UPDATE 3-Baker Hughes says North America recovery unlikely this year

Thu Jul 28, 2016 11:18am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* 'I don't subscribe to the hopeful commentary,' says CEO

* Q2 loss/shr $0.90 vs est loss of $0.62

* Says margins expected to improve due to restructuring

* Cuts 3,000 jobs in Q2 (Adds details)

By Amrutha Gayathri

July 28 (Reuters) - Oilfield services provider Baker Hughes Inc said it did not expect a substantial recovery in drilling and pricing in North America this year, in contrast with comments from bigger rivals Schlumberger Ltd and Halliburton Co.

Baker Hughes' shares, however, rose about 3 percent to $45.88 after the company said it expected margins to improve across its businesses due to recent job cuts and other restructuring actions.

"I don't subscribe to the hopeful commentary," Baker Hughes Chief Executive Martin Craighead said on a post-earnings conference call on Thursday.

Schlumberger said last week the oil downturn appeared to have bottomed out, while Halliburton said it expected a "modest uptick" in North American rig count in the second half of 2016.   Continued...