Baker Hughes Releases Third Quarter Results

For the third quarter, Baker Hughes’ revenue was flat, despite a drop in U.S. and international rig counts. However, our margins were impacted by the well-known imbalance in the North American Pressure Pumping business.  Additionally, activity was less than planned in several key geomarkets for Baker Hughes, resulting in an unfavorable mix.  The clearest example is Canada, where the seasonal return of activity was nearly 30 percent less than this time last year.  Internationally, the collective rig count in Brazil, Colombia, and Norway was down 17 percent compared to the last quarter, and these are all meaningful markets for Baker Hughes. In the fourth quarter, activity levels in our International segments are projected to rebound.