Baker Hughes Reports Disappointing 2Q Earnings On Lower North American Drilling Activity

Unlike competitors Schlumberger and Halliburton that released better-than-expected earnings earlier this week, Baker Hughes posted an adjusted loss of 62 million, driven by lower drilling activity and high cost deflation in the North American markets. However, the oilfield services major managed to beat the analyst estimate for revenue of $3.88 billion by delivering consolidated revenue of $4 billion. Since the short term outlook for the oilfield services industry appears to be challenging,...

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