Baker HughesNASDAQ: BKR

Lorenzo Simonelli, Baker Hughes CEO, discusses the energy outlook for different regions, and says "the increase in energy demand is there, and we're going to see activity continue to increase."

Josh Brown, the CEO of Ritholtz Wealth Management, appears on CNBC's 'Halftime Report' to explain his reasons for investing in the energy sector.

According to a report by energy services company Baker Hughes released on Friday, U.S. energy companies have maintained the same number of oil and natural gas rigs for the second consecutive week.

On Monday, Baker Hughes, a company that provides oilfield services, revealed that it has reached a deal to provide Petrobras with 77 kilometers (47.85 miles) of flexible pipe systems. These systems will be used in Brazil's pre-salt fields located in the Santos Basin.

HOUSTON and LONDON, Oct. 28, 2024 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), a company focused on energy technology, announced on Monday that it has secured important contracts with Petrobras to supply 77 km of flexible pipe systems for use in Brazil's pre-salt fields. This agreement was finalized on October 15, 2024, after a competitive bidding process.

Baker Hughes Company shared mixed results for the third quarter, showing a strong backlog and better margins, but a drop in orders raises worries about future growth. The company is in a good financial position, holding $2.66 billion in cash and $6 billion in long-term debt, with operating income easily covering interest costs. LNG growth is seen as a key driver for the future, as management anticipates a big rise in demand, although there are still short-term uncertainties, particularly regarding regulations.

Baker Hughes Company (NASDAQ:BKR) will hold its Q3 2024 Earnings Conference Call on October 23, 2024, at 9:30 AM ET. The call will feature company representatives including Chase Mulvehill, Lorenzo Simonelli, and Nancy Buese, along with analysts from various financial institutions. Currently, all participants are in listen-only mode.

Baker Hughes (BKR) reported quarterly earnings of $0.67 per share, which is higher than the Zacks Consensus Estimate of $0.60 per share. This is an increase compared to earnings of $0.42 per share from the same period last year.

In the third quarter, the company received orders totaling $6.7 billion, with $2.9 billion coming from IET orders. The remaining performance obligations (RPO) reached $33.4 billion, which includes a record IET RPO of $30.2 billion.