Baker Hughes Announces 3Q Results

Friday, October 27, 2006
Baker Hughes Incorporated announced that income from continuing operations for the third quarter 2006 was $358.6 million or $1.09 per diluted share compared to $220.6 million or $0.64 per diluted share for the third quarter 2005 and $1,395.0 million or $4.14 per diluted share for the second quarter 2006. Net income for the third quarter 2006 was $358.6 million or $1.09 per diluted share compared to $221.9 million or $0.65 per diluted share for the third quarter 2005 and $1,395.0 million or $4.14 per diluted share for the second quarter 2006.

Operating profit, which is a non-GAAP measure comprised of income from continuing operations excluding the impact of certain identified non- operational items, was $358.6 million or $1.09 per diluted share for the third quarter of 2006 compared to $220.6 million or $0.64 per diluted share for the third quarter 2005 and $359.8 million or $1.07 per diluted share for the second quarter 2006. The non-operational item in the second quarter of 2006 related to the pre-tax gain of $1,743.5 million ($1,035.2 million after tax), recorded as a gain on the sale of our interest in an affiliate, resulting from the sale of our 30% interest in WesternGeco, our seismic joint venture with Schlumberger Limited, to Schlumberger on April 28, 2006 for $2.4 billion in cash. There were no non-operational items in the first or third quarters of 2006 or any quarter of 2005.

Revenue for the third quarter 2006 was $2,309.4 million, up 29% compared to $1,784.8 million for the third quarter 2005 and up 5% compared to $2,203.3 million for the second quarter 2006.

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