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Baker Hughes Oilfield Services announced on Wednesday that it posted its second quarterly loss this year and warned that it was preparing for a longer period of fluctuation after falling oil prices undermined demand for services.
The net loss attributable increased to $ 201 million, or 31 cents per share, compared with $ 9 million or 2 per share in the corresponding period of last year
“The second quarter of 2020 was challenging in several areas as our company navigated through the ongoing impacts of the COVID-19 pandemic and the sharp decline in activity levels due to lower oil and gas prices. Despite these headwinds, I was pleased with how our team executed with strong margin performance in TPS and DS, cost execution in OFS, solid order bookings in OFE and TPS, and another quarter of free cash flow generation,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.
