On Wednesday, oilfield services provider Baker Hughes Co. said that on the third quarter of 2020, it posted a third consecutive quarterly loss.
Revenue from its oilfield services unit slumped by 31% to USD2.31 billion.
Net loss attributable to the company was 25 cents/share or USD170 million, sharply contrasting with the USD57 million profit a year earlier.
According to Refinitiv data, on an adjusted basis, Baker Hughes earned 4 cents/share, in line with Wall Street forecast. Adjusted revenue dipped by 14% to USD5.05 billion, but still exceeded expectations of USD4.78 billion.
The company has set to right-sizing its business and has targeted a USD700 million in cost savings by the end of this year. Baker Hughes has also been selling non-core businesses such as its Surface Pressure Control Flow unit, in the fourth quarter.
Looking forward, chairman and CEO Lorenzo Simonelli commented, “The demand recovery is beginning to level off and significant excess capacity remains, which could create volatility in the future, even when the oil market has stabilized to some extent.”
