On Tuesday, Baker Hughes said it expects its North American revenue to rise in the current quarter over Q1 as producers drill more onshore wells, making up for a drop in demand from customers in the Gulf of Mexico.
The oilfield services company says producers are spending more on shale fields and a cutting back on more expensive, long-term offshore projects.
“Activity growth in the U.S. onshore well construction product lines is forecast to more than offset the seasonal decline in Canada and ongoing activity reductions in the Gulf of Mexico,” Chief Financial Officer Kimberly Ross told Reuters in a post-earnings call.
