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Baker Hughes reports fall in profit

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Oilfield Technology,

As reported by Reuters, Baker Hughes has announced that its adjusted profit fell 9% in 2Q21 from the previous three months, as crude producers kept a tight lid on spending despite a recovery in oil prices.

Adjusted net income attributable to the company was US$83 million, or 10 cents per share, in the quarter ended June 30, compared with US$91 million, or 12 cents per share, in 1Q21.

The recovery in oil demand is under threat from new strains of COVID-19, but Baker Hughes expects spending and activity levels to gain momentum through the year as the macro environment improves, CEO Lorenzo Simonelli said in a statement.

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