• Upstream
  • Pipelines & Transport
  • Downstream
Oil&Gas Advancement
  • Home
  • News
    South Africa Proposes

    South Africa Proposes US LNG Purchase Deal for 10 Years

    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    IEA Warns of Global Oil Demand

    IEA Warns of Global Oil Demand Slowdown in 2025

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Oil And Gas Sector in Syria

    Oil And Gas Sector in Syria Looks forward to Resurgence

    OPEC

    OPEC+ Stretches Per Day Oil Output of Saudi Arabia

    Production Surge

    Effect of OPEC+ Production Surge on US Crude Oil Prices

    US Radar

    Those Buying Oil or Petrochemicals from Iran on US Radar

    Raise Asia Oil Prices

    OPEC+ Decision Pushes Saudi Arabia to Raise Asia Oil Prices

  • Projects
    South Africa Proposes

    South Africa Proposes US LNG Purchase Deal for 10 Years

    Alaska LNG

    Glenfarne Announces Over $115 Billion of Strategic Partner Interest for Alaska LNG

    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Future-proofing-gas-sector

    Future-proofing Gas Sector for Efficiency and Sustainability

    South-Africa-Oil-and-Gas-Exploration

    South Africa Speeding-up its Oil and Gas Exploration

    Upstream-Exploration

    High-Risk Geographies in Upstream Exploration and Challenges

    Offshore-Drilling

    Innovations Driving the Future of Offshore Drilling

    Gato-do-Mato

    Shell Approves Gato do Mato Project in Brazil

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    Alaska LNG

    Glenfarne Announces Over $115 Billion of Strategic Partner Interest for Alaska LNG

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Sinopec Sets New Vertical Well Depth

    Sinopec Sets New Vertical Well Depth Record of 5,300 Meters

    Jubail Asset Integrity

    Jubail to Host the 3rd Asset Integrity and Process Safety Conference & Exhibition 2025

    IPTC 2025 Launched: Driving Innovation, Sustainability, and Excellence in Energy

    Ocean Business announces exhibitor list for 2025 show

    Ocean Business 2025 conference programme announced

    Engine No. 1, Chevron And GE Vernova To Power U.S. Data Centers

    Baker Hughes Secures Significant Gas Technology Order for Third Expansion Phase of Aramco’s Jafurah Gas Field

  • Market Reports
    HDPE Market in Oil and Gas

    HDPE Market in Oil and Gas: Trends and Global Forecast

    Top 5 Oil and Gas Sector Trends that are Active in 2025

    Oil-and-Gas-Analytics

    Oil and Gas Analytics Market Growth Trends and Forecast

    Gas-Transportation

    Transport Capacity – Key to Gas Sector Growth in India

    Offshore-Drilling

    Namibia Showcases its Offshore Drilling Activities

    Global-Oil

    Demand for Global Oil to Grow to Almost 104 mb/d in 2025

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil completes acquisition of Pioneer Natural Resources

    Ithaca Energy unit to acquire Chevron’s Central North Sea assets

    ExxonMobil doubles Permian footprint after finalizing Pioneer acquisition

    CNOOC

    Petrobras achieves second highest profit in history in 2023: R$ 124.6 billion

  • Events
  • Contact Us
No Result
View All Result
  • Home
  • News
    South Africa Proposes

    South Africa Proposes US LNG Purchase Deal for 10 Years

    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    IEA Warns of Global Oil Demand

    IEA Warns of Global Oil Demand Slowdown in 2025

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Trans Mountain Pipeline Expansion Boosts China Oil Trade

    Oil And Gas Sector in Syria

    Oil And Gas Sector in Syria Looks forward to Resurgence

    OPEC

    OPEC+ Stretches Per Day Oil Output of Saudi Arabia

    Production Surge

    Effect of OPEC+ Production Surge on US Crude Oil Prices

    US Radar

    Those Buying Oil or Petrochemicals from Iran on US Radar

    Raise Asia Oil Prices

    OPEC+ Decision Pushes Saudi Arabia to Raise Asia Oil Prices

  • Projects
    South Africa Proposes

    South Africa Proposes US LNG Purchase Deal for 10 Years

    Alaska LNG

    Glenfarne Announces Over $115 Billion of Strategic Partner Interest for Alaska LNG

    UAE Energy Investments in the US

    UAE Energy Investments in the US to Reach $440B by 2035

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Future-proofing-gas-sector

    Future-proofing Gas Sector for Efficiency and Sustainability

    South-Africa-Oil-and-Gas-Exploration

    South Africa Speeding-up its Oil and Gas Exploration

    Upstream-Exploration

    High-Risk Geographies in Upstream Exploration and Challenges

    Offshore-Drilling

    Innovations Driving the Future of Offshore Drilling

    Gato-do-Mato

    Shell Approves Gato do Mato Project in Brazil

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases
    Alaska LNG

    Glenfarne Announces Over $115 Billion of Strategic Partner Interest for Alaska LNG

    agreements with US companies

    Aramco announces 34 MoUs and agreements with US companies

    Sinopec Sets New Vertical Well Depth

    Sinopec Sets New Vertical Well Depth Record of 5,300 Meters

    Jubail Asset Integrity

    Jubail to Host the 3rd Asset Integrity and Process Safety Conference & Exhibition 2025

    IPTC 2025 Launched: Driving Innovation, Sustainability, and Excellence in Energy

    Ocean Business announces exhibitor list for 2025 show

    Ocean Business 2025 conference programme announced

    Engine No. 1, Chevron And GE Vernova To Power U.S. Data Centers

    Baker Hughes Secures Significant Gas Technology Order for Third Expansion Phase of Aramco’s Jafurah Gas Field

  • Market Reports
    HDPE Market in Oil and Gas

    HDPE Market in Oil and Gas: Trends and Global Forecast

    Top 5 Oil and Gas Sector Trends that are Active in 2025

    Oil-and-Gas-Analytics

    Oil and Gas Analytics Market Growth Trends and Forecast

    Gas-Transportation

    Transport Capacity – Key to Gas Sector Growth in India

    Offshore-Drilling

    Namibia Showcases its Offshore Drilling Activities

    Global-Oil

    Demand for Global Oil to Grow to Almost 104 mb/d in 2025

    ExxonMobil to sell Norway upstream operations for $4.5 billion

    ExxonMobil completes acquisition of Pioneer Natural Resources

    Ithaca Energy unit to acquire Chevron’s Central North Sea assets

    ExxonMobil doubles Permian footprint after finalizing Pioneer acquisition

    CNOOC

    Petrobras achieves second highest profit in history in 2023: R$ 124.6 billion

  • Events
  • Contact Us
No Result
View All Result
Oil&Gas Advancement
No Result
View All Result
Home Downstream

Baker Hughes Announces Second Quarter Results

Yuvraj_ong by Yuvraj_ong
July 17, 2014
in Downstream, Market Reports, News
0

– Record revenue of $5.9 billion for the quarter, up 8% year over year

– Adjusted profit before tax from operations of $778 million, up 15% sequentially

– Repurchase of $200 million of shares during the quarter

HOUSTON, July 17, 2014 /PRNewswire/ — Baker Hughes Incorporated (NYSE: BHI)

Q2 2014

Q2 2013

Q1 2014

Revenue (millions)

$

5,935

$

5,487

$

5,731

Adjusted net income (non-GAAP, millions)

404

240

369

Net income (GAAP, millions)

353

240

328

Adjusted net income per diluted share (non-GAAP)

0.92

0.54

0.84

Net income per diluted share (GAAP)

0.80

0.54

0.74

Adjusted net income for the second quarter of 2014 excludes $62 million in before-tax charges ($39 million after-tax) relating to litigation settlements for labor claims ($0.09 per diluted share) and $12 million before and after-tax costs ($0.03 per diluted share) associated with a foreign exchange loss related to the Venezuela currency devaluation. Please see Table 1 for a reconciliation of GAAP to non-GAAP financial measures for this quarter, as well as for the first quarter of 2014. There were no identified items requiring adjustment for the second quarter of 2013.

“This quarter we delivered record revenue and a 15% sequential increase in adjusted profit from operations,” said Martin Craighead, Baker Hughes Chairman and Chief Executive Officer. “Our results reflect improved execution and the rapid deployment of innovative new products and services around the world.

“In North America, newly introduced well construction and production technologies, such as the Kymeraâ„¢ hybrid drill bit and ProductionWaveâ„¢ production solution, are seeing unprecedented demand resulting in record revenue in our drilling services, drill bits, upstream chemicals, and artificial lift product lines. The rising sales of these products, along with an increase in onshore and offshore activity in the United States, more than offset the seasonal decline in our Canadian business.

“Internationally, we are leveraging new logging-while-drilling and wireline technologies to gain share within several critical offshore markets, including the United Kingdom, West Africa, and Australia. In the onshore markets, we are entering the early stages of global shale development. Products and services we recently introduced to improve the economics of North America shale production, are now finding new homes in the Middle East, Argentina, North Africa, Russia, and China.

“Around the world, the fundamentals of our business continue to strengthen. We anticipate increased activity for the remainder of the year in the form of higher international rig counts, and increased North American well counts. As a result, we project strong earnings growth as we fulfill the industry’s growing need for innovative new technologies.”

Share repurchases amounted to $200 million or 2.9 million shares for the second quarter of 2014, which results in a remaining amount of $1.25 billion under the current authorization.

Total dividend payments were $65 million in the second quarter of 2014. In May 2014, the Board of Directors approved a 13% increase in the quarterly cash dividend for the third quarter of 2014.

The effective tax rate on net income for the second quarter of 2014 increased to 37.2%, primarily attributed to the geographic mix of earnings.

Capital expenditures were $424 million in the second quarter of 2014, compared to the depreciation and amortization expense of $454 million.

Adjusted EBITDA (a non-GAAP measure) in the second quarter of 2014 was $1,159 million, an increase of $112 million compared to the first quarter of 2014 and an increase of $299 million compared to the second quarter of 2013.

For more information visit:  http://www.bakerhughes.com/news-and-media/press-center/press-releases/2014-07-17-baker-hughes-announces-second-quarter-results

ABOUT BAKER HUGHES

Baker Hughes is a leading supplier of oilfield services, products, technology and systems to the worldwide oil and natural gas industry.  The Company’s 59,000-plus employees today work in more than 80 countries helping customers find, evaluate, drill, produce, transport and process hydrocarbon resources.  For more information on Baker Hughes, visit: www.bakerhughes.com.

Investor Contacts:
Trey Clark, +1.713.439.8039,
trey.clark@bakerhughes.com
Alondra Oteyza, +1.713.439.8822,
alondra.oteyza@bakerhughes.com

Media Contact:
Melanie Kania, +1.713.439.8303,
melanie.kania@bakerhughes.com   

SOURCE Baker Hughes Incorporated

Next Post

Diamond Offshore Declares Special Cash Dividend of $0.75 per Share

Related Posts

South Africa Proposes
Africa

South Africa Proposes US LNG Purchase Deal for 10 Years

June 4, 2025
HDPE Market in Oil and Gas
Asia Pacific

HDPE Market in Oil and Gas: Trends and Global Forecast

May 26, 2025
Scope 1 2Emission Reductions
Exploration Development

Scope 1 & 2 Emission Reductions with Methane Detection Tech

May 26, 2025
UAE Energy Investments in the US
America

UAE Energy Investments in the US to Reach $440B by 2035

May 21, 2025
IEA Warns of Global Oil Demand
America

IEA Warns of Global Oil Demand Slowdown in 2025

May 21, 2025
Trans Mountain Pipeline Expansion Boosts China Oil Trade
America

Trans Mountain Pipeline Expansion Boosts China Oil Trade

May 21, 2025
Next Post

Diamond Offshore Announces Second Quarter 2014 Results

Please login to join discussion

About Us

Oil and Gas Advancement is a leading information centric website providing latest information and happenings within the industry. Featuring the latest news and developments within the Upstream, Midstream and Downstream Industries. Oil and Gas Advancement runs with an objective to provide a one stop knowledge driven content to our reader and subscribers in various forms like news, projects, upcoming events.

Subscribe Us

Resources

  • Advertise with us
  • Contact Us
  • Newsletter Archive
  • Download Mediapack

System

  • Search
  • Site Map
  • RSS Feed
  • Upstream
  • Pipelines & Transport
  • Downstream

© 2018 Copyright Valuemediaservices 2018 All rights reserved.

No Result
View All Result
  • Home
  • News
  • Projects
  • Whitepapers
  • Press Releases
  • Market Reports
  • Events
  • Contact Us

© 2018 Copyright Valuemediaservices 2018 All rights reserved.