Company Reports

Iran-backed Houthi rebels have taken control of the Bab al-Mandeb strait, according to several news reports. Also, last week, drone attacks damaged the critical East-West pipeline, forcing Saudi Arabia to shut it down.

Baker Hughes was formed in 2017 through the combination of General Electric's oil and gas segment and legacy Baker Hughes. While the merger was expensive, it created a global equipment and service powerhouse, supplying multiple solutions across the energy sector and adjacent markets.

Baker Hughes' second-quarter revenue fell 2% year on year to $6.74 billion, while adjusted EBITDA grew 2% on year to $1.23 billion. Earnings topped consensus estimates, but matched ours. Still, the most important figure was industrial and energy technology orders doubling year on year.

Baker Hughes had a strong first quarter, reporting consolidated EBITDA of $1,158 million, up 12% year over year. Most important was the strong order book in its industrial and energy technology, or IET, segment, which rose 54% year on year, and drove a record backlog of $33.1 billion.

Baker Hughes was formed in 2017 through the combination of General Electric's oil and gas segment and legacy Baker Hughes. While the merger was expensive, it created a global equipment and service powerhouse, supplying multiple solutions across the energy sector and adjacent markets.

Over the March 14-15 weekend, the US conducted large-scale strikes on Kharg Island, according to NBC News. The island houses Iran's critical crude export terminal, which ships over 90% of Iran's crude exports. We understand that the strikes focused on military targets and avoided oil infrastructure.

Baker Hughes was formed in 2017 through the combination of General Electric's oil and gas segment and legacy Baker Hughes. While the merger was expensive, it created a global equipment and service powerhouse, supplying multiple solutions across the energy sector and adjacent markets.

Baker Hughes' fourth-quarter EBITDA of $1.34 billion rose 8% sequentially and 2% year on year, propelled once again by the value-creating industrial and energy technology segment. The stock rose nearly 4% in Jan. 26 intraday trading.

On the morning of Jan. 3, 2026, US forces deposed Venezuelan leader Nicolas Maduro. US President Donald Trump indicated the US will run Venezuela until there can be a "proper transition" and has highlighted his desire to substantially increase US private investment in Venezuela's oil infrastructure.

Baker Hughes reported third-quarter revenue of $7.01 billion, a 1% sequential and year-on-year improvement. Adjusted EBITDA margin declined 40 basis points year on year to 17.7% from oilfield headwinds, though it improved 50 basis points sequentially, thanks to strength in industrial markets.

Baker Hughes was formed in 2017 through the combination of General Electric's oil and gas segment and legacy Baker Hughes. While the merger was expensive, it created a global equipment and service powerhouse, supplying multiple solutions across the energy sector and adjacent markets.

We've updated our midcycle oil price assumption. Our 10-year forecast marries our bullish in-house oil demand view with Rystad's supply projections, which aligns with our revised, long-term take.

Baker Hughes was formed in 2017 through the combination of General Electric's oil and gas segment and legacy Baker Hughes. While the merger was expensive, it created a global equipment and service powerhouse, supplying multiple solutions across the energy sector and adjacent markets.

Chart Industries released its second-quarter results following Baker Hughes' July 29 announcement that it's acquiring Chart. So, it withdrew its 2025 guidance. Chart's second-quarter sales of $1.08 billion grew 4% year on year, though operating margin declined 40 basis points to 15.7%.

Baker Hughes was formed in 2017 through the combination of General Electric's oil and gas segment and legacy Baker Hughes. While the merger was expensive, it created a global equipment and service powerhouse, supplying multiple solutions across the energy sector and adjacent markets.

On July 29, 2025, Baker Hughes announced that it's acquiring all Chart Industries' shares. This is an all-cash transaction at a per share price of $210, implying an enterprise value of $13.6 billion. Baker Hughes expects to close the deal in mid-2026 and will finance the deal through cash and debt.

Baker Hughes' second-quarter revenue of $6.9 billion rose nearly 8% sequentially. Adjusted EBITDA margin expanded to 17.5%, up 139 basis points sequentially and 171 basis points year on year. Management raised the midpoint of its 2025 EBITDA guidance by 6% to $4.95 billion.

Baker Hughes was formed in 2017 through the combination of General Electric's oil and gas segment and legacy Baker Hughes. While the merger was expensive, it created a global equipment and service powerhouse, supplying multiple solutions across the energy sector and adjacent markets.

Baker Hughes' second-quarter print saw revenue decline 13% sequentially to $5.4 billion, while adjusted EBTIDA declined 160 basis points to 16.2%. The oilfield services and equipment segment, or OFSE, posted its lowest sales output since the third quarter of 2022.

Back in 2017, Baker Hughes was formed through the combination of what was then GE's oil and gas segment and legacy Baker Hughes. While the combination was expensive, it created a global equipment and service powerhouse, supplying multiple solutions across the energy sector and adjacent markets.