Down: profits at Baker Hughes
Baker Hughes bottom line slides 87%
US oilfield services company Baker Hughes posted an 87% slide in third-quarter profit today as the oil and gas drilling industry recovers slowly from the past year's wrenching slump.
Net profit fell to $55 million, or 18 cents per share, from $429 million, or $1.39 per share, a year ago. Revenue fell 26% to $2.23 billion.
Larger rivals Schlumberger and Halliburton reported sharp drops in quarterly profit and signaled expectations of a lukewarm 2010 recovery, and further struggles for those chasing North American natural gas.
Baker Hughes, which is buying BJ Services to better compete with Schlumberger and Halliburton in pressure pumping, said in September it expects only modest growth in the number of rigs drilling in North America through 2011.
Shares of Baker Hughes have gained 35% this year, compared with a 60% increase for the Philadelphia Stock Exchange oil service index .OSX.