Baker Hughes 3Q15: $156M Loss, Revenue Down 39% from 3Q14

red inkHalliburton is in the process of buying its smaller competitor Baker Hughes. Although the plan was to have the merger complete by December 1st, it’s almost certain the date will slip into early 2016 (see Update on Halliburton/Baker Hughes Wedding Plans). Both companies are contract drillers with big operations in the Marcellus/Utica (i.e. oilfield services companies). We wonder if Halliburton had known just how bloody the oil and gas market would get, if they would have embarked on a merger in the first place. Two days ago we told you that Halliburton’s third quarter 2015 was awful with the company losing $54 million (see Halliburton 3Q15: $54M Loss, Cut 18,000 Jobs Over Past Year). Yesterday Baker Hughes released their 3Q15 update and reports they lost a whopping $156 million in 3Q15. Ouch! Both Halliburton and Baker Hughes predict an even *worse* fourth quarter. Doesn’t bode well for the honeymoon. Here’s the update from Baker Hughes for 3Q15…

Please Login to view this content. (Not a member? Join Today!)
Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.