An oil well near Denver, Colorado. Picture: REUTERS
Revenue from Baker Hughes’ oilfield services business, which accounts for about half of total sales, tumbled 26% to $2.41bn in the second quarter. Total revenue fell 21% to $4.74bn. “We are preparing for potential future volatility, while also focusing on structurally reducing our cost base,” CEO Lorenzo Simonelli said, pointing to the risks from a second wave of coronavirus cases and high unemployment that could lead to economic uncertainty.
The quarter included an income-tax gain of $7m related to the federal pandemic-linked Cares Act for aid and relief.
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