Baker Hughes’ revenues for 3Q 2015 are down 39 percent, compared to one year ago. Oilfield services giant Baker Hughes saw revenues drop to $3.8 billion for 3Q 2015, down 39 percent compared to 3Q 2014, and a 5 percent decrease from last quarter. “Compared to the third quarter of 2014, revenue in North America declined 57 percent on sharply lower activity and unfavorable pricing, while actions we have taken to right-size our operational structure resulted in decremental adjusted operation profit margins of 30 percent,” Baker Hughes CEO Martin Craighead said in a company release. A reduction in customer spending is the cause for less drilling in the fourth quarter , Reuters reported. An Evercore analyst report stated that Baker Hughes continues to see a shift in spending, which favors production optimization projects over exploration and development (E&P) work. This will result in further activity and pricing weakness in […]