 |
Louisiana Light • 4 days | 87.09 | +0.49 | +0.57% | ||
|
Bonny Light • 1 day | 88.20 | -0.49 | -0.55% | ||
|
Opec Basket • 4 days | 87.52 | +0.17 | +0.19% | ||
|
Mars US • 172 days | 77.26 | -1.51 | -1.92% | ||
|
Gasoline • 10 mins | 2.684 | -0.002 | -0.06% |
|
Bonny Light • 1 day | 88.20 | -0.49 | -0.55% | ||
|
Girassol • 1 day | 88.64 | -0.56 | -0.63% | ||
|
Opec Basket • 4 days | 87.52 | +0.17 | +0.19% |
|
Peace Sour • 8 hours | 75.10 | -0.32 | -0.42% | ||
|
Light Sour Blend • 8 hours | 78.15 | -0.32 | -0.41% | ||
|
Syncrude Sweet Premium • 8 hours | 85.10 | -0.32 | -0.37% | ||
|
Central Alberta • 8 hours | 75.50 | -0.32 | -0.42% |
|
Eagle Ford • 4 days | 79.62 | +0.41 | +0.52% | ||
|
Oklahoma Sweet • 4 days | 79.75 | +0.50 | +0.63% | ||
|
Kansas Common • 6 days | 73.00 | -2.50 | -3.31% | ||
|
Buena Vista • 5 days | 86.90 | +0.04 | +0.05% |
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Baker Hughes Q4 Profit Lags Estimates On Supply Chain Issues
Baker Hughes (NASDAQ: BKR) reported on Monday record orders for the fourth quarter, but its earnings came below analyst expectations amid supply-chain and labor shortages.
Baker Hughes booked record orders of $8.0 billion for the quarter, up by 32% sequentially and up by 20% compared to the same quarter of 2021, the oilfield services provider said. Revenue also increased, to $5.9 billion for the fourth quarter of 2022, a 10% increase from Q3 and an 8% rise year-over-year.
Adjusted earnings per share stood at $0.38, up by 45% from Q3 and 53% from Q4 2021, but below the analyst consensus estimate of $0.40 EPS in the Wall Street Journal.
Some supply shortages could persist this year, too, according to Baker Hughes chairman and CEO Lorenzo Simonelli.
“In 2023, the global economy is expected to experience some challenges under the weight of inflationary pressures and tightening monetary conditions. Despite recessionary pressures in some of the world’s largest economies, we maintain a positive outlook for the energy sector, given supply shortages appear likely to persist,” Simonelli said in a statement.
Still, Baker Hughes continues to have a positive outlook on the industry because “With years of under investment now being amplified by recent geopolitical factors, global spare capacity for oil and gas has deteriorated and will likely require years of investment growth to meet forecasted future demand,” Simonelli added.
On Friday, the world’s top oilfield services firm SLB (NYSE: SLB), formerly Schlumberger, beat analyst expectations as it reported EPS of $0.71 for the fourth quarter, compared to estimates of $0.62 EPS.
Growth in drilling in the Middle East, North America, and offshore globally has helped SLB over the past year, SLB’s chief executive Olivier Le Peuch said.
“Additionally, pricing continues to trend favorably, extending beyond North America and into the international regions, supported by new technology and very tight equipment and service capacity in certain markets,” he added.
“Looking ahead, we believe the macro backdrop and market fundamentals that underpin a strong multi-year upcycle for energy remain very compelling in oil and gas and in low-carbon energy resources,” Le Peuch said.
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By Charles Kennedy for Oilprice.com
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