Baker Hughes beats profit estimates on international oilfield services demand
Reuters
Published Jan 23, 2024 17:08
(Reuters) -U.S. oilfield technology firm Baker Hughes beat analysts' estimates for fourth-quarter profit on Tuesday, powered by robust demand for its services and equipment in international markets.
The company concludes fourth-quarter earnings reports from the world's largest oilfield services providers. SLB and Halliburton (NYSE:HAL) also beat estimates on the back of robust international demand against the backdrop of slowing activity by U.S. shale producers.
Baker Hughes also received contracts from several liquefied natural gas projects as energy firms rush to build new LNG producing facilities betting on long-term demand for the super chilled commodity.
On an adjusted basis, the company posted net income of 51 cents per share for the quarter ended Dec. 31, compared with the average analysts' estimate of 48 cents, according to LSEG data.
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Written By: Reuters
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