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   Gold/Mining/EnergyBaker Hughes


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To: long-gone who started this subject2/5/2002 3:47:57 PM
From: long-gone
   of 18
 
Great company! Now with gold coming back it should help their mining tools!
Wednesday January 30, 5:11 pm Eastern Time
Press Release
SOURCE: Baker Hughes Incorporated
Baker Hughes Declares Regular Quarterly Dividend
HOUSTON--(BUSINESS WIRE)--Jan. 30, 2002--Baker Hughes Incorporated (NYSE:BHI - news; PSE:BHI)(EBS:BHI) chairman, president and chief executive officer, Michael E. Wiley, announced today that the Baker Hughes Board declared the regular quarterly cash dividend of $.115 per share of common stock payable Feb. 25, 2002, to holders of record Feb. 11, 2002.

The company announced that the Annual Meeting of Stockholders will be held on Wednesday, April 24th at 9:00 a.m. at the offices of the company, 3900 Essex Lane, Suite 210, Houston, Texas. The Board of Directors has also fixed March 6, 2002 as the record date for the Annual Meeting.

Baker Hughes is a leading provider of drilling, formation evaluation, completion and production products and services to the worldwide oil and gas industry.

NOT INTENDED FOR BENEFICIAL HOLDERS.

--------------------------------------------------------------------------------
Contact:

Baker Hughes Incorporated, Houston
Gary R. Flaharty, 713/439-8039
gary.flaharty@bakerhughes.com
or
Kyle J. Leak, 713/439-8042
kyle.leak@bakerhughes.com

biz.yahoo.com

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To: long-gone who started this subject3/22/2002 6:30:39 AM
From: long-gone
   of 18
 
As requested, your News Alert for BHI
follows from EquityAlert.com.

Baker Hughes Updates First Quarter Outlook; Q1 EPS Expected to be Between $0.20 and $0.22

HOUSTON, Mar 22, 2002 (BUSINESS WIRE) -- Baker Hughes Incorporated (NYSE:BHI)(PCX:BHI)(EBS:BHI) announced today that due to weaker industry fundamentals it is lowering its revenue and earnings guidance for the three months ended March 31, 2002.
Previously expecting year-over-year growth of 1-3%, the company now expects first quarter 2002 oilfield revenues to be flat, plus or minus 1%, compared to the first quarter of 2001, primarily due to the more rapid than expected deterioration of the North American market. Quarter to date, the U.S. land, U.S. offshore and Canadian rig counts have declined 28%, 27% and 22% respectively, compared to the average for the first quarter of 2001. This decline in activity has resulted in downward pricing pressure in the company's North American operations as well as reduced utilization of well site service staff, rental tools and manufacturing capacity. International revenues are also expected to be below previous expectations primarily as a result of reduced Latin American drilling activity, particularly in Venezuela and Argentina.

Due to a change in expectations regarding the geographic source of earnings, the company now expects its tax rate for the first quarter of 2002 to be 34.5% versus the 33.5% previously anticipated.

As a result of the above factors, operating profit after tax per share (diluted), excluding non-operational items, is now expected to be between $0.20 and $0.22 per share (diluted) in the first quarter of 2002.

The company will review its guidance for the remainder of 2002, in connection with its first quarter 2002 earnings release, which is scheduled for April 23, 2002.

Forward-Looking Statements

This news release (and oral statements made regarding the subjects of this release) contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "expect," "expected," "intends," "will," and similar expressions are intended to identify forward-looking statements.
General Outlook - Oilfield Segment: Baker Hughes' expectations in this news release, regarding its outlook for its oilfield businesses (including, without limitation, the company's oilfield operations and the production and refining component of the company's process segment) and the oil and gas industry are only its forecasts regarding these matters. These forecasts may be substantially different from actual results, which are affected by the following factors: the effect of competition; the level of petroleum industry exploration and production expenditures; drilling rig and oil and gas industry manpower and equipment availability; the company's ability to implement and effect price increases for its products and services; the company's ability to control its costs; the availability of sufficient manufacturing capacity and subcontracting capacity at forecasted costs to meet the company's revenue goals; the ability of the company to introduce new technology on its forecasted schedule and at its forecasted cost; the ability of the company's competitors to capture market share; world economic conditions; the price of, and the demand for, crude oil and natural gas; drilling activity; weather; the legislative environment in the United States and other countries; Organization of Petroleum Exporting Countries policy; war or extended period of conflict involving the United States, the Middle East and other major petroleum-producing or consuming regions; acts of war or terrorism, the development of technology that lowers overall finding and development costs; the condition of the capital and equity markets and the timing of any of the foregoing.

Oilfield Pricing: Baker Hughes' expectations regarding pricing for its products and services are only its expectations regarding pricing. Actual pricing could be substantially different from the company's expectations, which are affected by many of the factors listed above in "General Outlook - Oilfield Businesses," as well as existing legal and contractual commitments to which the company is subject.

General Outlook - Process Segment: Baker Hughes' expectations in this news release regarding its outlook for its process segment business and its markets are only its forecasts regarding these matters. These forecasts may be substantially different from actual results, which are affected by the following factors: the effect of competition; the health of the markets of the company's customers, including, without limitation, the production and refining, industrial, chemical, municipal wastewater and mining markets; the level of customer expenditures and investment, especially in the oil and gas, industrial, chemical, municipal wastewater and mining markets; the company's ability to control its costs; the ability of the company's competitors to capture market share; world economic conditions; the legislative and regulatory environment in the United States and other countries in which the company operates; the condition of the capital and equity markets and the timing of any of the foregoing.

Information regarding Western GECO is based upon information that Western GECO has provided to Baker Hughes. Information derived from this information is subject to the accuracy of the information that Western GECO provided. Additionally, any forward-looking statements relating to Western GECO are also subject to the factors listed in Forward-Looking Statements in this news release.

Baker Hughes is a leading provider of drilling, formation evaluation, completion and production products and services to the worldwide oil and gas industry.

NOT INTENDED FOR BENEFICIAL HOLDERS.

CONTACT: Baker Hughes, Houston
Gary R. Flaharty, 713/439-8039
gary.flaharty@bakerhughes.com
or
Kyle J. Leak, 713/439-8042
kyle.leak@bakerhughes.com

URL: businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.

Copyright (C) 2002 Business Wire. All rights reserved.

-0-

KEYWORD: TEXAS
INDUSTRY KEYWORD: ENERGY
OIL/GAS
SOURCE:
Baker
Hughes

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From: JakeStraw6/24/2005 2:22:05 PM
   of 18
 
Baker Hughes-US rig count up 12, Canada up 35
yahoo.reuters.com

Fri Jun 24, 2005 01:12 PM ET

NEW YORK, June 24 (Reuters) - The number of rigs searching for oil and gas in the United States rose by 12 to 1,370 in the week ended June 24, oil services firm Baker Hughes said on Friday. During the same week last year, there were 1,176.

The number of rigs exploring for oil and gas in Canada rose 35 to 257, compared to 334 last year.

The number of rigs in the U.S. Gulf of Mexico rose one to 94, two less than last year.

There were 1,250 U.S. rigs searching on land, 97 offshore and 23 inland.

The total North American rig count rose 47 to 1,627, while last year it was 1,510.

The number of rigs searching for oil in the United States rose three to 149, while the number of rigs searching for gas rose nine to 1,219. There were two miscellaneous rigs, unchanged.

There were 331 directional rigs in the United States, 182 horizontal rigs and 857 rigs exploring vertically.

Texas was unchanged at 615 rigs, while Oklahoma lost three to 147.

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From: JakeStraw6/27/2005 11:02:38 AM
   of 18
 
Baker Hughes Set For 'Solid' Q2
forbes.com

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From: JakeStraw7/29/2005 3:49:34 PM
   of 18
 
Baker Hughes Not Half-Baked
biz.yahoo.com

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From: Dennis Roth7/30/2005 9:00:56 AM
   of 18
 
Baker Hughes (OP/A): Raising estimates and fair value to $77 = 36% upside
Goldman Sachs July 29, 2005

BHI 2Q2005 EPS of $0.64 beat our estimate and consensus of $0.53 with $0.04 attributable to unsustainably lower tax rate. Revenue and EBITDA were 4%/ 6% stronger than expected with year-over-year incremental margins of 38% only slightly below SLB and HAL despite no presence in pressure pumping (50-60% incrementals at this point in the cycle) and a 12% decline in Centrilift (second highest margins in BHI) caused in part by revenue slippage into 3Q2005. Performance in fluids and bits and completions appears to have outpaced competition with FEWD in line. We are raising our 2005-07 EPS estimates to $2.62/$3.45/$4.00 from $2.30/$2.80/$3.15 given stronger E&P spending trends and our fair value estimate to $77 (22.3x 2006E PE) from $62 = 36% upside potential. We reiterate our Outperform rating and Attractive coverage view.

HOW DOES BHI 2Q05 EPS PERFORMANCE STACK UP?

BHI year-over-year revenue grew 18% - slightly below the group average due to a difficult comp associated with very large ESP sales to Russia in 2Q2004 - while sequential growth was in line. Year-over-year EBIT margin grew 395 bps - also in line with the group and was +55bps our estimate. Y-y incremental margin of 38% was slightly below SLB and HAL's ~40% level, but was above SII, BJS, WFT.
Exhibit 1 - 2Q05 Revenue and EBIT trends - BHI vs peers

Quarterly Revenue seq chg y-y chg chg vs GS est
SLB (EX GECO) 9.8% 20.1% 6.1%
HAL (ESG) 13.1% 29.8% 6.4% BJS 2.7% 24.1% 1.8%
SII (ex distribution) 6.5% 23.0% 4.6%
WFT 9.3% 26.3% 5.4%
BHI 7.6% 18.4% 3.8%

Quarterly EBIT seq chg y-y chg chg vs GS est
SLB (EX GECO) 20.6% 48.5% 15.3%
HAL (ESG) 29.5% 94.1% 19.5% BJS 2.1% 54.4% 7.1%
SII (ex distribution) 5.8% 41.5% 2.9%
WFT 5.4% 54.3% -1.7%
BHI 11.8% 54.4% 7.3%

EBIT margins (bps) seq chg y-y chg chg vs GS est
SLB (EX GECO) 198 422 176
HAL (ESG) 267 700 231
BJS -11 394 99 SII (ex distribution) -9 197 -24
WFT -52 256 -101
BHI 64 395 56

Revenue/rig seq chg y-y chg chg vs GS est
SLB (EX GECO) 18.0% 6.0% 6.6%
HAL (ESG) 21.6% 14.6% 8.2%
BJS 10.4% 9.5% 2.3% SII (ex distribution) 14.4% 8.6% 5.1%
WFT 17.4% 11.5% 5.9%
BHI 15.6% 4.6% 4.3%
Company reports and Goldman Sachs Research estimates

I, Terry Darling, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.

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From: JakeStraw10/28/2005 8:27:02 AM
   of 18
 
Baker Hughes Announces Third Quarter Results
biz.yahoo.com

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To: Dennis Roth who wrote (6)10/28/2005 6:40:39 PM
From: Dennis Roth
   of 18
 
Baker Hughes (OP/A): We view weakness as a buying opportunity - Goldman Sachs - October 28, 2005

BHI recurring 3Q2005 EPS ex-hurricane of $0.70 (reported = $0.65) was above our estimate of $0.69 + consensus of $0.67 due to lower tax rate. Oilfield revenue was 1% below our estimate (weaker Russia), but operating income was 1% higher (stronger drill bits). Incremental margins ex-hurricane were an impressive 44% yoy/ 63% seq + suggest 4Q2005 EPS guidance of $0.70-0.72 (low-30% incrementals) is conservative as pricing is accelerating. We are raising our 2006-07 EPS estimates to $3.50/ $4.15 from $3.45/ $4.00 given our higher E&P spending forecast (+20% vs +15% previously), but lowering our 2005 EPS estimate to $2.56 from $2.62 for hurricane impact. Our fair value of $78 (22.3x 2006 PE) implies 40-45% upside and we'd use any weakness in the shares to add to positions. Yesterday's share repurchase announcement suggests mgt agrees with our view.

Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Terry Darling; Jerry Revich.

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To: Dennis Roth who wrote (8)2/16/2006 6:23:45 PM
From: Dennis Roth
   of 18
 
Baker Hughes (OP/A): First Take: Solid 4Q, but peers' relative performance vs expectations was stronger - Goldman Sachs - February 16, 2006

BHI's 4Q05 EPS of $0.75 beat our $0.74 estimate and consensus of $0.73 w/ revenue 4% stronger than expected, but incremental margins weaker than expected, and overall EBIT in line. SLB + HAL had stronger results vs expectations. BHI division revenue performance on a sequential basis compared favorably with peers except in Production Chemicals, which was flat + may be timing + the answer to weaker incrementals. 2006 EPS guidance of $3.40-$3.60 appears beatable to us, though Baker Hughes mgt is typically conservative at the beginning of the year. We'd expect relative underperformance today, pending conference call commentary, but remain positive intermediate to long-term. Maintain OP/A rating.

Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Terry Darling, Jerry Revich.

----
Baker Hughes (OP/A): Raising estimates + fair value to $89 - Goldman Sachs - February 16, 2006

Following a review of our model, we are raising our 2006-07 EPS estimates to $3.60/ $4.45 from $3.50/ $4.15 as well as our fair value to $89 (20x 2007 PE) from $83. Key drivers of our upward revisions include higher E&P spending growth of +25%/ +15% from +20%/ +10% and lower net interest expense. BHI remains among our favorite oil service stocks - rated OP/A.

Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Terry Darling, Jerry Revich.

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To: Dennis Roth who wrote (9)4/27/2006 6:12:42 AM
From: Dennis Roth
   of 18
 
BHI (NR): Best 1Q among the Big 3 - Goldman Sachs - April 26, 2006

We raised our '06/'07 EPS forecast by $0.40/0.48 to $4.02/$4.84 due to both higher growth assumptions and stronger incrementals. Among the Big 3, BHI posted the strongest 1Q performance relative to expectations with the highest sequential incrementals in the group. BHI's performance made up for the low incrementals in the 4Q05 compared to peers. First quarter results continue to suggest that pricing power remained strong across the board. This quarter, the benefit of price increases was most visible in the case of BHI. BHI is Not Rated.

(Goldman Sachs & Co., and or one of its affiliates is acting as advisor to Baker Hughes Incorporated in the proposed sale of its interest in WesternGeco to Schlumberger Limited. Goldman Sachs & Co., and or one of its affiliates will receive a fee for this advisory role).
HAL (OP/A) is still our favorite stock among the Big 3.

COVERAGE UPDATE: HAL IS STILL OUR FAVORITE AMONG THE BIG 3 - We continue to prefer HAL among the large caps. We still think that Exploration and Pressure Pumping should show the best pricing power/incrementals over the next 12-18 months. 1Q06 results seem to support our view that pricing power is strong for Exploration (e.g. Strong seismic, wireline and directional results across the board) and Pressure Pumping (both HAL and BJS reported strong results and announced price increases that should benefit upcoming quarters). Therefore, subject to normal quarterly lumpiness, we believe SLB (Exploration) and HAL (Pressure Pumping) have more room to beat estimates over the next 12-18 months than BHI.

IMPLICATIONS FOR THE INDUSTRY: STRONG PRICING POWER - All Oil Services companies that have reported so far indicated that pricing power remained strong across the board, with North America leading the way. "Leading edge" prices also seem solid in international markets. And even though the impact of international price increases on margins is more gradual (because of the more contract-oriented nature of these markets), it should provide a good base for healthy incrementals for the industry over the coming quarters.

BHI INCREMENTALS CATCH UP AFTER A WEAK 4Q05 - This quarter, the benefit of price increases was most visible in the case of BHI, which posted sequential incrementals of 114%, versus SLB's 68% (ex-WesternGeco) and HAL's 70% (ex-KBR). Even though the 1Q performance is certainly a big positive for BHI, it is prudent not to overstate its importance since sequential incrementals are always volatile. For instance, BHI's outperformance this quarter basically compensates for the company's weak 4Q05 incrementals of 28%, vs. SLB's 40% and HAL's 37%. In fact, using annual numbers (more robust metric and less volatile) BHI's incrementals of 43% are very similar to SLB's 39% and HAL's 43%. (Note: We tried to allocate corporate expenses and eliminations to make the numbers more comparable among the companies. Therefore, they may differ from incrementals calculated before corporate expenses. The conclusions of our analysis would be the same even if we did no adjustments. The 1Q06 sequential unadjusted incrementals for BHI/SLB/HAL are 92%/67%/81%)

WHAT TO WATCH FOR:
(1) Pace of the share buyback;
(2) Ability to improve Completions & Production division growth/margin performance to narrow the gap relative to the stronger Drilling and Evaluation division; and
(3) Execution of Eastern Hemisphere growth strategy.

RAISING ESTIMATES: We raised our '06/07 EPS forecast by $0.40/0.48 to $4.02/$4.84. The key drivers for our increased estimates were higher incremental margins and slightly higher revenues. The divisions with the largest increases were: Baker Atlas, Inteq, and Hughes Christensen. The $0.40 increase in our 2006 EPS estimate can be broken down as follows:
(1) Drilling and Evaluation (+$0.33);
(2) Completion and Production (+$0.14);
(3) Sale of Western Geco (-$0.20);
(4) Net interest expense (+$0.08);
(5) Share buy-backs (+$0.06); and
(6) other non-operating items (-$0.01).

Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Daniel Henriques, CFA, and Daniel Boyd, CFA.

============

BHI (NR): Strong 1Q with impressive incrementals April 26, 2006

Baker Hughes 1Q06 EPS of $0.93 beat our $0.76 estimate and consensus of $0.78. Revenues were 5% above our estimates and EBIT margin of 21.4% was 310 bps better than expected due to strong incrementals (114% sequentially). BHI operating performance relative to expectations (EBIT 23% above our estimate) was stronger than SLB (5% above ex-WesternGeco) and HAL (7% above ex-KBR). Eastern Hemisphere revenues were -2% sequentially compared to SLB's -1% and HAL's -4%, while North America revenue growth of 12% compares with SLB's 18% and HAL's 12%. Guidance of $3.90-4.20 (ex- WesternGeco 1x gain), up from $3.40-3.60, is above our $3.62 est and consensus of $3.57. Revenue growth guidance of 23-25% is also higher than our 21%. BHI is rated NR. We prefer HAL (OP/A)+ SLB (NR), but BHI's strong 1Q and the recent increase in buyback authorization should lead to strong near term performance.

(Goldman Sachs & Co., and or one of its affiliates is acting as advisor to Baker Hughes Incorporated in the proposed sale of its interest in WesternGeco to Schlumberger Limited. Goldman Sachs & Co., and or one of its affiliates will receive a fee for this advisory role).

CONFERENCE CALL DETAILS BHI's conference call will begin today [ Edit: Yesterday ] at 8:30AM (ET). The dial-in number is (800) 374-2469.

Each of the analysts named below hereby certifies that, with respect to each subject company and its securities for which the analyst is responsible in this report, (1) all of the views expressed in this report accurately reflect his or her personal views about the subject companies and securities, and (2) no part of his or her compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this report: Daniel Henriques, CFA, and Daniel Boyd, CFA.

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