Oilfield services provider Baker Hughes ( NYSE: BKR ) booked its first quarterly net profit since oil prices crashed in March, reporting on Thursday a net income of $653 million for the fourth quarter of 2020, compared to a loss of $170 million for the third quarter. Both orders and revenues rose in Q4 compared to the previous quarter, Baker Hughes said, although they were still lower than those booked for the fourth quarter of 2019. The profit for Q4 2020 marks the first quarterly net income for Baker Hughes since oil demand collapsed, prices crashed, and drillers deferred orders and curtailed fracking activity. In Q2 and Q3 2020, the major oilfield services providers reported losses amid significantly reduced demand for drilling services, both in North America and internationally. The three largest oilfield services providers in the world—Schlumberger, Halliburton, and Baker Hughes— all reported losses for the third quarter […]