BRIEF-Baker Hughes Says Delivered Over $700 Mln Of Annualized Cost Savings In 2020 – Conf Call

PUBLISHED: Thu, 21 Jan 2021 18:04:44 GMT
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Jan 21 (Reuters) – Baker Hughes Co:

* BAKER HUGHES – ASSUMING A SUCCESSFUL ROLLOUT OF VACCINES AROUND THE WORLD A SYNCHRONISED GLOBAL RECOVERY SHOULD HELP DRIVE SOLID GROWTH IN OIL DEMAND, OVER THE NEXT 12 TO 18 MONTHS – CONF CALL

* BAKER HUGHES – DELIVERED OVER $700 MILLION OF ANNUALIZED COST SAVINGS IN 2020- CONF CALL

* BAKER HUGHES – WILL CONTINUE TO OPTIMIZE PROCESSES AND INFRASTRUCTURE IN ORDER TO DELIVER FURTHER COST REDUCTIONS AND FOOTPRINT CONSOLIDATION IN 2021- CONF CALL

* BAKER HUGHES – OFS OPERATING MARGINS REMAIN ON TRACK TO REACH DOUBLE DIGITS IN THE COMING YEARS- CONF CALL

* BAKER HUGHES – FOR OFS, PLAN TO REDUCE ROOFTOPS BY OVER 100 FACILITIES IN 2021 AND SHUT DOWN COMPLETIONS-RELATED OPERATIONS IN SELECT COUNTRIES IN LATIN AMERICA AND AFRICA- CONF CALL

* BAKER HUGHES – FOR THE LNG MARKET OVERALL, LONG-TERM OUTLOOK FOR DEMAND GROWTH REMAINS INTACT- CONF CALL

* BAKER HUGHES – FOR TPS , CONTINUE TO EXPECT THAT 3 TO 4 PROJECTS ARE LIKELY TO MOVE FORWARD IN 2021- CONF CALL

* BAKER HUGHES – FOR TPS, OPTIMISTIC ABOUT THE OUTLOOK FOR RECOVERY IN 2021 AND 2022 AFTER A DIFFICULT YEAR IN 2020 AS CUSTOMERS RESUME SPENDING TO MAINTAIN AND, IN SOME INSTANCES, UPGRADE THEIR EQUIPMENT- CONF CALL

* BAKER HUGHES – IN DIGITAL SOLUTIONS, THE OIL AND GAS AND AEROSPACE END MARKETS REMAIN CHALLENGING- CONF CALL

* BAKER HUGHES – FOR Q1, EXPECT CORPORATE COSTS TO BE ROUGHLY FLAT WITH Q4 LEVELS- CONF CALL

* BAKER HUGHES – FOR Q1, EXPECT D&A TO DECLINE SLIGHTLY FROM Q4 LEVELS AND GRADUALLY DECLINE THROUGH THE YEAR- CONF CALL

* BAKER HUGHES – FOR Q1, EXPECT FREE CASH FLOW TO DECLINE SEQUENTIALLY PRIMARILY DUE TO SEASONALITY- CONF CALL

* BAKER HUGHES – FOR 2021, EXPECT CORPORATE EXPENSES TO DECLINE VERSUS 2020- CONF CALL

* BAKER HUGHES – FOR 2021, EXPECT FREE CASH FLOW TO IMPROVE SIGNIFICANTLY VERSUS 2020- CONF CALL

* BAKER HUGHES – EXPECT OUR Q1 INTERNATIONAL REVENUE TO DECLINE MODESTLY ON A SEQUENTIAL BASIS- CONF CALL

* BAKER HUGHES – IN NORTH AMERICA, EXPECT THE RECENT MOMENTUM IN DRILLING AND COMPLETION ACTIVITY IN THE U.S. LAND SEGMENT TO CONTINUE INTO THE H1 OF 2021 AS OPERATORS REFRESH SPENDING BUDGETS- CONF CALL

* BAKER HUGHES- EXPECT A MODEST SEQUENTIAL INCREASE IN NORTH AMERICAN OFS REVENUES- CONF CALL

* BAKER HUGHES- INTERNATIONALLY, EXPECT ACTIVITY LEVELS TO STABILIZE AND REMAIN RELATIVELY UNCHANGED FOR THE FIRST HALF OF 2021- CONF CALL

* BAKER HUGHES- CURRENTLY ANTICIPATE A SECOND HALF RECOVERY IN ACTIVITY ACROSS MULTIPLE REGIONS- CONF CALL

* BAKER HUGHES- EXPECT INTERNATIONAL REVENUE WILL BE DOWN IN THE MID SINGLE-DIGIT RANGE ON A YEAR-OVER-YEAR BASIS- CONF CALL

* BAKER HUGHES- THE RECENT INCREASE IN COMMODITY PRICES AND THE REDEPLOYMENT OF BUDGETS HAVE IMPROVED THE NEAR-TERM OUTLOOK IN NORTH AMERICA- CONF CALL

* BAKER HUGHES- DRILLING AND COMPLETION ACTIVITY IN NORTH AMERICA IS LIKELY TO BE DOWN IN THE MID-SINGLE DIGITS ON A YEAR-OVER-YEAR BASIS- CONF CALL

* BAKER HUGHES- FOR OILFIELD EQUIPMENT EXPECT Q1 REVENUE TO DECREASE SEQUENTIALLY – CONF CALL

* BAKER HUGHES- EXPECT OFE REVENUE TO BE DOWN DOUBLE DIGITS ON A YEAR-OVER-YEAR BASIS- CONF CALL

* BAKER HUGHES- EXPECT TPS OPERATING INCOME TO GROW YEAR-OVER-YEAR, BUT EXPECT MARGIN RATES TO BE ROUGHLY FLAT VERSUS THE Q1 OF 2020 – CONF CALL

* BAKER HUGHES- EXPECT A SOLID RECOVERY TO CONTINUE IN LATIN AMERICA AFTER DEPRESSED LEVELS- CONF CALL

* BAKER HUGHES- EXPECT SOME MODEST IMPROVEMENT IN THE NORTH SEA AND RUSSIA- CONF CALL

* BAKER HUGHES- IN THE MIDDLE EAST, A POTENTIAL SECOND HALF RECOVERY AS THINGS START TO IMPROVE – CONF CALL

* BAKER HUGHES- EXPECT INTERNATIONAL REVENUE WILL BE DOWN IN THE MID- TO SINGLE-DIGIT RANGE ON A YEAR-OVER-YEAR BASIS WITH AN UPLIFT IN THE SECOND HALF – CONF CALL

* BAKER HUGHES- 2022 LIKELY TO BE A STRONGER YEAR, GIVEN THE MACRO ASSUMPTIONS THAT CO IS SEEING- CONF CALL

* BAKER HUGHES- SEEING INCREASED TRACTION FROM THE CUSTOMER BASE FOR DIGITAL BUSINESS – CONF CALL

* BAKER HUGHES- CARBON CAPTURE IS PROBABLY THE FIRST AREA WHERE CO WILL START TO SEE SOME MEANINGFUL REVENUE COME THROUGH OVER THE NEXT FEW YEARS- CONF CALL

* BAKER HUGHES- DON’T SEE A NEED FOR ANY LARGE-SCALE ACQUISITION AT THE MOMENT- CONF CALL Further company coverage:

(c) Copyright Thomson Reuters 2021. Click For Restrictions – https://agency.reuters.com/en/copyright.html

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