Baker Hughes Files Q2 2024 10-Q

TL;DR

Baker Hughes Q2 10-Q is in! Check financials for H1 2024 vs 2023.

AI Summary

Baker Hughes Co. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The filing details revenue and expenses across its product and service segments for the second quarter and the first half of the year, comparing them to the same periods in 2023.

Why It Matters

This filing provides investors with a detailed look at Baker Hughes' financial health and operational performance during the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — Quarterly filings are standard for public companies, but the oil and gas sector can be volatile.

Key Players & Entities

• Baker Hughes Co. (company) — Filer of the 10-Q
• 20240630 (date) — Period of report for the 10-Q
• 20240726 (date) — Filing date of the 10-Q
• 575 NORTH DAIRY ASHFORD ROAD, SUITE 100 (address) — Business and mailing address
• HOUSTON (location) — City of business and mailing address
• TX (location) — State of business and mailing address
• 77079-1121 (postal_code) — ZIP code of business and mailing address
• 713-439-8600 (phone_number) — Business phone number

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share BKR The Nasdaq Stock Market L

Filing Documents

• bkr-20240630.htm (10-Q) — 1148KB
• ex31fourthamendedandrestat.htm (EX-3.1) — 61KB
• ex1012024bkrdirectordeferr.htm (EX-10.1) — 57KB
• ex102-formofdsuawardagreem.htm (EX-10.2) — 21KB
• bkr20240630exhibit311.htm (EX-31.1) — 10KB
• bkr20240630exhibit312.htm (EX-31.2) — 10KB
• bkr20240630exhibit32.htm (EX-32) — 15KB
• bkr20240630exhibit95.htm (EX-95) — 15KB
• 0001701605-24-000111.txt ( ) — 7870KB
• bkr-20240630.xsd (EX-101.SCH) — 50KB
• bkr-20240630_cal.xml (EX-101.CAL) — 79KB
• bkr-20240630_def.xml (EX-101.DEF) — 358KB
• bkr-20240630_lab.xml (EX-101.LAB) — 664KB
• bkr-20240630_pre.xml (EX-101.PRE) — 503KB
• bkr-20240630_htm.xml (XML) — 1061KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Condensed Consolidated Statements of Income (Loss) (Unaudited) - Three and six months ended June 30, 2024 and 2023 1 Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - Three and six months ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Financial Position (Unaudited) - June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Changes in Equity (Unaudited) - Three and six months ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows (Unaudited) - Six months ended June 30, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 37 Item 6. Exhibits 37

Signatures

Signatures 38 Baker Hughes Company 2024 Second Quarter Form 10-Q | i

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION

FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) Baker Hughes Company Condensed Consolidated Statements of Income (Loss) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In millions, except per share amounts) 2024 2023 2024 2023 Revenue: Sales of goods $ 4,552 $ 3,793 $ 8,550 $ 7,276 Sales of services 2,587 2,522 5,007 4,754 Total revenue 7,139 6,315 13,557 12,030 Costs and expenses: Cost of goods sold 3,780 3,255 7,182 6,237 Cost of services sold 1,869 1,749 3,607 3,332 Selling, general and administrative 643 695 1,261 1,351 Restructuring, impairment and other 14 102 21 158 Total costs and expenses 6,306 5,801 12,071 11,078 Operating income 833 514 1,486 952 Other non-operating income, net 38 158 67 544 Interest expense, net ( 47 ) ( 58 ) ( 88 ) ( 122 ) Income before income taxes 824 614 1,465 1,374 Provision for income taxes ( 243 ) ( 200 ) ( 421 ) ( 379 ) Net income 581 414 1,044 995 Less: Net income attributable to noncontrolling interests 2 4 10 10 Net income attributable to Baker Hughes Company $ 579 $ 410 $ 1,034 $ 985 Per share amounts: Basic income per Class A common stock $ 0.58 $ 0.41 $ 1.04 $ 0.98 Diluted income per Class A common stock $ 0.58 $ 0.40 $ 1.03 $ 0.97 Cash dividend per Class A common stock $ 0.21 $ 0.19 $ 0.42 $ 0.38 See accompanying Notes to Unaudited Condensed Consolidated Financial Statements. Baker Hughes Company 2024 Second Quarter Form 10-Q | 1 Baker Hughes Company Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, (In millions) 2024 2023 2024 2023 Net income $ 581 $ 414 $ 1,044 $ 995 Less: Net income attributable to noncontrolling interests 2 4 10 10 Net income attributable to Baker Hughes Company 579 410 1,034 985 Other comprehensive income (loss): Foreign currency translation adjustments ( 128 ) 231 ( 192 ) 169 Cash flow hedges ( 4 ) 11 ( 2 ) 11 Benefit plans 6 ( 10 ) 9 ( 4 ) Other compr

View Full Filing

View this 10-Q filing on SEC EDGAR