Baker Hughes highlights third quarter 2022 results

Baker Hughes highlights results

Baker Hughes highlights results were announced today for the third quarter of 2022.

“We were generally pleased with our third quarter results, with a strong performance in OFS while TPS successfully managed multiple challenges. We also saw strong orders performance, with continued momentum in OFE as well as TPS. 2022 has presented some unique challenges for Baker Hughes, and as we head towards 2023 we believe many of the key challenges should be behind us. I would like to thank our team for their continued commitment to deliver for our customers and execute our strategy,” said Lorenzo Simonelli, Baker Hughes chairman and chief executive officer.

“The macro outlook has grown increasingly uncertain as the global economy is dealing with strong inflationary pressures, a rising interest rate environment, and sizeable fluctuations in global currencies. Despite these economic challenges, we remain positive on the outlook for oil and gas. We believe the fundamentals remain supportive of a multi-year upturn in global upstream spending, and that elevated natural gas and LNG pricing remains constructive for future FIDs. On the new energy front, recent policy movements in Europe and the U.S. are likely to help support a significant increase in clean energy development.”



Supporting our Customers


The OFS segment has a Wireline Services contract to support offshore operations, part of the Baker Hughes highlights results. The agreement allows Baker Hughes to introduce several new well-construction technologies to the region.


OFS’ Wireline Services product line awarded a three-year contract by Sonatrach in Algeria.


Baker Hughes has a contract to perform an offline analysis on 60 wells in the Permian and Delaware basins. This software transforms the way customers manage production operations. It doesn’t by adding significant value for electrical submersible pumps run life extension.


The TPS segment saw continued growth in LNG. TPS announced a new outcome-based services contract for maintaining and monitoring turbomachinery equipment operations at Coral Sul FLNG. This new service agreement builds on the power and gas refrigeration process.


Similarly, TPS secured a contract in Saudi Arabia to supply 12 electric motor-driven compressors to support gas processing.


OFE’s Flexible Pipes Systems (FPS) secured several long-term contracts with operators in multiple regions, including Brazil and Asia. These systems provide flexible pipes for offshore projects, reflecting FPS’s strong technology capabilities.


Bently Nevada secured multiple contracts supporting customers’ digital transformation across their operations. In Europe, its has expand Bently Nevada’s existing scope to deliver plantwide software. They secured a contract with a national oil company in the Middle East for offshore platforms.


Executing on Priorities and Leading with Innovation


Baker Hughes is restructuring its four product companies to focus on two reporting business segments and streamlining its corporate structure. The Company has been formally restructured into two reporting business segments: Oilfield Services & Equipment (OFSE) integrates the current OFS and OFE product companies; and the other is, Industrial & Energy Technology (IET) integrates the current TPS and DS product companies.


Revenue for the quarter was $5,369 million, an increase of 6%, sequentially. Higher volume in all segments drove these increase.

Compared to the same quarter last year, revenue was up 5%, driven by higher volume in Oilfield Services and Digital Solutions, partially offset by lower volume in Turbomachinery & Process Solutions and Oilfield Equipment.


It can be of your interest: Energy Capital Magazine, October Edition.

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