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Baker Hughes Company is a global leader in providing integrated oilfield products, services, and digital solutions. The company operates through two main business segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET), offering a wide range of products and services for the energy industry . OFSE focuses on supporting oilfield operations throughout the lifecycle of a well, while IET provides technology solutions for mechanical-drive, compression, and power-generation applications . Baker Hughes is committed to advancing energy technology and delivering innovative solutions to meet the evolving needs of the industry .
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Oilfield Services & Equipment (OFSE) - Provides comprehensive products and services for onshore and offshore oilfield operations, covering exploration, appraisal, development, production, rejuvenation, and decommissioning .
- Well Construction - Offers tools and services for drilling and constructing wells.
- Completions, Intervention & Measurements - Delivers solutions for well completion, intervention, and measurement activities.
- Production Solutions - Focuses on enhancing production efficiency and recovery.
- Subsea & Surface Pressure Systems - Provides equipment and services for managing pressure in subsea and surface environments.
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Industrial & Energy Technology (IET) - Delivers technology solutions and services for mechanical-drive, compression, and power-generation applications across the energy industry, including oil and gas, LNG operations, and lower carbon solutions .
- Gas Technology Equipment - Supplies equipment for gas processing and handling.
- Gas Technology Services - Offers maintenance and support services for gas technology systems.
- Industrial Products - Provides a range of products for industrial applications.
- Industrial Solutions - Delivers integrated solutions for industrial processes.
- Climate Technology Solutions - Focuses on technologies aimed at reducing carbon emissions and enhancing sustainability.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Lorenzo Simonelli ExecutiveBoard | Chairman, President, and CEO | Board Member of Iveco Group N.V. | Joined BKR in 2017; leads the company as CEO and Chairman; previously held leadership roles at GE, including CEO of GE Oil & Gas. | View Report → |
Amerino Gatti Executive | EVP, Oilfield Services and Equipment | None | Joined BKR in 2024; previously CEO and Chairman of TEAM, Inc., and held leadership roles at Schlumberger. | |
Ganesh Ramaswamy Executive | EVP, Industrial & Energy Technology | Board Member of PACCAR, Inc. | Joined BKR in 2023; previously President of Global Services at Johnson Controls and held leadership roles at Danaher Corporation and GE Healthcare. | |
Georgia Magno Executive | Chief Legal Officer | None | Joined BKR in 2010; has held various legal leadership roles across global operations, including General Counsel for the global supply chain. | |
Maria Claudia Borras Executive | Chief Growth & Experience Officer | Board Member of Tyson Foods Inc. | Joined BKR in 2017; previously EVP of Oilfield Services and Equipment; extensive leadership experience in global operations across multiple regions. | |
Nancy Buese Executive | EVP and CFO | Board Member of Chubb Limited | Joined BKR in 2022; previously EVP & CFO at Newmont Corporation and MarkWest Energy Partners. | |
Abdulaziz M. Al Gudaimi Board | Director | Independent Director at Banque Saudi Fransi | Joined BKR in 2024; retired EVP of Corporate Development at Aramco; extensive leadership experience in energy and international markets. | |
Cynthia B. Carroll Board | Director, Chair of Human Capital Committee | Board Member of Glencore, Pembina Pipeline Corporation, and Hitachi, Ltd. | Joined BKR in 2020; former CEO of Anglo American plc; extensive experience in mining and energy industries. | |
Gregory D. Brenneman Board | Director, Chair of Finance Committee | Executive Chairman of CCMP Capital Advisors; Chairman/CEO of TurnWorks, Inc. | Joined BKR in 2017; extensive experience in corporate turnarounds; previously led restructuring efforts at Quiznos, Burger King, and Continental Airlines. | |
John G. Rice Board | Director, Chair of Audit Committee | Board Member of AIG | Joined BKR in 2017; previously Vice Chairman of GE and CEO of GE Global Growth Organization; held various leadership roles at GE. | |
Lynn L. Elsenhans Board | Director, Chair of Governance Committee | Board Member of Saudi Aramco | Joined BKR in 2017; former CEO and Executive Chairman of Sunoco, Inc.; extensive experience in energy and sustainability. | |
Michael R. Dumais Board | Director | Executive Leadership Advisor at Ernst & Young; Adjunct Professor at NYU Stern | Joined BKR in 2022; previously Chief Transformation Officer at Raytheon Technologies and EVP of Operations and Strategy at UTC. | |
Mohsen M. Sohi Board | Director | CEO of Freudenberg SE; Chairman of STERIS plc | Joined BKR in 2023; extensive leadership experience in industrial and healthcare sectors; CEO of Freudenberg SE and Chairman of STERIS plc. | |
W. Geoffrey Beattie Board | Lead Independent Director | CEO of Generation Capital; Chairman of Relay Ventures | Joined BKR in 2017; extensive leadership experience in investment and risk management; previously served on boards of GE and Maple Leaf Foods. |
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Your margin targets for the Industrial and Energy Technology (IET) segment are ambitious; can you elaborate on the specific drivers that will sustain margin improvement beyond 2026, especially considering potential market headwinds?
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The growth in Gas Technology Services (GTS) revenue has historically outpaced the installed base growth; what are the key risks that could prevent this trend from continuing, particularly in terms of pricing and upgrade opportunities?
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With the expectation of flat global upstream spending next year and activity uncertainties in regions like Saudi Arabia and North America, how will this impact your mature asset solutions, and what strategies are in place to drive growth in this environment?
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As you continue to secure large orders in Gas Technology Equipment and New Energy, how are you addressing potential supply chain constraints, such as those affecting aeroderivative technology, that could impact backlog conversion and revenue recognition?
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Given your significant investments in digital solutions like Leucipa and CarbonEdge, how do you plan to effectively monetize these technologies, and what challenges do you foresee in scaling their adoption across your global customer base?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
OFSE competitors include this company, which operates in highly competitive markets for oilfield services and equipment. | |
OFSE competitors include this company, which operates in highly competitive markets for oilfield services and equipment. | |
OFSE competitors include this company, which operates in highly competitive markets for oilfield services and equipment. | |
OFSE competitors include this company, which operates in highly competitive markets for oilfield services and equipment. | |
OFSE competitors include this company, which operates in highly competitive markets for oilfield services and equipment. | |
Siemens Energy | IET main competitors include this company, which competes across a wide range of industries, including oil and gas, power generation, aerospace, and light and heavy industrials. |
IET main competitors include this company, which competes across a wide range of industries, including oil and gas, power generation, aerospace, and light and heavy industrials. | |
Mitsubishi Heavy Industry | IET main competitors include this company, which competes across a wide range of industries, including oil and gas, power generation, aerospace, and light and heavy industrials. |
Chart | IET main competitors include this company, which competes across a wide range of industries, including oil and gas, power generation, aerospace, and light and heavy industrials. |
Sulzer | IET main competitors include this company, which competes across a wide range of industries, including oil and gas, power generation, aerospace, and light and heavy industrials. |
IET main competitors include this company, which competes across a wide range of industries, including oil and gas, power generation, aerospace, and light and heavy industrials. | |
IET main competitors include this company, which competes across a wide range of industries, including oil and gas, power generation, aerospace, and light and heavy industrials. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Altus Intervention | 2023 | Completed in April 2023, this acquisition integrated Altus Intervention into Baker Hughes’ Oilfield Services and Equipment segment, enhancing its well intervention solutions with new scalable downhole technology; the deal was part of a broader series costing approximately $282 million in cash consideration (with portions allocated to goodwill and intangible assets). |
Mosaic Materials | 2022 | Acquired in 2022, Mosaic Materials is a growth-stage technology company developing proprietary direct air capture technology using MOF materials, which bolsters Baker Hughes’ carbon capture, utilization, and storage portfolio by enabling higher efficiency and lower total cost of ownership. |
BRUSH Group (Power Generation Division) | 2022 | Completed in early October 2022, this acquisition strengthened Baker Hughes’ electromechanical capabilities and broadened its footprint in new energy technologies, with BRUSH contributing approximately $200 million in revenue and supporting decarbonization efforts through enhanced power supply and energy storage technologies. |
Quest Integrity | 2022 | Announced in the third quarter of 2022, the acquisition of Quest Integrity expanded Baker Hughes' inspection capabilities and enhanced its Electrical Submersible Pump (ESP) technology portfolio as part of a strategic initiative to diversify its service offerings. |
AccessESP | 2022 | Also announced in the third quarter of 2022, the AccessESP acquisition complemented Baker Hughes' existing portfolio by strengthening its inspection and ESP technology capabilities, further supporting strategic growth and market positioning. |
Recent press releases and 8-K filings for BKR.
- Strong Q1 Performance: Booked total orders of $6.5 billion, with adjusted EBITDA up 10% YoY to $1.04 billion and free cash flow of $454 million, driven by margin expansion and robust operational improvements.
- New CFO Appointment: Baker Hughes introduced its new CFO, Ahmed, to support strategic priorities for profitable growth and sustained margin improvement.
- Capital Returns: Delivered strong cash returns through a $188M share repurchase and dividend increase.
- New Order Wins: Secured over 350 MW of Nova LT turbine orders and established long-term LNG agreements with NextDecade and Argent LNG for enhanced forward visibility.
- Guidance & Outlook: Provided 2Q 2025 guidance with revenue expected between $6,300M and $7,000M and adjusted EBITDA between $1,040M and $1,200M, while addressing expected net tariff impacts of $100–200 million amid ongoing macro uncertainties.
- Orders of $6.5 billion and revenue of $6.4 billion were reported for Q1 2025, with a GAAP net income of $402 million.
- Key performance measures included GAAP diluted EPS of $0.40, adjusted diluted EPS of $0.51, and adjusted EBITDA of $1,037 million.
- The company recorded remaining performance obligations of $33.2 billion and highlighted further investments in transformative initiatives and new project awards, including significant orders in the IET segment.
- Baker Hughes Company announced a voluntary change in the presentation of its income statement by separately reporting research and development costs and eliminating the separate line items for operating income and non‐operating income (loss), effective retroactively for the upcoming Form 10-Q filing.
- The filing includes an unaudited financial supplement presenting recasted historical financial data for FY 2022, FY 2023, and FY 2024, detailing adjustments in key metrics such as revenue, cost of sales, and net income.
- The changes were disclosed in the Form 8‑K filed on March 25, 2025, which also includes certification by Vice President Fernando Contreras, affirming the consistency of the reclassified financial results.
- CFO transition and leadership change: The company has initiated a transition in its CFO role with Ahmed taking charge to drive the next phases (Horizon 2 and 3) of financial controls and growth initiatives, building on previous strong performance.
- Expansion in natural gas and LNG markets: Baker Hughes is focused on a significant growth opportunity in the LNG sector, targeting an installed capacity of 800 million tons per annum by leveraging global projects and supportive policy environments.
- New energy segment acceleration: The firm is rapidly expanding its new energy business—from roughly $250 million to over $1.3 billion in orders last year—with a target of reaching $6-7 billion by 2030, driven by advancements in carbon capture, hydrogen, and other clean technologies.
- Margin and free cash flow improvements: Guidance highlights a move toward 20% EBITDA margin by 2026 and improved free cash flow conversion above 50%, supported by process improvements and a strong focus on long-term service contracts and share return commitments.