All articles tagged with #baker hughes
Baker Hughes is acquiring Chart Industries for $13.6 billion to enhance its energy and industrial technology portfolio, aiming for growth in markets like LNG, data centers, and decarbonization, with expected synergies and financial benefits including increased margins and cash flow.
Baker Hughes is close to a $13.6 billion deal to acquire Chart Industries, surpassing a rival suitor in the process.
Crane's acquisition of Baker Hughes' PSI business, which includes nuclear-related assets, signals increased investor interest in nuclear power as a clean energy source driven by demand from data centers and climate concerns. This move enhances Crane's nuclear exposure, positioning it as a key player in the sector, with analysts bullish on its growth prospects.
Baker Hughes announced the sale of its Precision Sensors & Instrumentation product line, including brands like Druck, Panametrics, and Reuter-Stokes, to Crane Company for approximately $1.15 billion, as part of its strategy to focus on core competencies and optimize its portfolio. The transaction is expected to close by early 2026, subject to regulatory approvals.
The number of active drilling rigs in the United States dropped by 6 this week, bringing the total rig count to 669. This marks a loss of over 100 active drilling rigs so far this year and a decrease of 406 rigs compared to the beginning of 2019. The number of oil rigs declined by 7 to 530, while gas rigs fell by 2 to 131. However, the Frac Spread Count, which estimates the number of crews completing unfinished wells, increased by 3 to 263. Crude oil production levels remained steady at 12.3 million bpd, with a year-on-year increase of 400,000 bpd. Crude oil prices also saw a slight increase, with WTI trading at $76.56 per barrel and Brent at $80.51 per barrel.
Halliburton and Baker Hughes reported better-than-expected second-quarter profits, but both companies warned of weakness in U.S. shale activity for the remainder of the year. Weaker oil and gas prices have led to a reduction in active rigs, impacting demand for drilling equipment and services. While international markets showed promise, concerns remain about the North American market. Halliburton expects flat revenue in the third quarter, while Baker Hughes raised its order outlook for its industrial and energy technology segment.
HIF Global is planning to build a $6 billion plant in Texas that will produce 200 million gallons of greener fuels a year, equivalent to taking the emissions of 400,000 cars off the road. The plant will use wind power to run electrolyzer machines, which separate the hydrogen out of water. The hydrogen is then joined with recycled carbon dioxide, in reactions that generate synthetic hydrocarbons — indistinguishable from fossil-derived gasoline. Porsche AG and Baker Hughes are among the investors in the project. The company is also working on a plant in Tasmania and plans to build more plants in Patagonia as it builds out wind turbines.
The US oil and natural gas rig count fell to its lowest in nearly a year, with gas rigs slumping by the most in a week since February 2016, according to Baker Hughes. The drop in gas prices has already caused some exploration and production companies to announce plans to reduce production by cutting some gas rigs. Despite some plans to lower rig counts, US crude production was still on track to rise to a new record high of 12.5 million bpd in 2023 and 12.7 million bpd in 2024, according to projections from the US Energy Information Administration.
Wolfe Research analyst Joshua Tilton downgraded C3.ai due to concerns about the company's transition to a consumption-based pricing model, which could negatively impact sales growth. Additionally, a newly restructured agreement with Baker Hughes means C3.ai will have to increase its other revenue sources to meet fiscal year 2024 expectations. Tilton calls for just 11% growth in sales, while the company's initial outlook implies 30% revenue growth. The downgrade sent AI stock down 11%.
Baker Hughes reported an 18% increase in revenue to $5.72bn in Q1 2023, beating Wall Street estimates, with earnings per share jumping 86% to 28 cents. The company also reported a record backlog of $25bn, aided by increased liquefied natural gas equipment orders at the end of the year. Baker Hughes, along with Schlumberger and Halliburton, projected strong oil demand and tight supplies for the foreseeable future, with myriad international growth opportunities, especially in the Middle East.
Baker Hughes beat profit estimates for Q1 2021 due to rising oil prices and increased demand for its equipment and services. Despite oil price volatility, the company remains optimistic about the outlook for energy services, citing factors such as the development of liquefied natural gas projects. Baker Hughes anticipates double-digit spending growth by upstream oil and gas companies this year, and full-year revenue of between $24 billion and $26 billion. The company's shares rose by 2.5% in early trading.
Morgan Stanley, Netflix, Fox, Tesla, and Walt Disney stocks fell in premarket trade, while United Airlines, Baker Hughes, Western Alliance, and ExxonMobil stocks rose. Morgan Stanley's Q1 profit fell due to a slump in dealmaking, while Netflix's guidance fell short of expectations. Fox settled its defamation suit by Dominion Voting Systems for $787.5 million, and Tesla cut prices for some of its electric vehicles. Walt Disney plans to cut thousands of jobs next week, and Amazon announced additional layoffs in its advertising unit.
Investment firm Kerrisdale Capital Management has made serious accounting allegations against C3.ai, including questions regarding the reporting of subscription revenue and related party disclosures and financials related to the Baker Hughes deal. The company's CFO turnover has also raised concerns. However, C3.ai has responded to the allegations, stating that its financials are accurate per U.S. GAAP as audited by Deloitte. The stock has dropped significantly following the allegations, but some investors see this as a buying opportunity, with the stock now trading at a more reasonable valuation.