Baker Hughes beat expectations in the third quarter in the latest sign that the oilfield services industry is bouncing back.
Baker Hughes reported expectation-beating financial results for the third quarter in the latest sign that the oilfield service industry is healing nicely after the pandemic and the oil and gas price slump the lockdowns caused. The company booked a net profit of $518 million, swinging from a loss a year ago, and boasted 24% higher revenues. It also said its order book had swelled by 40% during the third quarter.
Continued discipline from the world’s largest producers, the pace of oil demand growth in the face of economic uncertainty, and geopolitical risk will be important factors to monitor as we look into 2024.' The chief executive also noted that the global LNG market also remains tight, with prices prone to spikes on events such as the strikes at Chevron’s Gorgon and Wheatstone facilities in Australia and the latest flare-up of violence in the Middle East.
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