Feb 13 Baker Hughes Inc believes
Venezuela's devaluation of its currency will result in a loss of
about $25 million this quarter, according to the oilfield
services company's annual report filed on Wednesday.
Last week, Venezuela devalued its bolivar currency by 32
percent, in a widely expected move to shore up government
The $25 million represents 9 percent of the average net
income estimate for Baker Hughes in the first quarter, according
to Thomson Reuters I/B/E/S.
On Monday, larger rival Halliburton Co said the
devaluation in Venezuela would lead to a foreign currency loss
of about $30 million - about 6 percent of what analysts expect
it to make in the first quarter.