Get All Access for FREEMarket News & Research,
Live Transcripts & Audio,
and a whole lot more…
$BHI General Update: Baker Hughes Incorporated announced that international rig count for June 2015 was 1,146, down 12 from the 1,158 counted in May 2015, and down 198 from the 1,344 counted in June 2014. International offshore rig count for June 2015 was 277, down 7 from the 284 counted in May 2015, and down 43 from the 320 counted in June 2014.
$BHI's avg. US rig count for Nov. 2017 was 911, down 11 from 922 in Oct. 2017, and up 331 from 580 in Nov. 2016. The avg. Canadian rig count for Nov. 2017 was 204, unchanged from 204 in Oct. 2017, and up 31 from 173 in Nov. 2016. Worldwide rig count for Nov. 2017 was 2,057, down 20 from 2,077 in Oct. 2017, and up 379 from 1,678 in Nov. 2016.
$BHI said its international rig count for November 2017 was 942, down 9 from the 951 counted in October 2017, and up 17 from the 925 counted in November 2016. The international offshore rig count for November 2017 was 183, down 21 from the 204 counted in October 2017, and down 28 from the 211 counted in November 2016.
Oilfield solutions provider $BHI said it has completed the transaction combining the company with the oil and gas business of $GE. Baker Hughes shares will begin trading on the New York Stock Exchange under the symbol BHGE on July 5, 2017. Meanwhile, the existing symbol, BHI, will be delisted from the stock exchange on July 3, 2017.
$BHI's stockowners were voted to approve the previously announced combination of $BHI with $GE's oil and gas business. The combination will create Baker Hughes, a $GE company, which will be traded on the NYSE under "BHGE" ticker. $BHI and $GE expects to close the transaction to combine $BHI and GE Oil & Gas on July 3, 2017.
$BHI and $GE reached agreement with Department of Justice that would allow parties to complete their proposed transaction under US law. $GE has agreed that it will divest its GE Water & Process Technologies business after closing $BHI transaction. $BHI continues to target a mid-year close and scheduled its shareholders vote for June 30.
$BHI said the international rig count for May 2017 was 957, up 1 from the 956 counted in April 2017, and up 2 from the 955 counted in May 2016. The average U.S. rig count for May 2017 was 893, up 40 from the 853 counted in April 2017, and up 485 from the 408 counted in May 2016.
$NR agreed with $BHI to provide drilling fluids and related services as part of $BHI's integrated service offering in support of the Greater Enfield project in offshore Western Australia. Work under this contract is expected to begin in late 2017 and generate total revenues of about $20MM over a 2-year period.
$BHI's international rig count for April 2017 was 956, up 10 from 946 in April 2016. The international offshore rig count was 201, down 19 from 220 last year. The avg. US rig count was 853, up 416 from 437 in April 2016. The avg. Canadian rig count was 108, up 67 from 41 last year. The worldwide rig count was 1,917, up 493 from 1,424 last year.
$BHI anticipates some ongoing pricing deterioration in international market during 2017, which is expected to offset the growth in its onshore business. The company said it will continue to focus on its cost reduction activity. In 1Q17, the company incurred some additional charges related to restructuring activity in its international business.
As $BHI posted 1Q17 results, CEO Martin Craighead said, "revenue for our upstream chemicals business, which represents approximately one-quarter of our North America revenue, grew in line with production volumes, and is poised for additional growth as production increases."
In 1Q17, $BHI's net attributable loss was cut down to $129MM or $0.30 per diluted share, from a loss of $981MM or $2.22 per diluted share a year ago. Revenue for the quarter was down 15% to $2.3Bil. Capital expenditures were relatively flat at $87MM.
$BHI reported international rig count for the month of January 2017 of 933, up 4 from 929 counted in December 2016. The average U.S. rig count rose by 49 to 683 from 634, and average Canadian rig count increased by 93 to 302. The worldwide rig count grew 146 to 1,918 from 1,772 counted in December 2016.
Revenue for North America, $BHI's largest segment, dropped 32% to $775MM in 4Q16 compared to the prior year quarter. Latin America, Europe/Africa/Russia Caspian, Middle East/Asia Pacific, and Industrial Services segments' revenue declined 47%, 32%, 16% and 18.5%, respectively.