Baker hughes believes n. american spending contraction in ofs segment will be at least 50% for 2020
Baker hughes ceo says agree with view that gas markets could correct slightly faster than oil.baker hughes ceo says looking into 2021, outlook remains unclear.baker hughes ceo says for ofs segment, believe n. amer spending contraction will be at least 50% for 2020.baker hughes ceo says lower-48 production likely to decline over next 12-18 months.baker hughes ceo says longer term, remain positive on medium to long-term outlook for natural gas and lng prices.baker hughes ceo says internationally, expect a double-digit decline in ofs spending in 2020 versus 2019.baker hughes ceo says expect lower fids in 2020 than 2019; fewer offshore projects likely to move forward this year.baker hughes ceo says expect fewer than 100 subsea trees this year versus typically more than 300.baker hughes ceo - speeding non-core product lines exit, shutting down n. amer full-service driling & completions fluids unit; ceasing operations in other areas.baker hughes cfo - estimate covid-19 pandemic had negative impact to operating income of about $100 million in quarter.baker hughes cfo - expect to see lower progress payments for rest of 2020.baker hughes - got essential business classification from italian government, all plants operational but not running at full capacity; situation fluid.baker hughes - for tps segment, expect growth in equipment revenue for 2020; operating. income expected to be flat to modestly lower versus 2019.
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