Baker Hughes Company

Baker Hughes Company is an American energy technology company that designs, manufactures, and services equipment and technology across the energy value chain — from oil and gas drilling and production to gas processing, liquefied natural gas infrastructure, and power generation — generating $27.7 billion in GAAP revenue in fiscal 2025. Conducting business in over 120 countries with approximately 56,000 employees, Baker Hughes operates through two reportable segments: Oilfield Services & Equipment (OFSE) and Industrial & Energy Technology (IET), with a third segment — Chart Industries — added upon the closing of its acquisition in July 2026.

This is a story about a business in the middle of a deliberate, multi-year transformation from cyclical oilfield services toward a more durable industrial energy platform. OFSE, the legacy oilfield services arm that still generates just over half of revenue, is a cash-producing franchise operating in a structurally mature upstream market. IET, centered on gas infrastructure and power generation equipment, is where nearly all of the growth, margin expansion, and strategic ambition reside. The acquisition of Chart Industries — a $13.6 billion enterprise-value transaction that closed on 16 July 2026 — extends that ambition into thermal management, cryogenics, and industrial gas handling, while also loading the balance sheet with roughly $11.9 billion in new debt.

The file turns on a single question: whether IET's growth runway — in LNG, gas infrastructure, and behind-the-meter power for data centers — is long and steep enough to transform Baker Hughes into a higher-multiple, less cyclical company before OFSE's structural headwinds and the post-Chart leverage burden weigh too heavily on returns.