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Baker Hughes beats quarterly profit estimates on international drilling demand
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Baker Hughes beats quarterly profit estimates on international drilling demand
Oct 22, 2024 2:32 PM

Oct 22 (Reuters) - U.S. oilfield technology firm Baker

Hughes ( BKR ) beat Wall Street estimates for third-quarter

profit on Tuesday, helped by sustained demand for its drilling

equipment and technology in international markets.

Exploration and drilling demand in markets such as Middle

East and Africa have helped oilfield services companies offset

some of the declines in North America.

The total rig count at the end of September increased by 7

in international markets, compared to a year earlier, led by

additions in the Middle East, according to Baker Hughes ( BKR ) data.

The Houston-based company posted adjusted profit of 67 cents

per share for the three months ended Sept. 30, compared with

average analysts' expectation of 61 cents, according to

estimates compiled by LSEG.

(Reporting by Sourasis Bose in Bengaluru; Editing by Sriraj

Kalluvila)

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