The first quarter of 2017 showed a drop of $148 million in revenue for Houston-based Baker Hughes Co.
The company reported revenue for the quarter totaled $2.3 billion, a 6% drop from the previous quarter. Compared to the first quarter of last year, the revenue was down $408 million or 15%
The company blamed the drop on deconsolidation of the North America onshore pressure pumping business, lower revenue internationally, mainly related to non-recurring year-end product sales, seasonality and price deterioration and reduced activity in the Gulf of Mexico.
Capital expenditures for the quarter totaled $87 million, down $19 million or 18% and were relatively flat compared to the first quarter of 2016.
The North America revenue for the company totaled $712 million for the quarter, a decline of $63 million or 8% from the previous quarter.