Tough Times: Baker Hughes Net Income Drops 153% in 1 Year

chart going downYesterday MDN told you about the tough times in the oil patch for Halliburton, the second largest oilfield services company in the world (see Tough Times: Halliburton’s Net Income Drops 93% in 1 Year). Today, the “other shoe” drops. Halliburton, you may recall, is buying out the fifth largest oilfield services company in the world (and the third largest in the U.S.)–Baker Hughes (see Halliburton & Baker Hughes Announce a December Wedding Date). Baker Hughes released their second quarter financial and operating results yesterday and the picture is even bleaker than it was for Halliburton. Baker Hughes’ revenue for 2Q14 (a year ago) was $5.935 billion. Revenue for 2Q15 was $3.968 billion–a drop of 33% year over year. When you add in expenses of all types, the picture is apocalyptic: In 2Q14 Baker Hughes’ net income was $359 million. In 2Q15 it was minus $190 million, or $190M in the hole–which is a 153% drop year over year. Not pretty! The company predicts “unfavorable market conditions to continue across all segments” for the balance of 2015…

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