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Baker Hughes posts smaller loss the previous year in Q4 results

Baker Hughes news

Baker Hughes said its fourth quarter loss was smaller than a year ago when it booked a $1.25billion impairment charge.

The oilfield services provider, which is being acquired by General Electric, said net loss attributable to it was $417million.

This was compared with a loss of $1.03billion a year earlier.

The latest quarter includes after-tax charge of $291million.

Baker Hughes revenue fell about 29% to $2.41billion.

The merger between GE’s oil and gas business and Baker Hughes will make the new company the number two oilfield services provider, vaulting it ahead of Halliburton.

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