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.
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| 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?
Research analysts who have asked questions during Baker Hughes earnings calls.
Scott Gruber
Citigroup
8 questions for BKR
Arun Jayaram
JPMorgan Chase & Co.
7 questions for BKR
Saurabh Pant
Bank of America
6 questions for BKR
David Anderson
Barclays PLC
3 questions for BKR
James West
Evercore ISI
3 questions for BKR
J. David Anderson
Barclays
3 questions for BKR
Stephen Gengaro
Stifel Financial Corp.
3 questions for BKR
John Anderson
Barclays
2 questions for BKR
Marc Bianchi
TD Cowen
2 questions for BKR
Stephen Gengaro
Stifel
2 questions for BKR
Kurt Hallead
The Benchmark Company
1 question for BKR
Mark Bianchi
TD Cowen
1 question for BKR
Neil Mehta
Goldman Sachs
1 question for BKR
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.
- OMS Energy is initiating AI+Robotics R&D to develop comprehensive pipeline monitoring solutions, aiming to improve cost control, operational efficiency, and safety in oil and gas pipeline inspection and maintenance.
- The global oil and gas pipeline maintenance market is projected to grow from USD 102.9 billion in 2025 to USD 150 billion by 2035 (CAGR 3.85%), while the pipeline monitoring system segment was USD 18.45 billion in 2024, forecast to reach USD 32.65 billion by 2032 (CAGR 7.4%).
- OMS Energy is actively seeking partnerships worldwide to integrate AI, the Internet of Things, and specialized robotics, targeting both onshore and offshore pipeline projects.
- The company is also exploring entry into the urban pipeline inspection and maintenance market, estimated to exceed USD 50 billion globally and USD 10 billion in China by 2030.
- Baker Hughes was awarded by Bechtel to supply primary liquefaction equipment for Train 5 of NextDecade’s Rio Grande LNG facility in Texas.
- The Train 5 order includes two Frame 7 gas turbines and six centrifugal compressors, supporting approximately 6 MTPA of additional LNG capacity.
- This award follows a recent order for Train 4 under a framework covering equipment and services for Trains 4 through 8.
- Baker Hughes will also deploy Cordant™ Asset Health digital solutions to monitor and diagnose rotating equipment on Trains 1 – 3.
- Baker Hughes delivered $1.24 billion in adjusted EBITDA, up 2% YoY, with 17.7% margins, based on 1% revenue growth, and raised full-year EBITDA guidance above $4.7 billion.
- IET secured $4.1 billion of orders, growing backlog to $32.1 billion, while revenue rose 15% YoY to $3.4 billion and segment EBITDA increased 20% to $635 million.
- OFSE posted $3.6 billion in Q3 revenue and $671 million in EBITDA, with margins at 18.5%, reflecting cost inflation offset by productivity improvements.
- Shareholders approved the Chart Industries acquisition on October 6; Baker Hughes expects to close mid-2026, targeting 1–1.5x net debt/EBITDA and $325 million in cost synergies.
- Q3 free cash flow of $699 million bolstered a $2.7 billion cash balance and 0.7x net debt/EBITDA, and the company returned $227 million in dividends; it raised 2025 EBITDA midpoint to $4.74 billion and targets 20% margins by 2028.
- Adjusted EBITDA of $1.24 billion, up 2% YoY, with margins improving 20 bps to 17.7% in Q3 2025.
- Total bookings of $8.2 billion (incl. $4.1 billion from IET), driving backlog to a record $32.1 billion (+3% QoQ) and IET YTD orders of ~$11 billion, including $1.6 billion in New Energy.
- Raised full-year guidance: total company adjusted EBITDA midpoint to $4.74 billion; IET revenue to $13.05 billion and EBITDA to $2.4 billion; IET orders midpoint to $14 billion.
- Chart acquisition: secured shareholder approval on October 6; integration planning under way targeting mid-2026 close, $325 million cost synergies and net debt/EBITDA of 1–1.5× within 24 months.
- Strong balance sheet & cash flow: cash of $2.7 billion, net debt/EBITDA of 0.7×, liquidity of $5.7 billion, and Q3 free cash flow of $699 million with FY conversion of 45–50% expected.
- Baker Hughes delivered $1.24 billion in adjusted EBITDA (up 2% YoY) on 1% revenue growth, with margins expanding 20 bps to 17.7%; free cash flow was $699 million in Q3 2025.
- Industrial & Energy Technology (IET) secured $4.1 billion in orders, growing backlog 3% to $32.1 billion, while IET revenue rose 15% YoY to $3.4 billion and segment EBITDA increased 20% to $635 million with margins at 18.8%.
- Full-year adjusted EBITDA midpoint raised to $4.74 billion; IET revenue guidance midpoint increased to $13.05 billion and EBITDA to $2.4 billion; full-year IET orders now expected to exceed $14 billion.
- Baker Hughes received shareholder approval for the Chart Industries acquisition, targeting a mid-2026 close and aiming for a 1–1.5× net debt/EBITDA ratio within 24 months post-close, with integration planning underway.
- Baker Hughes delivered Q3 adjusted EBITDA of $1.24 billion, up 2% YoY, with margins of 17.7%, GAAP EPS of $0.61, adjusted EPS of $0.68, and $699 million in free cash flow.
- Total company bookings were $8.2 billion, including $4.1 billion in IET orders; IET backlog reached a record $32.1 billion, with YTD orders of nearly $11 billion and full-year IET orders now expected to exceed prior guidance.
- Full-year adjusted EBITDA guidance midpoint raised to $4.74 billion; IET revenue midpoint increased to $13.05 billion (EBITDA $2.4 billion), and OFSE revenue midpoint to $14.35 billion (EBITDA unchanged at $2.62 billion).
- Portfolio actions include closing the Continental Disc acquisition, pending divestitures to generate $1.4 billion in proceeds, and the Chart Industries acquisition approved on October 6, expected to close mid-2026 with $325 million in cost synergies.
- Baker Hughes was awarded a multi-year contract by Aramco to increase its underbalanced coiled tubing drilling fleet in Saudi Arabia from 4 to 10 units, with the order booked in Q3 2025.
- The scope includes coiled tubing drilling units plus integrated services—underbalanced drilling, operational management, well construction, and geosciences.
- The project leverages Baker Hughes’ CoilTrak™ bottomhole assembly system and GaffneyCline™ reservoir analysis to boost drilling efficiency, speed, and safety.
- Work is set to commence in 2026, extending a partnership that began in 2008 and reinforcing strong HSE and operational performance.
- Baker Hughes was awarded a contract by Petrobras to supply up to 50 subsea tree systems and associated equipment for offshore oil and gas production in Brazil.
- The scope includes manufacturing Petrobras’s pre-salt standard subsea trees, subsea distribution units, in-line tees, vertical connection systems, and topside control cabinets.
- The systems will enhance recovery in established fields such as Albacora, Jubarte, and Barracuda-Caratinga, and optimize production in pre-salt developments including Mero and Buzios.
- Procurement and manufacturing are scheduled to commence in 3Q 2025 as part of Baker Hughes’s localization strategy in Brazil.
- Baker Hughes won a contract from Bechtel Energy to supply the main liquefaction equipment for Train 4 of NextDecade’s Rio Grande LNG Facility in Texas.
- This award extends an existing framework for Trains 4–8, replicating proven solutions from the first three trains with two Frame 7 gas turbines and six centrifugal compressors.
- The equipment is designed to enhance efficiency, reduce emissions, and add 6 million tons per annum of LNG production capacity.
- Baker Hughes’ trailing twelve-month revenue stands at $27.6 billion, with an operating margin of 12.73% and net margin of 11.04%.
- Baker Hughes was awarded by Bechtel Energy Inc. to supply main liquefaction equipment for Train 4 of NextDecade’s Rio Grande LNG facility, replicating proven solutions from the first three trains.
- The scope includes two Frame 7 gas turbines and six centrifugal compressors, delivering enhanced efficiency and reduced emissions.
- The order supports an additional 6 MTPA of LNG production capacity at the Port of Brownsville, Texas.
- This award builds on existing framework agreements for gas turbine and refrigerant compressor technology across Trains 4–8, underscoring Baker Hughes’ long-term collaboration with Bechtel and NextDecade.