Source: Fuelfix
Business activity practically ground to a halt after the knock effects of the coronavirus materialized in February. Shelter-in-place orders led to millions of Americans being stuck at home. Oil prices plummeted and Q2 GDP declined over 30%. Supply cuts from OPEC, Russia and certain U.S. oil drillers helped buoy oil prices. At around $40, oil may not be robust enough to spur further E&P. That could hurt Baker Hughes (BKR). The company reported Q2 revenue of $4.74 billion, down in the double-digit percentage range Q/Q.
Revenue from North America fell hard