Baker Hughes Co (BKR)

Baker Hughes Company is an energy technology company with a diversified portfolio of technologies and services spanning the energy and industrial value chain. It does business in over 120 countries and describes its purpose as making energy safer, cleaner and more efficient. Its strategy rests on three pillars: transforming the core business to improve margins and cash flow, driving profitable growth in areas such as LNG, gas infrastructure, power generation, data centers, industrial manufacturing and oilfield production, and delivering results in new energy, including hydrogen, carbon capture, utilization and storage (CCUS), geothermal and clean power. In 2025 it spent $600 million on research and development and was granted more than 1,400 patents worldwide.

The company reports two operating segments. Oilfield Services & Equipment (OFSE) designs and manufactures products and provides services and integrated solutions for onshore and offshore oilfield operations, from exploration through production and decommissioning. It has four product lines: Well Construction (drilling services, drill bits, drilling and completion fluids), Completions, Intervention, and Measurements (completions, pressure pumping, wireline), Production Solutions (artificial lift and oilfield and industrial chemicals), and Subsea & Surface Pressure Systems (subsea trees, controls and manifolds, flexible pipe, surface pressure control). In June 2025 it announced a joint venture with a subsidiary of Cactus, Inc., to which it will contribute its surface pressure control business; the joint venture was formed on January 1, 2026. Industrial & Energy Technology (IET) has five product lines: Gas Technology Equipment (gas turbines, compressors, electric motors, turnkey power generation and compression modules, liquefaction plants), Gas Technology Services (aftermarket support, spare parts, upgrades, digital services), Industrial Products (non-destructive testing under the Waygate Technologies brand, process and pipeline services, valves and flow control, power transmission), Industrial Solutions (Cordant software, Bently Nevada monitoring hardware, and precision sensors and instrumentation, the latter business sold to Crane Company on January 1, 2026), and Climate Technology Solutions (CCUS, hydrogen, clean power, geothermal and emissions abatement).

OFSE customers include major and super-major oil and gas companies, independents, national or state-owned oil companies, engineering, procurement and construction contractors, geothermal and renewable companies, and other oilfield service companies. IET serves upstream, midstream, downstream, LNG, pipeline and storage customers, as well as industrial users such as data centers, utilities, marine, cement, steel, refining, petrochemical, aerospace, automotive, pharmaceutical, nuclear, mining, food and beverage, and pulp and paper. The company booked orders of $29.6 billion in 2025 ($14.7 billion OFSE and $14.9 billion IET), and remaining performance obligations were $35.9 billion at December 31, 2025, of which $32.4 billion was in IET. It booked $1 billion of data center-related orders in 2025 and expects about $3 billion between 2025 and 2027.

Products are sold through a direct sales force with regional teams, supported by centers of excellence, as well as indirect channels. Contracts include fixed-fee or turnkey, master service, alliance, equipment supply with aftermarket service, and software subscription agreements, and OFSE work is generally provided well by well. OFSE competitors include SLB, Halliburton, NOV, Weatherford and TechnipFMC. IET competitors include Siemens Energy, Solar (a Caterpillar company), Mitsubishi Heavy Industries, Sulzer, Flowserve and Emerson. On July 29, 2025, the company agreed to acquire Chart Industries for $210 per share in cash. Chart's shareholders approved the deal, and closing is expected in the second quarter of 2026, subject to regulatory approvals. The company has strategic partnerships with Fervo Energy, Frontier Carbon Solutions, HIF Global and NET Power.