BKR · Baker Hughes Co

167 filings

BKR SEC Filings

Baker Hughes Co - 167 total filings

Filing record · 2017–202610-K910-Q288-K130

Showing 1–50 of 167 filings

Baker Hughes Co 8-K/A Report, Exhibit Filing (Oct 1, 2026)

Baker Hughes (BKR) filed Amendment No. 1 to its July 16, 2026 Form 8-K to provide the financial statements of Chart Industries and unaudited pro forma combined financial information for the completed Chart acquisition. The deal was priced at $210 per Chart share, with preliminary total consideration of $14,806 million. That figure includes $10,054 million of cash for equity, $4,451 million to repay Chart's third-party debt, a $258 million Flowserve termination fee, and $43 million for stock awards. The purchase price allocation is preliminary and recognizes $8,500 million of goodwill and $6,002 million of identifiable intangibles, including customer relationships, trademarks, developed technology, and backlog. This is a filing of historical and illustrative data, not new guidance, and the purchase accounting remains open for up to one year. On a pro forma basis, the combination adds scale but reduces reported earnings. Pro forma revenue is $31,647 million for FY2025 versus $27,733 million reported, and $7,450 million for Q1 2026 versus $6,587 million reported. Pro forma net income attributable to Baker Hughes falls to $2,075 million for FY2025 (diluted EPS of $2.09, versus $2.60 reported) and to $850 million for Q1 2026 (diluted EPS of $0.85, versus $0.93). The decline is driven mainly by roughly $694 million of incremental amortization and depreciation from the asset step-up, about $101 million of inventory fair-value expense, and pro forma interest expense of $791 million for FY2025 versus $222 million reported. Pro forma long-term debt rises to $17,411 million, reflecting two $1 billion term loans, and pro forma cash is $2,484 million, reflecting the cash used for the deal. Investors should weigh several items beyond the headline numbers. The pro forma statements exclude any expected synergies or cost savings. Accounting policy harmonization (revenue recognition timing, credit loss and inventory reserves) could still change results once management completes its review. Chart's Integrated Pre-cooled Single Mixed Refrigerant (IPSMR) business is classified as held for sale to satisfy regulatory conditions. Baker Hughes also has a $305 million put option tied to 32.8% of Hydrogen Technology & Energy Corporation (HTEC), a hydrogen venture co-invested with affiliates of MSD Partners.

Oct 1, 2026 8-K

Baker Hughes Co 8-K Report, Regulation FD Disclosure (Sep 9, 2026)

Baker Hughes (BKR) filed an 8-K under Item 7.01 (Regulation FD) on September 9, 2026, furnishing an investor presentation that CEO Lorenzo Simonelli delivered at the Barclays 2026 CEO Energy-Power Conference. The filing contains no new financial statements or material event such as an earnings release. Its substance is the company's positioning following the July 16, 2026 closing of its acquisition of Chart Industries, along with updated fiscal 2026 guidance that incorporates Chart. Management frames the combined company as spanning energy, industrial, and infrastructure markets, citing a $400B+ total addressable market and a strategy of expanding into industrial gas, data center, geothermal, and carbon capture end markets. The updated FY'26 guidance sets total BKR revenue at $28.5B to $30.3B (midpoint $29.4B) and Adjusted EBITDA at $4.875B to $5.475B (midpoint $5.175B). Chart is expected to contribute $1.85B to $2.25B of revenue and $300M to $400M of EBITDA for the partial year. Management also expects FCF conversion of 40% to 45%, reflecting acquisition-related interest, transaction, and integration costs, and says OFSE and IET outlooks are unchanged. Chart results are weighted to the fourth quarter, and 2H'26 outlook reflects LNG project timing, soft hydrogen demand, and first-of-a-kind project margin pressure. Management targets a 2H'28 leverage ratio of 1.0x to 1.5x and a Chart EBITDA margin of 22% to 23% by 2H'28, versus about 17% in 2H'26. For investors, the key items to monitor are integration execution (the company reports $35M of cost synergies executed since closing, with a run-rate target at year-end), the 2H'26 book-to-bill above 1x expectation, deleveraging progress, and the pending portfolio actions (PSI, SPC JV, Waygate Technologies, and other potential divestitures). Because the presentation contains forward-looking statements and non-GAAP measures, and management states it cannot reliably forecast certain Adjusted EBITDA items, the guidance should be read with those caveats in mind.

Sep 9, 2026 8-K

Baker Hughes Co 8-K Report, Financial Results (Jul 27, 2026)

Baker Hughes (BKR) reported second-quarter 2026 results on July 26, 2026, with revenue of $6.74 billion (up 2% sequentially, down 2% year-over-year) and GAAP diluted EPS of $0.68 versus adjusted diluted EPS of $0.64. Adjusted EBITDA was $1.231 billion, above the high end of guidance, and free cash flow was $1.109 billion. The standout item was orders, which reached $10.5 billion, up 49% year-over-year, driven by Industrial & Energy Technology (IET) orders of $7.1 billion, roughly double the prior-year level. Total remaining performance obligations (RPO) rose to a record $40.1 billion, with IET RPO at $37.1 billion. Management reiterated confidence in the midpoint of full-year guidance while flagging ongoing Middle East uncertainty, and raised its full-year IET order guidance and its Horizon 2 (2026-2028) IET orders outlook to more than $45 billion. The quarter also reflected portfolio reshaping. Baker Hughes announced the sale of Waygate Technologies to Hexagon for approximately $1.45 billion in cash and completed the acquisition of Chart Industries in July 2026. The balance sheet changed materially as a result: cash rose to $15.7 billion from $3.7 billion at year-end 2025, and long-term debt increased to $15.5 billion from $5.4 billion, reflecting the bond issuance used to fund the Chart deal. Because Chart closed after quarter-end, its contribution is not in these results and will affect future comparisons. Quality of earnings warrants some attention. GAAP net income was flat-to-down year-over-year and fell 27% sequentially, largely because first-quarter results included a $721 million gain on business dispositions. Second-quarter GAAP results benefited from a $125 million fair-value gain on equity securities, which was excluded from adjusted figures. OFSE (Oilfield Services & Equipment) revenue declined 5% year-over-year, weighed by the Surface Pressure Control disposition and Middle East disruptions, while IET EBITDA margin expanded to 20.6%.

Jul 27, 2026 10-Q

Baker Hughes Co Quarterly Report for Q2 Ended Jun 30, 2026

Baker Hughes Company reported total revenue of $6.74 billion for the second quarter of 2026, a slight decrease of 2% compared to the prior year quarter. Net income attributable to Baker Hughes Company was $681 million, remaining flat year-over-year. The Industrial & Energy Technology (IET) segment showed stable revenue, with growth in Gas Technology Services and Industrial Products, while the Oilfield Services & Equipment (OFSE) segment saw a 5% revenue decline, primarily due to dispositions and Middle East disruptions. The company highlighted its significant completion of the Chart Industries acquisition for approximately $13.6 billion, funded by debt and cash. Cash flow from operating activities increased to $1.845 billion for the first six months of 2026, and the company maintained a strong liquidity position with $15.7 billion in cash and cash equivalents. While the OFSE segment experienced headwinds, the IET segment showed improved performance and strong order growth, positioning the company for potential future benefits from energy market dynamics and strategic acquisitions.

Jul 27, 2026 8-K

Baker Hughes Co 8-K Report, Material Agreement (Jul 16, 2026)

Baker Hughes (BKR) has completed its acquisition of Chart Industries (NYSE: GTLS) for $210.00 per share in cash, announced in a July 16, 2026 8-K. The deal was funded through a mix of cash on hand, the March 11, 2026 issuance of $6.5 billion and EUR 3.0 billion senior notes, and $2.0 billion of new two-year term loans (drawn under $1.0 billion Bank of America and $1.0 billion UniCredit facilities signed July 15, 2026). Baker Hughes also terminated the remaining ~$2.6 billion of commitments under its prior Goldman Sachs delayed-draw term loan, with no termination penalties. For investors, the key trade-off is higher leverage in exchange for a third operating segment. Chart brings $4.3 billion of FY2025 revenue across air and gas handling, thermal management, and lifecycle services, serving gas infrastructure, nuclear, data centers, and carbon capture markets. Management targets $325 million in annualized cost synergies within three years, with commercial synergies as additional upside. The company is committed to bringing net leverage back to 1.0-1.5x within 24 months. The new term loans carry floating rates (Term SOFR plus 62.5-125 bps depending on ratings), and their short two-year maturities mean refinancing risk arrives relatively soon. Investors should watch integration execution, the pace of synergy capture, and the debt paydown trajectory. The filing does not include Chart's financial statements or pro forma information, which will be filed by amendment within 71 days.

Jul 16, 2026 8-K

Baker Hughes Co 8-K Report, Corporate Update (Jun 22, 2026)

Baker Hughes Company (BKR) has provided an update on its proposed acquisition of Chart Industries, Inc. The company confirmed it is in discussions with the European Commission (EC) regarding potential commitments to secure clearance for the merger. These proposed commitments are not anticipated to materially alter the strategic or financial benefits of the acquisition. Despite ongoing discussions with the EC and the extension of the Phase I review period, Baker Hughes continues to project the merger's closing in July 2026, contingent on EC approval and satisfaction of customary closing conditions. Investors should remain aware of the forward-looking nature of these statements and the inherent risks and uncertainties associated with regulatory approvals, integration, and market conditions, as detailed in Baker Hughes's filings.

Jun 22, 2026 8-K

Baker Hughes Co 8-K Report, Corporate Update (May 21, 2026)

Baker Hughes Company (BKR) announced a significant update regarding its proposed acquisition of Chart Industries, Inc. (Chart). The company has successfully completed its pre-notification process with the European Commission (EC) and has formally filed a Form CO, initiating the EC's Phase I review. This development is a crucial step towards closing the transaction, which is now expected in July 2026, contingent upon receiving EC approval, other regulatory clearances, and customary closing conditions. This filing provides investors with a clearer timeline for the Chart acquisition, moving it closer to completion. While the expected closing date of July 2026 offers a more concrete outlook, it's important for investors to note that the transaction remains subject to significant regulatory hurdles and other closing conditions. The company's forward-looking statements also highlight potential risks, including integration challenges, financing considerations, and the possibility of not achieving expected synergies.

May 21, 2026 8-K

Baker Hughes Co 8-K Report, Executive Changes (May 19, 2026)

Baker Hughes Company (BKR) held its 2026 Annual Meeting of Stockholders on May 19, 2026, where key proposals regarding executive compensation and equity plans were presented and voted upon. The primary focus for investors revolves around the shareholder approval of the Baker Hughes Company 2026 Long-Term Incentive Plan (2026 LTIP) and the Second Amended and Restated Baker Hughes Company Employee Stock Purchase Plan (ESPP). These plans are designed to foster employee retention, incentivize performance, and align executive and employee interests with those of shareholders through stock-based and cash-based compensation. Additionally, the meeting saw the election of all ten director nominees to the Board, advisory approval of the executive compensation program, and the ratification of KPMG LLP as the independent registered public accounting firm for fiscal year 2026. The overwhelming support for the equity plans and director elections indicates strong shareholder confidence in the company's governance and compensation strategies.

May 19, 2026 10-Q

Baker Hughes Co Quarterly Report for Q1 Ended Mar 31, 2026

Baker Hughes Company reported a strong first quarter in 2026, with total revenue increasing by 2% year-over-year to $6.6 billion. This growth was primarily driven by a 14% increase in the Industrial & Energy Technology (IET) segment, bolstered by significant gains in Gas Technology Services and Equipment. The Oilfield Services & Equipment (OFSE) segment saw a 7% revenue decline, largely due to the disposition of its Surface Pressure Control business and impacts from Middle East disruptions. Despite the OFSE decline, overall net income surged by 120% to $930 million, significantly boosted by substantial gains from the dispositions of the Precision Sensors & Instrumentation and Surface Pressure Control businesses, as well as favorable changes in the fair value of equity securities. The company also successfully raised substantial debt financing to support its pending acquisition of Chart Industries, Inc., positioning it for significant future growth. The company maintained a solid liquidity position, with cash and cash equivalents growing substantially to $14.8 billion. Management remains optimistic about the outlook for both segments, anticipating improved global upstream spending (excluding the Middle East) and sustained strength in LNG and gas infrastructure. Baker Hughes continues to emphasize its role in the energy transition, focusing on new energy solutions and sustainability initiatives, including progress towards its emissions reduction goals.

Apr 24, 2026 8-K

Baker Hughes Co 8-K Report, Financial Results (Apr 23, 2026)

Baker Hughes (BKR) reported first-quarter 2026 results that beat its guidance range, with orders of $8.2 billion (up 26% year-over-year), revenue of $6.6 billion (up 2% year-over-year), and GAAP diluted EPS of $0.93. GAAP results were inflated by a $721 million gain on business dispositions, and adjusted diluted EPS was $0.58, down 26% sequentially and up 13% year-over-year. Adjusted EBITDA was $1,158 million, up 12% year-over-year but down 13% sequentially, largely because of the divestitures of the PSI and Surface Pressure Control businesses and lower volume. The Industrial & Energy Technology (IET) segment was the clear standout, with record orders of $4.9 billion, a book-to-bill of 1.5x, and record remaining performance obligations (RPO) of $33.1 billion. Segment EBITDA rose 35% year-over-year to $678 million, and Climate Technology Solutions orders jumped to $1.26 billion. The Oilfield Services & Equipment (OFSE) segment was weaker, with revenue down 9% sequentially and 7% year-over-year, driven by disruptions in the Middle East and the SPC divestiture. Management said the business fundamentals outlook is unchanged apart from the ongoing Middle East impacts. Portfolio management was the other main theme. Cash rose to $14.8 billion at quarter-end, reflecting roughly $9.9 billion of new long-term debt issuance alongside $1.38 billion of disposal proceeds, and long-term debt rose to $15.4 billion. Management expects the Cactus JV, PSI sale, and pending Waygate Technologies divestiture to generate about $3 billion of gross proceeds in 2026. Investors should weigh the stronger balance sheet and IET momentum against the sharp sequential earnings decline, the higher leverage, and continued Middle East exposure.

Apr 23, 2026 8-K

Baker Hughes Co 8-K Report, Material Agreement (Mar 11, 2026)

Baker Hughes (BKR) priced and closed a combined debt offering of $6.5 billion in U.S. dollar senior notes across five tranches and €3 billion in euro senior notes across four tranches, with the notes issued by its subsidiary Baker Hughes Holdings LLC and fully and unconditionally guaranteed by Baker Hughes Company. Pricing was on March 5, 2026, and closing was on March 11, 2026. The stated purpose is to fund part of the cash consideration for the pending acquisition of Chart Industries, Inc., pay related fees and expenses, and repay Chart's outstanding indebtedness. The notes carry maturities from 2029 to 2056, with U.S. dollar coupons from 4.050% to 5.850% and euro coupons from 3.226% to 4.737%. For investors, the key development is a substantial increase in long-term debt that is tied to a specific acquisition. The filing also states that Baker Hughes terminated approximately $11.0 billion of bridge facility commitments that had been put in place to fund the Chart deal, which indicates the company has replaced that bridge financing with the bond issuance. The notes are subject to a special mandatory redemption at 101% of principal if the Chart acquisition is not completed, which limits the downside for bondholders but also means the company would need to repay this debt if the deal fails. The filing does not disclose the Chart purchase price, the share consideration, or the pro forma leverage, so investors should review the merger documents and the company's future disclosures for those figures. The filing also notes that certain underwriters are lenders, agents, or arrangers under Baker Hughes' term loan credit agreement from August 15, 2025 and under the bridge commitment from July 28, 2025, and will receive compensation in connection with those roles. Investors should also be aware that the filing describes the bridge termination as effective March 11, 2025, which appears to be a typographical error for 2026, given the surrounding context.

Mar 11, 2026 8-K

Baker Hughes Co 8-K Report, Corporate Update (Mar 2, 2026)

Baker Hughes (BKR) filed this 8-K on March 2, 2026 to supply audited financial statements for Chart Industries (GTLS), whose pending acquisition by Baker Hughes was agreed on July 28, 2025. The filing contains Chart's audited results for fiscal 2025 and is not a Baker Hughes earnings report. Under the merger agreement, Chart shareholders would receive $210.00 in cash per share. Chart shareholders approved the deal on October 6, 2025, and completion still depends on regulatory clearances, including HSR and foreign antitrust approvals. The initial outside date is July 28, 2026, with automatic extensions of two six-month periods if only regulatory approvals remain. Chart's 2025 sales rose 2.5% to $4,264.0 million, but reported profitability weakened sharply. Operating income fell 45% to $358.4 million, mainly because of a $266.0 million termination fee tied to the earlier Flowserve merger agreement that Chart terminated to accept the Baker Hughes deal. Baker Hughes paid $258.0 million of that amount on Chart's behalf, and Chart paid $8.0 million. Excluding the fee, operating income would have been roughly $624 million, close to 2024 levels. Net income attributable to Chart common stockholders dropped to $13.5 million, and diluted EPS fell to $0.30 from $4.10. Operating cash flow declined to $292.7 million from $503.0 million, partly because of the termination fee. Chart reported a backlog (remaining performance obligations) of $5.89 billion, with about 44% expected to be recognized over the next 12 months. Deloitte issued an unqualified opinion on both the financial statements and internal control over financial reporting. Its one critical audit matter concerned estimates of total costs at completion for over-time revenue recognition, which covered $3.28 billion of 2025 sales. For Baker Hughes shareholders, the key points are the size of the pending acquisition, the regulatory timeline, the $250 million termination fee and $500 million reverse termination fee in the merger agreement, and the one-time charge that depressed Chart's reported 2025 earnings.

Mar 2, 2026 10-K

Baker Hughes Co Annual Report, Year Ended Dec 31, 2025

Baker Hughes Company (BKR) reported revenues of $27.7 billion for the fiscal year ending December 31, 2025, a slight decrease from the previous year, primarily driven by a decline in the Oilfield Services & Equipment (OFSE) segment, which was partially offset by growth in the Industrial & Energy Technology (IET) segment. The company's net income saw a decrease of 13% to $2.6 billion, impacted by factors including transaction costs and changes in the valuation of equity securities. Despite softer market conditions in OFSE, BKR anticipates modest improvements later in the year, while the IET segment is expected to maintain strength, particularly in LNG, gas infrastructure, and data center applications. Strategic initiatives in 2025 included the acquisition of Continental Disc Corporation and progress towards the acquisition of Chart Industries, expected to close in Q2 2026. The company returned $1.3 billion to shareholders through dividends and share repurchases, demonstrating a commitment to capital return. BKR continues to invest in R&D, with a focus on new energy solutions like hydrogen and CCUS, positioning itself for the energy transition while leveraging its strong base in traditional oil and gas markets.

Feb 5, 2026 8-K

Baker Hughes Co 8-K Report, Financial Results (Jan 26, 2026)

Baker Hughes (BKR) reported fourth-quarter and full-year 2025 results on January 25, 2026, with a mixed but generally solid picture. Q4 orders were $7.9 billion (down 4% sequentially, up 5% year-over-year), including $4.0 billion from Industrial & Energy Technology (IET). Revenue was $7.4 billion, up 5% sequentially but flat year-over-year. GAAP diluted EPS was $0.88 and adjusted diluted EPS was $0.78, up 12% year-over-year on an adjusted basis. Adjusted EBITDA was $1.34 billion, up 2% year-over-year, and free cash flow reached $1.34 billion, up 50% year-over-year. Full-year free cash flow was a record $2.7 billion, aided by working capital efficiency and customer down payments. The IET segment was the main driver. Full-year IET orders hit a record $14.9 billion, and IET remaining performance obligations (RPO) reached a record $32.4 billion at year-end. Q4 IET revenue grew 9% year-over-year, and segment EBITDA margin expanded to 20.0%. In contrast, Oilfield Services & Equipment (OFSE) continued to soften, with Q4 revenue down 8% year-over-year and segment EBITDA down 14%, though management noted margins were resilient due to cost actions. Looking ahead, management guided to similar levels of organic IET orders in 2026, mid-single-digit organic Adjusted EBITDA growth, IET margins expanding to its 20% target, and a roughly flat OFSE. Management framed 2026-2028 ("Horizon Two") as a period in which portfolio actions shift the company toward a more production-oriented, less cyclical mix. Investors should note that GAAP results in Q4 were affected by a $309 million valuation allowance release and a $215 million restructuring charge, and that the filing contains forward-looking statements subject to the risks described in the Form 10-K.

Jan 26, 2026 8-K

Baker Hughes Co 8-K Report, Corporate Update (Nov 7, 2025)

This 8-K filing from Baker Hughes Co. (BKR) announces a significant development in their previously announced acquisition of Chart Industries, Inc. (Chart). The key update is the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR Act), which is a crucial regulatory step towards completing the merger. While this hurdle has been cleared, the transaction is still subject to other customary conditions and regulatory approvals, with the expected closing timeline remaining mid-year 2026. Investors should note that the completion of this acquisition remains contingent on several factors, including obtaining all necessary regulatory approvals and Baker Hughes's ability to manage the substantial debt it expects to incur. The company also cautions that actual results could differ materially from forward-looking statements due to various risks, including integration challenges, competition, and general economic conditions. The filing serves as an important update on the progress and ongoing complexities of this significant strategic transaction.

Nov 7, 2025 10-Q

Baker Hughes Co Quarterly Report for Q3 Ended Sep 30, 2025

Baker Hughes Company reported total revenue of $7.0 billion for the third quarter of 2025, a slight increase of 1% compared to the same period in the prior year. This growth was primarily driven by a 15% increase in the Industrial & Energy Technology (IET) segment, which benefited from strong performance in Gas Technology Equipment and Services. However, the Oilfield Services & Equipment (OFSE) segment experienced an 8% decline in revenue, impacted by lower international activity and rig counts. Net income attributable to Baker Hughes Company for the quarter was $609 million, a decrease of 20% year-over-year, attributed to factors such as a decline in the market-to-market adjustment of equity securities, reduced volumes in OFSE, and transaction costs related to acquisitions and divestitures, partially offset by cost-saving initiatives. The company is progressing with its significant acquisition of Chart Industries, Inc., expected to close mid-2026, and has completed the acquisition of Continental Disc Corporation. Portfolio management actions, including the expected sale of the Precision Sensors & Instrumentation business and the formation of a Surface Pressure Control joint venture, are also moving forward. Despite a challenging oil market outlook due to geopolitical tensions and potential oversupply, Baker Hughes remains optimistic about the natural gas outlook and is focused on leveraging its diversified portfolio to deliver integrated, lower-emission solutions across the energy value chain.

Oct 24, 2025 8-K

Baker Hughes Co 8-K Report, Financial Results (Oct 23, 2025)

Baker Hughes (BKR) reported third-quarter 2025 results on October 23, 2025, with revenue of $7.0 billion (up 1% year-over-year), GAAP diluted EPS of $0.61, and adjusted diluted EPS of $0.68 (up 3% year-over-year). Adjusted EBITDA was $1,238 million, up 2% year-over-year, and free cash flow was $699 million. Order intake was strong at $8.2 billion, up 23% year-over-year, including $4.1 billion from Industrial & Energy Technology (IET), and remaining performance obligations (RPO) reached a record $35.3 billion. Headline GAAP earnings declined 20% year-over-year, largely reflecting weaker Oilfield Services & Equipment (OFSE) margins and a $47 million transaction-related cost load. The quarter's story is a divergence between segments. IET continued to drive growth, with revenue up 15% year-over-year to $3.4 billion, segment EBITDA up 20%, and an EBITDA margin of 18.8%. Gas Technology Equipment orders surged, and IET backlog (RPO) hit a record $32.1 billion. OFSE revenue fell 8% year-over-year to $3.6 billion, and EBITDA declined 12%, with the margin compressing to 18.5%. Management attributed OFSE softness to the broader macro backdrop, though Subsea and Surface Pressure Systems orders rebounded sharply. Management also raised its full-year order expectation to exceed the prior midpoint. Portfolio activity was significant: the company announced its intent to acquire Chart Industries for approximately $13.6 billion and completed the Continental Disc Corporation acquisition. Investors should weigh the attractive IET growth and backlog visibility against OFSE margin pressure, GAAP earnings decline, and the financing and integration risk of the pending Chart transaction. Notably, the filing itself is a furnished earnings release, and the forward-looking statements caution that results may differ materially from expectations.

Oct 23, 2025 8-K

Baker Hughes Co 8-K Report, Executive Changes (Oct 14, 2025)

Baker Hughes Company (BKR) has announced a change in executive leadership within its Industrial & Energy Technology segment. Ganesh Ramaswamy has resigned from his position as Executive Vice President of Industrial & Energy Technology to pursue other opportunities. The company expressed gratitude for his contributions. Effective October 24, 2025, Maria Claudia Borras, currently the Chief Growth and Experience Officer, will assume interim leadership of the Industrial & Energy Technology segment in addition to her existing responsibilities. Ms. Borras brings extensive experience, with over 30 years at Baker Hughes and within the energy technology sector, including prior executive roles in Oilfield Services & Equipment and Oilfield Services.

Oct 14, 2025 8-K

Baker Hughes Co 8-K Report, Material Agreement (Aug 18, 2025)

Baker Hughes Company (BKR) has filed an 8-K detailing a significant financing arrangement entered into on August 15, 2025. Baker Hughes Holdings LLC (BHH), as borrower, and Baker Hughes Company (BHC) as parent guarantor, secured a $2.6 billion senior, unsecured delayed draw term loan facility. This facility is specifically earmarked to finance BHC's previously announced acquisition of Chart Industries, Inc. (Chart) and to cover associated fees and expenses, provided that BHC has not secured alternative permanent financing before the closing of the Chart Acquisition. The term loan is contingent upon the substantial and concurrent completion of the Chart Acquisition. The credit agreement includes customary covenants, representations, and events of default. Notably, the loan commitments will be reduced by the net proceeds from certain asset sales occurring between the agreement's effective date and the closing date of the term loan. Borrowings under this agreement will mature two years from the funding date. This filing provides clarity on the funding mechanism for a key strategic acquisition, offering investors insight into the company's financial strategy.

Aug 18, 2025 8-K

Baker Hughes Co 8-K Report, Material Agreement (Jul 29, 2025)

Baker Hughes (BKR) has agreed to acquire Chart Industries (GTLS) in an all-cash transaction valued at $210 per share, implying an enterprise value of approximately $13.6 billion and roughly 9x Chart's 2025 consensus EBITDA on a fully synergized basis. The merger agreement, signed July 28, 2025, is structured as a reverse triangular merger, with Chart surviving as an indirect wholly owned subsidiary. Completion requires Chart stockholder approval, HSR and certain foreign antitrust clearances, and the absence of legal restraints or a material adverse effect on Chart. The deal is not subject to a financing condition, and management expects it to close around mid-year 2026. The transaction is strategically aimed at reshaping Baker Hughes' Industrial & Energy Technology (IET) segment, which management says will roughly double its exposure to non-oil-and-gas markets such as LNG, data centers, power, and industrial gas. Management projects $325 million of annualized cost synergies by the end of year three, along with aftermarket growth from Chart's installed base. Management also expects double-digit adjusted EPS accretion in the first full calendar year after closing and double-digit ROIC by year five. Investors should weigh the financing and balance-sheet implications. Baker Hughes has obtained a $14.9 billion 364-day bridge facility, which is expected to be replaced by permanent debt. Management projects net leverage of about 2.25x at close, with a return to 1.0x-1.5x within 24 months, and says it intends to maintain its A credit rating. Share repurchases will be limited until leverage reaches that target. The agreement also carries significant break-fee exposure: a $250 million fee payable by Chart in specified circumstances, a $500 million fee payable by Baker Hughes in certain regulatory or legal-restraint scenarios, and a $250 million Flowserve termination payment plus $8 million in expenses that Baker Hughes has agreed to pay and that Chart must reimburse in specified circumstances.

Jul 29, 2025 10-Q

Baker Hughes Co Quarterly Report for Q2 Ended Jun 30, 2025

Baker Hughes Company reported its second quarter 2025 results, showing a slight year-over-year revenue decrease to $6.9 billion, primarily due to softer activity in the Oilfield Services & Equipment (OFSE) segment, which saw a $0.4 billion decline. This was partially offset by a $0.2 billion revenue increase in the Industrial & Energy Technology (IET) segment, driven by growth in Gas Technology and Climate Technology solutions. Despite the revenue dip, net income attributable to Baker Hughes Company saw a healthy increase of 21% to $701 million ($0.71 per diluted share), compared to $579 million ($0.58 per diluted share) in the prior year's second quarter. This improved profitability was attributed to higher EBITDA margins across both segments, gains from the fair value of equity securities, and favorable foreign exchange, despite lower volumes in OFSE. The company also continues to return capital to shareholders, with a total of $423 million distributed through dividends and share repurchases in the quarter.

Jul 23, 2025 8-K

Baker Hughes Co 8-K Report, Financial Results (Jul 22, 2025)

Baker Hughes (BKR) reported second-quarter 2025 results on July 22, 2025, showing resilient profitability despite a 3% year-over-year revenue decline to $6.9 billion. GAAP net income attributable to Baker Hughes rose 21% year-over-year to $701 million (GAAP diluted EPS $0.71), while adjusted diluted EPS was $0.63, up 11% year-over-year. Adjusted EBITDA grew 7% year-over-year to $1,212 million, and total adjusted EBITDA margin expanded 170 basis points to 17.5%, which management attributes to structural cost reductions and productivity gains rather than volume growth. The quarter was driven by Industrial & Energy Technology (IET), which posted $3.5 billion of orders, record segment remaining performance obligations (RPO) of $31.3 billion, and a book-to-bill of 1.1. Management cited more than $550 million of data center-related orders. In contrast, Oilfield Services & Equipment (OFSE) faced weakness: orders fell 14% year-over-year and revenue fell 10%, with management describing softness in market-sensitive areas. Management raised full-year IET revenue and EBITDA guidance and reinstated full-year OFSE guidance. Baker Hughes also announced three portfolio transactions: a joint venture with a Cactus subsidiary contributing its Surface Pressure Control line for about $345 million, the sale of Precision Sensors & Instrumentation to Crane Company for about $1.15 billion, and the acquisition of Continental Disc Corporation for about $540 million. Operating cash flow of $510 million and free cash flow of $239 million were lower sequentially and year-over-year, and the company returned $423 million to shareholders.

Jul 22, 2025 8-K

Baker Hughes Co 8-K Report, Shareholder Vote Results (May 22, 2025)

This 8-K filing from Baker Hughes Company reports on the outcomes of their 2025 Annual Meeting of Stockholders held on May 20, 2025. All key proposals presented to shareholders received strong approval. Nine director nominees were elected to the Board, the executive compensation program was approved in an advisory vote, and KPMG LLP was ratified as the independent registered public accounting firm for fiscal year 2025. The meeting saw significant shareholder participation, with a quorum established and a substantial majority of votes cast in favor of each proposal, indicating continued investor confidence in the company's leadership and governance. For investors, the overwhelming support for the Board of Directors and executive compensation suggests alignment between management and shareholders on the company's strategic direction and financial stewardship. The ratification of KPMG LLP also reinforces the company's commitment to transparent and reliable financial reporting. The results of this meeting are a positive signal regarding the stability and direction of Baker Hughes.

May 22, 2025 10-Q

Baker Hughes Co Quarterly Report for Q1 Ended Mar 31, 2025

Baker Hughes Company reported total revenue of $6.43 billion for the first quarter of 2025, a slight increase of $9 million compared to the same period last year. Net income, however, saw a decline of $53 million to $402 million, largely due to a $140 million loss from the change in fair value of equity securities in Q1 2025 compared to a gain in Q1 2024. The Oilfield Services & Equipment (OFSE) segment experienced a revenue decrease of $285 million, primarily driven by lower international and domestic rig counts. Conversely, the Industrial & Energy Technology (IET) segment showed robust growth, with revenue increasing by $294 million, boosted by strong performance in Gas Technology Equipment and Climate Technology Solutions. Despite the year-over-year dip in net income, the company's financial health remains solid. Baker Hughes maintained a strong liquidity position with $3.3 billion in cash and cash equivalents and an undrawn $3.0 billion revolving credit facility. The company also demonstrated commitment to shareholder returns by increasing its quarterly dividend to $0.23 per share and returning a total of $417 million to shareholders through dividends and share repurchases in the quarter. Management expressed optimism about the long-term natural gas outlook while anticipating a softening in the global oil market for the remainder of 2025, with expectations for lower upstream spending globally.

Apr 23, 2025 8-K

Baker Hughes Co 8-K Report, Financial Results (Apr 22, 2025)

Baker Hughes (BKR) reported first-quarter 2025 results on April 22, 2025, showing a mixed but resilient quarter. Revenue was $6.4 billion, flat year-over-year but down 13% sequentially, while orders were $6.5 billion, including $3.2 billion from Industrial & Energy Technology (IET). Remaining performance obligations (RPO) ended at $33.2 billion, with a record $30.4 billion in IET RPO, which supports multi-year revenue visibility. GAAP net income attributable to Baker Hughes fell to $402 million (diluted EPS $0.40) from $1,179 million in the prior quarter, largely due to a $140 million mark-to-market loss on equity securities. Excluding this and other items, adjusted diluted EPS was $0.51, up 19% year-over-year. Operationally, the quarter highlighted a divergence between segments. IET grew year-over-year, with revenue up 11% and segment EBITDA up 30%, driven by Gas Technology Equipment, pricing, and productivity, and the company disclosed its first data center awards totaling more than 350 MW of NovaLT turbines. Oilfield Services & Equipment (OFSE) revenue fell 8% year-over-year and 10% sequentially, with EBITDA margin improving to 17.8% from 17.0% a year earlier, reflecting cost-out initiatives. Management noted that its outlook is tempered by macro and trade policy uncertainty. For investors, the key positives are record IET backlog, expanding exposure to LNG and power for data centers, and continued margin improvement, offset by softer OFSE activity, a sequential decline in profitability, and near-term macro risk. Free cash flow of $454 million and shareholder returns of $417 million, including $188 million in buybacks, indicate continued capital return, though returns exceeded free cash flow in the quarter.

Apr 22, 2025 8-K

Baker Hughes Co 8-K Report, Executive Changes (Mar 31, 2025)

Baker Hughes Company (BKR) has announced a change in its Board of Directors, with a director departing and a new director being appointed. Lynn L. Elsenhans will not seek re-election at the upcoming 2025 Annual Meeting of Shareholders after a tenure that began in 2019. Her departure is amicable and not due to any disagreements with the Company. Concurrently, the Board has elected Ilham Kadri to join the Board, effective May 1, 2025, expanding the Board's size from ten to eleven members. Dr. Kadri brings extensive global leadership experience, most recently as CEO of Syensqo S.A. and previously as CEO of Solvay S.A. Her appointment is expected to enhance the Board's expertise, particularly given her recognized independence and qualification as an audit committee financial expert. She will serve on the Audit and Human Capital and Compensation Committees, with her compensation aligning with existing non-employee director compensation.

Mar 31, 2025 8-K

Baker Hughes Co 8-K Report, Regulation FD Disclosure (Mar 25, 2025)

On March 25, 2025, Baker Hughes (BKR) disclosed via Form 8-K (Item 7.01, Regulation FD) that it will change the presentation of its consolidated income statement starting with its Q1 2025 Form 10-Q. The company will break out research and development costs as a separate line item, eliminate the operating income subtotal, and remove the non-operating (income) loss line. Costs previously in non-operating income (loss) will move into a renamed "Other (income) expense, net" line, and the restructuring caption (formerly "Restructuring, Impairment & Other") will now cover restructuring costs only. The company states these are presentation changes only and do not affect previously reported consolidated or segment results, so reported net income and revenue are unchanged. The recast figures in Exhibit 99.1 show the effect on the reported lines. Net income attributable to Baker Hughes was $(601) million in FY2022, $1,943 million in FY2023, and $2,979 million in FY2024, the same as before the recast. Total revenue was $21,156 million, $25,506 million, and $27,829 million for those years. Standalone R&D expense was $552 million in FY2022, $651 million in FY2023, and $643 million in FY2024. Because the operating income subtotal is removed, investors and analysts who model operating margin or track the old operating income line will need to rebuild that metric from the new line items, and comparisons with prior-period operating income will require the recast data. For investors, the main effect is greater transparency into R&D spending and a cleaner split between restructuring and other items. The change is voluntary and affects how the income statement is laid out rather than the company's economics. Analysts should update their models to use the new line items, and the 10-Q for Q1 2025 will show the first reported results under the new structure. The filing says it should be read with the 2024 Form 10-K and the 2024 Forms 10-Q.

Mar 25, 2025 8-K

Baker Hughes Co 8-K Report, Executive Changes (Feb 24, 2025)

On February 24, 2025, Baker Hughes (BKR) announced an executive transition in which Ahmed Moghal, currently SVP and CFO of the Industrial & Energy Technology (IET) business, was appointed Executive Vice President and Chief Financial Officer of the company, effective immediately. He succeeds Nancy Buese, whose departure was made by mutual agreement with the Board. Buese will serve as an advisor to the Chairman and CEO through April 30, 2025, and is receiving severance treatment equivalent to a termination without cause. The change is primarily a leadership succession within the finance function rather than a shift in strategy, and management used the announcement to reaffirm its Q1 and full-year 2025 outlook from the January 31, 2025 earnings call. For investors, the key reassurance is the reaffirmed guidance: management projects another year of solid EBITDA growth, a 20% EBITDA margin for the OFSE segment in 2025 and for IET in 2026, and a commitment to return 60% to 80% of free cash flow to shareholders. Moghal's internal track record, including leading free cash flow efforts and having over two decades of experience at GE and Baker Hughes, supports continuity in capital allocation and margin discipline. The CEO framed the appointment as supporting the next phase of growth, focused on IET, natural gas and LNG, new energy, digital, and mature asset solutions. The compensation terms are modest in scale for a CFO transition. Moghal's base salary is $750,000 with a 100% target bonus, and his promotion includes top-up equity awards with a grant-date value of $2,155,000, split evenly between time-based and performance-based RSUs. Buese's severance includes a lump sum equal to 12 months of base salary, 12 months of outplacement, prorated equity vesting, six months of health coverage, and a $200,000 monthly advisory fee. The filing also discloses a related-party item: Moghal's spouse previously worked at the company, earned about £1.18 million in 2024, and is due a separation payment of about £1.3 million in July 2025.

Feb 24, 2025 10-K

Baker Hughes Co Annual Report, Year Ended Dec 31, 2024

Baker Hughes Company reported strong financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $27.8 billion, a 9% increase from the previous year. This growth was primarily driven by the Industrial & Energy Technology (IET) segment, which saw a significant 20% revenue increase, largely due to strong performance in Gas Technology Equipment. The Oilfield Services & Equipment (OFSE) segment also contributed with a modest 2% revenue increase, mainly from Subsea & Surface Pressure Systems. The company's strategic focus on transforming its core business, driving profitable growth, and delivering results in new energy solutions appears to be yielding positive outcomes. Baker Hughes is actively investing in technologies for the energy transition, including CCUS, hydrogen, and geothermal, evidenced by its $643 million investment in R&D. Looking ahead to 2025, the company anticipates a muted outlook for upstream spending in North America due to oil price volatility but remains optimistic about continued strength in IET, particularly in LNG, gas infrastructure, and new energy solutions. The company also returned $1.3 billion to shareholders through dividends and share repurchases, underscoring its commitment to capital allocation.

Feb 4, 2025 8-K

Baker Hughes Co 8-K Report, Financial Results (Jan 30, 2025)

Baker Hughes (BKR) reported fourth-quarter and full-year 2024 results that set company records for revenue, free cash flow, and adjusted EPS, EBITDA, and EBITDA margin. Q4 orders were $7.5 billion, including $3.8 billion from Industrial & Energy Technology (IET), and remaining performance obligations (RPO) ended at $33.1 billion. Q4 revenue was $7.4 billion, up 8% year-over-year, and GAAP diluted EPS was $1.18, boosted by a $398 million tax benefit from a U.S. valuation allowance release. Adjusted diluted EPS was $0.70, up 37% year-over-year, and adjusted EBITDA was $1.31 billion, up 20%. For the full year, revenue rose 9% to $27.8 billion, adjusted EBITDA rose 22% to $4.59 billion, and free cash flow was $2.26 billion. Orders fell 7% to $28.2 billion, largely because Oilfield Services & Equipment (OFSE) orders declined, though IET orders of $13.0 billion were the second-highest annual total in company history. Returns to shareholders totaled $1.32 billion, and the board raised the quarterly dividend 10% to $0.23. The main investor watch items are the OFSE segment, where revenue and orders softened and restructuring charges of $281 million were recorded in Q4, and the sustainability of IET's growth, which depends on LNG and gas infrastructure demand. Management reiterated a 20% EBITDA margin target for OFSE in 2025 and for IET in 2026, and expects 2025 EBITDA growth led by IET.

Jan 30, 2025 10-Q

Baker Hughes Co Quarterly Report for Q3 Ended Sep 30, 2024

Baker Hughes Company reported solid financial results for the third quarter and the first nine months of 2024, demonstrating revenue growth and improved operating income. Total revenue for the third quarter increased by 4% year-over-year to $6.9 billion, driven by strong performance in the Industrial & Energy Technology (IET) segment, which saw a 9% revenue increase. The Oilfield Services & Equipment (OFSE) segment experienced a slight revenue increase of 0.3%. Overall operating income saw a significant jump of 30% in the third quarter to $930 million, reflecting higher volumes, favorable pricing, and successful cost optimization initiatives across both segments, partially offset by cost inflation and unfavorable business mix. For the first nine months of the year, total revenue grew by 10% to $20.5 billion, with IET revenue up 20% and OFSE revenue up 3%. Operating income for the nine-month period increased by 45% to $2.4 billion. The company returned $361 million to shareholders in the third quarter through dividends and share repurchases, underscoring its commitment to a flexible capital allocation strategy. Baker Hughes maintains a positive outlook for the global gas market while acknowledging uncertainty in the oil outlook, expecting upstream spending to remain stable in 2025 compared to 2024.

Oct 23, 2024 8-K

Baker Hughes Co 8-K Report, Financial Results (Oct 22, 2024)

Baker Hughes (BKR) reported third-quarter 2024 results on October 22, 2024, with revenue of $6.9 billion (down 3% sequentially, up 4% year-over-year), GAAP diluted EPS of $0.77, and adjusted diluted EPS of $0.67. Adjusted EBITDA rose 23% year-over-year to $1,208 million, and the company stated an EBITDA margin of 17.5%, described as the highest-margin quarter since the company was formed. Management said it remains confident in achieving the midpoint of its full-year EBITDA guidance. Growth in profitability was driven by higher pricing in both segments and structural cost-out, partially offset by lower volume sequentially. Orders were $6.7 billion, down 22% year-over-year, reflecting a sharp decline in Gas Technology Equipment (GTE) orders, down 61% year-over-year. Industrial & Energy Technology (IET) orders of $2.9 billion were still described by management as the eighth consecutive quarter at or above that level, and the total company book-to-bill ratio was 1.0. Remaining performance obligations (RPO) were a record $33.4 billion, including record IET RPO of $30.2 billion, which provides meaningful revenue visibility. Investors should weigh the strong margin and cash generation against the sharp order decline and the sequential revenue dip. Cash generation was solid, with operating cash flow of $1,010 million and free cash flow of $754 million in the quarter. The company returned $361 million to shareholders, including $152 million in share repurchases and dividends. Oilfield Services & Equipment (OFSE) EBITDA margin improved to 19.3%, while IET EBITDA margin reached 17.9%, both moving toward management's stated 20% target. The filing is a furnished earnings release under Items 2.02 and 7.01, so the information is not deemed filed under the Exchange Act.

Oct 22, 2024 10-Q

Baker Hughes Co Quarterly Report for Q2 Ended Jun 30, 2024

Baker Hughes Company reported a strong second quarter of 2024, demonstrating significant year-over-year improvement in financial results, driven by robust revenue growth and margin expansion across both its Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. Total revenue increased by 13% to $7.14 billion, bolstered by higher volumes in IET's Gas Technology Equipment and increased activity in OFSE. Net income attributable to Baker Hughes Company rose to $579 million, or $0.58 per diluted share, compared to $410 million, or $0.40 per diluted share, in the prior year's second quarter. The company's outlook remains cautiously optimistic, anticipating continued strength in international OFSE markets and strong momentum in IET's natural gas, LNG, and new energy solutions segments. While North America OFSE activity is expected to stabilize, global geopolitical tensions add a layer of uncertainty. Baker Hughes reaffirmed its commitment to returning capital to shareholders, distributing $375 million through dividends and share repurchases in the quarter. The company's financial position remains solid with substantial liquidity and no borrowings under its credit facility, positioning it to navigate market dynamics and invest in future growth.

Jul 26, 2024 8-K

Baker Hughes Co 8-K Report, Financial Results (Jul 25, 2024)

Baker Hughes (BKR) reported strong second-quarter 2024 results on July 25, 2024, with revenue of $7.1 billion, up 13% year-over-year and 11% sequentially, and net income attributable to the company of $579 million. Adjusted EBITDA rose 25% year-over-year to $1.13 billion, and the adjusted EBITDA margin reached 15.8%, up roughly 150 basis points. Orders were $7.5 billion, including a record $3.5 billion in Industrial & Energy Technology (IET) orders, and remaining performance obligations (RPO) reached $33.5 billion, with a record IET RPO of $30.2 billion. Management raised the midpoint of full-year guidance by 5%. The quality of the quarter is more mixed on cash generation. Operating cash flow fell sharply to $348 million, down 59% year-over-year, and free cash flow dropped to $106 million, down 83%, reflecting working capital and other operating outflows. Investors should weigh the strong earnings and order momentum against this weak cash conversion, which is a key item to probe on the July 26 earnings call. Capital returns remained active, with $375 million returned to shareholders, including $209 million in dividends and $166 million in buybacks, and management reiterated a target of returning 60% to 80% of free cash flow. Segment performance was led by IET, where revenue grew 28% year-over-year to $3.1 billion, driven by Gas Technology Equipment (up 59%), and segment operating income rose 42%. Oilfield Services & Equipment (OFSE) revenue grew a more modest 3% year-over-year to $4.0 billion, with operating margin improving to 12.3%. Total company adjusted operating income was $847 million, and adjustments were small at $14 million before tax, so the reported and adjusted earnings picture is closely aligned.

Jul 25, 2024 8-K

Baker Hughes Co 8-K Report, Executive Changes (May 24, 2024)

Baker Hughes Company (BKR) has filed an 8-K report announcing a key change to its Board of Directors. Effective May 22, 2024, Shirley Edwards was elected to the Board, expanding its size from nine to ten members. Ms. Edwards brings extensive experience, notably a 20-year tenure at EY as a Global Client Service Partner, and currently serves on the boards of Solventum Corp. and Appian Corp. The Board has affirmed her independence and designated her as an audit committee financial expert, indicating her suitability for key committee roles. She will serve on the Audit and Human Capital and Compensation Committees. In addition to Ms. Edwards' appointment, the Board also elected Lorenzo Simonelli as Chairman of the Board and W. Geoffrey Beattie as Lead Director. These appointments, particularly the election of a new, independent director with financial expertise, suggest a focus on strengthening board oversight and governance. Investors should note that Ms. Edwards' compensation will align with that of other non-employee directors, and there are no disclosed related-party transactions. The addition of Ms. Edwards and the leadership changes are significant for governance-minded investors.

May 24, 2024 8-K

Baker Hughes Co 8-K Report, Shareholder Vote Results (May 16, 2024)

Baker Hughes Company (BKR) held its 2024 Annual Meeting of Stockholders on May 13, 2024, where key corporate governance and operational matters were put to a vote. The meeting confirmed the election of all nine nominated directors to the Board, indicating strong shareholder confidence in the current leadership. Additionally, the advisory vote on executive compensation received broad approval, suggesting alignment between management's pay practices and shareholder expectations. The company also successfully ratified KPMG LLP as its independent registered public accounting firm for the fiscal year 2024, a routine but important step for financial transparency and audit integrity. Furthermore, all three proposed amendments to the company's Certificate of Incorporation, aimed at limiting officer liability, establishing a federal forum selection provision, and modernizing the charter, were overwhelmingly approved by shareholders. These approvals reflect shareholder support for proposed governance enhancements and the company's strategic direction.

May 16, 2024 10-Q

Baker Hughes Co Quarterly Report for Q1 Ended Mar 31, 2024

Baker Hughes Company reported a solid first quarter for 2024, with total revenue increasing by 12% year-over-year to $6.4 billion. This growth was primarily driven by higher volumes in the Industrial & Energy Technology (IET) segment, particularly in Gas Technology Equipment, and improved activity in the Oilfield Services & Equipment (OFSE) segment. Despite the revenue growth, income before taxes decreased by $119 million, largely due to a significant year-over-year drop in the gain from equity securities. The company also highlighted its commitment to returning capital to shareholders, increasing its quarterly dividend and returning a total of $368 million through dividends and share repurchases in the quarter. Baker Hughes remains optimistic about the energy markets, expecting continued upstream spending growth, especially in international and offshore areas, and a strong outlook for LNG projects, while also acknowledging geopolitical uncertainties.

Apr 24, 2024 8-K

Baker Hughes Co 8-K Report, Financial Results (Apr 23, 2024)

Baker Hughes (BKR) reported first-quarter 2024 results that beat on several profitability measures. Revenue was $6.418 billion, up 12% year-over-year but down 6% sequentially. Orders were $6.542 billion, including $2.9 billion at Industrial & Energy Technology (IET), and the company's book-to-bill ratio was 1.0 overall and 1.1 for IET. GAAP diluted EPS was $0.45, while adjusted diluted EPS was $0.43, up 50% year-over-year. Adjusted EBITDA was $943 million, up 21% year-over-year, though down 14% sequentially. The year-over-year improvement was driven mainly by IET, where Gas Technology Equipment revenue rose 46% and segment operating income grew 37%. Oilfield Services & Equipment (OFSE) revenue rose 6% year-over-year but fell 4% sequentially, with segment EBITDA margin at 17.0%. Sequentially, the business softened on lower volume and negative mix, and remaining performance obligations (RPO) fell $0.8 billion to $32.7 billion. Capital returns remained a focus. Free cash flow was $502 million, operating cash flow was $784 million, and the company repurchased $158 million of shares. The quarterly dividend rose one cent to $0.21, an 11% increase year-over-year, and management reaffirmed its plan to return 60%-80% of free cash flow to shareholders. Investors will likely focus on whether the IET order cadence and the sequential decline in OFSE can sustain the full-year guidance.

Apr 23, 2024 8-K

Baker Hughes Co 8-K Report, Executive Changes (Mar 22, 2024)

Baker Hughes Co (BKR) has filed an 8-K report primarily detailing the upcoming departure of Director Nelda J. Connors from its Board of Directors. Ms. Connors, who has been a director since 2020 and serves on both the Governance & Corporate Responsibility Committee and the Human Capital & Compensation Committee, has decided not to stand for re-election at the Company’s 2024 Annual Meeting of Shareholders. Her departure is stated to be unrelated to any disagreements with the company. While this filing does not contain major financial updates or operational changes, it signifies a transition within the Board. Investors should note that Ms. Connors will continue her duties until the 2024 Annual Meeting. The Board has expressed gratitude for her contributions. The filing also includes standard exhibit information, specifically the Cover Page Interactive Data File in Inline XBRL format.

Mar 22, 2024 10-K

Baker Hughes Co Annual Report, Year Ended Dec 31, 2023

Baker Hughes Company reported a strong performance in 2023, driven by significant revenue growth and improved profitability. The company's revenue increased by 21% to $25.5 billion, primarily due to higher volumes in both the Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. This growth was supported by robust demand in LNG projects and increased activity in OFSE, reflecting favorable market conditions and successful execution of cost-out initiatives. The company's strategic focus on transforming its core business, investing for growth in high-potential markets, and positioning for new energy frontiers is showing positive results. Baker Hughes is emphasizing innovation, investing heavily in R&D, and expanding its portfolio in areas like new energy solutions, including hydrogen, geothermal, and CCUS. The company returned $1.3 billion to shareholders through dividends and share repurchases in 2023, demonstrating a commitment to shareholder value while continuing to invest in strategic acquisitions and operational improvements.

Feb 5, 2024 8-K

Baker Hughes Co 8-K Report, Financial Results (Jan 23, 2024)

Baker Hughes (BKR) reported fourth-quarter and full-year 2023 results on January 23, 2024, with a strong close to the year. Q4 revenue was $6,835 million, up 16% year-over-year and 3% sequentially, while GAAP net income attributable to the company rose to $439 million from $182 million a year earlier. Adjusted EBITDA reached $1,091 million, the first time above $1 billion in company history, and full-year adjusted EBITDA was $3.76 billion, up 26%. Full-year free cash flow was $2.05 billion, a 54% conversion rate from adjusted EBITDA, and shareholder distributions totaled $1.32 billion. The quarter's order intake was softer than the prior period. Total Q4 orders were $6,904 million, down 19% sequentially and 14% year-over-year, driven mainly by timing in Gas Technology Equipment (orders down 47% year-over-year). Even so, IET orders exceeded $3 billion for the fifth consecutive quarter, full-year orders were a record $30.5 billion, and remaining performance obligations ended the year at $33.5 billion. The book-to-bill ratio for the quarter was 1.0 overall and 1.1 for IET. Management highlighted margin progress in its Oilfield Services & Equipment segment, where EBITDA margin rose to 17.9% and Oilfield Services margins exceeded 20%, both records, and the company removed $150 million of costs in 2023. Management also announced recent actions to further streamline OFSE. Investors will want to watch whether order timing normalizes in IET and whether the cost actions and pricing support continued margin expansion in 2024. The earnings call was scheduled for January 24, 2024.

Jan 23, 2024 8-K

Baker Hughes Co 8-K Report, Material Agreement (Jan 5, 2024)

Baker Hughes Company (BKR) has filed an 8-K report detailing the execution of three supplemental indentures on December 31, 2023. These agreements involve Baker Hughes Company acting as a full and unconditional guarantor for debt securities issued by its indirect subsidiary, Baker Hughes Holdings LLC (BHH LLC), and other related entities under existing indentures dating back to 1991, 1994, and 2008. Crucially, this parent guarantee structure allows BHH LLC to be exempt from certain SEC filing requirements, including the annual Form 10-K, under Rule 12h-5 of the Exchange Act. This is a significant administrative update for investors, indicating a streamlined reporting process for the subsidiary going forward, provided it maintains eligibility for the exemption. The primary focus of this filing is the structural and guarantee aspects of BKR's debt rather than new debt issuance or financial performance.

Jan 5, 2024 8-K

Baker Hughes Co 8-K Report, Corporate Update (Dec 19, 2023)

Baker Hughes filed this Form 8-K on December 19, 2023 to recast its Industrial & Energy Technology (IET) segment into a new product-line structure, effective October 1, 2023, and to provide unaudited historical financial data on that basis (Exhibit 99.1). The filing is a presentation change, not a new earnings release. It does not report new results, guidance, or changes to consolidated totals. Its main purpose is to let investors compare IET performance on a consistent basis going forward, since the revised product-line view will appear in disclosures starting in Q4 2023. The recast consolidates IET into five product lines: Gas Technology Equipment (now including Pumps), Gas Technology Services, Industrial Solutions (Condition Monitoring, PSI and IET Digital), Industrial Products (Inspection, Valves and Gears), and the new Climate Technology Solutions (CTS), which combines CCUS, hydrogen, clean power and emissions abatement. The supplement shows that Q3 2023 IET revenue was $2,691 million, up about 37% from $1,967 million in Q3 2022, and that Q3 2023 IET orders were $4,334 million, up about 84% from $2,357 million. Gas Technology Equipment drove much of this growth, with Q3 2023 revenue of $1,227 million versus $614 million a year earlier. Total company revenue in the supplement was $6,641 million in Q3 2023, up about 24% year over year. Investors should note that the figures are unaudited and that the filing must be read alongside the 2022 Form 10-K and 2023 Forms 10-Q. The Nexus Controls sale, completed in April 2023, explains why the Controls line fell to zero by Q3 2023. The new CTS line remains small in revenue (about $63 million in Q3 2023) but is growing fast from a low base and is central to the company's energy transition strategy. Note also that Baker Hughes and Baker Hughes Holdings LLC are separate SEC registrants with their own filing obligations.

Dec 19, 2023 8-K

Baker Hughes Co 8-K Report, Executive Changes (Dec 1, 2023)

Baker Hughes Company (BKR) announced a significant change to its Board of Directors, effective January 1, 2024. The Board has elected Abdulaziz M. Al Gudaimi to join as a director, expanding the Board's size from nine to ten members. Mr. Al Gudaimi brings extensive experience from a 38-year career at Saudi Aramco, where he held senior leadership positions including Executive Vice President of Corporate Development and Executive Vice President Downstream. His background includes expertise in mergers and acquisitions, divestment strategy, and managing large-scale downstream operations, which could provide valuable insights to Baker Hughes. The Board has determined that Mr. Al Gudaimi meets all independence requirements, including those from Nasdaq and SEC regulations. He is set to serve on the Governance and Corporate Responsibility and Human Capital and Compensation Committees. His compensation will align with the company's standard director compensation practices. This appointment is expected to strengthen the Board's oversight and strategic guidance, particularly in areas related to global energy markets and corporate strategy.

Dec 1, 2023 8-K

Baker Hughes Co 8-K Report, Material Agreement (Nov 22, 2023)

Baker Hughes Company (BKR) announced the entry into a new $3.0 billion revolving credit facility on November 21, 2023. This New Credit Agreement, with a five-year term maturing in November 2028, replaces a previous credit agreement dated December 10, 2019. The facility is provided by JPMorgan Chase Bank, N.A. as the administrative agent and includes various lenders. This refinancing demonstrates proactive management of the company's liquidity and debt structure. The New Credit Agreement includes customary covenants and events of default. Importantly, the termination of the prior agreement occurred without any outstanding borrowings, suggesting a smooth transition and no immediate need for drawing on the old facility. Investors should view this as a positive step in ensuring financial flexibility.

Nov 22, 2023 10-Q

Baker Hughes Co Quarterly Report for Q3 Ended Sep 30, 2023

Baker Hughes Company reported a strong third quarter of 2023, with total revenue increasing by 24% year-over-year to $6.64 billion. This growth was primarily driven by higher volumes in both the Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. Income before income taxes saw a significant improvement, rising to $759 million from $144 million in the prior year's quarter, benefiting from increased volumes, pricing, cost-out initiatives, and lower restructuring charges. For the first nine months of 2023, revenue grew 22% to $18.67 billion, with substantial contributions from both segments. Net income for the nine-month period was $1.52 billion, a marked turnaround from a net loss of $766 million in the same period of 2022. The company highlighted its optimism for the oil and gas outlook, particularly international and offshore markets, and the continued strength in LNG projects, while acknowledging ongoing economic uncertainties and geopolitical risks. Baker Hughes also continued its transformation journey, focusing on efficiency and organizational streamlining.

Oct 26, 2023 8-K

Baker Hughes Co 8-K Report, Financial Results (Oct 25, 2023)

Baker Hughes (BKR) reported third quarter 2023 results on October 25, 2023, with broad-based growth driven by its Industrial & Energy Technology (IET) segment's gas and LNG business. Orders reached $8.5 billion, up 40% year-over-year and 14% sequentially, and revenue rose 24% year-over-year to $6.6 billion. GAAP net income attributable to Baker Hughes was $518 million, compared with a net loss of $17 million a year earlier, though this figure was lifted by $99 million of mark-to-market gains on equity investments. Adjusted EBITDA of $983 million was up 30% year-over-year, and free cash flow was $592 million. The quarter's standout feature was IET's order intake, which reached $4.3 billion (up 84% year-over-year) with Gas Technology Equipment orders more than doubling, including a large Venture Global LNG master equipment agreement. Remaining performance obligations climbed to $32.4 billion, with IET RPO at $28.8 billion, giving investors multi-year revenue visibility. Management also declared a quarterly dividend of $0.20 per share, up from $0.18 a year earlier. The main caveats are that the GAAP earnings figure benefited from non-operating equity gains, that Oilfield Services & Equipment (OFSE) orders were flat sequentially, and that management's outlook is tied to oil price stability, LNG demand, and geopolitical risks in the Middle East. Investors should weigh the strong LNG-driven order momentum against these cyclical and non-recurring factors.

Oct 25, 2023 8-K

Baker Hughes Co 8-K Report, Regulation FD Disclosure (Sep 6, 2023)

Baker Hughes (BKR) furnished an investor overview deck via Form 8-K on September 6, 2023, tied to CEO Lorenzo Simonelli's fireside chat at the Barclays CEO Energy-Power Conference. The 8-K itself is brief: under Item 7.01 (Regulation FD) it discloses that Simonelli will discuss the planned re-alignment of product lines within the Industrial & Energy Technology (IET) segment, effective October 1, 2023. The substantive content is in Exhibit 99.1, which reiterates prior guidance and outlines the restructuring. The re-alignment reorganizes IET into a simplified structure: Gas Technology Equipment (GTE), Gas Technology Services (GTS), Climate Technology Solutions (CTS, to be reported standalone), and Industrial Solutions and Industrial Products. Management says the goal is margin improvement and increased transparency around CTS, the company's New Energy platform covering CCUS, hydrogen, and clean power. The deck targets 20%+ EBITDA margins in both OFSE and IET by 2025/2026, with ROIC targets of 15% for OFSE and 20% for IET. Management also cites $150M+ of cost-out actions for 2023. The deck's 2023 outlook calls for revenue of $26.0B-$26.8B... more precisely, BKR revenue of $25.2B-$26.0B and adjusted EBITDA of $3.65B-$3.8B (ranges as stated in the filing, with a 2023 Adj. EBITDA guidance range shown as $3.65-$3.8B). IET orders are expected at $11.5B-$12.5B, and the balance sheet is strong, with net debt/LTM adjusted EBITDA of 1.1x and liquidity of $5.8B as of June 30, 2023. Investors should note that the re-segmentation may complicate comparisons with historical segment results until recast figures are available.

Sep 6, 2023 8-K

Baker Hughes Co 8-K/A Report, Shareholder Vote Results (Jul 28, 2023)

This 8-K/A filing from Baker Hughes Co. (BKR) primarily addresses the outcome of a proposal voted on during their Annual Meeting of Stockholders regarding the frequency of advisory votes on executive compensation. The Board of Directors has confirmed that, following the stockholder vote, the company will continue to hold an advisory "Say on Pay" vote every year. This means that shareholders will have an annual opportunity to express their advisory opinion on executive compensation practices. While this filing does not contain new financial statements or material operational updates, it provides important governance information. The reaffirmation of annual "Say on Pay" votes aligns with the expressed preference of the security holders and demonstrates a commitment to ongoing shareholder engagement on executive compensation matters. Investors should note that the primary purpose of this amendment is to clarify and confirm the company's policy following the annual meeting vote.

Jul 28, 2023 10-Q

Baker Hughes Co Quarterly Report for Q2 Ended Jun 30, 2023

Baker Hughes Company reported strong revenue growth in the second quarter of 2023, reaching $6.3 billion, a significant increase from $5.0 billion in the prior year's quarter. This growth was driven by robust performance in both the Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET) segments. The company also achieved a notable shift to profitability, with income before income taxes of $614 million, a substantial improvement from a loss of $655 million in the same period last year. This turnaround was attributed to increased activity across segments, reduced charges related to the cessation of Russian operations, and favorable fair value adjustments on equity investments. Looking ahead, Baker Hughes maintains a constructive outlook, anticipating continued strength in international and offshore oilfield activity to counterbalance softness in North America. The company sees the current spending cycle as more durable than in the past due to industry discipline. Furthermore, optimism remains for the LNG market, with expectations of a multi-decade growth opportunity as natural gas plays a crucial role in the energy transition. Strategic initiatives include ongoing investment in the Baker Hughes portfolio through targeted acquisitions, such as Altus Intervention, and continued focus on optimizing its corporate structure for improved margins and returns.

Jul 19, 2023