Baker Hughes rides wave of energy uncertainty

BAKER HUGHES is one of the world’s largest energy services firms. Despite a sticky time for customers in the oil industry, its broad offering means it can still benefit from accelerating growth in energy consumption.

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First-quarter revenue was flat at $6.4billion (£4.8billion), but underlying cash profit (EBITDA) advanced by 10% to $1bn (£751m), which was towards the top end of guidance.

Sales growth in the Oilfield Services & Equipment (OFSE) division remains hard to come by. With oil prices close to four-year lows, incentives to drill new wells are limited.

It’s a dynamic the firm is handling well, managing to improve first-quarter margins in the division off a lower revenue base.

The ever-changing tariff picture adds increased uncertainty.