Oilfield firm Baker Hughes Co beat first-quarter profit estimates on Wednesday, as stronger oil prices supported demand for its equipment and services.
beat first-quarter profit estimates on Wednesday, as stronger oil prices supported demand for its equipment and services.
Markets have been choppy in the past month, with the price of a barrel falling to around $70 amid concerns of a banking crisis and economic jitters before rebounding on a surprise cut by OPEC+. He sees the current spending-cycle for oil and gas as "less sensitive to commodity price swings," pointing to factors such as the development of liquefied natural gas projects.
Shares of Baker Hughes were up 1.4% in pre-market trading at $29.90 each. They are flat year-to-date.
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