Baker Hughes has released its second quarter results for 2024, reporting 13% surge in revenues, amounting to $7.1 billion, up from $6.5 billion in the same period of the previous year.

The company’s net income attributed to it also saw an increase, reaching $579 million in Q2 2024, compared to $410 million in Q2 2023.

“Following our first-half outperformance, we are raising the midpoint of our full-year guidance by 5% and are confident in our ability to drive margins structurally higher over the coming years,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

“This marks the highest quarterly non-LNG equipment bookings in the Company’s history and again underscores the breadth and versatility of our industrial and energy technology (IET) portfolio. New energy continues to gain momentum as we booked $445 million of orders, also a record for the Company,” Simonelli added.

The Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments both contributed to the company’s strong performance.

During the quarter, Baker Hughes has secured orders of $7.5 billion, including $3.5 billion of industrial and energy technologies (IET) orders.

Also, the company reported a total Remaining Performance Obligations (RPO) of $33.5 billion, with a record of IET PRO of $30.2 billion.

In line with its commitment to shareholders, Baker Hughes paid dividends amounting to $209 million and repurchased $166 million of shares during the quarter, remaining on course to return 60% – 80% of free cash flow to its shareholders.