

(51

)%

Operating income margin

8.8

%

6.0

%

13.2

%

 

2.8

pts

(4.4

)pts

Digital Solutions (DS) orders were down 32% year-over-year, driven primarily by lower order intake across all businesses.

DS revenue of $468 million for the quarter decreased 26% year-over-year, mainly driven by lower volume across most businesses.

Segment operating income before tax for the quarter was $41 million, down 51% year-over-year. The decrease year-over-year was primarily driven by lower volume, partially offset by favorable business mix.

Charges & Credits

Table 1a. Reconciliation of GAAP and Adjusted Operating Income/(Loss)

 

 

Three Months Ended

(in millions)

June 30,
2020

March 31,
2020

June 30,
2019

Operating income (loss) (GAAP)

$

(52

)

$

(16,059

)

$

271

Separation related

37

 

41

 

40

Goodwill impairment

 

14,773

 

Restructuring, impairment & other

103

 

1,325

 

50

Inventory impairment

16

 

160

 

Total operating income adjustments

156

 

16,299

 

90

Adjusted operating income (non-GAAP)

$

104

 

$

240

 

$

361

Table 1a reconciles operating income (loss), which is the directly comparable financial result determined in accordance with Generally Accepted Accounting Principles (GAAP), to adjusted operating income (a non-GAAP financial measure). Adjusted operating income excludes the impact of certain identified items.

Table 1b. Reconciliation of GAAP and Non-GAAP Net Income

 

 

Three Months Ended

(in millions, except per share amounts)

June 30,
2020

March 31,
2020

June 30,
2019

Net income (loss) attributable to Baker Hughes (GAAP)

$

(201

)

$

(10,210

)

$

(9

)

Total operating income adjustments (identified items)

156

 

16,299

 

90

 

Other adjustments (non-operating) (1)

167

 

 

145

 

Tax on total adjustments

(11

)

(84

)

(7

)

Total adjustments, net of income tax

312

 

16,215

 

227

 

Less: adjustments attributable to noncontrolling interests

142

 

5,935

 

114

 

Adjustments attributable to Baker Hughes

170

 

10,280

 

113

 

Adjusted net income attributable to Baker Hughes (non-GAAP)

$

(31

)

$

70

 

$

104

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

Weighted-average shares of Class A common stock outstanding diluted

655

 

654

 

515

 

Adjusted earnings per Class A share— diluted (non-GAAP)

$

(0.05

)

$

0.11

 

$

0.20

 

(1)

2Q'20: Primarily driven by loss on sale of business partially offset by a tax benefit related to the CARES Act
2Q'19: Primarily driven by write-down of assets held for sale

Table 1b reconciles net income (loss) attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes (a non-GAAP financial measure). Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

Table 1c. Reconciliation of Cash Flow From Operating Activities to Free Cash Flow

 

 

Three Months Ended

(in millions)

June 30,
2020

March 31,
2020

June 30,
2019

Cash flow from operating activities (GAAP)

$

230

 

$

478

 

$

593

 

Add: cash used in capital expenditures, net of proceeds from disposal of assets

(167

)

(325

)

(238

)

Free cash flow (non-GAAP)

$

63

 

$

152

 

$

355

 

Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow (a non-GAAP financial measure). Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.

 

Management provides non-GAAP financial measures in Tables 1a, 1b, and 1c because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance and liquidity, and that these measures may be used by investors to make informed investment decisions.

Financial Tables (GAAP)

Condensed Consolidated Statements of Income (Loss)

(Unaudited)

 

 

Three Months Ended
June 30,

Six Months Ended
June 30,

(In millions, except per share amounts)

2020

2019

2020

2019

Revenue

$

 

4,736

 

 

$

 

5,994

 

 

$

 

10,160

 

 

$

 

11,608

 

Costs and expenses:

 

 

 

 

Cost of revenue

 

4,058

 

 

 

4,932

 

 

 

8,727

 

 

 

9,571

 

Selling, general and administrative

 

590

 

 

 

701

 

 

 

1,265

 

 

 

1,404

 

Goodwill impairment

14,773

Restructuring, impairment and other

 

103

 

 

 

50

 

 

 

1,429

 

 

 

112

 

Separation related

 

37

 

 

 

40

 

 

 

77

 

 

 

74

 

Total costs and expenses

 

4,788

 

 

 

5,723

 

 

 

26,271

 

 

 

11,161

 

Operating income (loss)

 

(52

)

 

 

271

 

 

 

(16,111

)

 

 

447

 

Other non-operating loss, net

 

(255

)

 

 

(131

)

 

 

(230

)

 

 

(110

)

Interest expense, net

 

(69

)

 

 

(56

)

 

 

(128

)

 

 

(115

)

Income (loss) before income taxes

 

(376

)

 

 

84

 

 

 

(16,469

)

 

 

222

 

Benefit (provision) for income taxes

 

21

 

 

 

(95

)

 

 

16

 

 

 

(162

)

Net income (loss)

 

(355

)

 

 

(11

)

 

 

(16,453

)

 

 

60

 

Less: Net income (loss) attributable to noncontrolling interests

 

(154

)

 

 

(2

)

 

 

(6,042

)

 

 

37

 

Net income (loss) attributable to Baker Hughes Company

$

 

(201

)

 

$

 

(9

)

 

$

 

(10,411

)

 

$

 

23

 

 

 

 

 

 

Per share amounts:

 

 

 

Basic and diluted income (loss) per Class A common share

$

 

(0.31

)

 

$

 

(0.02

)

 

$

 

(15.92

)

 

$

 

0.04

 

 

 

 

 

 

Weighted average shares:

 

 

 

 

Class A basic

 

655

 

 

 

515

 

 

 

654

 

 

 

515

 

Class A diluted

 

655

 

 

 

515

 

 

 

654

 

 

 

516

 

 

 

 

 

 

Cash dividend per Class A common share

$

 

0.18

 

 

$

 

0.18

 

 

$

 

0.36

 

 

$

 

0.36

 

 

 

 

 

 


Contacts

Investor Relations
Jud Bailey
+1 281-809-9088
investor.relations@bakerhughes.com

Media Relations
Thomas Millas
+1 910-515-7873
Thomas.millas@bakerhughes.com


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