Baker Hughes, the oil and gas services firm with offices in Aberdeen, has reported pre-tax profits of £127.99 million in its Q3 results.
This makes a major turnaround from last year’s third quarter results when the company reported losses of £287.56 million before tax.
Cash flow from operating activities is also up from this time last year, standing at £530.92m, a 44% increase.
The firm managed to turn its operating income around from last quarter’s negative £22.23m to September’s £239.23m, however, this is still 29% down when compared to figures this time last year.
Baker Hughes chairman and chief executive, Lorenzo Simonelli, said his firm was “generally pleased” with its third-quarter results.
He said: “2022 has presented some unique challenges for Baker Hughes, and as we head towards 2023 we believe many of the key challenges should be behind us. I would like to thank our team for their continued commitment to deliver for our customers and execute our strategy.”
“The macro outlook has grown increasingly uncertain as the global economy is dealing with strong inflationary pressures, a rising interest rate environment, and sizeable fluctuations in global currencies. Despite these economic challenges, we remain positive on the outlook for oil and gas. We believe the fundamentals remain supportive of a multi-year upturn in global upstream spending, and that elevated natural gas and LNG pricing remains constructive for future FIDs. On the new energy front, recent policy movements in Europe and the U.S. are likely to help support a significant increase in clean energy development.”
Baker Hughes welcomes new chief financial officer
This comes as the firm announces a new chief financial officer, Nancy Buese, who will take office on November 2.
Mr Simonelli said: “Nancy will be a driving force in our strategic transformation to simplify our operations, improve execution, deliver strong financial performance, and increase value for our shareholders over the long-term.”
Ms Buese brings more than 30 years of financial and leadership experience to the role, having worked for the global mining company, Newmont Corporation, from 2016 until present.
Current chief financial officer of Baker Hughes, Brian Worrell, will move to a strategic advisor role next month and will leave the company in the second quarter of 2023.
Mr Simonelli thanked Mr Worrell for his years of service, saying: “He has shown exemplary leadership and built an incredibly strong finance function, ensuring Baker Hughes has remained a stable and leading company for our customers, shareholders and employees.
“Our entire team remains grateful for his leadership through many important milestones in our company’s history, including the 2017 merger with GE Oil & Gas, the COVID-19 pandemic, and our ESG progress. We wish Brian well in his future endeavours.”
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