Baker Hughes (NASDAQ:BKR) experienced a -4.7% decline in Wednesday’s trading, following their projection of a decrease in drilling and well completion spending in North America for 2024, overshadowing international growth.
“In North America, activity continues to lag, and we are now anticipating no meaningful recovery in activity during the first half of the year,” CEO Lorenzo Simonelli conveyed during the company’s post-earnings conference call.
Simonelli’s assessment contrasts with statements from competing oilfield services firms, with Halliburton (HAL) making gains of +4.3% and SLB (SLB) settling at +2.5% on the S&P 500 on the same day.
The CEO announced that Baker Hughes (BKR) anticipates a decline of low to mid-single digits in North America spending for 2024, with a forecast of international oilfield spending rising by the high single-digits, down from the previous outlook of low double-digit growth.
The company’s forecast states Q1 revenues in the range of $6.1B-$6.6B, with the midpoint falling below the $6.51B analyst consensus estimate.