(Reuters) -Oilfield services firm Baker Hughes beat analysts’ estimates for first-quarter profit on higher international drilling demand.
rose nearly 10% in the quarter on an average, prompting oil firms to drill more, creating demand for oilfield services and equipment offered by Baker Hughes and rivals.
International rig count, an indicator of future production, was up 5.4% at 965 on an average at the end of the first quarter, from a year earlier, according to Baker Hughes data.
Total revenue from its international segment was up at $2.79 billion in the quarter, compared with $2.59 billion a year earlier.
Rivals SLB and Halliburton (NYSE:) also benefited from higher oil and gas drilling demand in their international operations that helped offset weakness in North America.
Baker Hughes reported an adjusted profit of 43 cents per share for the quarter ended March 31, compared with analysts’ average estimate of 40 cents, according to LSEG data.
