2023-10-25 21:12:19
US oil technology company Baker Hughes beat third-quarter profit estimates on Wednesday, driven by strong demand for services and equipment in international markets.
Energy companies posted record profits last year following soaring commodity prices and sought to invest to boost production and find new deposits.
This development has benefited companies such as Baker Hughes, which provides services such as drilling, well construction and completions.
Baker Hughes has also received contracts for several liquefied natural gas projects as energy companies race to build new LNG production facilities. The company’s international revenue in the oilfield services and equipment sector increased approximately 19% from a year earlier to $2.89 billion in the quarter ended September 30.
On an adjusted basis, the company reported net income of 42 cents per share, compared with analysts’ estimates of 40 cents, according to LSEG data. (Reporting by Sourasis Bose in Bengaluru; Editing by Shailesh Kuber)
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