Baker Hughes Q2 Profit Falls on Wells Revenue


   
   HOUSTON, TX (DTN) --Baker Hughes reported on Monday (7/26) lower 
second-quarter earnings as weakness in its wells business continued to weigh on 
results despite stronger activity late in the quarter.

   Revenue from the company's well construction business fell 2% year over year 
to $899 million from $921 million, contributing to a 5% decline in oilfield 
services & equipment (OFSE) revenue to $3.45 billion, reflecting the impact of 
disruptions in the Middle East.

   Despite the decline, Baker Hughes said well construction activity improved 
sequentially, with revenue rising 7% from the first quarter, supported by 
increased activity in the Middle East, North America and Latin America.

   The company also secured major well construction contract extensions with 
Petrobras in Brazil, Equinor in Norway and oil and natural gas corporation of 
India during the quarter.




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