Baker Hughes Predicts Oil Market Growth, Misses On Profit

Baker Hughes, General Electric Co’s oilfield services arm, said on Oct. 30 it expected higher rig count in North American and international markets in 2019.

The company, which fell just short of estimates for third-quarter profit largely due to weakness in its turbomachinery and process solutions business, also indicated a strengthening offshore drilling market.

The results follow those from bigger rivals Schlumberger and Halliburton Co, which barely beat quarterly profit estimates and warned of slowing North America growth in the ongoing quarter.