BAKER HUGHES NET LOSS $201 MLN

BAKER HUGHES - Jul. 22, 2020-- Baker Hughes Company (NYSE: BKR) ("Baker Hughes" or the "Company") announced results today for the second quarter of 2020.

"The second quarter of 2020 was challenging in several areas as our company navigated through the ongoing impacts of the COVID-19 pandemic and the sharp decline in activity levels due to lower oil and gas prices. Despite these headwinds, I was pleased with how our team executed with strong margin performance in TPS and DS, cost execution in OFS, solid order bookings in OFE and TPS, and another quarter of free cash flow generation," said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

"Although the majority of lockdowns have been easing globally and economic activity likely troughed during the second quarter, visibility on the economic outlook remains extremely limited. More specifically, the risk of a second wave of virus cases, the reinstitution of select lockdowns, and the risk of lingering high unemployment creates an uncertain economic environment that likely persists through the rest of 2020. Given these factors, we are preparing for potential future volatility, while also focusing on structurally reducing our cost base and implementing a number of strategic initiatives across all of our product companies.

"Overall, we are executing on the framework we laid out on our first quarter earnings call. We are on track to hit our goals of structurally right-sizing our business and achieving the $700 million in annualized cost savings by year end. I am confident in the ability of our team to execute while keeping safety as our highest priority.

"We remain committed to our strategy, maintaining our focus on higher-margin and differentiated portfolio offerings, and providing our customers with leading technologies to support the energy transition," concluded Simonelli.

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Earlier: 

2020, May, 21, 12:35:00 U.S. RIGS: THE LOWEST LEVEL Producers were operating the fewest oil and natural gas drilling rigs on record in the United States at 339 on May 12, the lowest level in the Baker Hughes Company’s rig count data series that dates back to 1987. English

2020, April, 23, 14:45:00 BAKER HUGHES NET LOSS $10 BLN Baker Hughes Company Announces First Quarter 2020 Results English

2020, April, 14, 14:25:00 BAKER HUGHES RESTRUCTURING 1.8 BLN Baker Hughes has approved a plan that will result in restructuring, impairment, and other charges of approximately $1.8 billion English