New York, 13 October (Argus) — Oilfield services giant Baker Hughes said the impact from tariffs on this year’s results will be at the lower end of the $100mn-$200mn range it estimated in April.
“It is an incremental pressure point, but it’s something that we have to manage through,” chief executive officer Lorenzo Simonelli told the Energy Intelligence Forum in London today.
With around 70pc of the world’s oil and natural gas production coming from mature assets, Simonelli also noted there are technologies in place today that can reduce costs in the drilling process.
“We need more exploration, but before we go out and do the greenfield exploration, there’s a lot that we can do from a mature asset solution perspective,” he said.
Baker Hughes is scheduled to report third quarter results on 23 October.
By Stephen Cunningham
