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

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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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