- Baker Hughes (NYSE:BHI), which reported a lighter than expected Q1 loss but a 15% Y/Y decline in revenues, fell as much as 4.3% in early trading before trimming losses as it foresees current quarter revenue from North America rising Q/Q as oil producers drill more onshore wells.
- "Activity growth in the U.S. onshore well construction product lines is forecast to more than offset the seasonal decline in Canada and ongoing activity reductions in the Gulf of Mexico," CFO Kimberly Ross said in BHI's earnings conference call.
- While BHI's Q1 revenue fell 15%, revenues rose at rivals Schlumberger (NYSE:SLB) and Halliburton (NYSE:HAL) by a respective 5.7% and 1.9%; BHI is much more exposed than HAL to international markets, where activity and pricing for oilfield services has remained weak.
- Also, BHI says its merger with GE's oil and gas business remains on track to close in mid-2017.
- Now read: A Tough New Competitor Exxon Mobil (NYSE:XOM) Should Be Concerned About: Schlumberger
Original article