Baker Hughes Company (NASDAQ:BKR) Q1 2023 Earnings Conference Call April 19, 2023 8:30 AM ET Company Participants Jud Bailey - VP, IR Lorenzo Simonelli - Chairman & CEO Nancy Buese - CFO Conference Call Participants James West - Evercore ISI Arun Jayaram - JPMorgan Chase Mulvehill - Bank of America Scott Gruber - Citi Luke Lemoine - Piper Sandler Marc Bianchi - Cowen David Anderson - Barclays Stephen Gengaro - Stifel Roger Read - Wells Fargo Operator Good day, ladies and gentlemen, and welcome to the Baker ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Class A Common Stock, par value $0.0001 per share BKR The Nasdaq Stock Market LLC Form 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SE ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Baker Hughes Company 17021 Aldine Westfield Road Houston, Texas 77073-5101 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (713) 439-8600 Securities registered pursuant to Section 12(g) of the Act: None If an emerging growth company, indicate by check mark if the registrant has elec ...

2 The Company presents its financial results in accordance with GAAP; however, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. See the Appendix of this presentation for a reconciliation of GAAP to non-GAAP financial measures. Lorenzo Simonelli Chairman & Chief Executive Officer 4Q & FY 2022 Highlights > ≫ Booked over $400M in New Energy orders, showing 50+% growth versus 2021 Positive energy outlook for 2 ...

Baker Hughes Company (NASDAQ:BKR) Q4 2022 Results Conference Call January 23, 2023 8:30 AM ET Company Participants Jud Bailey - Vice President of Investor Relations Lorenzo Simonelli - Chairman and CEO Nancy Buese - CFO Conference Call Participants James West - Evercore ISI Scott Gruber - Citi Chase Mulvehill - Bank of America Arun Jayaram - JPMorgan Dave Anderson - Barclays Marc Bianchi - Cowen Operator Good day, ladies and gentlemen, and welcome to the Baker Hughes Company Fourth Quarter and Full Year 202 ...

Financial Data and Key Metrics Changes - Orders for the quarter were $6.1 billion, up 3% sequentially and up 13% year-over-year, driven by increases across all four segments [27] - Revenue for the quarter was $5.4 billion, up 6% sequentially and up 5% year-over-year [28] - Adjusted operating income was $503 million, up 34% sequentially and up 25% year-over-year [29] - Adjusted EBITDA was $758 million, up 16% sequentially and up 14% year-over-year [30] - Free cash flow in the quarter was $417 million, with expectations for improvement in the fourth quarter [32] Business Line Data and Key Metrics Changes - **Oilfield Services (OFS)**: Revenue was $2.8 billion, up 6% sequentially, with operating income of $330 million, up 27% sequentially [35][36] - **Oilfield Equipment (OFE)**: Orders were $874 million, up 21% year-over-year, but revenue was $561 million, down 7% year-over-year [39] - **Turbomachinery and Process Solutions (TPS)**: Orders were $1.8 billion, up 5% year-over-year, with revenue of $1.4 billion, down 8% year-over-year [41][42] - **Digital Solutions (DS)**: Orders were $547 million, up 5% year-over-year, with revenue of $528 million, up 4% year-over-year [44] Market Data and Key Metrics Changes - The macro outlook remains uncertain with inflationary pressures and rising interest rates impacting demand growth [5][6] - In the oil market, price volatility is expected, but supply constraints may support price levels conducive to upstream spending growth [6] - The natural gas and LNG markets are experiencing elevated prices due to high demand, particularly from Europe [7][8] Company Strategy and Development Direction - The company announced a restructuring and resegmentation into two reporting segments: OFSE and IET, aiming for at least $150 million in cost savings [10][11] - Investments in new energy technologies and strategic acquisitions are ongoing, including the acquisition of the Power Generation division of BRUSH Group [11] - The company is focused on improving operational execution and capitalizing on the multiyear upstream spending cycle [24] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about the outlook for oil and gas, expecting double-digit upstream spending growth in 2023 [5][6] - The restructuring is expected to enhance shareholder value and improve long-term growth opportunities [11] - The company is preparing for a volatile environment but is confident in navigating challenges with recent corporate actions [24] Other Important Information - The company will change its reporting structure in the fourth quarter to enhance transparency across its business segments [33][34] - The CFO, Brian Worrell, will be leaving the company in 2023, with Nancy Buese set to replace him [25] Q&A Session Summary Question: Outlook for oil and gas capital formation cycle - Management sees a multiyear upturn in global upstream spending, particularly in international and offshore markets [50][51] Question: Impact of the Inflation Reduction Act on clean energy - The act is expected to significantly boost investments in green hydrogen and carbon capture technologies, leading to increased customer discussions and project developments [52][53] Question: Capital allocation strategy moving forward - The company remains committed to returning 60% to 80% of free cash flow to shareholders through dividends and stock repurchases [56][57] Question: Subsea business strategy and future plans - A wholesale reevaluation of the subsea business is underway, with multiple facility rationalization opportunities identified [60][61] Question: LNG services revenue outlook - Management anticipates elevated services revenues in 2023 as operators catch up on maintenance work [64][65] Question: Digital Solutions margins and revenue recovery - Margins are not expected to return to 2019 levels in 2023 due to ongoing supply chain issues, but long-term outlook remains positive [70]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-38143 Baker Hughes Company (Exact name of registrant as specified in its charter) Delaware 81-4403168 (State or other jurisdiction (I.R.S. Employer Identification No.) of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-38143 Baker Hughes Company (Exact name of registrant as specified in its charter) Delaware 81-4403168 (State or other jurisdiction (I.R.S. Employer Identification No.) of incor ...

Financial Data and Key Metrics Changes - Orders for the quarter were $5.9 billion, down 14% sequentially but up 15% year-over-year, driven by increases across all four segments [41] - Revenue for the quarter was $5 billion, up 4% sequentially but down 2% year-over-year, impacted by lower TPS volumes [43] - Adjusted operating income was $376 million, up 8% sequentially and up 13% year-over-year, with an adjusted operating income rate of 7.5% [45] - Free cash flow in the quarter was $147 million, impacted by lower collections and a build in inventory [48] Business Line Data and Key Metrics Changes - Oilfield Services (OFS) revenue was $2.7 billion, up 8% sequentially, with international revenue also up 8% [54] - Turbomachinery (TPS) orders were $1.9 billion, up 23% year-over-year, but revenue was $1.3 billion, down 21% [65][66] - Digital Solutions (DS) orders were $609 million, up 13% year-over-year, with revenue for the quarter at $524 million, up 1% year-over-year [71][72] Market Data and Key Metrics Changes - The natural gas market is experiencing sustained high prices and a significant increase in long-term LNG offtake agreements in the U.S., totaling over 35 MTPA in the first half of 2022 [8][9] - The company expects continued growth in international markets, particularly in the Middle East, Latin America, and North America, with strong activity levels anticipated [18][58] Company Strategy and Development Direction - The company is focused on executing its long-term strategy, investing in energy transition initiatives, and returning 60% to 80% of free cash flow to shareholders [12][13] - There is an emphasis on optimizing operations around core business areas of OFSE and IET to drive productivity and efficiency [15][16] - The company is evaluating organizational structures to drive synergies between TPS and DS, as well as OFS and OFE [90][92] Management's Comments on Operating Environment and Future Outlook - The management highlighted a mixed outlook for oil markets, with deteriorating demand due to inflation but potential supply constraints keeping prices elevated [6][7] - The company remains positive on the outlook for natural gas and anticipates significant infrastructure investment over the next five to ten years [10][11] - Management expects OFS revenue to increase in the mid-double digits for 2022, with EBITDA margin rates improving [59] Other Important Information - The company reported a GAAP diluted loss per share of $0.84, primarily due to losses related to operations in Russia [47] - The company is in the process of selling its Nexus Controls product line to General Electric, expected to close in Q2 2023 [35] Q&A Session Summary Question: Update on Russia operations and resolution timeline - Management indicated that the Russian operations are classified as held for sale, with a resolution expected by the end of the year, either through a management buyout or outright sale [75][78] Question: Inflection point in OFS business - Management agreed that there is a broad-based recovery expected internationally, particularly in the Middle East and North America, with strong growth anticipated [83][85] Question: Business realignments and synergies - Management is evaluating organizational structures to drive synergies between TPS and DS, as well as OFS and OFE, with potential financial impacts still under assessment [88][92] Question: European manufacturing exposure and energy crisis - Management does not foresee major risks to operations in Europe but is monitoring the situation and has contingency plans in place [95][96] Question: LNG order visibility and modular solutions - Management expressed confidence in the LNG pipeline of opportunities, with a notable trend towards modular LNG designs and a strong order outlook for TPS [100][104]

Baker Hughes Company (NASDAQ:BKR) Q1 2022 Earnings Conference Call April 20, 2022 8:30 AM ET Company Participants Jud Bailey - Vice President, Investor Relations Lorenzo Simonelli - Chairman and Chief Executive Officer Brian Worrell - Chief Financial Officer Conference Call Participants James West - Evercore ISI Chase Mulvehill - Bank of America Connor Lynagh - Morgan Stanley Scott Gruber - Citigroup Arun Jayaram - JPMorgan Chase Stephen Gengaro - Stifel David Anderson - Barclays Roger Read - Wells Fargo Op ...