Baker Hughes 3Q16: Bleeding Slows, but Hefty Loss of $430M

Baker Hughes logoThe world’s largest oilfield services company (OFS), Schlumberger, turned a profit in 3Q16 (see Schlumberger 3Q16: Turns a Profit, but Profits Down 82% Y/Y). The world’s second largest OFS, Halliburton, also turned a profit in 3Q16 (see Halliburton 3Q16 Earnings Surprise: Turns a Profit!). The world’s third largest OFS, Baker Hughes, could not (unfortunately) make it three for three. Baker Hughes reported their 3Q16 performance yesterday and the company lost money–a hefty $430 million to be exact. The good news, if you can call it that, is that BH lost $912 million in 2Q16, so the bleeding is slowing down. But officials said don’t expect much in 4Q16–they don’t expect their largest unit, North America, to grow much in the coming three months…

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