Baker Hughes looking to support energy transition during oil market downturn

摘要

New York-Baker Hughes remains committed to the oil and gas industry despite its ongoing challenges, but is also looking to grow its business portfolio to support energy transition, the company said Oct. 21. In North America, uncertainty in the oil market coupled with the rapidly evolving business models of some of the largest U.S. producers muddies the near-and longer-term outlooks, CFO Brian Worrell said on the company's third-quarter earnings call. “As more E&Ps commit to maintenance mode CapEx levels, minimal production growth and returning more cash to their shareholders, we believe that overall, North American drilling and completion activity will struggle to be flat on a year-over-year basis in 2021 and that U.S. oil production should decline on a year-over-year basis,” the CFO said.