Baker Hughes, a top three global oilfield services firm, blamed supply chain constraints and inflation for disappointing third-quarter profits, but said the global oil and gas recovery was on track to continue into 2022.
Third-quarter net income for the company was $8m a wide miss compared to Wall Street expectations of $180m, according to analyst estimates compiled by S&P Global Market Intelligence.
“We did experience some mixed results across our segments during the quarter,” chief executive Lorenzo Simonelli said. Oilfield services was “negatively impacted by Hurricane Ida, cost inflation in our chemicals business, and delivery issues stemming from supply chain constraints,” he added.
The inflation and supply chain problems saw Baker Hughes’ revenue dip in to $5.09bn from $5.14bn in the second quarter, even amid surging oil and gas prices. Despite the slim profits, free cash flow of $305m in the quarter beat expectations…
