Baker Hughes

Baker Hughes Company is one of the world's largest energy technology companies, providing integrated solutions for energy and industrial customers across more than 120 countries. With approximately 57,000 employees, Baker Hughes operates at the forefront of the energy industry's transformation, combining its century-old expertise in oil and gas with cutting-edge technology for carbon capture, geothermal energy, and industrial digitalization. The company's mission is to 'take energy forward, making it safer, cleaner, and more efficient for people and the planet.'

Founded through the convergence of two pioneering companies—the Baker Casing Shoe Company (established 1907) and Hughes Tool Company (founded 1908)—Baker Hughes has evolved through numerous transformations. The modern entity was created in 1987 when Baker International merged with Hughes Tool Company in a $728 million transaction, followed by a 2017 merger with GE Oil & Gas, and ultimately returning to independence as a public company in 2019-2020 when GE spun off its stake. Today, Baker Hughes trades on NASDAQ under ticker BKR and ranks among the 'Big Three' oilfield services companies alongside Schlumberger and Halliburton.

Baker Hughes operates through two primary business segments following a 2022 reorganization: Oilfield Services & Equipment (OFSE), which represents 56% of revenue and provides drilling, completion, production, and subsea solutions; and Industrial & Energy Technology (IET), which delivers turbomachinery, process solutions, and equipment for LNG, power generation, and industrial applications. The IET segment has become a strategic growth driver, with Baker Hughes commanding an estimated 95% global footprint in turbomachinery for LNG plant construction and 90% market share in LNG compression technology.

The company achieved remarkable financial performance in 2024, reporting annual revenue of $27.8 billion (up 9% year-over-year), net income of $2.98 billion, and adjusted EBITDA of $4.6 billion (up 22% YoY), with adjusted EBITDA margins exceeding 20%. Baker Hughes set new records for quarterly and annual revenue, free cash flow ($2.3 billion), and profitability metrics. The company's order backlog reached historic levels with $32.1 billion in IET orders alone, driven by strong demand for LNG infrastructure and energy transition technologies.

Baker Hughes is strategically positioned at the intersection of traditional energy and the energy transition. While maintaining leadership in oilfield services, the company is aggressively expanding into clean energy technologies including geothermal systems (securing a landmark 300 MW contract with Fervo Energy), carbon capture and storage (launching CarbonEdge digital platform and acquiring Compact Carbon Capture), hydrogen production, and advanced materials. The company invested $613 million in R&D in 2024, focusing on digital solutions, AI-powered optimization, and decarbonization technologies. With industry-leading margins, a $10+ billion contracted backlog, and strategic investments in energy transition markets, Baker Hughes is well-positioned to serve customers across the evolving energy landscape.