The first quarter of 2019 report announced by Baker Hughes, a GE company reflected the slowdown in the oil and gas industry.
The company reported $5.7 billion in orders for the first three months of the year, down from the $6.8 billion reported at the end of the fourth quarter of 2018.
Revenue fell from $6.2 billion at the fourth quarter 2018 to $5.6 billion at the end of March of 2019.
But Lorenzo Simonelli, BHGE Chairman and CEO was still optimistic about finances.
.“BHGE delivered a solid first quarter against a backdrop of stabilizing global oil and gas markets. U.S. rig count dropped slightly less than expected, and international activity remained steady. The LNG market is very active. While the speed of the recovery varies across these markets, we see our Company positioned to benefit from multiple growth drivers,” he stated in a press release Tuesday.
The company’s adjusted operating income in the quarter was $273 million.
Simonelli said the company experiences typical seasonal declines in the Oilfield Services division while the Oilfield Equipment division delivered another strong orders quarter.
“In summary, we have a positive outlook across a number of end markets. Strengthening international markets will have the largest positive impact on our business, while operators in North America will continually re-evaluate their spending plans. The next wave of LNG projects will be positive for us, and we continue to see encouraging signs in the offshore market,” concluded Simonelli.
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