Baker Hughes has adjusted its forecast for oil producer spending in North America, anticipating a mid-single-digit decline due to reduced drilling activity. This marks a downgrade from previous estimates of a smaller decrease. Despite the softening North American market, the company has raised its revenue and profit projections for the year, attributing the positive outlook to strong international growth and heightened demand for gas equipment. Shares of Baker Hughes saw a 4% increase following a robust earnings report that surpassed analysts' expectations.

CEO Lorenzo Simonelli highlighted that while North American growth is weaker than anticipated, the company is capitalizing on opportunities abroad, with a focus on Latin America, West Africa, and the Middle East. Baker Hughes is also positioning itself for future LNG demand, despite current delays and a halt in U.S. LNG export approvals.