Baker Hughes to book non-cash goodwill impairment charges of about $15 billion after oil price slump, coronavirus [MarketWatch]
Baker Hughes Company (BKR)
Company Research
Source: MarketWatch
Baker Hughes Co. said Monday it expects to book a $15 billion noncash impairment charge in the first quarter, plus another $1.5 billion of restructuring, impairment and other charges. The $15 billion charge comes after its market cap declined sharply in the quarter as macro and geopolitical conditions pressured oil prices and as the COVID-19 pandemic hammered demand. The oil services company said uncertainty regarding oil demand is having a significant impact on the investment and operating plans of its primary customers. "Based on these events, Baker Hughes concluded that a triggering event occurred which required the company to perform an interim quantitative impairment test as of March 31, 2020," the company said in a statement. "Based upon the results of the impairment test, the company concluded that the carrying value of the Oilfield Services and Oilfield Equipment reporting units exceeded their estimated fair value, resulting in a goodwill impairment charge." The $1.5 billion r
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- BKR's page on the SEC website