Baker Hughes, Halliburton, and Transocean Are All Up 5% — Here’s the Story Behind Each Stock’s Move

The business itself has been executing well. Baker Hughes reported Q4 revenue of $7.39 billion, up 14.9% year over year, with record full-year free cash flow of $2.73 billion. The Industrial and Energy Technology (IET) segment is the real story here; IET hit a record backlog of $32.4 billion at year-end, with full-year orders of $14.9 billion exceeding the high end of guidance. That backlog is essentially a revenue pipeline that insulates Baker Hughes from the cyclicality that has historically punished oilf ...