BAKU, Azerbaijan, February 3. In the fourth quarter of 2023, Baker Hughes, a global leader in energy technology solutions, achieved notable milestones in its financial performance, Trend reports.
Remaining Performance Obligations (RPO) for the quarter reached $33.5 billion, reflecting a $1.0 billion increase from the third quarter of 2023. Oilfield Services & Equipment RPO decreased by 2 percent sequentially to $3.5 billion, while Industrial & Energy Technology RPO rose by 4 percent sequentially to $29.9 billion. Within IET RPO, Gas Technology Equipment RPO stood at $12.1 billion, with Gas Technology Services RPO at $14.8 billion.
Income tax expense for the quarter amounted to $72 million, while other non-operating losses totaled $84 million, including a net mark-to-market loss in fair value for certain equity investments amounting to $84 million. GAAP diluted earnings per share were $0.43, while adjusted diluted earnings per share reached $0.51.
Cash flow from operating activities was robust at $932 million for the fourth quarter of 2023. Free cash flow, a significant non-GAAP measure, amounted to $633 million. Capital expenditures, net of proceeds from asset disposals, totaled $298 million, with $221 million allocated to OFSE and $71 million to IET.
During the quarter, Baker Hughes extended its $3 billion revolving credit facility by four years, now maturing in November 2028. Additionally, the company utilized available cash to pay down $650 million of senior notes that matured in December 2023, showcasing prudent financial management and a commitment to optimizing its capital structure.
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