Drilling giant Baker Hughes warns the pain from oil crash is far from over
AKIN OYEDELE
BusinessInsider.com
Jul. 21, 2015
Baker Hughes has an ugly outlook for the oil industry.
The oilfield-services company reported second-quarter results on Tuesday morning, with an adjusted earnings per share loss of $0.14, in line with expectations, according to Bloomberg.
Revenues came in at $4 billion, down 33% year over year, and ahead of the consensus of $3.78 billion.
The oil driller’s outlook for the rest of the year, however, does not look good.
The oil crash that began about a year ago dragged down its revenues, and prompted it to cut costs and eliminate 10,500 jobs, or 17% of its workforce.
And for the remainder of the year, the company expects it to stay ugly “across all segments.”
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