Baker Hughes: Unique Technology Drivers, Significant Upside (NYSE:BKR)



It’s been a while since we took a look at Baker Hughes (BKR). Too long actually, but time may help to provide perspective on our core interest, are they investible at this point in time?

Baker, a leading producer of energy related good and services, reported a dismal Q2 and guided down any investors expectations for the immediate future. As the share price indicates, any recovery in OFS remains a story for a few quarters down the road. Farther than the eye can see actually. A story that’s been largely true for several years now.


There were a few bright spots and instead of a recap of lousy revenue and profit numbers, and the expectation of more of the same, we will focus on the bright spots in this article.

There is also the dividend currently yielding ~5.5%. We’ll touch on its relative safety as we wrap up.

Note – this article appeared last week in the Daily Drilling Report!

The investment thesis for Baker Hughes

As with all the major Oilfield Service-OFS companies, there has been a concerted effort to cut costs and generate cash flow from reduced revenues at Baker. They’ve been to execute on the cost cutting to the extent that $230 million operating cash flow was generated and an adjusted free cash flow of $63 million for the quarter. One can safely assume they are buying the large bundles of toilet paper at the discount warehouse.

As traditional oil and gas services remain in QoQ decline, Baker is working to build profit in areas where they have an advantage or specific expertise. Eventually, as drilling returns globally and rigs are added to shale plays, the shares of Baker and all the major service companies will rate multiple revisions as production cannot be maintained without

Australian transport union accuses Amazon Flex of underpaying drivers


Transport Workers Union (TWU) has hit out at Amazon, accusing the global e-commerce giant of underpaying Amazon Flex drivers.

Amazon Flex was launched in Australia at the start of the year. At the time, Amazon Australia boasted it would give individuals the chance to earn money while delivering Amazon packages to customers.

Much like Uber, individuals are required to use their own vehicles, and at a minimum, are required to have personal car insurance and compulsory third-party personal injury.

When these compulsory insurance requirements are met, Amazon also provides delivery partners with Amazon Insurance Coverage at no additional cost, which includes auto liability coverage, third-party property damage, and contingent comprehensive coverage. But the coverage is only applicable when individuals are using Amazon Flex to deliver packages or return undelivered packages back to a designated location.

While it is unclear how much individual contractors earn or whether Amazon will take a share of those earnings, Amazon had assured that delivery partner rates are “competitive”.

“Our delivery partners are paid per delivery block rather than per hour and block rates vary depending on a range of different factors, including time of day and day of the week. The delivery partner knows the estimated duration and payment for each block before they accept it on the Amazon Flex app,” an Amazon spokesperson told ZDNet during the launch.

However, TWU said following a financial examination of Amazon’s pay rates, it has revealed all Amazon Flex drivers are allegedly being paid “well under Australia’s minimum wage” when costs such as insurance, petrol, and maintenance are taken into account.

“For years, workers and unions have exposed the gig economy sham for its exploitation and dodging of industrial and WHS legislation. Now here we have a retail giant that has profited immensely from the pandemic on a

Waymo Restarts Robotaxi Service Without Human Safety Drivers


Seven months after the coronavirus halted Waymo’s autonomous ride service in Phoenix, the Alphabet
Inc. unit is relaunching public operations there and going fully driverless, dispatching robot minivans with no backup human safety driver to pick up people using the Waymo One app.

Rides will be provided in a 50-square-mile area around Chandler, Arizona, where the company has been testing vehicles for the past few years, CEO John Krafcik told reporters. A portion of the approximately 400 self-driving Chrysler Pacifica minivans in Waymo’s Phoenix fleet will be used, he said without elaborating. Rides in other parts of the city with human safety drivers will restart in a few weeks.

“We’re going to start with 100% rider-only rides so every Waymo One experience will be a fully driverless, rider-only operation,” Krafcik said. “We’ll use the number of cars we need to accommodate the demand that we expect. I do have this sense … that there’s going to be more demand for the service than supply will be able to bring to bear.”

The restart of public rides by the leading self-driving vehicle company is an encouraging step after a lengthy setback caused by the Covid-19 crisis. Over the past several months, the pandemic shifted the focus of robotic vehicle development away from rides for passengers to autonomous trucking and delivery services, where the risk of infection from the virus appears to be lower. In this case, Waymo is limiting the Phoenix service to individual riders or families as a safety precaution. 

Vehicles in the program will be cleaned frequently by Waymo’s dealer partner AutoNation
 and are equipped with disinfectant wipes, hand sanitizer

Nextbase 622GW Dash Cam hands-on: Advanced technology and capability provides a safety net for drivers



Image: Nextbase

Dashboard cameras are used to enhance safety, document accidents for liability and insurance purposes, and capture evidence of damage to your vehicle. The Nextbase 622GW Dash Cam is available now for $399.99 from Best Buy.

I’ve had a sample mounted in my car for the past month and while I thankfully didn’t experience an accident to document, I did get a chance to test out the video performance and user interface. The Nextbase 622GW is easy to use and connects seamlessly to a smartphone for control and management of the camera.

Also: On the road with the Garmin Dash Cam Mini and 66W: Clear video, driver assist, and smartphone control

Box contents

In addition to the camera, the Nextbase 622GW Dash Camretail package includes the click-and-go camera mount, power cable, USB cable, suction mount, power cable fitting tool, and quick start guide. Nextbase also sent along a 64GB microSD card to store video content.

The quick start guide is very well assembled and made setup of the camera quick and easy.


  • Camera resolution: 4K at 30 fps, 1440 at 60 fps, and 1080p at 120 fps
  • Camera lens: Six layer f1/3
  • Viewing angle: 140 degrees
  • Display: Three inch HD IPS touchscreen
  • Connectivity: Bluetooth 5.0, 802.11 WiFi


The mount system was easy to install securely just adjacent to my rearview mirror. The miniUSB cable and connection system is well constructed and easy to route and hide out of the way.

The camera connects with a very strong magnetic mounting system which makes it easy to quickly remove the camera and take it with you when you leave your vehicle. It also holds the dash camera securely in place, even when driving on rough roads or over items like railroad tracks.

The camera

Uber engineer speaks out against company’s $186M campaign, says it’ll hurt drivers


As Uber has poured tens of millions of dollars into a California ballot measure to avoid classifying its drivers as employees, one engineer from inside the ride-hailing company spoke out against this campaign on Tuesday. In an op-ed published by TechCrunch, Kurt Nelson said Uber doesn’t have drivers’ interests in mind.

“Uber works because it’s cheap and it’s quick,” Nelson wrote. “But it’s become clear to me that this is only possible because countless drivers are spending their personal time sitting in their cars, waiting to pick up a ride, completely unpaid. Workers are subsidizing the product with their free labor.”

Nelson is one of only a handful of gig economy company employees to speak out against Proposition 22. It’s been historically rare to see tech workers criticize their employers’ positions. But that’s starting to change. Google employees organized walk-outs in 2018 over the company’s handling of sexual harassment allegations and Facebook employees staged a virtual protest in June after the company refused to take down inflammatory posts by President Donald Trump.

Nelson said he’s been a software engineer at Uber for two years, writing code for the company’s Android app. But when he was in college, he drove for the ride-hailing company Lyft. He said that experience gave him insight into what it’s like to be a driver and how difficult it can be when workers don’t have benefits.

Uber, Lyft and other gig economy companies currently classify their drivers as independent contractors, which means the workers pay for their own expenses, such as gas, car maintenance and insurance. Drivers also don’t have labor benefits like minimum wage, health insurance or paid sick leave. If they were to be classified as employees, many of those costs would then fall onto the companies.

In an effort to give gig workers