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U.S. energy firms added oil and natural gas rigs for a second week in a row as higher oil prices prompted some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose eight to 448 in the week to May 7, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That put the total rig count 74 rigs, or 20%, higher than this time last year. It was also up 84% since falling to a record low of 244 in August 2020, according to Baker Hughes
Baker Hughes and Akastor ASA have announced an agreement to create a joint venture company that will bring together Baker Hughes’ Subsea Drilling Systems business with Akastor’s wholly-owned subsidiary, MHWirth AS. The JV will deliver a global full-service offshore drilling equipment offering that will provide customers with a broad portfolio of products and services. The Company will be owned 50-50 by Baker Hughes and Akastor. Merrill A. “Pete” Miller will serve as chairman and chief executive officer.
Baker Hughes announced the launch of its next-generation Onshore Composite Flexible Pipe to address the corrosion and cost of ownership challenges with a conventional steel pipe for the energy, oil and gas and industrial sectors. Key feature of the pipe is its proven spoolable design, making it easier, faster and more cost-effective to transport and install versus steel pipe – reducing installed costs by more than 20%.
OAI provides framework for energy operators, service providers, equipment providers, and independent software vendors for energy services to offer interoperable solutions, including AI and physics-based models, monitoring, diagnostics, prescriptive actions, powered by BHC3™ AI Suite and Microsoft Azure. First set is provided by Shell and Baker Hughes focus on reliability and designed to improve uptime and performance of energy assets/processes.
Baker Hughes Co. expects as many as four liquefied natural gas projects globally to move to a final investment decision this year amid a global revival of the fuel after last year's pandemic-induced collapse. By 2030, we still need to have capacity of approximately 650 to 700 million tons of LNG in place," CEO Lorenzo Simonelli told analysts and investors.
Baker Hughes will be acquiring technology company 3C. It is part of Baker Hughes's commitment to providing decarbonization solutions for carbon-intensive industries. 3C's rotating bed technology enhances the carbon capture process resulting in up to 75% smaller footprint and lower capital expenditures. With this agreement, 3C will get to upscale and commercialize its technology whereas Baker Hughes will be able to strengthen its strategy, technology, and manufacturing in the area of carbon capture.
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.
Oilfield firm Baker Hughes Co on Wednesday reported a $10 billion first-quarter loss and revenue fell more than expected as an 80% plunge in oil prices crushed demand for services and equipment. Refinitv Eikon data indicated a 3% dip in revenue to $5.43 billion for the quarter. The oilfield services major recorded a net loss of $10.21 billion, compared with a profit of $32 million a year earlier.
Oilfield services major, Baker Hughes Co's adjusted profits ramped up by 49.2% in the fourth-quarter on Wednesday, buoyed up by higher orders in its oilfield services unit. The Texas-based giant saw an adjusted net income climbing to $179 million in the three months ended Dec.31, from $120 million for the same quarter last year. Total revenue rose from $6.26 billion to $6.35 billion.
In a major step towards the deployment of Artificial Intelligence in the energy industry, Baker Hughes, C3.ai and Microsoft have come together to deliver enterprise AI solutions to the energy industry. The alliance will allow clients to leverage the energy technology expertise of Baker Hughes, C3.ai’s proven AI platform and applications, and the Microsoft Azure cloud computing platform. The solutions are custom-designed to tackle challenges across the entire value chain.
Fullstream company, Baker Hughes has concluded its demerger with GE, closing a secondary offering of 132.25 million shares of BHGE Class A common stock. With Baker completing the share repurchase, GE and its affiliates lost ownership of more than 50% of the voting power of all classes of BHGE’s voting stock. BHGE aims to revise its corporate name to Baker Hughes Company, known as Baker Hughes.
Offshore marine logistics giant, Topaz has entered into a long-term agreement with Baker Hughes for its proprietary lubricant condition monitoring system, VitalyX. The two firms will collaborate on boosting the maintenance and upkeep of Topaz’s fleet of vessels and increase the field time for each vessel. VitalyX exploits the Internet of Things (IoT) by integrating cutting-edge sensor hardware with condition monitoring software.
Qatar Petroleum is planning to reduce its dependency on imports and increase its domestic production. In order to fuel up its local energy industry, the firm has signed a preliminary deal with Schlumberger and Baker Hughes worth $2.47 billion on Monday. The initial agreement will involve investment in production facilities, training and development. Qatar is strategizing to boost its LNG production by 43% by 2023-24.
Oil prices dropped in the international market on Monday after reports of a rising count of drilling rigs in the US amidst the economic slowdown in China. Benchmark Brent crude oil futures traded down 0.2%, at $61.50 a barrel. US WTI crude oil futures dropped 0.5%, to $53.43 per barrel. Baker Hughes report on Friday showed rig count rising to 862, indicating that US crude production may rise further.
The falling crude prices have affected the U.S. energy companies following which nine oil drilling rigs have been cut this week. Baker Hughes informed in its report that after this reduction, which is the biggest since May 2016, the rig count has decreased to 860. According to Cowen & Co., US financial services firm, an increase of 18% is predicted in planned capital spending this year by E&Ps they have tracked.
Baker Hughes announced the sell-out of its natural gas solutions business to a private equity firm and an Italian company, in a deal worth $375 million. The Connecticut-based private equity firm, First Reserve will procure the global manufacturing business and around 450 employees. On the other hand, BHGE’s manufacturing plant in Italy will be acquired by the Italian firm, Pietro Fiorentini.
Boston-based General Electric (GE), on Tuesday, revealed plans of farming out all of its 62.5% stakes in Bake Hughes (BH) over the next three years. The management at GE believes that the separation would provide BHGE with enhanced agility and the ability to focus on leading in the oil and gas industry. Apart from BHGE, GE healthcare would become a standalone company.