Baker Hughes (BKR) Citi’s 2025 Global Industrial Tech and Mobility Conference summary

Business overview and differentiation

• Operates a balanced portfolio: 55% Oilfield Services and Equipment, 45% Industrial and Energy Technology (IET).

• IET segment leverages industrial equipment for gas, LNG, and power generation, making it less cyclical and more durable.

• Large installed base and growing backlog, with over $40 billion in recent orders, supporting future service revenues.

Natural gas and LNG market outlook

• Natural gas is viewed as a destination fuel, with rising demand from both developed and developing nations.

• LNG permitting in the U.S. is resuming after a pause, with 86-100 MTPA expected to reach FID in the next two years.

• Global LNG demand is strong, with major projects in Qatar, Mozambique, Angola, and Algeria.

• Baker Hughes is a key supplier for global LNG and pipeline infrastructure projects.

Regional growth opportunities

• Saudi Arabia is expanding its gas infrastructure, shifting from oil to gas for domestic power and export.

• Argentina and Algeria are emerging as significant unconventional gas and LNG markets.

• East Mediterranean and Southeast Asia present new gas development and infrastructure opportunities.