BAKER HUGHES LIMITED
Company Information
- Company Number
- 01388658
- Registered Address
- 10th Floor, 245 Hammersmith Road, London, England, W6 8PW
- Status
- Active
- Employee Count
- 949
- Turnover
- £320,622,000
- EBITDA
- -£140,289,000
Additional Details
- Website
- https://bakerhughes.com
- Company Type
- Private limited Company
- Incorporated On
- 13 September 1978
- Nature of Business
- 09100 - Support activities for petroleum and natural gas extraction
- Industries
- Coming Soon
- Region
- London
Time to Pay
Payment Timeline
Payment Features
Payment Score History
Company Review
Trend Analysis
The average time taken for BAKER HUGHES LIMITED to pay invoices has fluctuated over the past three periods, with a decrease in the first period (2018-01-01 to 2018-06-30), followed by an increase in the second period (2018-07-01 to 2018-12-31), and then a decrease again in the third period (2019-01-01 to 2019-06-30). However, in the most recent period (2021-01-01 to 2021-06-30), there has been a significant decrease in the average time taken to pay invoices compared to the previous two periods.
Volatility Analysis
There has been some volatility in the percentage of invoices paid within 30 days, with a decrease in the first period (2018-01-01 to 2018-06-30), followed by an increase in the second period (2018-07-01 to 2018-12-31), and then a decrease again in the third period (2019-01-01 to 2019-06-30). However, in the most recent period (2021-01-01 to 2021-06-30), there has been a significant increase in the percentage of invoices paid within 30 days compared to the previous two periods.
Summary Analysis
In the most recent period (2021-01-01 to 2021-06-30), BAKER HUGHES LIMITED has shown a significant improvement in their payment practices, with the average time taken to pay invoices decreasing by 23% compared to the previous period (2020-07-01 to 2020-12-31). This improvement is also evident in the increase in the percentage of invoices paid within 30 days by 34%, and the decrease in the percentage of invoices paid later than 60 days by 30%.
Performance Reports History
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jan 2022 - 30 Jun 2022 | 26 Jul 2022 | 28 | 61% | 27% | 12% | 32% |
| 01 Jul 2021 - 31 Dec 2021 | 31 Jan 2022 | 34 | 53% | 31% | 16% | 58% |
| 01 Jan 2021 - 30 Jun 2021 | 29 Jul 2021 | 31 | 59% | 24% | 16% | 62% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 60 | 25% | 29% | 46% | 87% |
| 01 Jan 2020 - 30 Jun 2020 | 31 Jul 2020 | 54 | 25% | 38% | 37% | 76% |
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 52 | 26% | 37% | 37% | 74% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 51 | 27% | 38% | 35% | 74% |
| 01 Jul 2018 - 31 Dec 2018 | 28 Jan 2019 | 53 | 29% | 37% | 34% | 74% |
| 01 Jan 2018 - 30 Jun 2018 | 30 Jul 2018 | 47 | 29% | 40% | 31% | 70% |
Payment Time Trends
Payment Distribution Trends
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
Standard payment terms used by Baker Hughes Limited are 120 days, calculated from the date of reception of the invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
The 32% reported as invoices due not paid within agreed terms includes 95% in respect of invoices that have been set up in the ledger with 0 days payment terms to allow these invoices to be paid on the next available payment run. These invoices therefore distort the reported figure as they are included as not being paid within agreed terms. The terms are set at 0 following management’s decision to pay these invoices on the next available payment run – the average time taken to pay these invoices is 8 days. Baker Hughes Limited has introduced a number of sourcing initiatives including Global Payment Terms for certain Vendors and an incentivised move towards monthly payments for certain large Vendors. In addition, Baker Hughes Limited has implemented an invoice factoring program.
Maximum contractual payment period agreed
120
Dispute Resolution Process
Complaints from suppliers about payment should be submitted to APServices@BakerHughes.com, where the dedicated team will manage the disputes ensuring they are resolved by discussion and agreement with the supplier. In addition, Baker Hughes Vendor Portal enables companies who supply Baker Hughes with goods or services to view invoice status over the internet, upon registration. This provides suppliers with the flexibility to securely check the status of invoices and remittance advice in the Baker Hughes accounting system anytime.
Other Payment Information
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
❌
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
✅
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
✅
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Company Summary
Baker Hughes Limited is a multinational company that provides oilfield services and equipment to the oil and gas industry. The company was founded in 1907 and is currently headquartered in London, United Kingdom.
The company offers a wide range of products and services including drilling, evaluation, completion, production, and intervention. They also provide digital solutions and technologies to optimize oil and gas operations. Some of their well-known products include drilling bits, artificial lift systems, and well completion equipment.
Baker Hughes Limited is committed to sustainability and has implemented various initiatives to reduce their environmental impact. They have set goals to reduce carbon emissions, water usage, and waste generation. The company also focuses on promoting diversity and inclusion in their workforce and has various programs in place to support this.
The key people at Baker Hughes Limited include Lorenzo Simonelli, the Chairman and CEO, and Brian Worrell, the CFO. The Board of Directors is made up of experienced professionals from various industries.
Individuals and businesses can contact Baker Hughes Limited through their website, which provides information on their products, services, and sustainability efforts. The registered office address is 1700 Post Oak Boulevard, Houston, Texas 77056, USA.
In conclusion, Baker Hughes Limited is a leading provider of oilfield services and equipment with a strong commitment to sustainability. With a wide range of products and services, experienced leadership, and a focus on environmental and social responsibility, the company continues to be a major player in the oil and gas industry.
