Baker Hughes Co Annual Report, Year Ended Dec 31, 2021

Baker Hughes Company (BKR) reported its 2021 annual results, showcasing resilience and strategic positioning in a dynamic energy market. Despite a slight year-over-year revenue dip to $20.5 billion from $20.7 billion in 2020, the company demonstrated solid operational improvements, with total segment operating income increasing by 33% to $2,006 million. This improvement was largely driven by strong performance in the Oilfield Services (OFS) and Turbomachinery & Process Solutions (TPS) segments, bolstered by higher volumes, cost efficiencies, and favorable pricing in certain areas. The company is actively navigating the energy transition, investing in lower-carbon solutions like hydrogen and carbon capture, utilization, and storage (CCUS), while also strengthening its core oil and gas services and equipment businesses. The strategy is built on transforming the core business, investing for growth in high-potential segments, and positioning for new energy frontiers. Baker Hughes returned significant capital to shareholders in 2021 through dividends and share buybacks, totaling nearly $1.2 billion, while also making strategic acquisitions and investments to bolster its industrial asset management and new energy technology capabilities. Looking ahead, Baker Hughes anticipates continued growth in North America and international onshore activities, a modest recovery in offshore, and sustained momentum in the LNG market.