Welcome to our dedicated page for Baker Hughes Co news (Ticker: BKR), a resource for investors and traders seeking the latest updates and insights on Baker Hughes Co stock.
Baker Hughes Company (NASDAQ: BKR) stands as a global leader in oilfield services and oilfield equipment, renowned for its extensive portfolio and innovative technologies. The company specializes in providing reliable and practical solutions aimed at lowering costs, reducing risk, and improving productivity across the oil and gas value chain. From reservoir analysis to hydrocarbon refinery, Baker Hughes offers high-performance products and services that encompass drilling, evaluation, completion, and production stages.
Founded in 1986 through the merger of Baker International and Hughes Tool Company, both established over a century ago, Baker Hughes has a long-standing history of innovation. The company operates in two main segments: Oilfield Services & Equipment and Industrial & Energy Technology. While the former caters to markets such as artificial lift, specialty chemicals, and completions, the latter focuses on industrial power generation, process solutions, and industrial asset management, with significant exposure to the liquid natural gas market.
Recent achievements underscore Baker Hughes' commitment to sustainability and technological advancement. The company has announced a net-zero commitment by 2050 and has successfully diverted over 125 million pounds of scrap metals from its locations through a partnership with Venture Metals +. This initiative reflects their dedication to reducing environmental impact and promoting circular economy principles.
Baker Hughes is also at the forefront of decarbonizing energy infrastructure. The company secured a contract from Snam, Europe's leading natural gas operator, to provide gas turbine-driven compressor trains for the Adriatic Line pipeline project in Italy. This project aims to transport energy supplies from regions like Azerbaijan and Africa to Northern Europe, supporting Europe's energy transition goals.
Financially, Baker Hughes maintains robust performance with strategic partnerships and new project acquisitions. The Cedar LNG project in Canada and collaboration with Black & Veatch for low-carbon LNG facilities highlight their role in advancing decarbonization through innovative solutions. The company's 2023 Corporate Sustainability Report further details a significant reduction in Scope 1 and 2 emissions by 28.3% from its baseline, emphasizing their leadership in sustainable energy practices.
With over 58,000 employees operating in more than 120 countries, Baker Hughes combines global reach with local expertise, ensuring the delivery of practical and efficient solutions to its industrial and energy customers worldwide. To stay updated on Baker Hughes' latest news and developments, visit their investors page.
Baker Hughes (NASDAQ: BKR) has been selected by Argent LNG as the technology provider for its proposed LNG export facility in Port Fourchon, Louisiana. The facility aims to produce approximately 24 million tonnes per annum (MTPA) of LNG.
Baker Hughes will provide liquefaction solutions, power generation equipment, and gas compression systems, featuring their NMBL™ modularized LNG solution powered by LM9000 gas turbines. The project will integrate iCenter™ digital solutions powered by Cordant™ to optimize operational efficiency.
The project's Phase 1 construction is scheduled to begin in 2026, with commercial operations expected by 2030. Phase 2 is progressing through critical milestones, including FERC approvals and gas supply agreements. Baker Hughes anticipates receiving orders as the project advances toward Final Investment Decision.
Baker Hughes (NASDAQ: BKR) has partnered with Hanwha Power Systems and Hanwha Ocean through a Joint Development and Collaboration Agreement (JDCA) to develop small-size turbines for ammonia applications. The partnership combines Baker Hughes' gas turbine technology with Hanwha's ammonia combustion system.
The new ammonia turbine (~16MW power range) will be suitable for marine, onshore, and offshore applications, including electric generation and mechanical drive. Hanwha Ocean will be the primary beneficiary, implementing the solution in future vessels. Hanwha has successfully tested a proof-of-concept combustor using 100% ammonia fuel, while Baker Hughes completed initial turbine feasibility studies in 2024.
The companies aim to complete full engine testing with ammonia by end-2027, after which the turbine will be commercially available. This development follows Baker Hughes' January 2024 announcement of successful testing of the world's first 100% hydrogen turbine.
Hanwha Power Systems and Hanwha Ocean have signed a Joint Development and Collaboration Agreement with Baker Hughes (NASDAQ: BKR) to design and produce low carbon ammonia gas turbines. The collaboration aims to develop turbines capable of 100% ammonia combustion and dual fuel operation with natural gas-ammonia blend.
The project builds on Baker Hughes' proven small-size turbine technology and PSM's newly-developed ammonia combustion system. Hanwha Group plans to complete the development of LNG carriers and container ships using this ammonia gas turbine propulsion system by 2028. In September 2023, the companies received approval in principle from ABS for applying ammonia gas turbines to LNG carriers.
PSM completed initial high-pressure ammonia combustion testing and Baker Hughes finished turbine feasibility studies in 2024. The initiative supports Hanwha Group's vision, announced at Davos Forum, to create the world's first fossil fuel-free ship.
Baker Hughes (NASDAQ: BKR) has secured a major multi-year contract from ExxonMobil Guyana to supply specialty chemicals and related services for the Uaru and Whiptail offshore developments in Guyana's Stabroek Block. The contract covers topsides, subsea, water injection, and utility chemicals for the Errea Wittu and Jaguar FPSO vessels, set to begin production in 2026 and 2027.
The developments will include up to 20 drill centers and 92 production and injection wells. Each FPSO will have a capacity of 250,000 barrels per day, contributing to Guyana's total daily production capacity of approximately 1.3 million barrels. Baker Hughes, which operates a multimodal supercenter in Georgetown, will leverage its local supply chains and expertise in oilfield and industrial chemicals to support these complex FPSO operations.
Baker Hughes (BKR) reported strong Q4 and full-year 2024 results, with notable achievements in both quarters. Q4 highlights include orders of $7.5 billion, revenue of $7.4 billion (up 8% YoY), and adjusted EBITDA of $1,310 million (up 20% YoY). The company achieved GAAP diluted EPS of $1.18 and adjusted diluted EPS of $0.70.
Full-year 2024 performance showed revenue of $27.8 billion (up 9% YoY), attributable net income of $2,979 million, and adjusted EBITDA of $4,591 million (up 22% YoY). The company returned $1,320 million to shareholders, including $484 million in share repurchases.
Baker Hughes announced a 10% increase in quarterly dividend to $0.23. The Industrial & Energy Technology (IET) segment secured significant LNG and gas infrastructure contracts, while Oilfield Services & Equipment (OFSE) gained notable contracts in Europe and the Middle East.
Baker Hughes (NASDAQ: BKR) has announced a quarterly cash dividend increase of 10% to $0.23 per share of Class A common stock, representing a $0.02 increase compared to the same quarter last year. The dividend will be payable on February 21, 2025, to shareholders of record as of February 11, 2025. The company plans to fund this dividend payment through cash generated from operations.
Baker Hughes (NASDAQ: BKR) has secured a significant order from Tecnicas Reunidas for the third expansion phase of Aramco's Jafurah gas field in Saudi Arabia. The contract, booked in Q4 2024, includes six gas compression trains and six propane compressors, along with balance of plants and auxiliaries.
The company will provide state-of-the-art electric motor driven compression solutions, leveraging its recently expanded Damman Center in Dammam. This order strengthens Baker Hughes' partnership with Aramco, following previous collaborations on the Haradh and Hawiyah gas plants, first phase of Jafurah, and the third phase of Saudi Arabia's Master Gas System project.
Baker Hughes (NASDAQ: BKR) has secured a major contract to provide modularized LNG system and power island solutions to Venture Global (VG) LNG projects in the United States. The company also signed a multi-year services agreement for maintenance, inspection, repairs, and engineering services supporting phases 1 and 2 of VG's Plaquemines LNG project in Louisiana.
As a strategic LNG technology supplier to Venture Global, Baker Hughes has been instrumental in delivering over 100 million tons per annum (MTPA) of production capacity, including comprehensive LNG solutions for both Calcasieu Pass and Plaquemines LNG facilities. The equipment order and services agreement were secured in Q4 2024. Recently, Venture Global achieved a significant milestone with the successful loading and departure of the first LNG cargo from its Plaquemines LNG facility.
Baker Hughes (NASDAQ: BKR) has secured a significant order from Bechtel Energy for gas technology equipment to support Phase 1 of Woodside's Louisiana LNG development. The contract includes equipment for two liquefaction plants with an approximate total capacity of 11 MTPA, part of a larger project with a total permitted capacity of 27.6 MTPA.
The order encompasses eight main refrigeration compressors driven by LM6000PF+ gas turbines and eight expander-compressors. This agreement comes as Woodside targets final investment decision readiness from Q1 2025. Baker Hughes was also previously selected to supply electric-powered Integrated Compressor Line packages and turbomachinery equipment for the associated pipeline serving the LNG export terminal.
Baker Hughes (NASDAQ: BKR) has scheduled its fourth quarter and full-year 2024 earnings announcement for January 30, 2025, at 5 p.m. Eastern Time. The company will release results via press release, followed by a webcast discussion on January 31, 2025, at 9:30 a.m. Eastern Time. Investors can access the webcast through the Baker Hughes investor relations website, where an archived version will also be available after the event.
FAQ
What is the current stock price of Baker Hughes Co (BKR)?
What is the market cap of Baker Hughes Co (BKR)?
What does Baker Hughes do?
What are Baker Hughes' core business segments?
What recent sustainability initiatives has Baker Hughes undertaken?
What recent contracts has Baker Hughes secured?
How does Baker Hughes contribute to the energy transition?
Where can I find Baker Hughes' sustainability reports?
How does Baker Hughes support its customers' sustainability goals?
What is Baker Hughes' presence in the liquid natural gas market?
How many employees does Baker Hughes have?
In how many countries does Baker Hughes operate?
