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BAKER HUGHES COMPANY

(BKR)
  Report
Delayed Nasdaq  -  04:00:00 2023-01-26 pm EST
31.80 USD   +2.58%
06:29aTech Uncertainties Dent Wall Street Pre-Bell; Europe Flat, Asia Up
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01/26US Economic Calendar for Friday
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01/26Barclays Raises Baker Hughes' Price Target to $42 From $38, Maintains Overweight Rating
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U.S. oil & gas rig count falls for first time in six weeks - Baker Hughes

12/09/2022 | 01:01pm EST

Dec 9 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in six weeks as oil prices fell to their lowest this year.

The U.S. oil and gas rig count, an early indicator of future output, fell by four to 780 in the week to Dec. 9, energy services firm Baker Hughes Co said in its closely followed report on Friday. <RIG-USA-BHI> <RIG-OL-USA-BHI> <RIG-GS-USA-BHI>

U.S. oil rigs fell two to 625 this week, while gas rigs declined by two to 153, their lowest since July.

U.S. oil futures were trading around $71 a barrel on Friday, down about 6% so far this year, after topping $130 in March after Russia's invasion of Ukraine.

The two largest U.S. oil companies - Exxon Mobil Corp and Chevron Corp - this week disclosed plans to increase outlays on energy projects next year amid high oil demand and prices.

While spending more, it will be less than half the combined $84 billion they spent in 2013, when oil prices often traded above $100 per barrel as it has this year. The two are awash in cash from those prices and past cost-cuts, and have sharply raised shareholder payouts, rather than boosting output.

U.S. crude production was on track to rise from 11.25 million barrels per day (bpd) in 2021 to 11.87 million bpd in 2022 and 12.34 million bpd in 2023, according to federal energy data. That compares with a record 12.32 million bpd in 2019.

U.S. financial services firm Cowen & Co has said the independent exploration and production (E&P) companies it tracks plan to boost spending by about 40% in 2022 versus 2021 after increasing spending about 4% in 2021 versus 2020.

That follows a drop in capital expenditures of roughly 48% in 2020 and 12% in 2019.

Some analysts, however, have noted that even when energy firms do boost their capital expenditures, it was not necessarily to increase production but was instead being spent on more expensive pipes and other equipment and rising labor costs due to soaring inflation and supply disruptions. (Reporting by Scott DiSavino Editing by Marguerita Choy)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BAKER HUGHES COMPANY 2.58% 31.8 Delayed Quote.4.98%
BHI CO., LTD. 0.15% 6820 End-of-day quote.5.08%
BRENT OIL 1.22% 88.49 Delayed Quote.0.27%
CHEVRON CORPORATION 4.86% 187.79 Delayed Quote.-0.23%
EXXON MOBIL CORPORATION 4.02% 117.76 Delayed Quote.2.64%
S&P GSCI NATURAL GAS INDEX -1.33% 131.5666 Real-time Quote.-34.86%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.31% 69.3606 Delayed Quote.-3.88%
WTI 1.58% 82.354 Delayed Quote.0.09%
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Financials (USD)
Sales 2022 21 331 M - -
Net income 2022 -395 M - -
Net Debt 2022 3 518 M - -
P/E ratio 2022 -78,3x
Yield 2022 2,27%
Capitalization 31 991 M 31 991 M -
EV / Sales 2022 1,66x
EV / Sales 2023 1,43x
Nbr of Employees 55 000
Free-Float 98,7%
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Technical analysis trends BAKER HUGHES COMPANY
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 31,80 $
Average target price 35,53 $
Spread / Average Target 11,7%
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Managers and Directors
Lorenzo Simonelli Chairman, President & Chief Executive Officer
Nancy K. Buese Chief Financial Officer
Jeff Fleece Chief Information Officer
Gregory D. Brenneman Independent Director
Lynn Laverty Elsenhans Independent Non-Executive Director
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