Oilfield services company Baker Hughes reported mixed results with a small quarterly loss balancing against substantial cost reductions. Baker Hughes, which provides support for the exploration and production side of the industry, said its revenue of $9.8 billion for 2016 was down 37 percent from the previous year. “This reduction resulted from the steep decline in activity, as evident by the 32 percent drop in the average rig count, global pricing pressures, and sharply reduced revenue in onshore pressure pumping as we strived to maintain cash flow positive operations,” the company said in its quarterly release . Baker Hughes is one of the largest companies providing services to the exploration and production side of the energy sector. Energy companies during the market downturn that began […]