Loss Grows for Baker Hughes

Baker Hughes has seen its quarterly net loss widen by some 66% compared to the first quarter 2015 results as its revenue was chopped by lower activity.

The oilfield services company posted net loss for the first quarter of $981 million, or $2.22 per diluted share, compared to net loss of $589 million in the year-ago quarter.

Sequentially, net loss decreased by $50 million or some 5%.

Quarterly revenue was $2.7 billion, a decrease of $724 million, or 21% sequentially, and down $1.9 billion, or 42% compared to the first quarter of 2015.

In the first quarter Baker Hughes booked adjustments of $280 million after-tax ($0.64 per diluted share):

• Impairment and restructuring charges of $145 million after-tax ($0.33 per diluted share);
• Merger and related costs of $92 million after-tax ($0.21 per diluted share);
• Loss on a firm purchase commitment of $43 million after-tax ($0.10 per diluted share).

Subsea World News Staff