BHGE Ends 2018 with a $195MM Profit
Baker Hughes, a GE Company (BHGE), ended 2018 with a $195 million profit on close to $22.9 billion of revenue.
The Houston oilfield services company saw $131 million quarterly profit in the fourth quarter, despite a sharp decline in crude oil prices late last year.
2018 was the first full year of Baker Hughes and General Electric being a combined company (BHGE) and CEO Lorenzo Simonelli noted that he was proud of the company’s accomplishments.
In 4Q 2018, BHGE had $6.9 billion in orders – the largest orders quarter in nearly three years. And Simonelli said he’s seeing a “positive change” in the LNG market with a faster-than-anticipated acceleration of project sanctioning.
BHGE’s oilfield equipment segment also made gains in technology last year with the launch of Subsea Connect, dubbed by the company as "a new approach to subsea development.”
“As we look forward to 2019, our core mission as a company is unchanged – delivering productivity solutions to the oil and gas industry through differentiated technology and innovative commercial models,” Simonelli said in a company statement. “We are positioning the company to navigate a dynamic macroeconomic environment, while remaining focused on delivering for our customers and on our priorities of share, margins and cash.”
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