Baker Hughes reported higher quarterly earnings from a year earlier as rising commodity prices fueled drilling activity and demand for oil services.
The rally in crude oil prices has boosted drilling activity, with the number of drillings in the US rising more than 56% year-on-year to 673 at the end of the first quarter, according to Baker Hughes.
“As we look to the rest of 2022, we see a favorable outlook for oil and gas prices, but also a dynamic operating environment,” said Baker Hughes, chief executive.
Adjusted net income rose to $ 145 million, or 15 cents a share, from $ 91 million, or 12 cents a year, a year earlier.
Source: Capital
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