Earnings Highlights BKR, EQT, HAL, & RRC

Baker Hughes (BKR)
Baker Hughes started the year strong, building on the positive momentum from 2024 and setting multiple first-quarter records in 2025.  Although the company’s outlook is tempered by broader macro and trade policy uncertainty, the company remains confident in its long-term strategy.

EQT (EQT)
EQT’s Q1 2025 production was at the high-end of the company’s guidance range estimate.  The production outperformance was driven by strong well performance and minimal winter weather impact from the firm’s midstream operations.  Capital expenditures in Q1 2025 were 19% below the midpoint of guidance due to lower-than-expected completions, land and midstream spending.  EQT’s full year 2025 production guidance was revised higher by ~1% compared to the prior reporting quarter due to continued strong well performance. 


Halliburton (HAL)
Halliburton’s North American revenue in the first quarter of 2025 was down 12% compared to the first quarter of 2024. The decline was primarily driven by lower stimulation activity in US Onshore and decreased completion tool sales in the Gulf of America. The company stated that  the international outlook now looks to be at risk of a slowdown.  Halliburton also said that oil prices in the low 60’s will not bring on any new equipment.

Range Resources (RRC)
Range Resources’ Q1 2025 natural gas production was 1.51 Bcf/d, below the midpoint of the company’s guidance estimate.  Capital Expenditure guidance for 2025 is unchanged compared to the prior reporting quarter. Additionally, the company’s full year 2025 production guidance is unchanged compared to the prior reporting quarter.