Profits in drilling, services surge

Baker Hughes, Diamond Offshore Drilling, National Oilwell Varco, Rowan Cos. and Newfield Exploration said Wednesday that first-quarter profits surged as high prices spurred demand for oil and natural gas drilling and field services. Baker Hughes’ net income gained 89 percent on sales of $2.06 billion. Diamond Offshore Drilling said profit surged almost fivefold amid record rig rates and a 73 percent increase in revenue.