Baker Hughes Co (BKR)

Baker Hughes Company is a global energy technology company formed in July 2017 through the combination of Baker Hughes Incorporated and GE's oil and gas business, operating in over 120 countries with approximately 55,000 employees worldwide. The company operates through two main segments: Oilfield Services & Equipment (OFSE), which provides products and services across the oilfield lifecycle including well construction, completions, production solutions, and subsea/surface pressure systems; and Industrial & Energy Technology (IET), which offers gas technology equipment and services along with industrial technology solutions including condition monitoring, inspection, pumps/valves/gears, and precision sensors. The company's strategy focuses on three pillars: transforming its core business to improve margins, investing for growth in high-potential segments like industrial power and chemicals, and positioning for new energy frontiers including hydrogen, geothermal, and carbon capture utilization and storage (CCUS).

Baker Hughes reported orders of $26.8 billion in 2022 (up from $21.7 billion in 2021), with OFSE contributing $14.1 billion and IET contributing $12.7 billion; remaining performance obligations totaled $27.8 billion at year-end 2022. The company invested $556 million in research and development in 2022 and was granted over 2,200 patents, while making strategic acquisitions including AccessESP, BRUSH Power Generation, Qi2 Elements, and Quest Integrity to strengthen its technology portfolio. Baker Hughes is also expanding digital capabilities through its partnership with C3.ai for AI-based solutions and has made investments in emerging energy technologies through companies like Mosaic, HIF, NET Power, and Levidian.

Major competitors include SLB, Halliburton, TechnipFMC, Siemens Energy, and Emerson, among others, depending on the specific product line. The company has committed to reducing Scope 1 and 2 carbon emissions by 50% by 2030 and achieving net-zero emissions by 2050, reporting a 23% reduction from its 2019 baseline as of 2021. Revenue and operations are subject to seasonal variations from weather events, customer budget cycles, and regional activity patterns, while raw material costs face volatility from supply chain and macroeconomic factors.

The company maintains extensive intellectual property protections through patents, trademarks, and an IP cross-license agreement with GE, and emphasizes diversity, equity, and inclusion initiatives, with women representing 19% of its workforce and 33% of its Board of Directors as of 2022.