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2016-01-31 11:20:00

BAKER HUGHES: NET LOSS $1.97 BLN

BAKER HUGHES: NET LOSS $1.97 BLN

HOUSTON, Jan. 28, 2016 -- Baker Hughes Incorporated (NYSE: BHI) announced today results for the fourth quarter and full year of 2015.

"Our 2015 results are reflective of an extremely difficult and increasingly challenging year for the industry," said Martin Craighead, Baker Hughes Chairman and Chief Executive Officer. "Since the fourth quarter of 2014, the global rig count has declined 46% as our customers adjusted their spending to align with declining commodity prices. Despite this challenging environment, we generated $1.2 billion of free cash flow during the year, after more than $446 million of restructuring payments. This achievement was the result of our ongoing commitment to maintain capital discipline, as well as solid progress on initiatives to improve working capital.

"For the fourth quarter, revenue declined 10% sequentially due to a sharp decrease in activity and ongoing pricing pressure as E&P companies further adjust their spending to the continued drop in commodity prices. One notable exception is with our artificial lift product line, which grew 4% during the quarter, underlying the importance that our customers are placing on production optimization in this environment. Operating profit margin for the quarter declined with decremental margins of 33%, which were favorably impacted by substantial cost reduction efforts. Additionally, embedded in our operating margins are costs in excess of 300 bps, or in excess of ($0.16) EPS impact, which are retained in compliance with the merger agreement and preparations for the combined Baker Hughes/Halliburton entity.

"Revenue for our international operations declined 5% sequentially for the quarter as seasonal year-end product sales were insufficient to offset the drop in activity. The reduction in revenue, exacerbated by an unfavorable geographical and product mix in the eastern hemisphere, resulted in a contraction of our international margins. In North America, revenue declined 17% compared to the prior quarter, driven not only by activity and price, but also by onshore pressure pumping share losses as we strive to maintain cash flow positive operations despite continuing deteriorating market conditions. Even with the steep revenue drop, margins in this geographic segment remained flat as a result of cost-saving measures.

"Looking ahead, we are forecasting rig activity worldwide to continue to decline throughout 2016. At current commodity prices, the global rig count could decline as much as 30% in 2016, as our customers' challenges of maximizing production, lowering their overall costs, and protecting cash flows are now more acute. As a result of these challenging market conditions, our role in the industry is more relevant today than it has ever been before. Our products and services put us in an excellent position to help our customers achieve their business objectives and to capitalize on opportunities to continue to convert our capabilities into earnings. While targeting these opportunities, we remain focused on generating positive cash flow by proactively managing our cost structure, reducing our working capital, and maximizing return on invested capital.

"With regard to the merger, I continue to be extremely pleased with the efforts of our team supporting the regulatory review process and developing plans for a successful integration. We are fully dedicated to closing the merger as early as possible.

"In closing, I want to emphasize that our people and their capabilities are critical to our success, and I am very pleased with our retention rates and strong talent base in spite of the uncertainty. That's a testament to the fortitude of our people, and I would like to once again recognize all of our employees for their hard work, loyalty to Baker Hughes, and relentless customer focus, while setting a safety record in an extremely tough business environment."

2015 Full Year Results

Revenue for the year was $15.7 billion, down $8.8 billion compared to $24.6 billion for 2014. This reduction resulted from the steep decline in activity, as evident by the 34% drop in the average rig count, global pricing pressures, and share losses in onshore pressure pumping as we strive to maintain cash flow positive operations. Revenue was also negatively impacted by the unfavorable change in foreign exchange rates. Even though revenue has declined 36% for the year, decremental operating margins have been contained to 34%, significantly better than those delivered in the 2009 industry downturn.

Adjusted EBITDA (a non-GAAP measure) for 2015 was $1.8 billion, a decrease of 63% compared to $4.8 billion in the prior year.

On a GAAP basis, net loss attributable to Baker Hughes was $2.0 billion ($4.49 per diluted share), compared to net income of $1.7 billion ($3.92 per diluted share) for 2014.

Adjusted net loss (a non-GAAP measure) for the year was $209 million ($0.48 per diluted share), compared to net income of $1.8 billion ($4.22 per diluted share) for the prior year.

Free cash flow (a non-GAAP measure) for the full year was $1.2 billion, compared to $1.6 billion in 2014. Excluding restructuring payments of $446 million, free cash flow would have been $1.7 billion for 2015.

For the year, capital expenditures were $1.0 billion, a decrease of $826 million, or 46%, compared to 2014. Depreciation and amortization expense for the year was $1.7 billion, down 4% compared to $1.8 billion in 2014.

2015 Fourth Quarter Results

Revenue for the quarter was $3.4 billion, a decrease of $392 million or 10% sequentially, and down $3.2 billion or 49% compared to the fourth quarter of 2014.

Adjusted EBITDA for the fourth quarter of 2015 was $376 million, a decrease of $146 million or 28% sequentially, and a decrease of $1.1 billion or 74% compared to the fourth quarter of 2014.

On a GAAP basis, net loss attributable to Baker Hughes for the fourth quarter was $1.0 billion or $2.35 per diluted share.

Adjusted net loss for the fourth quarter of 2015 was $93 million or $0.21 per diluted share. Adjusted net loss for the fourth quarter excludes $1,337 million before-tax or $938 million after-tax ($2.14 per diluted share) in adjustments. The adjustments include impairment and restructuring charges of $1,246 million before-tax or $871 million after-tax ($1.99 per diluted share) and $91 million before-tax or $67 million after-tax ($0.15 per diluted share) for merger and other related costs. The impairment and restructuring charges include $1,188 million before-tax related to adjusting the carrying value of certain assets, primarily in the onshore pressure pumping product line in North America, to their estimated fair values.

Free cash flow for the quarter was $436 million. Excluding restructuring payments of $108 million, free cash flow would have been $544 million for the quarter.

For the quarter, capital expenditures were $214 million, an increase of $36 million or 20% sequentially, and down $289 million or 57% compared to the fourth quarter of 2014. Depreciation and amortization expense for the fourth quarter of 2015 was $416 million, down 4% sequentially and 11% compared to the same quarter last year.

Excluding merger-related costs, corporate costs were $29 million, compared to $26 million in the prior quarter and $64 million in the fourth quarter of 2014. The reduction in corporate costs is mainly a result of workforce reductions and lower discretionary spend.

 

Consolidated Condensed Statements of Income (Loss)

 

Three Months Ended

 

December 31,

 

September 30,

(In millions, except per share amounts)

2015

 

2014

 

2015

Revenue

$

3,394

   

$

6,635

   

$

3,786

 

Costs and expenses:

         

Cost of revenue

3,142

   

5,174

   

3,403

 

Research and engineering

106

   

152

   

115

 

Marketing, general and administrative

277

   

294

   

271

 

Impairment and restructuring charges

1,246

   

   

98

 

Total costs and expenses

4,771

   

5,620

   

3,887

 

Operating (loss) income

(1,377)

   

1,015

   

(101)

 

Interest expense, net

(55)

   

(57)

   

(55)

 

(Loss) income before income taxes

(1,432)

   

958

   

(156)

 

Income taxes

397

   

(291)

   

 

Net (loss) income

(1,035)

   

667

   

(156)

 

Net loss (income) attributable to noncontrolling interests

4

   

(4)

   

(3)

 

Net (loss) income attributable to Baker Hughes

$

(1,031)

   

$

663

   

$

(159)

 
           

Basic (loss) earnings per share attributable to Baker Hughes

$

(2.35)

   

$

1.53

   

$

(0.36)

 

Diluted (loss) earnings per share attributable to Baker Hughes

$

(2.35)

   

$

1.52

   

$

(0.36)

 
           

Weighted average shares outstanding, basic

439

   

434

   

439

 

Weighted average shares outstanding, diluted

439

   

436

   

439

 
           

Depreciation and amortization expense

$

416

   

$

468

   

$

432

 

Capital expenditures

$

214

   

$

503

   

$

178

 

Consolidated Condensed Statements of Income (Loss)

 

Year Ended December 31,

(In millions, except per share amounts)

2015

 

2014

Revenue

$

15,742

   

$

24,551

 

Costs and expenses:

     

Cost of revenue

14,502

   

19,746

 

Research and engineering

483

   

613

 

Marketing, general and administrative

1,173

   

1,271

 

Impairment and restructuring charges

1,993

   

 

Litigation settlements

(13)

   

62

 

Total costs and expenses

18,138

   

21,692

 

Operating (loss) income

(2,396)

   

2,859

 

Interest expense, net

(217)

   

(232)

 

(Loss) income before income taxes

(2,613)

   

2,627

 

Income taxes

639

   

(896)

 

Net (loss) income

(1,974)

   

1,731

 

Net loss (income) attributable to noncontrolling interests

7

   

(12)

 

Net (loss) income attributable to Baker Hughes

$

(1,967)

   

$

1,719

 
       

Basic (loss) earnings per share attributable to Baker Hughes

$

(4.49)

   

$

3.93

 

Diluted (loss) earnings per share attributable to Baker Hughes

$

(4.49)

   

$

3.92

 
       

Weighted average shares outstanding, basic

438

   

437

 

Weighted average shares outstanding, diluted

438

   

439

 
       

Depreciation and amortization expense

$

1,742

   

$

1,814

 

Capital expenditures

$

965

   

$

1,791

 

bakerhughes.com

-----

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BAKER HUGHES LOSS $(188) MLN

 

 

 

 

Tags: BAKER, HUGHES, OIL, PRICE

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