Core Insights - Baker Hughes and Frontier Infrastructure have formed a strategic partnership to enhance large-scale carbon capture and storage (CCS) and power solutions in the U.S. [1][5] - Frontier is developing the Sweetwater Carbon Storage Hub, which is one of the largest carbon sequestration assets in the U.S., covering nearly 100,000 acres in Wyoming [2][7] - The partnership aims to optimize project execution and increase efficiency in developing CCS and power generation projects [3][7] Company Developments - Baker Hughes will provide technology solutions, including CO₂ compression and well design, to support the SCS Hub and future infrastructure projects [3][7] - Frontier is expanding its infrastructure with 256 megawatts (MW) of gas-fired generation to meet rising energy demands in Wyoming and Texas [4][7] - The integration of gas-fired energy with carbon storage is positioned as a reliable power solution for industrial customers [5][7] Market Context - The partnership addresses the increasing energy demand driven by the rapid expansion of data centers and industrial operations [4][5] - Baker Hughes emphasizes its commitment to supporting decarbonization efforts while meeting energy demands, particularly in the context of AI adoption [5][7] - Frontier Infrastructure is recognized as a leader in low-carbon infrastructure solutions, focusing on scalable carbon storage and power generation [8]

Experienced Baker Hughes finance leader will play key role in driving next phase of strategic transformation and growth HOUSTON and LONDON, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Baker Hughes Company (NASDAQ: BKR) (“Baker Hughes” or the “Company”) on Monday announced that Ahmed Moghal, a highly experienced finance leader who currently serves as chief financial officer (CFO) of our Industrial & Energy Technology (IET) business, has been appointed CFO of the Company, effective immediately. Prior to IET, Moghal hel ...

Core Insights - Albert Anthony is a Croatian-American media personality who has gained over 1,000 followers on investor platforms since 2023, focusing on markets and stocks [1] - He is set to launch a new book titled "Financial Markets: Growing A Dividend Income Portfolio" in 2025, coinciding with an ongoing series of articles on the same topic [1] - Albert Anthony has a background in management and information systems, having worked in the IT department of a top-10 financial firm [1] Company Profile - Albert Anthony & Co. is a sole proprietorship registered in Austin, Texas, and is wholly owned by Albert Anthony [1] - The company does not provide personalized financial advisory services but offers general market commentary based on publicly available data [1] - Albert Anthony has launched the Future Investor Fund, focusing on building a dividend portfolio [1] Educational Background - Albert Anthony has completed degrees and certificates from several institutions, including Drew University, Corporate Finance Institute, UVA Darden School of Business, CompTIA, and Microsoft [1] - He has attended various business and innovation conferences in Southeast Europe and has spoken at startup and digital nomad events in Croatia and Austin [1]

Core Insights - Baker Hughes Company has introduced three electrification technologies aimed at enhancing reliability, efficiency, and sustainability in energy operations [1] - The innovations include Hummingbird, SureCONTROL Plus, and an all-electric subsea production system, announced at the company's 25th Annual Meeting in Florence, Italy [1] Group 1: Hummingbird Technology - Hummingbird is the first fully electric land cementing unit, replacing diesel engines with grid-connected or battery-powered motors, which reduces emissions and noise while lowering maintenance costs [2] - The system enhances reliability, particularly in high-pressure operations, with advanced monitoring for improved cement job control [2] Group 2: SureCONTROL Plus - SureCONTROL Plus interval control valves provide an electric alternative to traditional hydraulic systems, reducing rig time and operational complexity [3] - These valves enable more efficient zonal control of subsea and dry tree wells while supporting proactive maintenance through continuous digital monitoring [3] Group 3: All-Electric Subsea Production System - The all-electric system is expected to improve production control, increase reliability, and reduce carbon emissions throughout the field's lifecycle [4] - By eliminating hydraulics, Baker Hughes aims to cut costs, installation time, and complexity in subsea developments, making it suitable for both shallow and deep-water operations [4] Group 4: Corporate Commitment - Amerino Gatti, executive vice president of Oilfield Services & Equipment at Baker Hughes, emphasized the importance of reducing the carbon footprint in hydrocarbon production [5] - The company aims to advance electrification across the production value chain to improve efficiency, enhance safety, and promote sustainable operations [5] - Baker Hughes continues to expand its footprint in both traditional oil and gas and new energy applications, reinforcing its commitment to cleaner and more efficient energy solutions [6]

Baker Hughes Company (BKR) , a leading global oilfield services provider, announced that it has secured an order associated with the expansion of Saudi Aramco’s Jafurah gas field.Baker Hughes has received the order from Tecnicas Reunidas for six gas compression trains and propane compressors that are part of Phase 3 of the Jafurah gas field expansion. The gas field is located in the Kingdom of Saudi Arabia.Per BKR, the order was officially recorded in the fourth quarter of 2024. The oilfield services giant ...

Core Insights - Baker Hughes (BKR) reported revenue of $7.36 billion for the quarter ended December 2024, reflecting a year-over-year increase of 7.7% and surpassing the Zacks Consensus Estimate by 3.81% [1] - The company's EPS for the quarter was $0.70, up from $0.51 in the same quarter last year, exceeding the consensus estimate of $0.63 by 11.11% [1] Financial Performance - Total orders for Baker Hughes amounted to $7.50 billion, slightly below the average estimate of $7.73 billion [4] - Oilfield Services & Equipment orders were reported at $3.74 billion, compared to an average estimate of $4.63 billion [4] - Revenue from Oilfield Services & Equipment in North America was $971 million, exceeding the average estimate of $857.38 million, but showing a year-over-year decline of 4.6% [4] - Revenue from Industrial & Energy Technology reached $3.49 billion, surpassing the average estimate of $3.27 billion, with a year-over-year increase of 21.3% [4] - Revenue from Gas Technology Equipment was $1.66 billion, exceeding the average estimate of $1.47 billion, reflecting a year-over-year increase of 37.9% [4] Stock Performance - Baker Hughes shares have returned +10.7% over the past month, outperforming the Zacks S&P 500 composite's +1% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]

Core Insights - Baker Hughes Company (BKR) has secured a multi-year contract with Exxon Mobil Corporation (XOM) to provide specialty chemicals and related services for offshore developments in Guyana's Stabroek Block, specifically for the Uaru and Whiptail projects [1][2] Group 1: Contract Details - Under the contract, BKR will supply all necessary chemicals for the Errea Wittu and Jaguar floating production storage and offloading (FPSO) vessels, which are set to commence production in 2026 and 2027 respectively [2] - The Uaru and Whiptail projects are ExxonMobil Guyana's fifth and sixth developments in the Stabroek Block, with a combined capacity of 500,000 barrels per day, contributing to an expected overall production of approximately 1.3 million barrels per day for Guyana [3] Group 2: Strategic Positioning - BKR has an established presence in Guyana, having previously supplied turbomachinery and production chemicals for ExxonMobil's FPSO fleet, which strengthens its role as a key service provider in ExxonMobil's operations [4] - The contract reinforces BKR's strategic position in the offshore energy sector and indicates continued growth opportunities in Guyana, recognized as one of the world's fastest-emerging oil frontiers [6] Group 3: Industry Context - The Errea Wittu FPSO is being developed by Offshore Frontier Solutions, a joint venture between MODEC and Toyo Engineering Corporation, while SBM Offshore is overseeing the Jaguar FPSO's construction and installation, highlighting the importance of FPSO technology in deepwater oil production [5]

Financial Performance - In 2024, the company generated revenues of $27.8 billion, a 9% increase from $25.5 billion in 2023, primarily driven by a $2.1 billion increase in IET revenue[200]. - Operating income rose to $3.1 billion in 2024, up $0.8 billion or 33% from $2.3 billion in 2023, due to higher volume and cost optimization efforts[200][226]. - Revenues for the year ended December 31, 2024, were $27,829 million, with net income of $2,645 million[284]. - The Oilfield Services & Equipment (OFSE) segment revenue increased by $268 million, or 2%, to $15,628 million in 2024, driven by Subsea & Surface Pressure Systems (SSPS) growth[232]. - The Industrial & Energy Technology (IET) segment revenue increased by $2,055 million, or 20%, to $12,201 million in 2024, primarily due to growth in Gas Technology Equipment[235]. Shareholder Returns - The company returned a total of $1.3 billion to shareholders in 2024 through dividends and share repurchases, with a quarterly dividend increase to $0.21 per share[202]. - Dividends paid to Class A stockholders increased to $836 million in 2024 from $786 million in 2023[269]. - The company repurchased 15.2 million shares of Class A common stock for $484 million in 2024, compared to 16.3 million shares for $538 million in 2023[270]. Orders and Backlog - Total orders decreased to $28.24 billion in 2024 from $30.52 billion in 2023, with a notable decline in Oilfield Services & Equipment orders[222]. - The remaining performance obligations (RPO) totaled $33.1 billion as of December 31, 2024, with $30.1 billion attributed to IET[223]. Cash Flow and Capital Expenditures - Operating cash flows for 2024 were $3,332 million, an increase of 8.8% from $3,062 million in 2023 and a significant increase from $1,888 million in 2022[258]. - Cash flows used in investing activities were $1,016 million in 2024, compared to $817 million in 2023 and $1,564 million in 2022[263]. - Capital expenditures for 2024 amounted to $1,278 million, up from $1,224 million in 2023 and $989 million in 2022[264]. Debt and Liquidity - The company maintained cash and cash equivalents of $3.4 billion as of December 31, 2024, up from $2.6 billion in 2023[250]. - The company has a $3 billion committed unsecured revolving credit facility maturing in November 2028, with no borrowings under the agreement as of December 31, 2024[252]. - The company repaid long-term debt of $143 million in 2024, following a repayment of $651 million in 2023[269]. - The company’s long-term debt as of December 31, 2024, totaled $5.706 billion, with a weighted average interest rate of 4.18%[309]. Tax and Impairment - In 2024, the company recorded income taxes of $257 million, a decrease from $685 million in 2023, primarily due to a $664 million reversal of a valuation allowance[229]. - The effective tax rate is influenced by the repatriation of foreign earnings, with $455 million of gross unrecognized tax benefits reported as of December 31, 2024[299]. - The company performs annual impairment tests of goodwill, with significant estimates and assumptions involved in determining fair value[293]. Market Conditions and Outlook - The global LNG project pipeline remains strong, supporting the shift towards natural gas and LNG development[199]. - The average Brent oil price in 2024 was $80.52 per barrel, while WTI oil prices averaged $76.63 per barrel, reflecting a decrease from previous years[211]. - The company expects a muted outlook for global upstream spending in 2025 due to oil price volatility and a well-supplied oil market[198]. Segment Performance - The OFSE segment operating income rose to $1,988 million in 2024, up from $1,746 million in 2023, reflecting higher prices and cost-out initiatives[233]. - The IET segment operating income improved to $1,830 million in 2024, compared to $1,310 million in 2023, driven by higher volume and cost-out initiatives[236]. - The OFSE segment's operating margin improved to 12.7% in 2024, up from 11.4% in 2023, indicating enhanced operational efficiency[231]. - The IET segment's operating margin increased to 15.0% in 2024, compared to 12.9% in 2023, reflecting better cost management[235]. Risk Management - The company is subject to interest rate risk on its debt and investment portfolio, with interest rate swaps converting $500 million of fixed-rate debt into floating rate instruments[307]. - As of December 31, 2024, a 1% appreciation or depreciation in the U.S. dollar would impact pre-tax earnings by less than $15 million[313]. - The company had outstanding foreign currency forward contracts with notional amounts of $3.0 billion and $3.6 billion to hedge exposure to currency fluctuations at December 31, 2024 and 2023, respectively[312].

Core Insights - Argent LNG has selected Baker Hughes as the liquefaction solution provider for its LNG export facility in Port Fourchon, Louisiana, targeting a production capacity of approximately 24 million tonnes per annum (MTPA) [1][9] - The project will utilize Baker Hughes' advanced technologies, including the NMBL™ modularized LNG solution and LM9000 gas turbine, to ensure scalable and reliable LNG production [2][9] - Phase 1 construction is expected to begin in 2026, with commercial operations anticipated by 2030, while Phase 2 aims to expand capacity and is progressing through critical milestones [4] Company Overview - Baker Hughes is an energy technology company with over a century of experience, providing innovative solutions to energy and industrial customers globally [6] - Argent LNG is a privately held energy company focused on developing LNG export solutions to meet the rising global demand for clean energy, emphasizing cost-effective and sustainable energy solutions [7] Strategic Collaboration - The collaboration between Argent LNG and Baker Hughes highlights a commitment to technical excellence, cost-effective execution, and energy security, enhancing the project's bankability [4] - Baker Hughes expects to receive orders related to this agreement as the Argent LNG project progresses towards its Final Investment Decision [5]

Core Insights - Baker Hughes, Hanwha Power Systems, and Hanwha Ocean have signed a Joint Development and Collaboration Agreement (JDCA) to develop a new small-size turbine for ammonia applications, which will utilize Baker Hughes' gas turbine technology and Hanwha's ammonia combustion system [1][2] - The new ammonia turbine is designed for marine, onshore, and offshore applications, including electric generation and mechanical drive [1][2] Group 1: Ammonia as a Fuel - Ammonia is identified as a critical fuel for decarbonizing hard-to-abate sectors such as marine, oil and gas, and power [2][8] - Hanwha Ocean will primarily benefit from the JDCA by adopting the new ammonia turbine as a propulsion system for future vessels, contributing to maritime decarbonization [2][4] Group 2: Development Timeline and Goals - Hanwha has successfully tested a proof-of-concept combustor using 100% ammonia, while Baker Hughes completed initial turbine feasibility studies in 2024 [3][6] - The companies aim to complete full engine testing with ammonia by the end of 2027, after which the turbine, expected to have a power range of approximately 16MW, will be commercially available for orders [3][6] Group 3: Industry Impact and Statements - The collaboration is seen as a significant step towards accelerating the transition to low-carbon fuel propulsion in the global maritime industry [4][5] - Executives from both companies emphasize the importance of partnerships in achieving emissions reductions and enhancing the adoption of ammonia as a fuel [4][5]