Baker hughes announces financial update in response to covid-19, oil price environment

Baker hughes announces financial update in response to covid-19 and oil price environment.baker hughes co - has approved a plan that will result in restructuring, impairment, and other charges of approximately $1.8 billion.baker hughes co - approximately $1.5 billion in restructuring, impairment, and other charges will be recorded in q1 of 2020.baker hughes - future cash expenditures associated with charges are estimated to be approximately $0.5 billion with an expected payback within 1 year.baker hughes co - approved a plan to reduce 2020 net capital expenditures by over 20% versus 2019 net capital expenditures.baker hughes co - expects to record a non-cash goodwill impairment charge of approximately $15 billion in q1 of 2020.baker hughes co - market capitalization declined significantly during q1.baker hughes - concluded that triggering event occurred which required co to perform interim quantitative impairment test as of march 31, 2020.baker hughes co - at march 31, 2020, baker hughes had no borrowings outstanding under revolver, commercial paper program, or uncommitted lines.baker hughes co - uncertainty related to oil demand continues to have a significant impact on investment and operating plans of co's primary customers.
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