The revenue of US oilfield services company Baker Hughes declined by around 14% in the third quarter to around $5 billion compared to the same period a year earlier, according to its financial results statement released on Wednesday.
However, the Houston-based oilfield service provider's revenue was up 5.5% from $4.74 billion recorded in the second quarter.
The company posted a net loss of $170 million in the July-September period of this year, compared with a profit of $57 million for the same period last year.
"Despite continued uncertainty in global oil and gas markets and the ongoing impact of the COVID-19 pandemic, we produced solid results in the third quarter of 2020," Lorenzo Simonelli, Baker Hughes chairman and CEO, was quoted as saying in the statement.
"After significant turmoil during the first half of the year, oil markets have somewhat stabilized. However, demand recovery is beginning to level off and significant excess capacity remains, which could create volatility in the future," Simonelli noted, pointing to a slightly more optimistic outlook for natural gas forward prices.
By Firdevs Yuksel and Sibel Morrow