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03-21-2012, 12:15 PM
NEW YORK (MarketWatch) -- Baker Hughes Inc. fell 4.4% to $45.73 a share in premarket trades on Wednesday after the maker of drill bits and other gear for oil and gas firms said a shift away from natural gas production is affecting its business. Baker Hughes said it expects its first-quarter earnings to be below the fourth quarter's figure of $1.22 a share. Wall Street analysts are forecasting a first-quarter profit of $1.11 a share for the Houston firm, according to a FactSet Research survey. "As a result of the continued shift in U.S. rig activity from natural gas to oil and liquids-rich basins and other market forces, the company's pressure pumping product line is currently experiencing: decreased fleet utilization, lower pricing, higher than expected personnel and logistics costs, and shortages of and higher costs for critical raw materials, such as gel," Baker Hughes said.
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