In the oil market, we expect continued price volatility as demand growth likely softens under the weight of higher interest rates and inflationary pressures. Operators around the world have shown a great deal of financial discipline, which we expect to translate into a more durable upstream spending cycle, even in the face of an unpredictable commodity price environment. Despite these economic challenges, we remain constructive on the outlook for oil and gas and believe that underlying fundamentals remain supportive of a multi year upturn in global upstream spending. The global economy is dealing with the strongest inflationary pressures since the 1970s, a rising interest rate environment and sizable fluctuations in global currencies. We also saw a strong orders performance with continued momentum in OFE as well as TPS.Īs I mentioned during our second quarter earnings call, the macro outlook has grown increasingly uncertain. We were generally pleased with our third quarter results with strong performance in OFS, while TPS successfully managed multiple challenges. Good morning, everyone, and thanks for joining us. With that, I will turn the call over to Lorenzo.
As you know, reconciliations of operating income and other GAAP to non-GAAP measures can be found in our earnings release. Please review our SEC filings and website for a discussion of the factors that could cause actual results to differ materially. These statements are not guarantees of future performance and involve a number of risks and assumptions. The earnings release we issued earlier today can be found on our website at .Īs a reminder, during the course of this conference call, we will provide forward-looking statements. Here with me are our Chairman and CEO, Lorenzo Simonelli and our CFO, Brian Worrell. Good, morning, everyone, and welcome to the Baker Hughes third quarter 2022 earnings conference call. I would now like to introduce your host for today’s conference, Mr Jud Bailey, Vice President of Investor Relations. As a reminder, this conference call is being recorded. Good day, ladies and gentlemen, and welcome to Baker Hughes Company Third Quarter 2022 Earnings Call. Marc Bianchi - Cowen and Company - Analystĭavid Anderson - Barclays - Analyst Presentation: Lorenzo Simonelli - Chairman and Chief Executive Officerīrian Worrell - Chief Financial Officer Analysts:Ĭhase Mulvehill - Bank of America Merrill Lynch - AnalystĪrun Jayaram - J.P. Jud Bailey - Vice President of Investor Relations
Baker Hughes Co ( NASDAQ: BKR) Q3 2022 earnings call dated Oct.
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