Surprisingly Strong North America Results at Baker Hughes Inc
After constantly hearing about the severe weather disruptions for the energy sector in North America, Baker Hughes (NYSE: BHI ) reported one of the strongest quarters in recent history. Even more surprising to investors not following the oil services industry is that the stock surged to highs not seen since the summer of 2011 on the bullish news.
Baker Hughes is a global leader in supplying oilfield services, products, technology, and systems to the oil and natural gas industry. Though the company has a substantial global business approaching $24 billion, it pales in comparison to Schlumberger (NYSE: SLB ) , which reported first-quarter earnings on the same day. Schlumberger has a massive oilfield services business expected to reach annual sales of nearly $50 billion this year.
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