Baker Hughes Company is an energy technology company with a diversified portfolio of technologies and services spanning the energy and industrial value chain. The company operates in over 120 countries, delivering outcome-based solutions across energy and industrial markets. Its core strategy focuses on improving competitiveness, delivering high-productivity solutions, and leading the energy transition. The company's business model is centered around two operating segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET), each serving distinct but related markets. Baker Hughes leverages its technology and innovation to drive efficiency and productivity for its customers, while also supporting their efforts to reduce carbon footprints. The company's competitive advantages lie in its global presence, broad portfolio, technological innovation, and unique partnership models.

• Employees: Approximately 58,000 (as of December 31, 2023)
• Geographic Footprint: Over 120 countries
• Headquarters: Houston, Texas
• Founded: Not explicitly stated in the 10-K
• Number of locations/facilities: Numerous facilities worldwide, including manufacturing plants, service centers, and research centers
• Revenue: $25.5 billion (FY2023)
• Market Capitalization: $31.86 billion (as of June 30, 2023)
• Key Subsidiaries/Brands: OFSE and IET operating segments, including brands like Cordant, Leucipa, Aquaness, Panametrics, Druck, Reuter-Stokes, and Bently Nevada

• CEO: Lorenzo Simonelli
• CFO: Nancy Buese
• Other Key Executives: James E. Apostolides (Senior Vice President, Enterprise Operational Excellence), Maria Claudia Borras (Executive Vice President, Oilfield Services and Equipment), Ganesh Ramaswamy (Executive Vice President, Industrial & Energy Technology), Georgia Magno (Chief Legal Officer)

Lorenzo Simonelli has been the Chairman of the Board since October 2017, and a Director, President and Chief Executive Officer of the Company since July 2017. Nancy Buese joined as CFO in November 2022. Other executives have varied tenures, with backgrounds in GE, Danaher, and other relevant industries.

• Annual Revenue: $25.5 billion (FY2023)
• Net Income: $1.94 billion (FY2023)
• Market Cap: $31.86 billion (as of June 30, 2023)
• Total Assets: $36.94 billion (as of December 31, 2023)
• Number of Employees: Approximately 58,000 (as of December 31, 2023)
• Key Financial Highlights: Revenue increased by 21% year-over-year, driven by higher volume in IET and stronger activity in OFSE. Income before tax was $2.655 billion in 2023 compared to $22 million in 2022.

Baker Hughes provides a diverse range of products and services through two main segments:

• Oilfield Services & Equipment (OFSE): Designs, manufactures, and provides services for onshore and offshore oilfield operations, including well construction, completions, intervention, measurements, production solutions, and subsea and surface pressure systems.
• Industrial & Energy Technology (IET): Combines domain expertise, technologies, software, and services for energy customers, including gas technology equipment, gas technology services, industrial products, industrial solutions, and climate technology solutions.

Key offerings include directional drilling, logging-while-drilling, artificial lift systems, subsea trees, gas turbines, compressors, and various digital and AI-based solutions.

The company operates through two main segments:

• Oilfield Services & Equipment (OFSE): Provides products and services for oilfield operations. Revenue was $15.36 billion in FY2023.
• Industrial & Energy Technology (IET): Provides technology solutions for energy and industrial customers. Revenue was $10.14 billion in FY2023.

Baker Hughes' strategy is based on three key pillars:

• Transform the core: Improving margins and cash flow through portfolio rationalization and cost improvement.
• Invest for growth: Driving organic and inorganic growth in high potential markets.
• Position for new energy frontiers: Making strategic investments to drive lower carbon emissions in energy and industrial sectors.

The company is focused on delivering higher-productivity solutions, leading the energy transition, and solving the energy trilemma. They are also investing in digital capabilities and AI-based solutions to enhance efficiency and customer experience. Key strategic initiatives include strengthening core technology, expanding into new energy areas, and enhancing digital offerings.

Baker Hughes operates primarily in the energy technology industry, serving the oil and gas sector as well as broader industrial markets.

• Market Position: Top provider in many product lines within the OFSE and IET segments.
• Key Competitors: Competitors include SLB, Halliburton, ChampionX, TechnipFMC, Aker Solutions, NOV, Siemens Energy, Solar, MAN Energy Solutions, Emerson, Flowserve, Metso Outotec, Aker Carbon Capture, Svante, Howden, and Burckhardt.
• Industry Trends: The industry is experiencing a complex macroeconomic environment with a focus on the energy transition, balancing energy security, sustainability, and affordability. There is a growing demand for lower carbon emissions and digital solutions.

• Operational Risks: Highly competitive environment, potential failures in new technologies, disruptions in the supply chain, and the inability to attract and retain key personnel.
• Energy Transition Risks: Potential adverse effects on demand for technologies and services due to the shift to a lower carbon economy.
• Geopolitical and Terrorism Risks: Impact of geopolitical and terrorism threats on business operations, including armed conflicts and sanctions.
• Credit and Customer Risks: Potential credit losses due to a concentrated customer base in the energy industry and the risk of customers' inability to pay due to market conditions.
• Legal and Regulatory Risks: Compliance with environmental laws, data privacy laws, and anti-corruption laws, and potential changes in these regulations.