Quarterly profits for Baker Hughes are up by 22% to $328 million in the first quarter.

The Houston-based services company saw revenue of $5.73 billion between 1 January and 31 March, up 10% from last year.

CEO Martin Craighead attributed the profit increase to “actions to optimize operational efficiency, along with increasing demand for several innovative new product offerings.”

Craighead also said Baker Hughes is driving profit growth using technology to “redefine the technical limits for our customers in drilling efficiencies, production optimization, and ultimate recovery.”