Baker Hughes sees increase in revenues
BAKU, Azerbaijan, Feb.19
By Leman Zeynalova – Trend:
In 2019, US-based Baker Hughes company generated revenue of $23,838 million, compared to $22,877 million in 2018, Trend reports citing the company.
“Income before income taxes and equity in loss of affiliate was $753 million in 2019, and included restructuring and impairment charges of $342 million and separation and merger related costs of $184 million. Separation and merger related costs include costs incurred in connection with the separation from GE and the finalization of the Master Agreement Framework. In 2018, loss before income taxes and equity in loss of affiliate was $680 million, which also included restructuring and impairment charges of $433 million, and separation and merger related costs of $153 million,” reads the report released by Baker Huges.
As the company said, throughout 2019, the industry experienced continued volatility, with North America activity declining versus 2018, and growth internationally.
“Offshore markets remained relatively stable, with approximately 300 subsea trees being awarded. 2019 was a strong year for liquefied natural gas (LNG) related markets, with 71 million tons per annum of final investment decisions being reached on projects. Lastly, global GDP growth remained healthy throughout 2019, with some headwinds across the power sector,” reads the report.
Baker Hughes is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain.
It conducts business in more than 120 countries and employ approximately 68,000 employees.
The company operates through our four business segments: Oilfield Services (OFS), Oilfield Equipment (OFE), Turbomachinery & Process Solutions (TPS), and Digital Solutions (DS). It sells products and services primarily in the global oil and gas markets, within the upstream, midstream and downstream segments.
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