Gulf Oil and Gas accountACCOUNT

Baker Says Iraq Suspension Hit Fourth-Quarter Profit

Source: Reuters 1/10/2014, Location: Middle East

Share |
Baker Hughes Inc, the world's third-largest oilfield services company, estimated fourth-quarter profit well below Wall Street expectations, largely due to the suspension of its operations in Iraq following a protest.

Baker Hughes shares fell 1.6 percent to $51.00 in trading before the bell.

Baker Hughes halted operations in Iraq in November and issued force majeure notices to customers after a protest at a facility near the southern town of Basra.

Offices at larger rival Schlumberger Ltd's drilling site in the Basra region were wrecked in November by angry Shi'ite Muslim workers and tribesmen, who accused a foreign security adviser of insulting their religion.

Houston-based Baker Hughes said on Friday its operating profit margins were also hit in the quarter as weather-related delays led to lower activity in the United States and North Sea.

The company is scaling up its global operations after weak natural gas prices weighed on demand for pressure pumping services in North America last year.

Baker Hughes estimated adjusted earnings per share to be between 60 cents and 62 cents per share for the quarter ended Dec. 31. The company said the disruption cost it about $80 million, or 18 cents per share.

Analysts on average expect the company to earn 82 cents in the fourth quarter, according to Thomson Reuters I/B/E/S.

Baker Hughes will announce its fourth-quarter results on Jan. 21.

For more information about related Opportunities and Key Players visit Iraq Oil and Gas Projects

Financials and Investment News in Iraq >>

Australia >>  10/18/2017 - Norwest Energy NL has received irrevocable commitments from sophisticated and professional investors for a placement of up to approx. 250 million shar...
Norway >>  10/18/2017 - The shares purchased by DNB on behalf of Statoil ASA on 13 October 2017 for use in the group's Share Saving Plan have on 18 October 2017 been distribu...

Azerbaijan >>  10/17/2017 - SOCAR paid AZN 117 million 330 thousand to the State Budget for September of the current year. In general, for January-September 2017, SOCAR transferr...
Austria >>  10/16/2017 - OPEC crude for 2018 was revived up by more than 0.2 mb/d from the previous month to 33.1 mb/d representing an increase of 0.3 mb/d over 2017. ...

United Kingdom >>  10/16/2017 - NU-Oil and Gas plc was awarded Best Performing Share at the recent AIM Awards 2017. Best Performing Share is a factual award based on share price perf...
United Kingdom >>  10/16/2017 - BP Midstream Partners LP (“BP Midstream Partners” or the “Partnership”), a limited partnership formed by an indirect, wholly-owned subsidiary of BP p....

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Iraq Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 |

More News

 

Oil & Gas Companies in Iraq >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Privacy Policy.