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Oilfield services company Baker Hughes reported a 77 percent fall in second-quarter profit on Wednesday as lower oil and gas prices led to a dramatic slowdown in drilling, particularly in North America.
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Net profit fell to $87 million, or 28 cents per share, from $379 million, or $1.23 cents per share, in the same period a year before.
Revenue fell 22 percent to $2.34 billion.
Industry leader Schlumberger [SLB
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] and rival Halliburton [HAL
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] have also reported sharply lower profits for the period, as have several of the oil majors.
Though Schlumberger's sobering outlook stalled a rally in the Philadelphia Stock Exchange oil service index, the index has since clawed back gains with the rise in oil prices.
It is now up 44 percent in 2009 as of Tuesday's close, compared with a 31 percent gain for Baker Hughes [BHI
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] shares.
Data is a real-time snapshot *Data is delayed at least 15 minutes