Baker Hughes Co
F:68V
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Baker Hughes Co
F:68V
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Hochtief AG
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Baker Hughes Co
Baker Hughes makes equipment and services that help oil and gas companies find, drill, complete, and produce wells, both on land and offshore. It sells drilling tools, well construction and completion services, artificial lift systems, and equipment used to move, measure, and process oil, gas, and industrial fluids. It also serves parts of the energy transition, including equipment for liquefied natural gas, carbon capture, and other lower-emission industrial projects. Its main customers are oil and gas producers, oilfield contractors, pipeline and LNG operators, and large industrial and power companies. Baker Hughes usually earns money by selling equipment, renting tools, and charging for field services, maintenance, and long-term support contracts. In many cases, it is paid for the hardware upfront and then again over time for installation, repairs, monitoring, and servicing. What makes Baker Hughes different is that it sits in the middle of the energy value chain: it is not an oil producer, but it supplies the tools and technical know-how that let others produce and move energy. That gives it exposure to spending by the energy industry while also letting it sell into industrial gas and cleaner-energy projects. Its business depends heavily on technical expertise, installed equipment, and customer relationships built around complex, mission-critical operations.
Baker Hughes makes equipment and services that help oil and gas companies find, drill, complete, and produce wells, both on land and offshore. It sells drilling tools, well construction and completion services, artificial lift systems, and equipment used to move, measure, and process oil, gas, and industrial fluids. It also serves parts of the energy transition, including equipment for liquefied natural gas, carbon capture, and other lower-emission industrial projects.
Its main customers are oil and gas producers, oilfield contractors, pipeline and LNG operators, and large industrial and power companies. Baker Hughes usually earns money by selling equipment, renting tools, and charging for field services, maintenance, and long-term support contracts. In many cases, it is paid for the hardware upfront and then again over time for installation, repairs, monitoring, and servicing.
What makes Baker Hughes different is that it sits in the middle of the energy value chain: it is not an oil producer, but it supplies the tools and technical know-how that let others produce and move energy. That gives it exposure to spending by the energy industry while also letting it sell into industrial gas and cleaner-energy projects. Its business depends heavily on technical expertise, installed equipment, and customer relationships built around complex, mission-critical operations.
Results: Baker Hughes posted a strong first quarter, with adjusted EBITDA of $1.16 billion, above guidance, and adjusted EPS of $0.58, up 13% year over year.
IET strength: IET was the standout, delivering record bookings of $4.9 billion, a 1.5x book-to-bill, and record RPO of $33.1 billion.
Middle East impact: Management said the Middle East conflict is creating meaningful disruption, especially in OFSE, and they expect 2026 upstream spending to be modestly below prior expectations because of reduced Middle East activity.
Guidance: Full-year revenue and EBITDA guidance was maintained, but management now expects 2026 results to come in slightly below the midpoint of the ranges.
Chart deal: The company said Chart closing is still expected in the second quarter, with integration planning progressing and $325 million of targeted cost synergies still intact.
Portfolio and cash: Baker Hughes highlighted portfolio actions including Waygate, HMH, PSI and SPC, and said it expects about $3 billion of gross proceeds in 2026 to strengthen the balance sheet.
Management
Lorenzo Simonelli is the Chairman and CEO of Baker Hughes, a global energy technology company. He joined Baker Hughes in 2013 and has been instrumental in transforming the company from an oilfield services provider to a full-spectrum energy technology player. Before his tenure at Baker Hughes, Simonelli held several leadership roles at General Electric (GE), including President and CEO of GE Transportation and various positions in GE Oil & Gas. He is known for focusing on innovation and sustainability within the company, driving efforts toward digitalization and energy transition. Under his leadership, Baker Hughes has emphasized reducing emissions and developing technologies that support cleaner energy solutions. Simonelli is an advocate for diversity and inclusion in the workplace, and he promotes a collaborative and forward-thinking company culture.
Nancy K. Buese is a distinguished financial executive, holding the position of Chief Financial Officer (CFO) at Baker Hughes Company. She joined the company bringing with her a wealth of experience in financial management and strategic planning. Prior to her role at Baker Hughes, Buese was the EVP and CFO at Newmont Corporation, a leading gold mining company, where she was instrumental in strengthening the company's financial operations and supporting its growth initiatives. Before her tenure at Newmont, she served in various senior finance roles, further honing her expertise in the energy and mining sectors. Buese is a Certified Public Accountant (CPA) and began her career in public accounting at Ernst & Young, where she developed a strong foundation in auditing and financial controls. Her leadership skills and strategic vision have been pivotal in fostering financial resilience and sustainable business practices at Baker Hughes.
Before her tenure at Newmont, she served in various senior finance roles, further honing her expertise in the energy and mining sectors. Buese is a Certified Public Accountant (CPA) and began her career in public accounting at Ernst & Young, where she developed a strong foundation in auditing and financial controls. Her leadership skills and strategic vision have been pivotal in fostering financial resilience and sustainable business practices at Baker Hughes.
Ms. Maria Claudia Borras is a notable executive at Baker Hughes Company, where she has made significant contributions. With a distinguished career in the energy industry, she has played a crucial role in leading the company's growth and strategic initiatives. Maria Claudia Borras has served as the Executive Vice President of Oilfield Services at Baker Hughes, where she leverages her extensive experience in managing global operations and driving performance improvement across the sector. Her leadership is characterized by a strong focus on innovation, sustainability, and operational excellence, helping position Baker Hughes as a leader in energy technology and services. Borras’s expertise and influence extend beyond her executive role as she actively engages in industry forums and endeavors to drive meaningful changes in energy practices worldwide. Her commitment to fostering a culture of safety and collaboration is evident in her work, reflecting her dedication to both the company and the broader industry community.
James E. Apostolides is an experienced executive known for his leadership roles at Baker Hughes, an energy technology company that provides solutions for energy and industrial sectors around the world. He has been part of senior management, contributing to the strategic direction and operational efficiency of the company. His career at Baker Hughes has been marked by a series of progressive leadership roles. Apostolides has been instrumental in developing key business strategies and overseeing significant projects that align with the company's goals of innovation and sustainability in energy technology. With a strong background in engineering and project management, Apostolides has successfully led various teams, focusing on technology development and business growth. He is known for his commitment to advancing Baker Hughes' position within the energy sector by championing initiatives that emphasize environmental responsibility and technological advancement. James E. Apostolides’ expertise and leadership have been integral to Baker Hughes, especially as the company navigates the ongoing transitions within the global energy landscape, balancing traditional energy demands with new, sustainable solutions.
His career at Baker Hughes has been marked by a series of progressive leadership roles. Apostolides has been instrumental in developing key business strategies and overseeing significant projects that align with the company's goals of innovation and sustainability in energy technology.
With a strong background in engineering and project management, Apostolides has successfully led various teams, focusing on technology development and business growth. He is known for his commitment to advancing Baker Hughes' position within the energy sector by championing initiatives that emphasize environmental responsibility and technological advancement.
James E. Apostolides’ expertise and leadership have been integral to Baker Hughes, especially as the company navigates the ongoing transitions within the global energy landscape, balancing traditional energy demands with new, sustainable solutions.
Jeffrey Fleece is a notable executive at Baker Hughes Company, a leading energy technology company. As of 2021, he served in the critical role of Executive Vice President of Industrial & Energy Technology, bringing with him a wealth of experience in operations and leadership within the energy sector. Fleece's work at Baker Hughes has been pivotal in driving the company's innovation strategy and operational excellence. He has been instrumental in leading initiatives that align with the company's commitment to energy transition and digital transformation. Throughout his career, Fleece has been recognized for his strategic vision and ability to foster growth in a complex and rapidly changing industry.
Chase Mulvehill is a prominent figure in the energy sector, particularly known for his role as an executive at Baker Hughes Co, a leading energy technology company. Mulvehill has been recognized for his expertise in financial strategy and operations within the energy industry. At Baker Hughes, he contributes significantly to the company's strategic direction, focusing on driving growth and innovation in oilfield services and technologies. His efforts have been pivotal in enhancing Baker Hughes' market presence and operational efficiency. Prior to his tenure at Baker Hughes, he accumulated substantial experience in investment banking, specializing in energy sector transactions, which has equipped him with a robust understanding of market dynamics and economic factors influencing the industry.
Georgia Magno is an established executive at Baker Hughes, an energy technology company that provides solutions for energy and industrial customers worldwide. In her role, she has been instrumental in driving strategic initiatives and leading teams to foster innovation and efficiency within the company. Her expertise in business operations and her strategic approach have contributed significantly to Baker Hughes' success in navigating the evolving energy market. Magno has been involved in various leadership roles that leverage her skills in transformational change and operational excellence. She is recognized for her ability to lead diverse teams and implement strategies that enhance performance and sustainability. Her work often focuses on integrating new technologies and practices to improve the company's overall output and competitiveness. Adept at cross-functional leadership, Magno's career has been marked by her commitment to promoting a collaborative corporate culture and initiating programs that align with Baker Hughes' mission to drive energy transition and reduce environmental impact. Her leadership continues to play a crucial role in positioning Baker Hughes as a leader in the energy sector.
Magno has been involved in various leadership roles that leverage her skills in transformational change and operational excellence. She is recognized for her ability to lead diverse teams and implement strategies that enhance performance and sustainability. Her work often focuses on integrating new technologies and practices to improve the company's overall output and competitiveness.
Adept at cross-functional leadership, Magno's career has been marked by her commitment to promoting a collaborative corporate culture and initiating programs that align with Baker Hughes' mission to drive energy transition and reduce environmental impact. Her leadership continues to play a crucial role in positioning Baker Hughes as a leader in the energy sector.
Muzzamil Khider Ahmed is an executive officer associated with Baker Hughes Company, a prominent American international industrial service company and one of the world's largest oil field services companies. In his role, Muzzamil has been integral to the development and implementation of various strategic initiatives within the company, contributing to its growth and technological advancement in the energy sector. His expertise lies in navigating complex global markets and fostering innovation within Baker Hughes, helping the company to maintain its competitive edge. Muzzamil's leadership skills and industry knowledge have been pivotal in driving performance and operational excellence at Baker Hughes.
