On Wednesday, Baker Hughes Co. (BKR.O) exceeded first-quarter profit projections due to increasing demand from oil and natural gas producers, hoping to capitalize on China’s rebound and strong pricing.
After OPEC+ announced a surprise production cut, U.S. oil prices rose from $64 a barrel in mid-March due to banking crisis concerns to above $80.
According to Baker Hughes, the average North American rig count for the quarter was 948, 12% more than last year.
“We continue to believe that the current environment remains unique, with a spending cycle that is more durable and less sensitive to commodity price swings, relative to prior cycles,” CEO Lorenzo Simonelli said.
North American revenue grew 20% to $992 million in the quarter.
Refinitiv data shows an adjusted net income of $289 million, or 28 cents per share, for the three months ended March 31.
Baker Hughes begins oilfield services first-quarter earnings. Industry leader SLB (SLB.N) will announce quarterly earnings on Friday and Halliburton Co (HAL.N) on Tuesday.
