Here are a few analogies for Baker Hughes (BKR):

• Caterpillar for the oil and gas industry: Just as Caterpillar provides heavy equipment and services for construction and mining, Baker Hughes supplies essential equipment, technology, and services for oil and gas exploration, drilling, and production.
• IBM for energy infrastructure and services: Similar to how IBM offers comprehensive technology solutions, software, and services to enterprises, Baker Hughes provides specialized industrial technology, digital solutions, and operational services for energy companies' infrastructure.
• General Electric for the energy sector: Akin to General Electric's role as a broad industrial technology and power generation provider, Baker Hughes supplies advanced turbomachinery, process solutions, and digital services across the energy value chain, including traditional and new energy applications.

• Oilfield Services: Provides a comprehensive range of services for drilling, evaluating, completing, and producing oil and gas wells.
• Oilfield Equipment: Supplies systems and equipment for subsea and land-based well construction and production operations.
• Turbomachinery & Process Solutions: Manufactures and services gas turbines, compressors, and pumps for power generation and industrial applications.
• Digital Solutions: Offers advanced sensors, inspection technologies, and software for industrial asset performance management and integrity.
• New Energy Solutions: Develops and provides technologies for cleaner energy, including hydrogen production, carbon capture, and geothermal energy.

Baker Hughes (BKR) operates primarily as a business-to-business (B2B) company, providing a broad range of products, services, and digital solutions to the energy and industrial sectors worldwide. Its major customers are global oil and gas exploration and production companies, including international oil companies (IOCs), national oil companies (NOCs), and large independent operators.

While Baker Hughes's 10-K filings indicate that no single customer accounted for more than 10% of its consolidated revenues in recent years, demonstrating a diversified customer base, its services are crucial to the operations of the world's largest energy producers. Representative examples of the types of major customer companies that utilize Baker Hughes's offerings include:

• ExxonMobil (Symbol: XOM)
• Chevron (Symbol: CVX)
• Shell plc (Symbol: SHEL)
• Saudi Aramco (Symbol: 2222.SR)
• Petrobras (Symbol: PBR)
• ConocoPhillips (Symbol: COP)

Lorenzo Simonelli, Chairman, President and Chief Executive Officer

Lorenzo Simonelli has served as Chairman and Chief Executive Officer of Baker Hughes since the company's creation in 2017, overseeing the successful merger of GE Oil & Gas with Baker Hughes Inc.. He was named Chairman of the Board in October 2017. Prior to this, he was President and CEO of GE Oil & Gas starting in 2013. Simonelli previously held the position of President and CEO of GE Transportation for five years, where he focused on advanced technology manufacturing, intelligent control systems, and diversified propulsion solutions. His career at GE began in 1994 within the Financial Management Program, and he subsequently served as CFO Americas for GE Consumer & Industrial, and General Manager, Product Management for GE Appliances, Lighting, Electrical Distribution and Motors.

Ahmed Moghal, Executive Vice President and Chief Financial Officer

Ahmed Moghal was appointed Chief Financial Officer of Baker Hughes in February 2025. Before becoming CFO, he was the Senior Vice President and CFO of the Industrial & Energy Technology (IET) business of Baker Hughes since 2023. Moghal played a key role as the financial planning & analysis leader during the merger of Baker Hughes and GE Oil & Gas in 2017. He began his career at GE in the Financial Management Program and later served on the Corporate Audit Staff, accumulating over two decades of finance experience across various industries globally.

Maria Claudia Borras, Chief Growth & Experience Officer and interim Executive Vice President of Industrial & Energy Technology

Maria Claudia Borras serves as Baker Hughes' Chief Growth & Experience Officer, responsible for driving enterprise growth and enhancing customer experience. She also holds the interim role of Executive Vice President of Industrial & Energy Technology. Her extensive career at Baker Hughes includes previous roles as Executive Vice President of Oilfield Services & Equipment (2022-2024) and Executive Vice President of Oilfield Services (2017-2022). Borras was Chief Commercial Officer at GE Oil & Gas from 2015 to 2017, having joined GE from Baker Hughes in January 2015. She originally joined Baker Hughes in 1993, after starting her career in the oil and gas industry in 1991 as a production engineer for Esso in Bogotá, Colombia.

Georgia Magno, Chief Legal Officer

Georgia Magno has been the Chief Legal Officer of Baker Hughes since January 2024. Prior to this, she served as General Counsel for Baker Hughes' Industrial and Energy Technology Business Segment. She also held the position of General Counsel for Global Supply Chain within the company. Magno currently serves as the Vice Chairwoman at Nuovo Pignone Holding.

Jim Ross, Executive Vice President of Global Operations

Jim Ross is the Executive Vice President of Global Operations at Baker Hughes. Before assuming this role, he was the Senior Vice President and Chief Financial Officer of Baker Hughes Inc. (BHI) prior to its merger with GE Oil & Gas. His career at Baker Hughes has included leadership in global operations.

The key risks to Baker Hughes' (BKR) business include its significant exposure to the volatile oil and natural gas market, the impact of geopolitical tensions and global trade policies coupled with cost inflation, and intense competition along with supply chain disruptions.

1. Market Volatility and Dependence on the Oil and Natural Gas Industry
   Baker Hughes' financial performance is highly susceptible to the cyclical nature of the oil and natural gas industry. Fluctuations in oil and gas prices directly influence the activity levels and capital expenditure of its customers, which can lead to volatility in the company's revenue and profitability. The Oilfield Services & Equipment (OFSE) segment, in particular, faces near-term margin pressure due to these market conditions. A global economic downturn or trade conflicts could further exacerbate this risk by reducing spending from energy companies and tightening their cash flow.
2. Geopolitical Tensions, Global Trade Policy Shifts, and Cost Inflation
   Geopolitical events and shifts in global trade policies pose significant threats by disrupting supply chains and affecting customer demand. For instance, the suspension of Russian contracts impacted the company's turbomachinery and process solutions revenue. Furthermore, ongoing cost inflation, encompassing rising expenses for procurement and operations, is identified as a near-term headwind that can pressure operating margins.
3. Intense Competition and Supply Chain Disruptions
   Baker Hughes operates within a highly competitive landscape against major players such as Schlumberger and Halliburton. This competitive pressure can limit pricing power, impact market share, and make it challenging to negotiate favorable contract terms. Additionally, the company faces risks from supply chain disruptions, including shortages of critical components like computer chips and electronic parts, which can impair productivity and contribute to increased costs.

Baker Hughes (BKR) operates primarily in two main segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET). The company also provides various chemical solutions.

Oilfield Services & Equipment (OFSE)

• The global Oilfield Services and Equipment (OFSE) market is estimated at $150 billion in 2025. It is projected to expand at a compound annual growth rate (CAGR) of 5% over the forecast period (2025-2033), reaching approximately $230 billion by 2033.

Industrial & Energy Technology (IET)

This segment encompasses a range of products and services, including turbomachinery, climate technology solutions, and industrial solutions.

• Turbomachinery (Oil & Gas Industry): The global turbomachinery market within the oil and gas industry is estimated at $50 billion in 2025. This market is projected to grow at a CAGR of 6% between 2025 and 2033, reaching approximately $80 billion by 2033.

Chemicals

• Oilfield Chemicals: The global oilfield chemicals market is estimated to be valued at USD 30.40 billion in 2025. It is expected to reach USD 38.70 billion by 2032, exhibiting a CAGR of 3.5% from 2025 to 2032.
• Water Treatment Chemicals: The global water treatment chemicals market size is calculated at USD 40.48 billion in 2025. It is expected to surpass approximately USD 58.16 billion by 2034, growing at a CAGR of 4.11% from 2025 to 2034.

Baker Hughes (BKR) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Growth in Industrial & Energy Technology (IET) Segment, especially LNG and Gas Technology Services: The company anticipates continued strong order momentum and robust backlog conversion within its IET segment. This is largely fueled by increasing global demand for liquefied natural gas (LNG), significant investments in new LNG projects such as the Rio Grande LNG facility (Trains 4-8), and the expansion of global gas infrastructure. The IET segment also benefits from long-term structural growth in gas technology services.
2. Expansion into New Energy Technologies and Decarbonization Solutions: Baker Hughes is strategically pivoting towards energy transition technologies. Future revenue growth is expected from new energy orders, including climate technology solutions like zero-emissions ICL technology, geothermal initiatives, hydrogen, and broader decarbonization strategies. The acquisition of Chart Industries is a key part of this strategy to capitalize on these emerging markets.
3. Leveraging Digital Solutions and AI-driven Demand: The company is expanding its digital footprint by deploying solutions such as the Cordant™ Asset Health platform for enhanced equipment monitoring and diagnostics. Furthermore, Baker Hughes is positioning its power solutions portfolio to meet the increasing power demand from AI and data centers, presenting a significant growth opportunity.
4. International Project Wins and Market Expansion: Baker Hughes continues to secure major contracts and strengthen its presence in international markets. Recent examples include additional FPSO orders, a major contract for TotalEnergies' Kaminho FSO project in Angola, strengthened relationships with Petrobras in Brazil's Santos Basin, and significant projects in Türkiye and Brazil for its Oilfield Services and Equipment (OFSE) subsea, surface, and pressure systems. Investments in manufacturing and R&D in regions like Italy also aim to meet growing global energy demand.
5. Strategic Pricing and Operational Efficiency: Higher pricing across both the IET and OFSE segments, combined with structural cost-out initiatives and productivity gains, are contributing to revenue growth and margin expansion. This focus on operational efficiency and optimized pricing strategies supports overall financial performance.

Share Repurchases

• Baker Hughes repurchased $828 million in shares in 2022, $538 million in 2023, and $484 million in 2024.
• In the first half of 2025, the company reported $188 million in share repurchases in Q1 and $196 million in Q2.
• As of December 31, 2024, approximately $1.7 billion remained authorized for future share repurchases.

Share Issuance

• Share issuances for employee stock plans and vesting of restricted stock units occurred, with 4.975 million shares issued upon vesting of restricted stock units in 2024 and 1.814 million shares issued for the employee stock purchase plan in 2024.
• Similarly, in 2023, 5.738 million shares were issued upon vesting of restricted stock units and 1.846 million for the employee stock purchase plan.

Outbound Investments

• In July 2025, Baker Hughes acquired Chart Industries for $13.6 billion to expand its portfolio in clean energy hardware, LNG technology, and industrial cooling solutions.
• The company completed the acquisition of Continental Disc Corporation for $540 million in cash in August 2025, enhancing its flow control product line.
• Baker Hughes made a second strategic investment in Baseload Capital, a geothermal-focused entity, in 2023.

Capital Expenditures

• Capital expenditures were $974 million in 2020, $856 million in 2021, $989 million in 2022, $1.224 billion in 2023, and $1.278 billion in 2024.
• For the first two quarters of 2025, capital expenditures were $255 million in Q1 and $271 million in Q2.
• A significant focus for capital expenditures is on energy infrastructure, data centers, hydrogen, and clean power markets.