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BAKER HUGHES COMPANY

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Oil falls about 2% on Libyan output, COVID-19 demand concerns

10/23/2020 | 04:03pm EDT
FILE PHOTO: A pump jack operates in front of a drilling rig at sunset in an oil field in Midland

NEW YORK (Reuters) - Oil fell nearly 2% on Friday, finishing lower for the week, in anticipation of a surge in Libyan crude supply and demand concerns caused by surging coronavirus cases in the United States and Europe.

Crude prices sank after Libya's National Oil Corp (NOC) said it lifted force majeure on exports from key ports and output would reach 1 million barrels per day in four weeks.

"As soon as that came out, the market cratered," said Bob Yawger, director of energy futures at Mizuho in New York.

U.S. crude settled at $39.85 a barrel, falling 79 cents, or 1.9%. Brent crude settled at $41.77 a barrel, losing 69 cents, or 1.6%. For the week, U.S. crude futures lost 2.5% and Brent futures shed 2.7%.

Italy and several U.S. states reported record daily increases in infections, while France extended curfews for about two-thirds of its population as the second wave of the COVID-19 pandemic sweeps across Europe.

"What's holding us back is the uncertainty about demand - when we're going to get a vaccine, when things are going to get back to normal, concerns about more shutdowns," said Phil Flynn, senior analyst at Price Futures Group in Chicago.

Russian President Vladimir Putin on Thursday said Moscow did not rule out extending OPEC+ oil output cuts, but that assurance did not offset the expectations for rising Libyan output and demand worries, analysts said.

"They need to say, 'We are not going to bring back those two million barrels,'" Yawger said.

OPEC+, which includes Russia and the Organization of the Petroleum Exporting Countries, is due to increase production by 2 million bpd in January 2021.

U.S. energy companies added five oil rigs to raise the total rig count to 287 in the week to Oct. 23, the highest since May, energy services firm Baker Hughes Co said. The rig count is an indicator of future supply.[RIG/U]

(Additional reporting by Alex Lawler in LONDON and Aaron Sheldrick in TOKYO; Editing by Marguerita Choy, David Goodman and Sonya Hepinstall)

By Laila Kearney


© Reuters 2020
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Financials (USD)
Sales 2021 20 574 M - -
Net income 2021 87,8 M - -
Net Debt 2021 3 025 M - -
P/E ratio 2021 142x
Yield 2021 3,00%
Capitalization 18 557 M 18 557 M -
EV / Sales 2021 1,05x
EV / Sales 2022 0,96x
Nbr of Employees 54 000
Free-Float 70,6%
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Mean consensus BUY
Number of Analysts 26
Average target price 27,82 $
Last Close Price 23,98 $
Spread / Highest target 58,5%
Spread / Average Target 16,0%
Spread / Lowest Target -14,1%
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Managers and Directors
NameTitle
Lorenzo Simonelli Chairman, President & Chief Executive Officer
Brian Worrell Chief Financial Officer
Jennifer Hartsock Chief Information Officer
Uwem Ukpong Executive Vice President-Global Operations
Gregory D. Brenneman Independent Director
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