Baker Hughes Co

Baker Hughes is an energy technology company that sells equipment, software, and services across the oil and gas, LNG, power, and industrial value chain. Its business is split between Oilfield Services & Equipment, which supports drilling, completions, production, and decommissioning, and Industrial & Energy Technology, which supplies turbomachinery, gas technology, and climate-related solutions. The company has a long operating history and works in more than 120 countries, with a direct sales model supported by regional teams and product-line centers of excellence. In recent years it has also pushed into lower-carbon and digital opportunities such as geothermal, CCUS, hydrogen, clean power, and AI-enabled industrial applications, including data-center-related power demand.

9,3 %

−0,3 %

1.36

1.00

— Baker Hughes Co
%
Oilfield Services & Equipment58% Products and services for drilling, well construction, completions, production, intervention, and subsea/surface pressure systems.
Gas Technology Equipment18% Turbomachinery and equipment used in LNG, gas processing, compression, and power applications.
Gas Technology Services12% Lifecycle services, maintenance, and aftermarket support for installed gas and power equipment.
Climate Technology Solutions7% Lower-carbon and energy-transition solutions including clean power, CCUS, geothermal, and hydrogen-related offerings.
Digital and Industrial Solutions5% Software, analytics, and AI-enabled tools that improve asset performance, efficiency, and operational decision-making.

Baker Hughes sells primarily to major, national, and independent oil and natural gas companies that fund exploration,...

  • Upstream oil and gas operatorsprimary

    Buy drilling, completions, intervention, production, and subsea equipment/services to develop and maintain wells.

  • National oil companiesprimary

    Procure integrated oilfield technologies and long-cycle service support for large-scale field development and production.

  • LNG and gas infrastructure operatorssecondary

    Buy gas technology equipment and services for liquefaction, compression, and gas handling assets.

  • Power, utilities, and industrial customerssecondary

    Purchase turbomachinery, climate technology, and efficiency solutions for power generation and industrial processes.

  • Energy-transition project developersemerging

    Buy geothermal, CCUS, hydrogen, and clean power solutions to support lower-carbon projects.

Baker Hughes operates globally in more than 120 countries, so its revenue base is diversified across international oil...

  • •Operates in more than 120 countries across energy and industrial markets
  • •International markets are a major revenue driver for OFSE
  • •North America is important but more cyclical and commodity-price sensitive
  • •Europe/CIS/Sub-Saharan Africa, Latin America, and Middle East/Asia affect OFSE demand
  • •Regional sales teams and local execution are central to customer service
  • •Geopolitical conflict, sanctions, and FX swings can disrupt operations and demand

Baker Hughes is positioning itself as a broader energy technology platform rather than a pure oilfield-services company...

01
Operational transformation and efficiencyshort-term

Lower-cost operations and better execution support profitability in a cyclical market.

02
Growth in gas, LNG, and power marketsmedium-term

These markets provide more durable demand than short-cycle upstream spending and broaden the customer base.

03
Digital and AI commercializationmedium-term

Digital tools can improve customer productivity and open incremental demand in data centers and industrial operations.

04
Energy-transition portfolio buildoutlong-term

New energy offerings can diversify revenue and align with decarbonization spending.

The company is highly exposed to oil and gas spending cycles, so weaker commodity prices or lower upstream capital...

high

Commodity-price-driven demand volatility

Customer spending depends on oil and natural gas prices and E&P budgets, which can fall quickly in weak markets.

Scope
Upstream oilfield services and North America activity
Materiality
high
high

Geopolitical and sanctions exposure

Operations across many countries can be disrupted by sanctions, embargoes, regional conflict, and political instability.

Scope
Russia, Middle East, Venezuela, and other international markets
Materiality
high
medium

Competitive pricing pressure

The company operates in highly competitive product lines, which can limit pricing power and contract terms.

Scope
All major product lines
Materiality
medium
medium

Execution risk in new energy and digital growth areas

Investments in AI, geothermal, CCUS, hydrogen, and clean power may not generate expected returns or adoption.

Scope
IET and strategic growth initiatives
Materiality
medium
Revenue recognition on long-term product service agreements
Can materially affect timing of revenue and margin recognition in IET
Goodwill impairment
Could reduce reported earnings and equity
Deferred tax asset valuation allowance
Can change tax expense and net income
Uncertain tax positions
Can affect tax rate and cash taxes

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: 11/08/2026