Baker Hughes Company is an energy technology group with dual headquarters in Houston and London and a listing on Nasdaq under the ticker BKR. Lorenzo Simonelli is chairman and chief executive officer. The company states that it conducts business in more than 120 countries, combines oilfield services and equipment with industrial machinery, LNG technology and digital systems, and publishes the weekly North American and international rotary rig counts used across the industry as an activity benchmark.

Two segments, and a third being added

Oilfield Services & Equipment covers evaluation and wireline logging, drilling services and drill bits, drilling fluids, cementing, completions and sand control, artificial lift, subsea flexible pipe and production systems, process and pipeline services, and integrated well services spanning construction, intervention and abandonment. Industrial & Energy Technology supplies gas turbines and centrifugal compressors for mechanical drive and power generation, LNG liquefaction and gas processing equipment, hydrogen and carbon capture technologies, emissions abatement, flare reduction and power solutions aimed at industrial and data centre demand. With the purchase of Chart Industries completed on 16 July 2026, Chart becomes a third operating segment, adding thermal management, air and gas handling, compression and lifecycle services.

Second-quarter 2026 results

  • Orders of USD 10.5 billion, up 49 per cent year on year, including USD 7.1 billion of Industrial & Energy Technology orders, which doubled.
  • Remaining performance obligation of USD 40.1 billion, with a record USD 37.1 billion in the industrial and energy technology segment, split between USD 15.0 billion of gas technology equipment and USD 16.7 billion of gas technology services.
  • Revenue of USD 6.74 billion, up 2 per cent sequentially and down 2 per cent year on year after the disposals of the precision sensors and instrumentation and surface pressure control businesses.
  • Attributable net income of USD 681 million, adjusted net income of USD 640 million, GAAP diluted earnings per share of USD 0.68 and adjusted diluted earnings per share of USD 0.64.
  • Adjusted EBITDA of USD 1,231 million, cash flow from operations of USD 1,345 million, free cash flow of USD 1,109 million and capital expenditure of USD 236 million.

Oilfield Services & Equipment in 2026

The segment reported second-quarter revenue of USD 3,451 million, up 7 per cent sequentially, and EBITDA of USD 605 million at a 17.5 per cent margin. By product line, well construction contributed USD 899 million, completions, intervention and measurements USD 944 million, production solutions USD 930 million and subsea and surface pressure systems USD 678 million. North America revenue was USD 933 million and international revenue USD 2,518 million, with Latin America up 22 per cent sequentially to USD 732 million and Middle East and Asia at USD 1,218 million. Awards announced during 2026 covered Latin America, India, Norway, Angola, Brunei and the United States.

  • Petrobras extended and expanded integrated well construction work in Brazil's Santos Basin, building on a 2024 award.
  • The Oil and Natural Gas Corporation of India signed wireline contracts covering up to 46 advanced wireline units and integrated drill stem testing kits.
  • Equinor extended two agreements in Norway for integrated drilling and well services and wireline intervention, alongside the opening of a subsea manufacturing facility at Dusavik.
  • Azule Energy awarded subsea production systems for an ultra-deepwater greenfield offshore Angola, including horizontal trees, and McDermott contracted integrated subsea systems for a gas development offshore Brunei Darussalam covering six trees, controls and subsea wellheads.
  • Leucipa, the automated field production platform, was deployed outside oil and gas for the first time, combining electric submersible pumping with digital optimisation at a geothermal and lithium extraction project in Europe.
  • Helmerich & Payne agreed to collaborate on United States geothermal exploration and development, and Mantle Reach Power signed a commercial agreement aimed at installing up to 500 megawatts of geothermal power within five years.

Industrial and energy technology

Industrial & Energy Technology booked USD 7,088 million of orders in the quarter and generated revenue of USD 3,291 million with EBITDA of USD 678 million, a 20.6 per cent margin. Venture Global ordered six LNG blocks comprising twelve single mixed-refrigerant liquefaction modules with compression trains, cold boxes, air coolers and integrated control systems. Cheniere and Bechtel awarded liquefaction equipment for Sabine Pass Train 7, a boil-off gas re-liquefaction unit and fleet-wide gas turbine upgrades expected to support about 6 million tonnes a year of additional capacity, and Golar ordered four PGT25 gas turbine-driven refrigerant compressor trains for a 3.5 million tonne a year floating LNG vessel. Nigeria LNG extended a multi-year services agreement covering Train 7 turbomachinery. In power generation, Dynamis Power Solutions ordered 76 NovaLT16 gas turbines for about 1.3 gigawatts of transportable capacity serving data centres and oil and gas, while Kodiak Gas Services signed a multi-year agreement with an initial award for 1 gigawatt and a framework for up to 1.8 gigawatts. Aramco's Uthmaniyah conventional gas wells will receive five electric motor-driven centrifugal compressor trains through the Saipem and NSH joint venture, and a separate Middle East mature offshore field ordered nine electric motor-driven compressor trains for gas injection, gas lift and boosting. The NovaLT16 received RINA certification for maritime propulsion on natural gas and up to 100 per cent hydrogen, and the Cordant digital portfolio won agreements with SINOPEC, Petrobras and KNPC.

Portfolio changes and digital products

The Chart acquisition closed on 16 July 2026, with Chart shareholders receiving USD 210.00 per share in cash; Chart reported about USD 4.3 billion of revenue in its 2025 financial year, operates in more than 50 countries, and Baker Hughes expects USD 325 million of annualised cost synergies by the third year after closing. In the same quarter Baker Hughes announced the sale of Waygate Technologies to Hexagon in an all-cash transaction worth about USD 1.45 billion before customary adjustments. The company continues to sell through on-demand commercial models that include rentals, direct sales and channel partner agreements, and it markets fluoride-free onshore composite pipe, mature asset solutions and advisory work through GaffneyCline Energy Advisory.

Contact

Baker Hughes publishes press releases and rig count data through its investor relations site and product and market material through its main website. Media enquiries go to [email protected], and corporate secretarial matters can be directed to [email protected], both addresses published on the media contacts page. The main contact page routes general commercial enquiries through a form.