Baker Hughes Beats Quarterly Profit Estimates

(Reuters) U.S. oilfield technology firm Baker Hughes beat second-quarter profit estimates on Wednesday, helped by strong demand for its services and equipment as exploration activities remained resilient despite lower oil prices.

Energy firms have begun to invest some of the record profits from last year on new oil in gas deposits in Middle East, Africa and Latin America in a long-term bet, boosting demand for oilfield services and equipment. 

Baker Hughes has also booked orders of refrigerant compressors for liquefied natural gas projects from the likes of NextDecade NEXT.O during the quarter.  

On an adjusted basis, the company earned 39 cents per share in the quarter ended June 30, compared with the average analysts’ estimate of 33 cents per share, according to Refinitiv data.

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