Baker Hughes Making Progress, but this Business Still Isn't Close to Halliburton or Schlumberger
Baker Hughes reported encouraging progress on the cost reduction front that sent shares up 4% on Tuesday. To be sure, the company is moving quickly after the failed Halliburton deal to rightsize its business and de-emphasize from lower-returns end-markets (namely U.S. pressure pumping). By our calculations , it’s no longer a stretch for the company to return to profitability next year if oil market fundamentals don’t materially worsen (to be fair, this wouldn’t be possible if the firm hadn’t wri...
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