×

UPDATE 1-Baker Hughes posts smaller loss in second quarter

(Adds details, background)

July 28 (Reuters) - Oilfield services provider Baker Hughes , now part of General Electric Co, on Friday reported a smaller quarterly loss compared with a year earlier, when it incurred some restructuring charges.

Industrial conglomerate GE earlier this month closed the merger of its oil and gas business with Baker Hughes, creating the No.2 oilfield services provider. Baker Hughes' merger with rival Halliburton Co collapsed last May.

Net loss attributable to Baker Hughes narrowed to $179 million, or 42 cents per share in the second quarter ended June 30, from $911 million, or $2.08 per share, a year earlier.

Baker Hughes took restructuring charges of $1.13 billion and a goodwill impairment charge of $1.84 billion in the year-ago quarter.

Its second-quarter numbers do not include results from GE's oil and gas operations.

The company's revenue fell slightly to $2.40 billion in the second quarter, from $2.41 billion a year earlier. However, revenue climbed 6.3 percent from the preceding quarter, due to increased drilling activity in the United States.

Halliburton and bigger rival Schlumberger Ltd have also benefited from a boom in North American drilling even though oil prices have stayed below $50 a barrel. (Reporting by Yashaswini Swamynathan and Sruthi Shankar in Bengaluru; Editing by Sai Sachin Ravikumar)