Over the next several quarters, Baker Hughes will cash in on booming exports of American liquefied natural gas overseas, but that’s probably a temporary respite, writes rob_cyran:
Baker Hughes said on April 20 that revenue for the first quarter was $4.8 billion, up 1% from the same period last year. Operating income was $279 million, an increase of 70% from the first quarter of 2021.
Chief Executive Lorenzo Simonelli said geopolitical events were exacerbating broad-based inflation and supply pressures for key materials, commodities and labor. He added that he expected the company to benefit from an extended cyclical recovery in upstream gas and oil, as well as longer-term growth in liquefied natural gas.Source: REUTERS/Pilar Olivares
A worker walks inside an oil rig in the offshore Santos Basin in Rio de Janeiro, Brazil September 5, 2018.
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