Baker Hughes(US:BKR)2025-04-23 20:31Financial Performance - In Q1 2025, Baker Hughes generated revenues of $6.4 billion, an increase of $9 million compared to Q1 2024[110] - Net income decreased by $53 million, or 12%, to $402 million compared to Q1 2024[140] - OFSE segment revenue for Q1 2025 was $3,499 million, a decrease of $285 million or 7.5% compared to Q1 2024[141] - IET segment revenue increased to $2,928 million in Q1 2025, up $294 million or 11% from Q1 2024, driven primarily by Gas Technology Equipment[143] - OFSE segment EBITDA decreased to $623 million in Q1 2025, down $21 million or 3.3% from Q1 2024, due to lower volume and FX impacts[142] - IET segment EBITDA improved to $501 million in Q1 2025, an increase of $114 million or 29.5% compared to Q1 2024, attributed to higher volume and productivity[144] - Operating cash flows for Q1 2025 were $709 million, down from $784 million in Q1 2024[153] - Capital expenditures for Q1 2025 were $300 million, compared to $333 million in Q1 2024[159] Shareholder Returns - The company returned a total of $417 million to shareholders in Q1 2025 through dividends and share repurchases, with a quarterly dividend increase to $0.23 per share[112] - Dividends paid in Q1 2025 totaled $229 million, an increase from $210 million in Q1 2024[160] - The company repurchased 4.4 million shares of Class A common stock for $188 million in Q1 2025[161] Market Conditions - The average Brent oil price in Q1 2025 was $75.87 per barrel, down from $82.92 in Q1 2024[122] - The average WTI oil price in Q1 2025 was $71.78 per barrel, down from $77.50 in Q1 2024[122] - The total rig count worldwide decreased by 5% to 1,706 in Q1 2025 compared to 1,796 in Q1 2024[125] Research and Development - Research and development costs decreased by $18 million, or 11%, to $146 million, mainly due to timing of project spending[136] Future Outlook and Risks - The company anticipates capital expenditures in 2025 to be up to 5% of annual revenue, primarily for recurring items necessary to support the business[163] - The Company includes forward-looking statements in its Quarterly Report, which are subject to risks and uncertainties that may cause actual results to differ materially from expectations[170] - The Company does not undertake any obligation to update forward-looking statements unless required by law, cautioning readers against placing undue reliance on them[171] - Market risk exposure has not changed materially since December 31, 2024, as detailed in the 2024 Annual Report[172] Performance Obligations - Remaining Performance Obligations totaled $33.2 billion as of March 31, 2025, with OFSE at $2.8 billion and IET at $30.4 billion[135] Sustainability Goals - Baker Hughes aims to reduce Scope 1 and 2 carbon dioxide equivalent emissions by 50% by 2030 and achieve net-zero emissions by 2050, reporting a 28.3% reduction as of 2023[116]