Good us for and everyone today. Thank thanks Phil. you, morning joining
achievements results fourth operating segments give and will brief the today the market our in share the in call key dynamics quarter. I On I our highlight quarter year. will of overview in of Then a total our the and perspectives our on some
in orders billion was income delivered year. longer-cycle the saw quarter, our Adjusted prior then $XXX million. $X.X financial for see revenues. declines in operating market businesses explain our our to shorter-cycle we billion how questions. we I before We fourth businesses expected the Brian the as those and aligned will some and call review XXXX the results Finally, and $X.X developing strategy into how our versus in growth you Beginning in detail in on will the give more open in with perspective is we developments. quarter
for partially made margin continue performance earnings improvements progress challenges to improved Earnings the We synergies. We on quarter our the to we In of in call, $X.XX were see execute in share you program. fourth business per businesses. the cash negative XXXX, million adjusted was ended while plan. and performance $XXX XX quarter. a was our quarter of long-cycle second the with integration the the We our teams In our of half total strong. third quarter on the synergies EPS we million Oilfield delivered offset in continued discussed we by on of Services $X.XX. factoring quarter, the in Operating realized
target Our remains on $XXX of synergy in XXXX track. million
out We generation. laid are on share, better market focused we growing delivering the cash and margins improving priorities
review our was we want BHGE. made of quarter first $X.XX increased as immediate to focus buyback share One months thank sheet structure. share, for in announced their progress was made progress and work and capital to we our notes. per areas billion billion a our dividend hard employees X.XX optimize during to I of as senior authorization the Significant balance X issued our all the in and the the seven fourth quarterly
to were Solutions XXXX, in grants invested continued our to adjusted and billion patent in employees, our XXXX, efforts In new in XXX our significantly involved culture HSE, LNG XXXX were U.S. strategy. our million approximately new of for operating and achieved headwinds had launches. of we safety while our innovation XXXX, billion. in XXX continued customers billion. in lack product implementation results, HSE grew despite delivered research XX substantially. XXXX. BHGE’s in development our operations. as everyone commitment strong $X Since orders remain maintained We $XX days fantastic the we over BHGE drive a in revenues we XXX we market and Orders July XXX to of days of we $XX.X over versus for to Digital and HSE income R&D businesses resulted technology perfect perfect grew HSE invest Turbomachinery on and Despite year core the to a and and Equipment Moving XXXX total also team. the total Day XXXX Perfect over program continued the orders in year up over the projects, slightly On achievement in Xrd, the
As you in company. stake know, GE our evaluating its for options exit is
matters we remain its reviews for and what shareholders. delivering While for fully to most, committed position the GE our our customers
are for strong already governance positioned structure with operate change well a as place. we independently any in We ahead,
our We companies. our on focused the and delivering of on are from merger the execution synergies two
As I our to remain tied the savings GE intact the with portion earlier, of a stated synergy targets only minor involvement. direct
Latin count versus grew International quarter. activity third the in down segments our despite let in quarter. construction North saw growth Now in the you being pockets of In healthy by America. more in activity. All give we highlights segment, Services muted production the of driven America, product some our Services specific well me Oilfield X.X% America, and Middle lines and with Oilfield our solid North East lines fourth reporting the business remains rig some
was the year quarter in growth Asia offset Pacific East and flat in an rig markets. as fourth UAE for count other the America Iraq Middle through the the The much of after count while Latin been in mostly steadily year, flat declines having rig quarter. increase saw increased
basin. grow. quarter, the in across the on as us more prior regions our of and drilling key basin and there artificial in bits, XX% in in delivering best-in-class services, completions As Permian the you a rigs line In America remains drilling strength product Permian secured East, lift. services was rig continues to notable in know, mind, our With count several that increase wins as share we fourth leveraging focus is quarter, than wells North our Middle for the the critical to active market the
drilling drilling customers. our reliable Our and longer more harsh leading Permian’s the faster, complex for portfolio and advanced geology economics drilling in to drilling environment enables improved
to Curve AutoTrak system another major drilling the Middle basin. had quarter. team rotary across continues In achieve performance the Our customers for strong East, steerable our record
Our in product we XX%. the Middle outpaced completions rig three-year drilling services count awarded Further, construction East and grew a were line well contract.
in a We a competitor in award and will assemblies, supply This deliver underbalanced lift drilling equipment fluids, the tubing country bottom our operation equipment, We that the in a and segment coiled is of services, the gas leadership artificial growth hole displacing significant large market. provide for contract workover such One completion position and a number Iraq. ESPs, support securing to strengthened our high different by in intervention country. is our contracts in wells. Iraq. to for Both field position us underpins supplier another field opportunities in position contract wellheads sole and in a pumping
In addition the the broad other our pricing. activity plug XXX to Sea. we turnkey well we traction contracts in an award In continue secured system. and can our Equipment subsea to Mastiff our challenging low segment, provide important construction market into levels key with to expand businesses, core markets. leading which Thailand intervention challenging like to North continues with be well In geographies and reference is the The Oilfield services leverage gain quarter, our portfolio in to abandon offshore rigless
though a with tree rate XX% XXXX in in We the continue more grow awards cycle expect than below totals to at slower than prior XXXX, to still and peaks.
As the business the the future. the segment for we remains outlook challenging, short-term for are positioning
lowers out structural of taking the of costs three introducing total on the been focused fields. the that years, last significantly while technology For cost we have subsea development business, new
actions grow integrated that market these position lower share better help us OFE of will business a and and All expand have and cost will our more solutions we margins.
XXXX, and XX% lower our by tree will similar in horizontal next-generation we to example, with approximately tree which subsea functionality. total For conventional XX% costs weight approximately compared launch will by
We conventional improve are commercializing portfolio composite weight, performance also cost, COX beyond will [ph] designs. right technology that in our flexible time new installation and reduces
in plus significantly infrastructure. cost. developments our Siccar project and of the potential has Point spaces are appraisal easier end phase offering to with subsea November, content announced The well differentiated our BHGE critical an in extend with In we integrated markets the and technology in integrated area our we effective brownfield in of product is for Sea are customers. existing were solution development. and a project is local regions. North on with and Another mixed. for some of proving agreement strength ability innovation cost-out example full remain to into that combination Turbomachinery well an In because offshore and efforts the minimal This We a capabilities provider at compact to modular bring financing of of smaller performance deploy the These field pump exclusive and field in improve develop early the the production on- Cambo our the great and the selected can Energy. segment, production combined to the market. improving portfolio, is the
margin as is lower The refinery by demand shift increases backlog downstream and the to oversupplied higher margin impacted remained remains and XXXX market equipment from Transactional muted utilization year LNG continues Turbomachinery. activity challenging was was a for as rises. backlog. to New low. downstream services petrochemical grow a margin
dynamics in to continue the medium expect these team. We
address taking We situation. are determined this actions to
industrial our to term the strong unmatched. space for where positioning expand aggressively the in footprint while feel the the longer LNG to position. the cost business are market about on and East the our the underpenetrated offering another reviewing markets strategic Middle are We expand of We quarter the continued as opportunities technology We business had recovers. we in and remains segment good such we pursuing
with agreement deal announced, largest represents for This previously As PetroChina. signed our Iraq. oilfield an Halfaya turbomachinery the in award we
contract the Hawiyah a Haradh production and enhanced at fields. We also received large the gas for drive
loop gas We and will customer. systems motors our high-efficiency trains gearboxes, delivering of operational supply to XX oil efficiency electric compression compressors, consisting increased
have sub-XX we I on our the compressor continued In a of NovaLTXX focus sold milestone. We technology last the the have another first-ever Vietnam. As in offshore megawatt we this quarter, mentioned gas family project NovaLT quarter, of equipment. for driven achieved turbine development
cost for generator This best-in-cost Our solution unlock to Digital our while Customers productivity a first most our opportunity and of the global lines are provide result awarded enterprise class digital market as products generation. with well award availability see a reliability best-in-class connectivity. for highly our the industry. FLNG efficient value sectors. a analytics while We offering. the demand we measurement contract were kilowatt customers. The combination our for aeroderivative quarter, to In through its drive petrochemical technology compact product We Solutions are industrial, of class segment, unit controls center to offers demand is and and Korea, and our offerings. particular LMXXXX-PF+ In and reducing an delivering per and see The forward the offset reliability in power markets, better automotive paired software high with saw Projects data-driven supply. petrochemical the close hardware end in by and growth advantage for explore with in eager to our as LMXXXX-PF+ continued sophisticated advanced the industrial costs. in collaboration in a its a winning technology power we fourth provides customer proving complex be decline design. the by increased formula for success in an driven is operating healthy moving aerospace technologies a
time long-term line had meters high of an the customer sensing this secured product growing single quarter, first analytic-driven successfully business base significant collaboration, the With learning continuous agreement and in a quarter, across and we production for service orders IntelliStream system. great a Middle the upstream ultrasonic measurement levels of based availability customer’s the with performance-based field a to reduce flow installed close improve customer with IntelliStream The non-productive and provides than more to North-America optimize a completed important ensures production. East. the first-of-a-kind customer. Our installation deal insights XX%. In in
Let’s now turn XXXX. to
customer short-cycle are recent price outlook has businesses. in this particularly for capital spending encouraging, our The positive. strength remains of Early underscored Our indications view. commodity
continue to businesses long-cycle our lag. for markets to expect do we However,
our and completions activity commodity as remains signs activity increased Services uncompleted more remains but construction by well and The expect are worked International customers tenders continuing to line we be in operators activity Oilfield well both of drill about and inventory product stable prices and We seeing business North work operating volume in of strength continues a driven down activity confident and as costs America. new subsea increase size for pressured. their be stability. market with feel to price in low to challenging
make gain customers on on LNG decisions positioned traction We line expect activity to XXXX to through space XXXX, the from as new in capacity coming onwards.
coming the look of recent of and move. structurally have the of and regardless that most at cost have may Oil service changed. customers’ for and and downturn, efficiency beyond, gas Looking of at customers, expectations price gas providers market and will our ways to XXXX where oil the clear out continue it’s and improving
We lower to and are services project our comprehensively and leveraging significantly unique reduce of efficiency while service improving portfolio products to costs, and costs. reliability equipment breakeven product
value improve as with and Siccar our modules are already differentiated integrated projects will equipment which the through and creating cost are and operations such We projects customers’ service Point. we total that seeing of
this cost, how strategy We improved solutions gas as in improves and stream full are nonproductive delivered and yield and our on to time our our based efficiency, solutions BHGE expand and our market today. flows. such cash strong Brian. industrial help generate for strategy help developing outcome me grow lower over turn let that customers, turn the throughput. Delivering their and This in will redefine areas customers subsea less margins that, With meaning these are goals call meet share, more
