Baker Hughes lost $9.9 billion in 2020 after demand for drilling work dried up during the worst oil bust in a generation caused by the coronavirus pandemic.
The loss compares with a $128 million profit in 2019 and a $195 million profit in 2018. The Houston oil-field service company’s 2020 revenue fell 13 percent to $20.7 billion, compared with $23.8 billion a year earlier.
The company on Thursday reported a fourth-quarter profit of $653 million, the first profitable quarter since oil markets crashed at the start of the global pandemic last spring. Revenue for the quarter rose 10 percent to nearly $5.5 billion from $5 billion in the third quarter, but was still down from revenue of $6.3 billion during the same period a year earlier.
Oil-field service companies, which have taken the brunt of the economic fallout from the oil crash last year, are growing more optimistic about the sector’s recovery as crude prices recently climbed above $50 a barrel, allowing many U.S. oil exploration and production companies to break even on shale production. The number of operating drilling rigs nationally has risen by more than 100 since August to 373, according to the latest Baker Hughes and Enverus rig count.
“As we look ahead to 2021, we are cautiously optimistic that the global economy and oil demand will begin to recover from the impact of the global pandemic,” Baker Hughes CEO Lorenzo Simonelli said in a statement. “We believe this macro environment likely translates into a tepid investment environment for oil and gas during the first half of 2021. However, we expect spending and activity levels to gain momentum through the year as the macro environment improves, likely setting up the industry for stronger growth in 2022.”
Check back later for more on this developing story.
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January 21, 2021 at 08:40PM
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Oil giant Baker Hughes says it lost $9.9 billion in 2020 - Houston Chronicle
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