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Baker Hughes Slumps as Russia Sales Suffer Amid Sanctions

  • Shares fell nearly 11%, the biggest decline since March 2020
  • Company struggling to move people, equipment into Russia
Bashneft PJSC Oil Operations In Russia
Photographer: Andrey Rudakov/Bloomberg
Updated on

Baker Hughes Co. tumbled by the most in two years after warning that sales in Russia would continue to erode amid sanctions on the warring nation.

The world’s No. 2 oilfield contractor has struggled to move people and equipment into Russia, one of the biggest oil-producing nations, executives said during a first-quarter earnings call.