Member Info for redwineday

Oilfield services group Baker Hughes reported banner 2022 results as surging energy prices in the wake of Russia’s invasion of Ukraine pushed up drilling activity and demand for its technology.

The company — one of the biggest providers of oilfield services in the world — reported revenue of $5.9bn for the final quarter of the year, up 8 per cent on the previous year. Net income for the quarter was $182mn, up from a loss of $17mn the previous quarter.

Chief executive Lorenzo Simonelli said the trend was set to continue as the group booked record orders of over $8bn, helping to push up shares by almost 2 per cent in pre-market trading, despite revenue and income figures just missing Wall Street expectations.

“Despite recessionary pressures in some of the world’s largest economies, we maintain a positive outlook for the energy sector, given supply shortages appear likely to persist,” said Simonelli.

“With years of under-investment now being amplified by recent geopolitical factors, global spare capacity for oil and gas has deteriorated and will probably require years of investment growth to meet forecasted future demand.”

The company benefited from picking up a number of contracts to drill wells and provide supporting equipment, while demand at its technology business was strong from the scramble to build and maintain new liquefied natural gas export facilities in the US.

Rival SLB, the world’s biggest oilfield services group, also reported strong results on Friday, with its chief executive heralding the “early phase of a structural up-cycle”.

In this and in the last interview he gave at CES seems to me to he is oozing confidence.

Grim reading. SP now less than 2p in old money. All of those big stones last year went to the bondholders. Without some exceptional finds this is only going either nowhere or south for at least the next year to 18 months

He's too busy quaffing good claret in his club....

Last years trading update was Jan 12, so I'm thinking this week

Comments under the story are not very inspiring. He has his work cut out for sure....

Happy to see the last of the previous board pushed out by the IIs. Wages fir failure. Standard practice in UK life unfortunately.

Long road ahead....

I can't imagine them having an investor event in London on the 29th without having issued an RNS beforehand. It simply wouldn't be credible for Gil to turn up without news. Or, of course, they could can the event but even there that would require an announcement in the next days.

Expensive foot in mouth. Lia Truss and Kamikwaze would be proud...

Agree the weather thing is BS. There were 2 days of light rain in October, so how this can impact 20 days is impossible to believe. Really disingenuous I thought.

He definately gives the impression, more than once now, that Eco is an AO subsidiary.

I took his comments on the drill specifically as non committal. That said he really shouldn't be commenting on thus when he is not the operator. If I were Gi I'd be pi**ed off.

His comments on 'consolidation' are not his first and again I'm nit sure it's his place to be speaking in public about what he may or may not do when clearly its price moving.

Ina answering a question on his earnings call regarding delay to Gazania, stated weather and longer to drill than anticipated. 20 days later than planned and unlikely to be news this week.

Also he again spoke about either consolidating his holdings including Eco before the end of next year and the method of doing so would be clearer after 2B result.

I think that indeed is the most likely scenario. They have found something but the drill is more complicated than anticipated in the 25 days. The complexity is leading them to take longer and more tests. For sure if it was a duster we would know about by now. By the same token if it were a home run we would also know, so likely scenario is something in between.

I think the supporting argument towards this scenario is the silence. Eco has always been leaky and on top you have RSA government involved. The silence and lack of SP action makes me think the valuation of whatever is there is not straightforward.

Do tell!

Could be them closing. If not them If the numbers are good on Monday we can look forward to a nice squeeze.

So you registered to tell us you were selling. Very informative.

Must be the longest period of time that Gil has been quiet for. Again not sure it hats good or bad!

Ah!