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Baker Hughes Essay

4233 words - 17 pages

“Baker Hughes Fiscal 2011”
Patrice Johnson
Professor Harper
ACC 100
May 15, 2012

Baker Hughes Incorporated supplies oilfield services, products, and technology services and systems to the oil and natural gas industry worldwide. The company offers drilling and evaluation products and services, including drill bits for performance drilling, hole enlargement, and coring; conventional and rotary steerable systems; measurement-while-drilling and logging-while-drilling systems to perform reservoir navigation services; drilling optimization services; tools for coil tubing drilling and wellbore re-entry systems; coring drilling systems; surface logging systems; emulsion and water-based ...view middle of the document...

The company was founded in 1972 and is headquartered in Houston, Texas.
Baker Hughes is a company that promised to invest in people, technology and infrastructure that would move them closer to their customers and to create greater value by driving a full suite of Baker Hughes technologies and services into the reservoir to efficiently drill and complete wells. They have steadily delivered on these promises through our strategic, customer-centric decisions. As a result, in just four years Baker Hughes’ revenue has nearly doubled from $10.4 billion in 2007 to $19.8 billion in 2011.
Baker Hughes Incorporated (NYSE: BHI) announced adjusted net income (a non-GAAP measure) for the fourth quarter 2011 of $534 million, or $1.22 per diluted share.  This excludes an after-tax charge of $220 million ($0.50 per diluted share) related to the impairment of certain trade names.  This compares to $0.77 per diluted share for the fourth quarter 2010 and to adjusted net income of $1.18 per diluted share for the third quarter 2011. 
Adjusted net income for the year 2011 was $1.84 billion or $4.20 per diluted share, compared to $2.06 per diluted share for the year 2010.
Net income attributable to Baker Hughes (a GAAP measure) for the fourth quarter 2011 was $314 million or $0.72 per diluted share, compared to$0.77 per diluted share for the fourth quarter 2010, and $1.61 per diluted share for the third quarter 2011.  Net income attributable to Baker Hughes for the year 2011 was $1.74 billion or $3.97 per diluted share, compared to $2.06 per diluted share for the year 2010.  Please see Table 1 for a reconciliation of GAAP to non-GAAP Financial Measures (http://bakerhughes.com). 

Table 1: Reconciliation of GAAP and Non-GAAP Financial Measures(1)
The following tables reconcile net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with Generally Accepted Accounting Principles (GAAP), to adjusted net income, which excludes certain identified items (a non-GAAP financial measure) referenced in this news release.  There were no identified items requiring adjustment for any quarter in 2010.
Three months ended December 31, 2011 |
(Unaudited)(In millions, except per share amounts) |   |   |   | NetIncome | DilutedEarningsPer Share |
Net income attributable to Baker Hughes (GAAP) |   |   |   | $       314 | $        0.72 |
Identified Item: |   |   |   |   |   |
   Impairment of trade names(2) |   |   |   | 220 | 0.50 |
Adjusted net income (non-GAAP) |   |   |   | $       534 | $        1.22 |

Three months ended September 30, 2011 |
(Unaudited)(In millions, except per share amounts) |   |   |   | NetIncome | DilutedEarningsPer Share |
Net income attributable to Baker Hughes (GAAP) |   |   |   | $       706 | $        1.61 |
Identified Item: |   |   |   |   |   |
   Tax benefit associated with reorganization(3) |   |   |   | (214) | (0.49) |
   Loss on early extinguishment of debt(4)...

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