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About Baker Hughes Company
Baker Hughes (NYSE: BKR) is a globally recognized energy technology company that has been at the forefront of the petroleum and energy sectors for over a century. Through a unique blend of engineering excellence and technological innovation, Baker Hughes offers a comprehensive range of products and services designed to enhance oilfield operations from exploration to production. The company operates primarily through two strategic segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET), both of which deliver robust and integrated solutions for drilling, evaluation, completion, production, and refining processes.
Core Business Areas and Capabilities
Baker Hughes excels in providing practical, reliable, and high-performance solutions that address the complexities of energy production. Its Oilfield Services & Equipment segment delivers end-to-end services for well lifecycle management, including drilling fluids, wireline operations, and maintenance contracts. Complementing this, the Industrial & Energy Technology segment focuses on advanced mechanical-drive applications, compression systems, and digital solutions tailored for power generation, gas boosting, and LNG operations. By employing technologies that range from traditional mechanical systems to innovative digital platforms, Baker Hughes ensures operational efficiency and reduced downtime for energy and industrial customers worldwide.
Innovative Technology and Digital Integration
Innovation is embedded in the DNA of Baker Hughes. The company leverages state-of-the-art digital solutions such as remote monitoring, asset health management, and artificial intelligence to optimize field production and enhance safety measures. Its integrated digital tools provide operators with real‐time data, predictive maintenance insights, and automated solutions that are critical for optimizing production and reducing operational risks. In addition, Baker Hughes is continuously advancing its compression and fluid control technologies, which form the backbone of its offerings in both traditional oil and gas sectors and emerging low-carbon applications.
Global Reach and Strategic Partnerships
Operating in more than 120 countries, Baker Hughes has cultivated a strong international presence through strategic partnerships and localized operations. By leveraging deep technical expertise and regional market insights, the company consistently delivers bespoke solutions that cater to the diverse needs of its global clientele. Collaborative initiatives with leading energy companies and technology partners reinforce its position as a trusted provider of innovative, safe, and efficient energy solutions. This network not only strengthens its market penetration but also ensures that it stays ahead of technological and regulatory changes across different regions.
Engineering Excellence and Operational Efficiency
With a heritage rooted in breakthrough engineering innovations, Baker Hughes has maintained a reputation for operational rigor and precision. The company’s extensive experience in designing and manufacturing critical drilling and production equipment enables it to deliver products that meet the high standards demanded by the industry. Its focus on reducing costs and mitigating risks through efficient design and localized manufacturing strategies is reflected in its successful track record of managing large-scale contracts and complex projects for major global operators.
Product Portfolio and Market Segments
The product portfolio of Baker Hughes spans a broad spectrum of energy applications, including:
- Oilfield Services: Comprehensive services covering drilling fluids, well intervention, flow assurance, and asset optimization solutions.
- Compression and Turbomachinery: Advanced gas compression solutions, electric motor-driven systems, and integrated compressor lines designed to enhance natural gas processing and fueling operations.
- Digital and Remote Monitoring Solutions: Tools such as real-time asset management software and condition monitoring systems that leverage digital twin technologies.
- Industrial Equipment and Aftermarket Services: Reliable platforms for equipment lifecycle management that support maintenance, repair, and operational efficiency.
Significance in the Energy Sector
Baker Hughes plays a critical role in the energy value chain by delivering solutions that not only drive productivity but also elevate safety and environmental standards. The company’s technological advancements contribute to more efficient extraction and processing of hydrocarbons, support the integration of renewable sources through smart grid solutions, and actively participate in the evolution of low-carbon technologies. This multifaceted approach enables it to remain relevant and competitive in an industry that faces constant technological, economic, and regulatory challenges.
Expertise and Industry Knowledge
Drawing on decades of experience and a rich heritage of innovation, Baker Hughes uses precise engineering, rigorous quality control, and cutting-edge research to create products and services that meet the exacting demands of the global energy industry. Its expertise is reflected in the deployment of solutions that reduce operational risk, optimize oil recovery, and integrate digital analytics for improved field management. This deep industry knowledge, combined with a commitment to continuous improvement and collaboration, ensures that the company remains a reliable partner for customers seeking to leverage both traditional and modern energy technologies.
Operational Resilience and Customer Focus
Amid dynamic market conditions, Baker Hughes has established robust processes that enhance operational resilience. The company’s customer-centric approach is demonstrated through its ability to offer tailored services—whether through scalable maintenance agreements, specialized drilling solutions, or integrated digital platforms. By aligning its operations with the specific needs and challenges of its customers, Baker Hughes consistently delivers value, safety, and performance across the entire spectrum of energy production and processing.
Conclusion
In summary, Baker Hughes is a comprehensive energy technology company that combines broad industry experience with innovative solutions designed to optimize and secure energy operations globally. Its integrated business model, advanced product offerings, commitment to digital transformation, and strategic global partnerships make it a critical player in the energy sector. Whether addressing the challenges of deepwater drilling or streamlining onsite production with digital aids, Baker Hughes stands as a trusted and knowledgeable partner for energy and industrial customers around the world.
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.
Baker Hughes (NASDAQ: BKR) has opened new facilities in Walvis Bay, Namibia, including the country's largest liquid mud plant, a cement bulk facility, and an integrated multi-modal facility. The liquid mud plant can hold 15,000 barrels of drilling and completion fluids. Located at Walvis Bay Port, these facilities will support Namibia's offshore oil and gas operations and enhance local employment opportunities. The company has provided training to local workers, NAMCOR personnel, and Ministry of Mines and Energy staff to develop skilled workforce. Baker Hughes has been providing drilling services and subsea operations in Namibia since 2021.
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