The revenue of US oilfield services company Baker Hughes declined year-on-year by around $3 billion, or 13%, in 2020 to nearly $20.7 billion, according to its financial results statement released on Thursday.
The company's revenue totaled $23.8 billion in 2019.
Baker Hughes also posted a decline in its earnings for the full year. The company posted a $9.9 billion loss in 2020 compared to an income of $128 million in 2019.
- Company increases revenue in last quarter of 2020
Although the company lost 13% of its revenue in 2020 compared to the same period of 2019, its revenue in the fourth quarter increased to $5.5 billion, or 9%, up from the third quarter of the previous year.
The company also posted a $653 million income in the September-December term last year against a $170 million loss in the July-August period.
While revenue and profit in the reported quarter were higher compared with the third, they were still below numbers posted a year earlier.
'As we look ahead to 2021, we are cautiously optimistic that the global economy and oil demand will begin to recover from the impact of the global pandemic,' Baker Hughes Chairman and CEO Lorenzo Simonelli said in the statement.
'We believe this macro environment likely translates into a tepid investment environment for oil and gas during the first half of 2021. However, we expect spending and activity levels to gain momentum through the year as the macro environment improves, likely setting up the industry for stronger growth in 2022,' Simonelli added.
By Firdevs Yuksel and Sibel Morrow