# Baker Hughes

**Source:** https://geo.sig.ai/brands/baker-hughes  
**Vertical:** Energy & Utilities  
**Subcategory:** Enterprise  
**Tier:** Leader  
**Website:** bakerhughes.com  
**Last Updated:** 2026-04-14

## Summary

Houston oilfield services and energy technology (NASDAQ: BKR) ~$27.8B FY2024 revenue; IET LNG turbomachinery 38% revenue, Baker Hughes + GE Oil & Gas combined, energy transition positioning competing with SLB and Halliburton.

## Company Overview

Baker Hughes Company is a Houston, Texas-based energy technology and oilfield services company — publicly traded on the NASDAQ (NASDAQ: BKR) as an S&P 500 Energy component — providing oilfield services and equipment (OFSE — drilling, completions, production, and intervention technologies for upstream oil and gas operations) and industrial and energy technology (IET — turbomachinery, compressors, industrial equipment, and digital solutions for LNG terminals, industrial plants, and new energy applications) through approximately 58,000 employees in 120+ countries. Baker Hughes was formed in 2017 through the combination of Baker Hughes (founded 1987) with GE Oil & Gas — GE selling its oil and gas equipment and services business to Baker Hughes — creating a combined company that trades under NYSE: BKR while GE initially held a majority stake, which GE divested by 2022. In fiscal year 2024, Baker Hughes reported revenues of approximately $27.8 billion with adjusted EBITDA of approximately $4.4 billion, with the Industrial & Energy Technology segment (LNG compressors, gas compression, power generation turbines for industrial applications) generating 38% of revenue at above-average margins as LNG terminal construction and industrial decarbonization drove demand for Baker Hughes's turbomachinery and electrification equipment. CEO Lorenzo Simonelli has executed Baker Hughes's "energy transition" strategy — positioning Baker Hughes's equipment and services for both conventional oil and gas (OFSE — growing with global upstream capital expenditure) and the new energy economy (IET — LNG for energy transition, hydrogen compression, carbon capture equipment, geothermal drilling) to reduce Baker Hughes's correlation to oil price cycles.

Baker Hughes' oilfield and industrial technology model creates competitive advantages through the engineering specialization and installed base of turbomachinery in critical energy infrastructure: Baker Hughes's Nuovo Pignone (acquired by GE in 1994) manufactures centrifugal and axial compressors, gas turbines (Frame 6B, Frame 7E/EA, PGT25 — used in LNG liquefaction trains, pipeline compressor stations, and offshore platform power generation) that are specified in every major LNG terminal's technical design — the Baker Hughes ATLAS (Advanced Turbomachinery and Load Sharing) compressor train at the Sabine Pass LNG terminal cannot be replaced without a complete redesign of the liquefaction process and piping, creating 25-year service and spare parts relationships from every LNG terminal installation. The OFSE segment's drilling and completion tools (Kymera hybrid drilling bits, ACCESS drilling optimization software, PermConnect sand control completions systems) provide technical differentiation that operator drilling efficiency programs reward with preferred vendor status — reducing non-productive time (NPT) in drilling operations worth $50,000-100,000 per hour in deepwater environments where Baker Hughes tools perform reliably in extreme conditions.

In 2025, Baker Hughes competes in oilfield services and energy technology against Schlumberger/SLB (NYSE: SLB, $36B revenue, dominant global oilfield services), Halliburton (NYSE: HAL, $23B revenue, US-centric oilfield services), and Siemens Energy (ETR: ENR, industrial turbines and energy technology competing in IET segment) for offshore and international upstream drilling contracts, LNG terminal equipment supply agreements, and new energy technology (hydrogen, carbon capture) pilot project partnerships. The LNG construction backlog (10+ major LNG export projects under construction or final investment decision through 2027 — Plaquemines LNG, Rio Grande LNG, Port Arthur LNG, LNG Canada Phase 2, Queensland Curtis Phase 3) creates a $5-10 billion multi-year turbomachinery order backlog for Baker Hughes's IET segment as each LNG train requires Baker Hughes-supplied or competing turbomachinery packages. The new energy transition application of Baker Hughes's IET capabilities (developing gas compression for CCS carbon capture and storage projects, hydrogen production and compression for industrial decarbonization, enhanced geothermal systems drilling services) diversifies IET revenue beyond fossil fuel infrastructure. The 2025 strategy focuses on IET LNG turbomachinery order execution (converting the large order backlog to revenue), OFSE international operations growth (Middle East, Africa, and Latin America NOC capital spending), and new energy technology contract capture in hydrogen and carbon capture infrastructure.

## Frequently Asked Questions

### What does Baker Hughes do?
Baker Hughes is a global energy technology company that provides integrated products, services, and digital solutions across the energy value chain. The company operates through two segments: Oilfield Services & Equipment (OFSE), providing drilling, completion, production, and subsea solutions; and Industrial & Energy Technology (IET), delivering turbomachinery, LNG equipment, and industrial process solutions. Baker Hughes also leads in energy transition technologies including carbon capture, geothermal systems, and hydrogen production.

### Who are Baker Hughes' customers and target market?
Baker Hughes serves oil and gas operators (both national oil companies and independent producers), LNG facility developers, power generation companies, petrochemical plants, and industrial manufacturers across 120+ countries. Key customer segments include upstream exploration and production companies, midstream pipeline and LNG operators, downstream refineries, and emerging clean energy project developers requiring carbon capture or geothermal solutions.

### When was Baker Hughes founded?
Baker Hughes has roots dating back to 1907 when Carl Baker invented the Baker Casing Shoe, and 1908 when Howard Hughes Sr. and Walter Sharp founded Hughes Tool Company. The modern Baker Hughes was created on April 1, 1987, through the merger of Baker International and Hughes Tool Company in a $728 million transaction. The company went through subsequent transformations including a 2017 merger with GE Oil & Gas and returned to independence in 2019-2020.

### Where is Baker Hughes headquartered?
Baker Hughes is headquartered in Houston, Texas, United States. The company maintains a global presence with operations in over 120 countries, employing approximately 57,000 people worldwide. Major operational centers include facilities across North America, Europe, Middle East, Asia-Pacific, and Latin America regions.

### How much funding has Baker Hughes raised?
As a publicly traded company since its 1987 formation (NYSE: BHI, now NASDAQ: BKR), Baker Hughes has raised capital through equity markets rather than traditional venture funding rounds. The company has a market capitalization of approximately $30+ billion and generates strong operating cash flow, with 2024 free cash flow of $2.3 billion. Major corporate transactions include the $728M merger in 1987, $5.5B Western Atlas acquisition in 1998, and 2017 GE Oil & Gas merger.

### What makes Baker Hughes different from competitors?
Baker Hughes differentiates through its dominant position in LNG turbomachinery (95% global footprint), integrated technology offerings spanning oilfield services to industrial equipment, strong pivot toward energy transition with $32.1B IET backlog, and industry-leading profitability with 20%+ EBITDA margins. The company uniquely combines century-old oil and gas expertise with cutting-edge decarbonization technologies, positioning it to serve customers across the evolving energy landscape while competitors remain more focused on traditional upstream services.

### Who are Baker Hughes' main competitors?
Baker Hughes competes in the 'Big Three' of oilfield services alongside Schlumberger (SLB), the market leader with 31% market share, and Halliburton, which holds 7% market share. Schlumberger leads in integrated project management and digital solutions across 120 countries. Halliburton is strong in North American unconventional plays and hydraulic fracturing. Baker Hughes holds competitive advantages in turbomachinery (90% LNG market share), artificial lift systems, and energy transition technologies where it leads competitors.

### How can I contact Baker Hughes?
You can contact Baker Hughes through their corporate website at www.bakerhughes.com, reach their Houston headquarters via phone, or contact investor relations at investors.bakerhughes.com. For customer inquiries, technical support, and sales, regional contact information is available on their website. The company maintains active presence on LinkedIn, Twitter, and other social media platforms for news and updates.

### Is Baker Hughes hiring?
Yes, Baker Hughes actively recruits across engineering, operations, sales, digital technology, and corporate functions for its 57,000-person global workforce in 120+ countries. The company emphasizes diversity with 20% women representation, eight Employee Resource Groups serving 9,000+ members, and the Women Empowerment Program with 600+ participants. Career opportunities span traditional energy, clean energy technologies, and digital solutions, offering international mobility and professional development programs.

### What's the latest news about Baker Hughes?
Recent major developments include the September 2025 landmark contract with Fervo Energy for 300 MW geothermal project, Q1 2025 sale of Precision Sensors business for $1.15B and acquisition of Continental Disc for $540M, record 2024 revenue of $27.8B (9% growth) with $4.6B adjusted EBITDA (22% growth), acquisition of Compact Carbon Capture technology, and securing major LNG contracts with NextDecade, Argent LNG, and Black & Veatch. The company announced 10% dividend increase to $0.23 quarterly.

### What is Baker Hughes' market position and financial performance?
Baker Hughes ranks among the 'Big Three' global oilfield services companies and leads in LNG turbomachinery with 95% global footprint. The company achieved 2024 revenue of $27.8B (9% YoY growth), net income of $2.98B, adjusted EBITDA of $4.6B (22% YoY growth, 20%+ margin), and free cash flow of $2.3B. IET segment backlog reached record $32.1B. Stock trades on NASDAQ (BKR) with market cap of ~$30B. The company targets 20% EBITDA margin for OFSE in 2025 and IET in 2026.

### What are Baker Hughes' future plans and strategic priorities?
Baker Hughes' strategy focuses on four pillars: (1) expanding Industrial & Energy Technology segment with emphasis on LNG infrastructure serving 10% CAGR market growth through 2030, (2) accelerating energy transition through geothermal, carbon capture (CarbonEdge platform, 3C acquisition), and hydrogen technologies, (3) maintaining OFSE leadership while improving margins to 20% by 2025, and (4) investing in digital solutions and AI-powered optimization. The company aims to balance traditional energy leadership with positioning as a leader in the clean energy transition.

## Tags

b2b, energy, fortune500, global, public

---
*Data from geo.sig.ai Brand Intelligence Database. Updated 2026-04-14.*