Baker Hughes Posts $911 Million Loss in Q2

Baker Hughes has recognized significantly wider quarterly net loss compared to the second quarter 2015 results as the industry slowdown drove its revenue down by close to 40 percent.

The oilfield services company posted net loss for the second quarter of $911 million, or $2.08 per diluted share (including $1.18 per share of adjusting items), compared to net loss of $188 million, or 43 cents in the year-ago quarter.

Sequentially, net loss decreased by $70 million.

During the second quarter the company booked charges related to goodwill impairment, asset impairments, restructuring, and inventory, which were almost entirely offset by a $3.5-billion merger termination fee paid to Baker Hughes by Halliburton.

Quarterly revenue, which continued to be affected by lower activity levels, was $2.4 billion, a decrease of 10% sequentially, and down $1.6 billion, or 39% compared to the second quarter of 2015.

In the the six months ended June 30, 2016, Baker Hughes recognized net loss of $1.9 billion, or $4.30 per share, on revenue of $5.07 billion, compared to net loss of $777 million, or $1.77 per share, on revenue of $8.56 billion.

Subsea World News Staff

Share this article

Follow Subsea World News


<< Jan 2020 >>
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Shallow and Deepwater Mexico Exhibition and Conference

Shallow and Deepwater Mexico, an offshore oil and gas exhibition and conference is the key center for the international offshore oil and gas community in Mexico. 

read more >

Underwater Intervention (UI) 2020

Underwater Intervention Conference is a conference where oil and gas industry professionals, senior decision…

read more >

Subsea Expo 2020

Subsea Expo is the world’s largest subsea exhibition and conference and is completely free to attend.

read more >

Oceanology International 2020

Exhibitors from industry, government and research institutions share their knowledge and come…

read more >