Baker Hughes Cutting Jobs, Spending After Oil Prices Plunge
Oil-field services company preparing for steep drop in oil investments that sustain its businesses
Baker Hughes reported a $10.2 billion loss for the first quarter on impairment and restructuring charges.
Baker Hughes reported a $10.2 billion loss for the first quarter on impairment and restructuring charges.
PHOTO: CHRIS HELGREN/REUTERS
By Collin Eaton
Updated April 22, 2020 10:13 am ET
Baker Hughes Co. is cutting jobs and reducing capital spending by 20% as it tries to save cash and ride out one of the worst energy downturns in decades.
Chief Executive Lorenzo Simonelli said Wednesday the company expects oil-field activity in North America to decline about 50% this year, with the industry’s outlook hinging on the pace of economic recovery amid the coronavirus pandemic and the speed at which crude supplies decline