Baker Hughes Co (NYSE: BKR) is an energy technology company that provides equipment, services, and digital solutions to the oil and gas, LNG, power generation, and industrial sectors. It makes money through two reported segments: Oilfield Services and Equipment (OFSE), which sells drilling, completion, production, and subsea products and services to upstream operators, and Industrial and Energy Technology (IET), which supplies gas technology equipment, industrial turbomachinery, and related services. Baker Hughes operates globally, with facilities across North America, Europe, the Middle East, Latin America, Asia-Pacific, and Africa, competing against Schlumberger, Halliburton, and other oilfield services and industrial equipment suppliers. Lorenzo Simonelli has served as Chairman, President, and CEO since July 2017. The company carries $5,808 million in aggregate principal of senior unsecured notes and debentures as of December 31, 2025, with maturities ranging from 2026 to 2047, indicating a debt-carrying capital structure. Worldwide average rig count tracked by Baker Hughes was 1,818 in 2025, down from 1,948 in 2024 and 2,087 in 2023.

Revenue model

Transactional and service-contract revenue from equipment sales and field services to oil and gas operators (OFSE segment), and equipment sales plus long-term service agreements for gas turbines, compressors, and industrial machinery (IET segment). Revenue is generated on both a product-sale and services basis, with the filing distinguishing between equipment and product services lines.

Products and services

OFSE products include: directional drilling and logging-while-drilling services, drill bits (polycrystalline, roller cone, hybrid), drilling and completion fluids, wellbore completions, pressure pumping (cementing, coiled tubing), wireline logging, artificial lift systems (electrical submersible pumping, surface pumping), oilfield and industrial chemicals (including AquanessTM), subsea trees, controls, manifolds, wellheads, and premium casing connectors. IET products include gas turbines, compressors, LNG equipment, power generation machinery, and new energy solutions spanning hydrogen, geothermal, carbon capture utilization and storage (CCUS), energy storage, and emissions abatement.

Customers and end markets

Primary end markets are upstream oil and gas operators (drilling, completion, and production), LNG project developers, gas infrastructure operators, industrial manufacturers, power generators, and data center operators. The IET segment targets LNG, gas infrastructure, distributed power, and data center customers. New energy customers include those pursuing hydrogen, geothermal, and CCUS projects. No single customer concentration figure is disclosed in the filing excerpts.

Value-chain role

Baker Hughes sits at the oilfield services and industrial equipment layer of the energy value chain, supplying technology, hardware, and field services to operators rather than producing hydrocarbons itself. It also holds intellectual property in drilling, completion, and turbomachinery technologies, and licenses IP from third parties for portions of its product portfolio.

Geographic exposure

Global operations with OFSE facilities in the United States (Houston, Pasadena, The Woodlands TX; Claremore OK), Canada, Germany, Norway, Scotland, England, Brazil, Singapore, Australia, India, Qatar, UAE, Saudi Arabia, Angola, and Nigeria. IET facilities include Pasadena and Houston TX, Minden NV, and additional international locations. International average rig count was 1,080 in 2025 versus North America at 738, indicating majority international activity exposure (FY2025 averages).

Source: SEC 10-K, filed 2026-02-05

Industry: Oil & Gas Field Machinery & Equipment Peers: ChampionX Corp Cactus Inc Halliburton Co NEXTIER OILFIELD SOLUTIONS INC. Liberty Energy Inc Nov Inc ProFrac Holding Corp SLB NV Weatherford International PLC