Downturn: drilling activity has declined, hitting oilfield services players
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Drilling slump weighs on Baker Hughes
US oilfield services company Baker Hughes saw a 51% fall in first-quarter earnings as a slump in energy prices weighed heavily on drilling activity.
Net profit fell to $195 million, or 63 cents per share, from $395 million, or $1.27 per share, a year earlier.
First-quarter revenue was flat at $2.67 billion compared with the same quarter a year ago, but down 16% from the fourth quarter.