Monday, June 27, 2022
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA
Oil Market News Today
Advertisement
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
  • Home
  • Market
    • All
    • Africa
    • Europe
    • Middle East
    • Russia
    • US
    • Venezuela
    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

    Construction of Dangote oil refinery Africa’s largest nears completion

    Construction of Dangote oil refinery Africa’s largest nears completion

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    Oil rises further from 3-week lows, but headwinds loom amid pandemic

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas
No Result
View All Result
Oil Market News Today
No Result
View All Result
Home Market

Baker Hughes Posts Q2 Loss as Oil Slump Hits Demand

July 23, 2020
in Market
Baker Hughes Posts Q2 Loss as Oil Slump Hits Demand
Share on FacebookShare on Twitter



Latest Oil MArket NewsPosts

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Baker Hughes Co posted its second consecutive quarterly loss on Wednesday and said it would continue to rein in costs in preparation for a longer period of volatility in oil prices.

Oil producers halted the drilling of new wells and drastically cut their budgets following a collapse in crude oil prices in March and April that clipped demand for services offered by Baker Hughes and rivals Schlumberger and Halliburton.

Revenue from Baker Hughes’ oilfield services business, which accounts for about half of total sales, tumbled 26% to $2.41 billion in the second quarter. Total revenue fell 21% to $4.74 billion.

U.S. crude futures were trading around $41 per barrel on Wednesday, at the lower end of what most producers need to be profitable.

Some smaller oilfield service firms have filed for bankruptcy since the oil price crash, including fracker BJ Services, in which Baker Hughes holds a minority interest.

Baker Hughes has cut its 2020 budget by over 20% year-on-year and disclosed plans to exit or shut down non-core product lines, including North American full-service drilling and completions fluids business.

“We are preparing for potential future volatility, while also focusing on structurally reducing our cost base,” Chief Executive Lorenzo Simonelli said, pointing to the risks from a second wave of coronavirus cases and high unemployment that could lead to economic uncertainty.

Net loss attributable to the company widened to $201 million, or 31 cents per share, in the second quarter, from a loss of $9 million, or 2 cents per share, a year earlier.

The quarter included an income-tax gain of $75 million related to the federal pandemic-linked CARES Act for aid and relief.

Excluding charges, Baker Hughes lost 5 cents per share, worse than analysts’ average expectation of 1 cent, according to Refinitiv IBES data.

Shares were up 1.23% in premarket trading at $16.50, and analysts were generally upbeat about Baker’s results.

“Underlying operational results fared (much) better vs consensus expectations,” wrote analysts for Tudor Pickering Holt & Co in a note. 

(Reporting by Shariq Khan in Bengaluru and Liz Hampton in Denver; Editing by Sriraj Kalluvila and Bernadette Baum)



Read More: Baker Hughes Posts Q2 Loss as Oil Slump Hits Demand

Tags: BakerDEMANDhitsHughesLossoilpostsslump

Related Posts

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field
Middle East

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

by Oil Market
July 31, 2020
0

China National Petroleum Corp. is in talks to acquire part of BP Plc’s stake in a key gas field...

Read more
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact
Russia

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

by Oil Market
July 31, 2020
0

Global Ginger Essential Oil Extract Market Size, Status and Forecast 2020-2026 now available with Magnifier Research shows a compilation...

Read more
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact
Russia

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

by Oil Market
July 31, 2020
0

Global Ginger Essential Oil Extract Market Size, Status and Forecast 2020-2026 now available with Magnifier Research shows a compilation...

Read more
Construction of Dangote oil refinery Africa’s largest nears completion
Africa

Construction of Dangote oil refinery Africa’s largest nears completion

by Oil Market
July 31, 2020
0

Dangote oil Refinery, which is expected to be Africa’s largest oil refinery and the world’s biggest single-train facility upon...

Read more
Oil rises further from 3-week lows, but headwinds loom amid pandemic
Europe

Oil rises further from 3-week lows, but headwinds loom amid pandemic

by Oil Market
July 31, 2020
0

TOKYO (Reuters) - Oil prices recovered further ground on Friday, after touching three-week lows in the previous session, responding...

Read more
TC Energy says new U.S. permit to boost Keystone pipeline oil exports by
US

TC Energy says new U.S. permit to boost Keystone pipeline oil exports by

by Oil Market
July 31, 2020
0

The CEO of TC Energy Corp. says the company will begin moving more oil from Western Canada into the...

Read more
Next Post
Santos’ sales revenue slides as virus smashes oil price

Santos' sales revenue slides as virus smashes oil price

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Today Oil Markets

Brazil’s Oil Giant Has A Creative Solution For Its Gas Flaring Problem |

Brazil’s Oil Giant Has A Creative Solution For Its Gas Flaring Problem |

2 years ago
Tanker under false name arrested for illegal oil trade

Tanker under false name arrested for illegal oil trade

2 years ago
Clay Millican and Bob Tasca III earn top qualifying spots at Lucas Oil NHRA

Clay Millican and Bob Tasca III earn top qualifying spots at Lucas Oil NHRA

2 years ago
PPE supply nothing new to specialist Red Wing – News for the Oil and Gas

PPE supply nothing new to specialist Red Wing – News for the Oil and Gas

2 years ago
Next U.S. Gulf of Mexico Lease Sale Planned for November

Next U.S. Gulf of Mexico Lease Sale Planned for November

2 years ago
Ogra to cut natural gas prices by 6pc

Ogra to cut natural gas prices by 6pc

2 years ago

Oil Market

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

Chinese oil giant CNPC eyes BP’s $1.5bn stake in Oman gas field

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Construction of Dangote oil refinery Africa’s largest nears completion

Construction of Dangote oil refinery Africa’s largest nears completion

July 31, 2020

Russia Oil Market

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

Global Ginger Essential Oil Extract Market 2020 with (COVID-19) Impact

July 31, 2020
CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

CORONAVIRUS (COVID-19) IMPACT ON Sandalwood Essential Oil Market OUTLOOK,

July 29, 2020
Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

Gas, Oil and Dual-fuel Burners Market Size 2020, Global Industry Trends,

July 28, 2020

Europe Oil Market

Oil rises further from 3-week lows, but headwinds loom amid pandemic

Oil rises further from 3-week lows, but headwinds loom amid pandemic

July 31, 2020
Shell posts $18billion loss in second quarter – News for the Oil and Gas

Shell posts $18billion loss in second quarter – News for the Oil and Gas

July 30, 2020
Path to net zero: European oil majors outpace US companies on climate goals

Path to net zero: European oil majors outpace US companies on climate goals

July 29, 2020
Oil price holds near four-month high amid bearish signals – News for the

Oil price holds near four-month high amid bearish signals – News for the

July 28, 2020
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA
  • CCPA

© 2020 MarketFor Oil.com

No Result
View All Result
  • Home
  • Market
    • US
    • Russia
    • Europe
    • Middle East
    • Africa
    • Venezuela
  • Oil News
  • Oil & Gas
  • Diesel
  • Oil Price
  • Politics
  • Industry
  • Companys
  • Production
  • Natural Gas

© 2020 MarketFor Oil.com