Oilfield firm Baker Hughes misses fourth-quarter Wall St. profit estimate

Baker Hughes Co missed fourth-quarter profit estimates on Monday as the oilfield services firm navigated challenges including component shortages, supply chain inflation and disruption caused by Russia’s invasion on Ukraine.

Drilling activity picked up in 2022 in response to elevated oil prices, but the pace remains slower than pre-pandemic levels as several energy producers prioritized shareholder payouts over production growth.

The oilfield sector last year was impacted by workforce shortages, inflation and supply chain constraints.

“In 2023, the global economy is expected to experience some challenges under the weight of inflationary pressures and tightening monetary conditions,” Chief Executive Officer Lorenzo Simonelli said.

Adjusted net income stood at $381 million or 38 cents per share, for the three months ended Dec. 31, compared with average analyst estimates of 40 cents per share, according to Refinitiv data.
Source: Reuters (Reporting by Arunima Kumar in Bengaluru; Editing by Krishna Chandra Eluri)