- SAN FRANCISCO: Baker Hughes, the world’s third-largest oilfield services company, warned that disruptions from North African unrest and a North American cold snap would cut into first-quarter profit.
Baker Hughes said its operations in Tunisia and Egypt had resumed after civil unrest there, but all customer activity had ceased in Libya, where an uprising has been met with violence.
“Other countries in the area have also experienced civil unrest which has, to date, not disrupted our operations,” the Houston-based company said in a statement.
North Africa and Egypt accounted for three percent of Baker’s revenue last year.
In North America, colder-than-normal weather had delayed clients’ plans for January and February, and the company said the work might not be completed in March.
Baker Hughes predicted the combined impact of the unplanned events would knock 4 to 7 cents off first-quarter net income per share. Analysts had been targeting first-quarter earnings of 82 cents per share, according to Thomson Reuters.
