Company has said it will not invest further in the country, but what based on the last quarter company statement are Baker Hughes doing on a daily basis in Russia? And does this differ from Haliburton and Schlumberger ?
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From the earnings call transcript from April 2022.
“ Before I go into the segment results, I will comment on the current situation in Russia and how it currently factors into our broader outlook. Russia represented roughly 4% of total company revenue in the first quarter and we recently announced that we have halted all new investment in the country. Additionally, sanctions from the U.S., UK. and the EU continue to evolve and are making ongoing operations increasingly complex and significantly more difficult. As a result, we expect erosion of our Russia-related revenues over the course of 2022, particularly in OFS. However, the pace and magnitude of this is difficult to predict given the dynamic nature of the situation. Therefore, there is a range of possible outcomes we are preparing for across our product companies.“
Erosion? Does not exactly sound like a cessation of operations in Russia, more of a forced wind down as “ ongoing operations increasingly complex and significantly more difficult “. Sounds like the company is fully onboard with the actions the international community are taking in response to the events in Ukraine doesn’t it?
Let’s hope somebody asks an ethics question on the next earnings call……..