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Baker Hughes Co. posted its second consecutive quarterly loss
July 23, 2020
Source: Reuters

Baker Hughes Co. posted its second consecutive quarterly loss

Baker Hughes Co posted its second consecutive quarterly loss on Wednesday as oil producers stopped drilling new wells and drastically cut their budgets following a collapse in crude oil prices. Baker Hughes has cut its 2020 budget by over 20% year-on-year and disclosed plans to exit or shut down non-core product lines, including North American full-service drilling and completions fluids business.

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