Baker Hughes CEO Lorenzo Simonelli Talks Fourth-Quarter Earnings
Jan 24, 2024
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Baker Hughes CEO Lorenzo Simonelli discusses fourth-quarter earnings, managing geopolitical risks, and the outlook for M&A. They explore topics such as customer spending plans, the impact of consolidation and mergers, peak oil, long-term demand for oil, and the growth potential of the LNG industry.
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Baker Hughes had positive results in 2023 and expects considerable growth in 2024, despite acknowledging geopolitical uncertainties.
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Baker Hughes' Response to Stock Market Commentary
Baker Hughes had positive results in 2023 and has a clear strategy for the coming years. While some analysts compare their outlook to more optimistic peers, Baker Hughes maintains a balanced approach. They acknowledge geopolitical and global uncertainties but expect considerable growth and performance in 2024.
Baker Hughes' Outlook on Global Oil Demand
Baker Hughes foresees robust demand for oil, especially in the developing world. They believe that economic conditions and geopolitical factors will influence demand, but they remain confident in the long-term outlook. While there may be some short-term spending adjustments by customers, the long-term demand for oil and gas is expected to remain solid.
Lorenzo Simonelli, CEO of oilfield services company Baker Hughes discusses fourth-quarter earnings, managing geopolitical risks and the outlook for M&A. He speaks with Bloomberg's Paul Sweeney and Alix Steel.