Track market-moving stories before they get noisy

Baker Hughes Company (BKR) Presents at Barclays 40th Annual Energy-Power Conference Transcript

Continuum Advisory LLC reduced its stake in Baker Hughes Company (NASDAQ:BKR – Free Report) by 87.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,322 shares of the company’s stock after selling 9,230 shares during the quarter. Continuum Advisory LLC’s holdings in Baker Hughes were worth $73,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of BKR. Nykredit A S bought a new position in shares of Baker Hughes in the second quarter worth about $23,212,000. B. Metzler seel. Sohn & Co. AG grew its stake in shares of Baker Hughes by 22.5% during the 2nd quarter. B. Metzler seel. Sohn & Co. AG now owns 232,646 shares of the company’s stock valued at $12,912,000 after acquiring an additional 42,723 shares during the period. Tsfg LLC increased its holdings in Baker Hughes by 96.6% in the 2nd quarter. Tsfg LLC now owns 2,919 shares of the company’s stock worth $162,000 after acquiring an additional 1,434 shares in the last quarter. Aubrey Capital Management Ltd purchased a new stake in Baker Hughes in the 2nd quarter worth approximately $2,735,000. Finally, Proficio Capital Partners LLC bought a new stake in Baker Hughes during the 2nd quarter worth approximately $226,000. 92.06% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Baker Hughes In related news, CEO Lorenzo Simonelli sold 181,411 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total value of $10,599,844.73. Following the sale, the chief executive officer owned 703,444 shares in the company, valued at approximately $41,102,232.92. The trade was a 20.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.19% of the company’s stock.

Baker Hughes Stock Performance Shares of Baker Hughes stock opened at $63.50 on Tuesday. Baker Hughes Company has a twelve month low of $43.92 and a twelve month high of $70.41. The company has a quick ratio of 1.76, a current ratio of 2.09 and a debt-to-equity ratio of 0.77. The business has a 50-day moving average price of $60.03 and a 200-day moving average price of $61.59. The firm has a market cap of $63.03 billion, a price-to-earnings ratio of 20.48, a PEG ratio of 2.84 and a beta of 0.96. Baker Hughes (NASDAQ:BKR – Get Free Report) last posted its earnings results on Sunday, July 26th. The company reported $0.64 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.13. The company had revenue of $6.74 billion for the quarter, compared to the consensus estimate of $6.54 billion. Baker Hughes had a return on equity of 13.85% and a net margin of 11.17%.The firm’s revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.63 earnings per share. Equities research analysts anticipate that Baker Hughes Company will post 2.51 EPS for the current fiscal year.

Baker Hughes Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Monday, August 17th. Stockholders of record on Friday, August 7th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Friday, August 7th. Baker Hughes’s dividend payout ratio is currently 29.68%.

Analysts Set New Price Targets A number of equities analysts have weighed in on the stock. Jefferies Financial Group reiterated a “buy” rating on shares of Baker Hughes in a research report on Thursday, July 9th. Piper Sandler raised their price objective on shares of Baker Hughes from $71.00 to $73.00 and gave the company an “overweight” rating in a research report on Tuesday, July 28th. UBS Group set a $51.00 target price on shares of Baker Hughes in a report on Tuesday, July 28th. Capital One Financial increased their price target on Baker Hughes from $66.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, May 21st. Finally, Citigroup boosted their price objective on Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, July 8th. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $70.67.

Get Our Latest Stock Report on BKR

About Baker Hughes (Free Report)

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.

Further Reading Five stocks we like better than Baker Hughes 3 Under-the-Radar Defense Stocks With Record Backlogs This Korea ETF Has Soared, But the Rally May Not Be Over Why Guidewire’s Post-Earnings Plunge May Not Last Ride-Share Reckoning: Tesla Drives Into Uber’s Lane Want to see what other hedge funds are holding BKR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Baker Hughes Company (NASDAQ:BKR – Free Report).

Receive News & Ratings for Baker Hughes Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Baker Hughes and related companies with MarketBeat.com's FREE daily email newsletter.

Significant contract supports new well development and production enhancement across bp's UK North Sea operationsAdvanced modular stimulation solution designed to support efficient well completion, operational reliability and enhanced reservoir recovery HOUSTON and LONDON, Sept. 04, 2026 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, announced Friday a significant award from bp to provide offshore stimulation services across the company’s UK North Sea operations. The award supports both new well development and enhanced recovery from mature fields.

Under the agreement, Baker Hughes will deploy a vessel-based stimulation solution featuring its proven StimFORCE™ modular stimulation package to support well completions and production enhancement activities. Supported by a UK operating base and an established local supply chain network, the solution is designed to enhance operational reliability, minimize non-productive time and optimize recovery. The dedicated vessel solution provides both schedule and operational flexibility, enabling stimulation activities to be executed efficiently.

"By combining our vessel-based stimulation expertise, advanced intervention technologies and production optimization capabilities, we are well positioned to help bp enhance reservoir performance, increase operational flexibility and unlock additional value from both new and mature fields across its North Sea portfolio,” said Baker Hughes Executive Vice President of Oilfield Services & Equipment Amerino Gatti.

Baker Hughes has a long-standing presence in the UK, helping offshore operators optimize reservoir performance across the well lifecycle through advanced drilling, completions and intervention technologies.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Media Relations

Kirk Eggleston
+1 346.521.8438
[email protected]

Investor Relations

Chase Mulvehill
+1 346-297-2561
[email protected]
   

A month has gone by since the last earnings report for Baker Hughes (BKR - Free Report) . Shares have added about 2.3% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Baker Hughes due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.

Baker Hughes Q2 Earnings & Revenues Beat EstimatesBaker Hughes Company reported second-quarter 2026 adjusted earnings of 64 cents per share, up 2% year over year. The figure beat the Zacks Consensus Estimate of 51 cents by 25.5%.

Revenues of $6.74 billion surpassed the consensus mark of $6.49 billion by 3.9%. However, the figure declined 2% from the year-ago quarter.

Better-than-expected quarterly results reflected strong OFSE execution, firm IET profitability and record order momentum.

Orders & Backlog Remaining performance obligations, a measure of contracted future work, reached $40.06 billion, up 18% year over year. The increase reflected a record Industrial & Energy Technology (“IET”) backlog, which rose to $37.09 billion and an increased Oilfield Services & Equipment (“OFSE”) backlog, up 10% year over year.

Orders across all business segments totaled $10.5 billion, up 49% from $7.03 billion recorded a year ago, driven by record order intake from the IET business segment. Notably, IET orders nearly doubled from the prior-year period, supported by continued momentum in Gas Technology Equipment and Gas Technology Services.

The company posted a total book-to-bill ratio of 1.6, indicating that orders exceeded current-quarter revenues.

Baker Hughes' IET Momentum StrengthensIndustrial & Energy Technology revenues were $3.29 billion, flat year over year. Lower Gas Technology Equipment and Industrial Solutions revenues, including the effect of the PSI disposition, affected segment results in the quarter, offset by growth across the other product lines.

Segment EBITDA increased 16% from the year-ago quarter to $678 million. The EBITDA margin expanded 280 basis points to 20.6%, driven by pricing, productivity, cost-out initiatives and favorable foreign exchange movements. The positives were partly offset by lower volume and inflation.

BKR's OFSE Execution Tops GuidanceOilfield Services & Equipment revenues fell 5% year over year to $3.45 billion, mainly due to the SPC divestment and Middle East disruptions. North America revenues increased 1%, while International revenues declined 6% year over year.

OFSE EBITDA declined 11% to $605 million, while the margin contracted 120 basis points to 17.5%. Sequentially, however, revenues and EBITDA each rose 7%, driven by higher volume, pricing, cost actions and foreign exchange.

Baker Hughes Expands Margins and Cash FlowAdjusted EBITDA increased 2% year over year to $1.23 billion. The adjusted EBITDA margin improved 70 basis points to 18.3%, with company-wide results exceeding the midpoint of management's guidance.

Operating cash flow was $1.35 billion compared with $510 million in the corresponding period of 2025. Free cash flow in the second quarter totaled $1.11 billion compared with $239 million a year earlier. Net capital expenditures were $236 million, including $135 million for OFSE and $85 million for IET.

BKR's Balance Sheet Reflects Chart FundingBKR ended June with cash and cash equivalents of $15.73 billion. Long-term debt stood at $15.48 billion at the end of the second quarter, reflecting the financing associated with the all-cash Chart Industries acquisition.

The company paid $228 million in dividends during the second quarter and made no share repurchases. Management remains focused on deleveraging after the Chart closing and targets net debt to adjusted EBITDA of 1x-1.5x within 24 months.

Baker Hughes Broadens Its Industrial PortfolioThe company completed the Chart acquisition, adding thermal management, air and gas handling, compression and lifecycle-service capabilities. Baker Hughes expects Chart to become a third reporting segment beginning in the third quarter of 2026.

Management expects run-rate cost synergies of $95 million in year one, $230 million in year two and $325 million in year three. The integration plan also targets commercial benefits from a larger installed base, expanded aftermarket reach and broader digital penetration.

2026 ExpectationsFor the third quarter of 2026, Baker Hughes expects revenues of $6.57-$7.17 billion and adjusted EBITDA of $1.12-$1.30 billion. OFSE revenues are projected at $3.40-$3.70 billion, while IET revenues are forecast at $3.17-$3.47 billion.

For 2026, the company now expects revenues of $26.65-$28.05 billion and adjusted EBITDA of $4.6-$5.1 billion. IET order guidance was raised to $17.5-$19.5 billion, and the Horizon 2 IET order target increased to more than $45 billion for 2026-2028.

The outlook excludes guidance for the Chart segment. It assumes that Middle East activity remains broadly consistent through year-end and that logistics inflation and supply-chain challenges remain in line with recent trends.

How Have Estimates Been Moving Since Then?It turns out, estimates review have trended upward during the past month.

The consensus estimate has shifted 17.06% due to these changes.

VGM ScoresCurrently, Baker Hughes has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Following the exact same course, the stock has a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Baker Hughes has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry PlayerBaker Hughes belongs to the Zacks Oil and Gas - Field Services industry. Another stock from the same industry, Halliburton (HAL - Free Report) , has gained 7.8% over the past month. More than a month has passed since the company reported results for the quarter ended June 2026.

Halliburton reported revenues of $5.71 billion in the last reported quarter, representing a year-over-year change of +3.7%. EPS of $0.55 for the same period compares with $0.55 a year ago.

For the current quarter, Halliburton is expected to post earnings of $0.58 per share, indicating no change from the year-ago quarter. The Zacks Consensus Estimate has changed -0.5% over the last 30 days.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Halliburton. Also, the stock has a VGM Score of D.

Baker Hughes reports that the U.S. rig count is down 5 from last week to 588 with oil rigs down 3 to 452, gas rigs down 1 to 127 and miscellaneous rigs down 1 to 9. The U.S. Rig Count is up 50 rigs from last year's count of 538 with oil rigs up 41, gas rigs up 5 and miscellaneous rigs up 4. The U.S. Offshore Rig Count is down 2 to 10, down 3 year-over-year. The Canada Rig Count is down 3 from last week to 216 with oil rigs down 3 to 148, gas rigs unchanged at 65 and miscellaneous rigs unchanged at 3. The Canada Rig Count is up 36 from last year's count of 180 with oil rigs up 25, gas rigs up 9 and miscellaneous rigs up 2.

Key Takeaways Baker Hughes adds thermal, compression, carbon-capture and lifecycle-service capabilities through Chart.BKR targets $325 million in annual run-rate cost synergies by year three across nearly 300 initiatives.Baker Hughes' long-term debt rose to $15.48 billion, raising the stakes for integration and deleveraging. Baker Hughes Company (BKR - Free Report) completed its all-cash acquisition of Chart Industries in July 2026, adding a broader industrial technology platform and creating a third reporting segment. The deal expands Baker Hughes beyond traditional oilfield markets and increases its exposure to energy infrastructure and industrial applications.

The strategic case centers on a larger installed base, more recurring lifecycle revenues and sizable cost savings. The trade-off is higher leverage and a demanding integration program that must deliver on schedule.

BKR Adds a Broader Industrial Technology PlatformChart adds thermal management, air and gas handling, compression, carbon-capture and lifecycle-service capabilities. These technologies strengthen Baker Hughes’ position in gas infrastructure, industrial markets, data centers, geothermal and carbon capture.

The acquisition also broadens the company’s competitive frame. SLB (SLB - Free Report) is expanding digital, production and data-center infrastructure capabilities, while NVIDIA Corporation (NVDA - Free Report) is developing AI-factory systems that require coordinated power, cooling and control infrastructure. Chart gives Baker Hughes a wider set of tools for serving those converging markets.

Baker Hughes Targets Meaningful Cost SynergiesManagement expects annual run-rate cost synergies of $95 million in year one, $230 million in year two and $325 million in year three. The largest opportunities are expected from selling, general and administrative optimization, supply-chain efficiencies and facility optimization.

Execution will depend on eliminating duplicative costs, consolidating support functions and systems, capturing purchasing-scale benefits and improving manufacturing utilization. Baker Hughes has identified nearly 300 initiatives across procurement, corporate costs, systems, operations and footprint optimization.

BKR Sees New Aftermarket and Digital OpportunitiesThe combined installed base could expand aftermarket services, digital penetration and recurring lifecycle revenues. Baker Hughes plans to use its global service network to increase Chart’s aftermarket coverage and introduce iCenter, Cordant and Uptime solutions across the acquired base.

Cross-selling may add commercial upside beyond the stated cost targets. The company sees opportunities to combine its power-generation and liquefaction capabilities with Chart’s thermal management, cryogenic storage, gas handling and carbon-capture technologies.

Image Source: Baker Hughes Company

Baker Hughes Takes on Higher Financial RiskThe transaction materially increased balance-sheet risk. Baker Hughes issued $9.9 billion of long-term debt during the first half of 2026, and long-term debt reached $15.48 billion at June 30, compared with $5.40 billion at the end of 2025.

Management is prioritizing deleveraging and targets net debt to adjusted EBITDA of 1.0-1.5 times within 24 months of closing. Near-term capital returns may remain constrained as the company builds cash balances, reduces leverage and integrates Chart.

BKR’s Integration Timeline Becomes the Key TestThe acquisition is being managed through 18 integration workstreams. During the first 90 days, Baker Hughes is focusing on customer continuity, employee retention, operating performance and early synergy actions. The next phase emphasizes operating-model alignment, commercial integration and pilot customer solutions.

Chart will become Baker Hughes’ third reporting segment beginning in the third quarter of 2026. Delays in procurement savings, systems integration or aftermarket expansion could slow synergy capture, weaken financial flexibility and postpone a return to more substantial share repurchases.

Baker Hughes Signals Reward Execution DisciplineThe Chart deal gives Baker Hughes a broader growth platform, but the investment case now depends more heavily on integration discipline and debt reduction. Successful execution could improve the durability of earnings and cash flow, while delays would magnify the financial risk created by the all-cash transaction.

BKR currently carries a Zacks Rank #3 (Hold). Its Growth Score of B and Momentum Score of A point to favorable growth and price-trend characteristics, while its Value Score of C is more neutral. The VGM Score of B reflects a constructive overall style profile, but the Zacks Rank suggests a balanced near-term outlook rather than a clear directional signal. 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Posted by Defense World Staff on Jul 29th, 2026

Amundi boosted its stake in Baker Hughes Company (NASDAQ:BKR – Free Report) by 28.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,946,464 shares of the company’s stock after purchasing an additional 2,409,978 shares during the period. Amundi owned approximately 1.10% of Baker Hughes worth $668,282,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Bleakley Financial Group LLC grew its position in Baker Hughes by 0.6% in the first quarter. Bleakley Financial Group LLC now owns 25,485 shares of the company’s stock valued at $1,556,000 after acquiring an additional 163 shares in the last quarter. Resolute Wealth Strategies LLC lifted its holdings in Baker Hughes by 2.7% in the 1st quarter. Resolute Wealth Strategies LLC now owns 6,597 shares of the company’s stock worth $403,000 after buying an additional 172 shares in the last quarter. Deseret Mutual Benefit Administrators boosted its position in Baker Hughes by 10.5% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,884 shares of the company’s stock valued at $86,000 after buying an additional 179 shares during the last quarter. Krilogy Financial LLC boosted its position in Baker Hughes by 3.2% in the 4th quarter. Krilogy Financial LLC now owns 5,722 shares of the company’s stock valued at $261,000 after buying an additional 180 shares during the last quarter. Finally, 3Chopt Investment Partners LLC grew its stake in shares of Baker Hughes by 0.5% during the fourth quarter. 3Chopt Investment Partners LLC now owns 42,679 shares of the company’s stock valued at $1,944,000 after acquiring an additional 203 shares in the last quarter. 92.06% of the stock is owned by hedge funds and other institutional investors.

Baker Hughes News Roundup Here are the key news stories impacting Baker Hughes this week:

Positive Sentiment: Second-quarter results exceeded expectations. Baker Hughes reported adjusted EPS of $0.64 versus the $0.51 consensus and revenue of $6.74 billion, above estimates of $6.54 billion. Revenue increased 2.4% year over year, while strong cash flow and expanding margins supported the outlook. Baker Hughes earnings report Positive Sentiment: Energy Technology orders and backlog are key growth drivers. IET orders surged 49%, reaching a record level, and the company highlighted robust backlog growth and margin expansion. These trends are helping offset weaker near-term drilling activity. Baker Hughes Q2 earnings analysis Positive Sentiment: A major LNG contract strengthens the long-term story. Baker Hughes secured a comprehensive liquefaction-technology order from Venture Global for the CP2 LNG expansion in Louisiana. The award reinforces exposure to LNG infrastructure and rising power demand from artificial-intelligence data centers. Baker Hughes Venture Global LNG order Positive Sentiment: Analyst support improved. Susquehanna raised its price target from $70 to $72 and assigned a positive rating, while Piper Sandler maintained its Buy rating. A separate Wall Street Zen upgrade also adds to favorable sentiment. Neutral Sentiment: Third-quarter revenue guidance was broadly in line. Baker Hughes forecast revenue of approximately $6.9 billion, matching consensus, offering limited incremental upside from guidance alone. The company also declared a quarterly dividend of $0.23 per share. Negative Sentiment: Management expects global oil-and-gas producer spending to decline modestly in 2026. Growth in Latin America, offshore Africa, and North American land activity is expected to be offset by reduced spending in Europe and the Middle East, creating a headwind for conventional oilfield services. Baker Hughes spending outlook Negative Sentiment: Valuation and positioning may be limiting gains. One analysis characterized BKR as fairly valued after its recent operational improvement and cautioned that Middle East tensions and AI-related power demand could reverse. Unusually heavy put-option buying also signals increased near-term hedging or bearish speculation. Baker Hughes Price Performance Shares of NASDAQ:BKR opened at $58.46 on Wednesday. Baker Hughes Company has a 12 month low of $41.96 and a 12 month high of $70.41. The stock has a market cap of $58.00 billion, a price-to-earnings ratio of 18.86, a PEG ratio of 2.52 and a beta of 0.96. The stock’s 50 day moving average price is $59.75 and its 200 day moving average price is $60.12. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77.

Baker Hughes (NASDAQ:BKR – Get Free Report) last released its earnings results on Sunday, July 26th. The company reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.13. The firm had revenue of $6.74 billion for the quarter, compared to analyst estimates of $6.54 billion. Baker Hughes had a return on equity of 14.06% and a net margin of 11.17%.Baker Hughes’s revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.63 earnings per share. Equities research analysts anticipate that Baker Hughes Company will post 2.26 earnings per share for the current fiscal year.

Baker Hughes Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Monday, August 17th. Investors of record on Friday, August 7th will be given a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, August 7th. Baker Hughes’s dividend payout ratio is 29.39%.

Analyst Ratings Changes A number of research analysts have recently issued reports on BKR shares. Wolfe Research initiated coverage on shares of Baker Hughes in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $70.00 price target on the stock. Barclays lowered their price objective on shares of Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. Wall Street Zen upgraded shares of Baker Hughes from a “hold” rating to a “buy” rating in a research note on Tuesday. Piper Sandler raised their target price on shares of Baker Hughes from $71.00 to $73.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Jefferies Financial Group restated a “buy” rating on shares of Baker Hughes in a research note on Thursday, July 9th. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Baker Hughes has an average rating of “Moderate Buy” and an average price target of $69.95.

View Our Latest Research Report on Baker Hughes

Insider Activity at Baker Hughes In other news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $58.43, for a total value of $10,599,844.73. Following the completion of the sale, the chief executive officer owned 703,444 shares in the company, valued at $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total value of $326,751.36. Following the completion of the sale, the chief accounting officer directly owned 15,997 shares of the company’s stock, valued at approximately $1,027,327.34. This trade represents a 24.13% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 367,910 shares of company stock valued at $22,420,797. 0.19% of the stock is owned by insiders.

Baker Hughes Profile (Free Report)

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.

Featured Stories Five stocks we like better than Baker Hughes These 3 Stocks Have Soared in 2026—Can They Keep Climbing? Hasbro’s Earnings Beat Shows Why This Is No Longer Just a Toy Story Rambus: Another AI Phoenix Ready to Rise From the Ashes of Correction Chips & Clips: Memory Tariffs Rewire Tech Supply Chains Want to see what other hedge funds are holding BKR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Baker Hughes Company (NASDAQ:BKR – Free Report).

Receive News & Ratings for Baker Hughes Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Baker Hughes and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEAmundi Has $867.40 Million Stake in Prologis, Inc. $PLD

NEXT HEADLINE »First Trust Advisors LP Decreases Holdings in MDU Resources Group, Inc. $MDU

Key Takeaways BKR beat Q2 estimates as adjusted EPS rose 2% and revenues topped expectations despite a 2% decline.Record IET orders drove total orders up 49%, while backlog climbed 18% to $40.06 billion.Baker Hughes raised 2026 revenues, EBITDA and IET order guidance after completing the Chart acquisition. Baker Hughes Company (BKR - Free Report) reported second-quarter 2026 adjusted earnings of 64 cents per share, up 2% year over year. The figure beat the Zacks Consensus Estimate of 51 cents by 25.5%.

Revenues of $6.74 billion surpassed the consensus mark of $6.49 billion by 3.9%. However, the figure declined 2% from the year-ago quarter.

Better-than-expected quarterly results reflected strong OFSE execution, firm IET profitability and record order momentum.

BKR's Orders & Backlog SurgeRemaining performance obligations, a measure of contracted future work, reached $40.06 billion, up 18% year over year. The increase reflected a record Industrial & Energy Technology (“IET”) backlog, which rose to $37.09 billion and an increased Oilfield Services & Equipment (“OFSE”) backlog, up 10% year over year.

Orders across all business segments totaled $10.5 billion, up 49% from $7.03 billion recorded a year ago, driven by record order intake from the IET business segment. Notably, IET orders nearly doubled from the prior-year period, supported by continued momentum in Gas Technology Equipment and Gas Technology Services.

The company posted a total book-to-bill ratio of 1.6, indicating that orders exceeded current-quarter revenues.

Baker Hughes' IET Momentum StrengthensIndustrial & Energy Technology revenues were $3.29 billion, flat year over year. Lower Gas Technology Equipment and Industrial Solutions revenues, including the effect of the PSI disposition, affected segment results in the quarter, offset by growth across the other product lines.

Segment EBITDA increased 16% from the year-ago quarter to $678 million. The EBITDA margin expanded 280 basis points to 20.6%, driven by pricing, productivity, cost-out initiatives and favorable foreign exchange movements. The positives were partly offset by lower volume and inflation.

BKR's OFSE Execution Tops GuidanceOilfield Services & Equipment revenues fell 5% year over year to $3.45 billion, mainly due to the SPC divestment and Middle East disruptions. North America revenues increased 1%, while International revenues declined 6% year over year.

OFSE EBITDA declined 11% to $605 million, while the margin contracted 120 basis points to 17.5%. Sequentially, however, revenues and EBITDA each rose 7%, driven by higher volume, pricing, cost actions and foreign exchange.

Baker Hughes Expands Margins and Cash FlowAdjusted EBITDA increased 2% year over year to $1.23 billion. The adjusted EBITDA margin improved 70 basis points to 18.3%, with company-wide results exceeding the midpoint of management's guidance.

Operating cash flow was $1.35 billion compared with $510 million in the corresponding period of 2025. Free cash flow in the second quarter totaled $1.11 billion compared with $239 million a year earlier. Net capital expenditures were $236 million, including $135 million for OFSE and $85 million for IET.

BKR's Balance Sheet Reflects Chart FundingBKR ended June with cash and cash equivalents of $15.73 billion. Long-term debt stood at $15.48 billion at the end of the second quarter, reflecting the financing associated with the all-cash Chart Industries acquisition.

The company paid $228 million in dividends during the second quarter and made no share repurchases. Management remains focused on deleveraging after the Chart closing and targets net debt to adjusted EBITDA of 1x-1.5x within 24 months.

Baker Hughes Broadens Its Industrial PortfolioThe company completed the Chart acquisition, adding thermal management, air and gas handling, compression and lifecycle-service capabilities. Baker Hughes expects Chart to become a third reporting segment beginning in the third quarter of 2026.

Management expects run-rate cost synergies of $95 million in year one, $230 million in year two and $325 million in year three. The integration plan also targets commercial benefits from a larger installed base, expanded aftermarket reach and broader digital penetration.

BKR Raises Its 2026 ExpectationsFor the third quarter of 2026, Baker Hughes expects revenues of $6.57-$7.17 billion and adjusted EBITDA of $1.12-$1.30 billion. OFSE revenues are projected at $3.40-$3.70 billion, while IET revenues are forecast at $3.17-$3.47 billion.

For 2026, the company now expects revenues of $26.65-$28.05 billion and adjusted EBITDA of $4.6-$5.1 billion. IET order guidance was raised to $17.5-$19.5 billion, and the Horizon 2 IET order target increased to more than $45 billion for 2026-2028.

The outlook excludes guidance for the Chart segment. It assumes that Middle East activity remains broadly consistent through year-end and that logistics inflation and supply-chain challenges remain in line with recent trends.

BKR’s Zacks Rank & Key PicksBKR currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the energy sector are Par Pacific Holdings (PARR - Free Report) , Valero Energy (VLO - Free Report) and FuelCell Energy (FCEL - Free Report) . While Par Pacific sports a Zacks Rank #1 (Strong Buy), Valero Energy and FuelCell Energy carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks Rank #1 stocks here.

Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products.

Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. Valero’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.

FuelCell Energy is a clean energy company that offers scalable, reliable, low-carbon power solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company’s proprietary molten carbonate fuel cell systems generate electricity through an electrochemical process instead of burning fuel, reducing carbon emissions and minimizing the environmental impact of power generation. FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.

+ GuruFocus.com on

Baker Hughes BKR shares surged following the release of its Q2 adjusted earnings per share (EPS) of $0.64, surpassing the FactSet consensus of $0.58. The company also secured a significant LNG technology contract for Venture Global's CP2 expansion during the quarter. While revenue fell short at $6.74 billion compared to the anticipated $7.08 billion, investors are optimistic due to improved margins, a favorable business mix, strong order activity, a record backlog, and healthy cash flow, indicating a shift towards higher-quality Industrial & Energy Technology earnings. Management acknowledged challenges in the upstream market but remains focused on growth.

Backlog Quality: The CP2 award bolsters BKR's position in one of the largest LNG projects globally, enhancing long-term revenue visibility. Management projects IET orders of $13.5-$15.5 billion by 2026, driven by LNG, gas infrastructure, FPSO activity, and power systems. The record IET backlog of $37.1 billion offers more earnings visibility compared to the cyclical oilfield services sector. Margin Focus: BKR is prioritizing profitability, aiming for $2.7 billion of IET EBITDA in 2026 to achieve a 20% margin. The company also targets a 20% adjusted EBITDA margin by 2028, supported by a favorable project mix, service growth, productivity initiatives, and benefits from the Chart integration. Cash Flow and Balance Sheet: In Q2, operating cash flow reached $1.35 billion, with free cash flow at $1.11 billion. The net debt-to-EBITDA ratio stands at just 0.1x, providing financial flexibility for integration, capital allocation, and strategic growth. Power Systems Demand: BKR noted a $3 billion opportunity related to data centers from 2025 to 2027, driven by increasing demand for gas-fired power generation. The company plans to double NovaLT capacity by the first half of 2027, with current production committed through 2028. OFSE Outlook: The Oilfield Services & Equipment (OFSE) sector is expected to see a slight year-over-year decline in 2026, with organic margins remaining flat. Growth in SSPS, cost management, and resilience to pricing pressures will be crucial. Over time, OFSE is projected to contribute less to earnings as IET becomes the primary growth driver. The key takeaway from this quarter is that BKR is transitioning from a traditional oilfield services company to a higher-margin industrial technology firm with enhanced earnings visibility. Investors are encouraged by the record IET backlog, significant LNG contract, strong free cash flow, and multi-year margin targets, all pointing to improved earnings quality despite subdued upstream spending. The main challenge lies in executing the record backlog while managing OFSE headwinds, tariffs, supply chain issues, project timelines, and the integration of Chart. The future success of BKR will depend on its ability to convert this growing backlog into profitable revenue while demonstrating that IET can offset cyclical weaknesses in OFSE and achieve the projected margin expansion by 2028.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Baker Hughes Company remains a Hold, as its current valuation closely matches a conservative fair value despite strong operational performance. BKR's recent Chart Industries acquisition and asset sales support targeted deleveraging to 1.0x–1.5x net debt/EBITDA within 24 months. Near-term boosts from Middle East tensions and AI-driven power demand could reverse, introducing volatility and potential headwinds.

Baker Hughes stock is one of the top-performing stocks in the S&P 500 on Monday as second-quarter earnings show the oilfield services company is successfully navigating the situation in the Middle East.

Baker Hughes Co (BKR) released its 8-K filing for the second quarter of 2026 on July 26, 2026, highlighting key financial results and operational performance me

Second-quarter highlights

Orders of $10.5 billion, including $7.1 billion of IET orders. RPO of $40.1 billion, including record IET RPO of $37.1 billion.Revenue of $6.7 billion.Attributable net income of $681 million.GAAP diluted EPS of $0.68 and adjusted diluted EPS* of $0.64.Adjusted EBITDA* of $1,231 million.Cash flows from operating activities of $1,345 million and free cash flow* of $1,109 million. HOUSTON and LONDON, July 26, 2026 (GLOBE NEWSWIRE) -- Baker Hughes Company (Nasdaq: BKR) ("Baker Hughes" or the "Company") announced results today for the second quarter of 2026.

"Baker Hughes delivered another strong quarter, reflecting the breadth of our portfolio and continued momentum across data center, gas infrastructure, and upstream markets. Disciplined execution and our ability to effectively navigate ongoing Middle East challenges contributed to Adjusted EBITDA exceeding the high end of our guidance range. Looking ahead, favorable underlying fundamentals support our confidence in achieving the midpoint of our full-year guidance as we continue to manage through the Middle East uncertainty."

"IET delivered another exceptional quarter of orders, with record bookings doubling year-over-year to $7.1 billion and backlog increasing 19% to a new all-time high. The strength was driven by robust demand across Power Systems and LNG, with particularly strong momentum in power generation. Given broadening customer demand, a growing pipeline across industrial and energy infrastructure markets, and our decision to further expand capacity, we are raising our full-year IET order guidance and increasing our Horizon 2(1) IET orders outlook to more than $45 billion."

"OFSE delivered an impressive quarter, with EBITDA exceeding the high end of our guidance range despite a complex operating environment. Increased activity and higher product shipments late in the quarter in the Middle East, along with solid performance in North America land and Latin America, drove the upside and demonstrated the resilience and durability of our portfolio despite higher inflationary costs."

"Our second-quarter performance further reinforces confidence in Baker Hughes’ strategic direction. Energy security and rising power demand are driving investment across both energy and industrial value chains, and our expanding portfolio is increasingly aligned with the most attractive growth opportunities across our core end markets."

"The successful closing of the Chart acquisition marks a major milestone in our evolution as a leading industrialized energy solutions company. Chart enhances our capabilities in thermal management, air and gas handling, compression and lifecycle services, while expanding our reach across attractive core and adjacent markets. The addition of Chart further advances our portfolio, broadens our growth opportunities, and enhances our ability to create long-term value for customers and shareholders. We are pleased to welcome Chart’s employees to Baker Hughes and look forward to their contributions as part of our team," concluded Simonelli.

(1) Horizon 2 represents 2026-2028.
* Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."

 Three Months Ended Variance(in millions except per share amounts)June 30, 2026March 31, 2026June 30, 2025 SequentialYear-over-yearOrders$10,501$8,159$7,032 29%49%Revenue 6,742 6,587 6,910 2%(2%)Net income attributable to Baker Hughes 681 930 701 (27%)(3%)Adjusted net income attributable to Baker Hughes* 640 573 623 12%3%Adjusted EBITDA* 1,231 1,158 1,212 6%2%Diluted earnings per share (EPS) 0.68 0.93 0.71 (27%)(3%)Adjusted diluted EPS* 0.64 0.58 0.63 12%2%Cash flow from operating activities 1,345 500 510 FFFree cash flow* 1,109 210 239 FF * Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."
Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.
"F" is used in the above table when variance is above 100%. Additionally, "U" is used when variance is below (100)%.

Quarter Highlights

Executing our portfolio management strategy

Announced the sale of Waygate Technologies to Hexagon, in an all-cash transaction for approximately $1.45 billion, before customary closing adjustments.In July, completed the previously announced purchase of Chart Industries, Inc. (NYSE: GTLS) in an all-cash transaction. The acquisition enhances Baker Hughes' portfolio with highly complementary technologies and expands exposure to attractive industrial and energy markets, while increasing the Company's installed base and recurring aftermarket opportunities.
Key awards and technology achievements

Leveraging enterprise-wide capabilities

Advanced large-scale geothermal development in North America through a commercial agreement with Mantle Reach Power, a dedicated geothermal development company backed by EnCap Energy Transition Fund III. With the goal to install up to 500 megawatts of power in the next five years, the Company will act as an integrated subsurface solution provider, and Mantle Reach Power will lead project development, ownership and financing. Industrial & Energy Technology

Industrial & Energy Technology (“IET”) secured important awards and agreements across diverse end markets and capabilities.

Received a major Venture Global award to provide six liquefied natural gas (LNG) blocks, for a total of 12 liquefaction modules. Each block is based on two single mixed-refrigerant (SMR) liquefaction modules and related compression trains featuring Baker Hughes' advanced centrifugal compressor technology, as well as cold boxes, air coolers and integrated control systems, building on the successful track record of delivering critical energy infrastructure in Louisiana.Secured substantial awards from Cheniere and Bechtel that highlight Baker Hughes’ full-lifecycle LNG capabilities, including liquefaction equipment for Sabine Pass Train 7, as well as a boil-off gas re-liquefaction unit and fleet-wide gas turbine upgrades across the facility. The awards are expected to support approximately 6 MTPA of additional LNG production capacity.Strengthened its position in floating LNG through a significant award from Golar to supply four PGT25 gas turbine-driven refrigerant compressor trains for a 3.5 MTPA floating LNG facility, marking the fourth Golar vessel to utilize Baker Hughes' liquefaction solutions.Extended a significant, multi-year services agreement with Nigeria LNG to enhance the reliability and efficiency of the project's critical Train 7 turbomachinery equipment.Received a major award from Dynamis Power Solutions, including 76 NovaLT™16 gas turbines, for approximately 1.3 GW of capacity for its hypermobile power solutions for a wide range of data center and oil & gas applications in North America.Signed a multi-year strategic agreement with Kodiak Gas Services, including an initial major award supporting 1 GW of power generation capacity and a broader framework providing a pathway for up to 1.8 GW over time. The initial order leverages Baker Hughes' NovaLT™16, Frame 5 and BRUSH™ Power Generation generator technologies to meet accelerating power demand from data centers and energy infrastructure projects across North America.Awarded significant order to enable improved recovery, sustained production levels, and extension of field life in a mature offshore field in the Middle East. The scope includes nine electric motor-driven compressor trains for gas injection, gas lift, and boosting applications.Received a significant award from Saipem Nasser Saeed Al-Hajri Contracting Company (SNSH), a JV between Saipem and NSH in KSA, following a Novation Agreement with Aramco. The contract covers the supply of compression solutions for Aramco's Uthmaniyah conventional gas wells, supporting production optimization and enhanced recovery to extend the life of the field. The scope includes five electric motor-driven centrifugal compressor trains, together with associated balance-of-plant and auxiliary systems.Continued expanding IET’s presence into new markets, securing RINA certification for its fuel-flexible NovaLT™16 for maritime propulsion applications, specifically to operate on natural gas and up to 100% hydrogen to support maritime decarbonization.Grew digital solutions globally across a mix of software, hardware and services awards, leveraging the Company's Cordant™ Solutions portfolio to deploy asset performance software, analytics, and monitoring technologies through agreements with SINOPEC, Petrobras, and KNPC (formerly KIPIC) to enhance asset visibility and optimize operational performance. In addition, the Company secured a multi-year preferred supplier agreement with a global OEM to include vibration, sensing, condition monitoring, asset health software and services ─ supporting broader deployment across both new build and retrofit projects while driving greater standardization of asset protection and monitoring technologies.
Oilfield Services & Equipment

Oilfield Services & Equipment (“OFSE”) secured strategic orders and agreements across key product lines and geographies.

Expanded the Company’s Norwegian presence and relationship with Equinor, strengthening North Sea capabilities. The Company inaugurated a new subsea manufacturing facility in Dusavik and announced two significant contract extensions for integrated drilling and well services solutions, as well as wireline intervention services.Secured a major contract extension and expansion with Petrobras for integrated well construction solutions across Brazil’s Santos Basin. The agreement builds on a 2024 well construction services award, further expanding the scope and impact of Baker Hughes’ integrated drilling solutions in the region.Signed significant contracts for wireline services with Oil and Natural Gas Corporation of India, to provide up to 46 advanced wireline units and integrated drill stem testing kits that will help improve reservoir insight, optimize production and support more efficient field development in offshore and onshore oil & gas fields.Secured a key milestone award for Leucipa™, marking its first deployment outside of the oil & gas sector. By integrating Baker Hughes’ ESP technology with the Leucipa™ digital optimization platform, the solution will support a geothermal and lithium extraction development in Europe through real-time monitoring, operational insights and performance optimization.Signed a strategic collaboration agreement with Helmerich & Payne, Inc. to support geothermal exploration and development in the United States. The companies will provide customers earlier access to dedicated rig capacity, reducing execution risk and allowing greater efficiency to move from project evaluation to development.Received a substantial subsea production systems contract from Azule Energy to support ultra-deepwater, greenfield development offshore Angola. Baker Hughes will manufacture and supply horizontal tree systems to enable safe, reliable and efficient production.Won a significant contract from McDermott to deliver integrated subsea systems for a natural gas development project offshore Brunei Darussalam. The scope includes six trees, controls, services, and subsea wellheads.
Consolidated Financial Results

Revenue for the quarter was $6,742 million, an increase of $155 million, or 2% sequentially, and down $168 million, or 2% year-over-year. The decrease in revenue year-over-year was mainly driven by the impact of the Precision Sensors & Instrumentation (“PSI”) and Surface Pressure Control (“SPC”) dispositions.

The Company's total book-to-bill ratio in the second quarter of 2026 was 1.6; the IET book-to-bill ratio was 2.2.

Net income, as determined in accordance with generally accepted accounting principles in the United States ("GAAP") for the second quarter of 2026, was $681 million. Net income decreased $249 million, or 27% sequentially, and decreased $20 million, or 3% year-over-year.

Adjusted net income (a non-GAAP financial measure) for the second quarter of 2026 was $640 million, which excludes adjustments totaling $41 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Adjusted net income for the second quarter of 2026 was up $67 million, or 12% sequentially, and up $17 million, or 3% year-over-year.

Depreciation and amortization for the second quarter of 2026 was $333 million.

Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2026 was $1,231 million, which excludes adjustments totaling $60 million. See Table 1a in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Adjusted EBITDA for the second quarter was up $73 million, or 6% sequentially, and up $19 million, or 2% year-over-year.

The sequential increase in adjusted net income and Adjusted EBITDA was primarily driven by higher volume, price, productivity, FX, and cost-out initiatives, partially offset by inflation.

The year-over-year increase in adjusted net income and Adjusted EBITDA was primarily driven by productivity, price, cost-out initiatives, and FX, partially offset by inflation, lower volume, change in business mix, and the PSI and SPC dispositions.

Other Financial Items

Remaining Performance Obligations ("RPO") in the second quarter of 2026 ended at $40.1 billion, an increase of $4.0 billion from the first quarter of 2026. OFSE RPO was $3.0 billion, remained flat sequentially, while IET RPO was $37.1 billion, up $4.0 billion sequentially. Within IET RPO, Gas Technology Equipment and Gas Technology Services were $15.0 billion and $16.7 billion, respectively.

Income tax expense in the second quarter of 2026 was $210 million.

Other (income) expense, net in the second quarter of 2026 was $(104) million, primarily related to a net gain of $125 million from the change in fair value of equity securities, partially offset by transaction related costs of $30 million incurred in connection with business disposals and acquisitions, and $24 million working capital adjustments related to business dispositions.

GAAP diluted earnings per share was $0.68 for the second quarter of 2026. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.64. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."

Cash flow from operating activities was $1,345 million for the second quarter of 2026. Free cash flow (a non-GAAP financial measure) for the quarter was $1,109 million. A reconciliation from GAAP has been provided in Table 1c in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."

Capital expenditures, net of proceeds from disposal of assets, were $236 million for the second quarter of 2026, of which $135 million was for OFSE and $85 million was for IET.

Results by Reporting Segment

The following segment discussions and variance explanations are intended to reflect management's view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

Oilfield Services & Equipment

(in millions)Three Months Ended VarianceSegment resultsJune 30, 2026March 31, 2026June 30, 2025 SequentialYear-over-yearOrders$3,413 $3,272 $3,503  4%(3%)Revenue$3,451 $3,237 $3,617  7%(5%)EBITDA$605 $565 $677  7%(11%)EBITDA margin 17.5% 17.4% 18.7% 0.1pts-1.2pts (in millions)Three Months Ended VarianceRevenue by Product LineJune 30, 2026March 31, 2026June 30, 2025 SequentialYear-over-yearWell Construction$899$843$921 7%(2%)Completions, Intervention, and Measurements 944 883 935 7%1%Production Solutions 930 898 968 4%(4%)Subsea & Surface Pressure Systems 678 613 793 11%(14%)Total Revenue$3,451$3,237$3,617 7%(5%) (in millions)Three Months Ended VarianceRevenue by Geographic RegionJune 30, 2026March 31, 2026June 30, 2025 SequentialYear-over-yearNorth America$933$927$928 1%1%Latin America 732 600 639 22%15%Europe/CIS/Sub-Saharan Africa 568 558 653 2%(13%)Middle East/Asia 1,218 1,152 1,398 6%(13%)Total Revenue$3,451$3,237$3,617 7%(5%)       North America$933$927$928 1%1%International$2,518$2,310$2,689 9%(6%) EBITDA excludes depreciation and amortization of $266 million, $278 million, and $233 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. EBITDA margin is defined as EBITDA divided by revenue.
"F" is used in the above table when variance is above 100%. Additionally, "U" is used when variance is below (100)%.

OFSE orders of $3,413 million for the second quarter of 2026 increased by $141 million, or 4% sequentially. Subsea and Surface Pressure Systems orders were $667 million, up $17 million, or 3% sequentially, and down $31 million, or 4% year-over-year.

OFSE revenue of $3,451 million for the second quarter of 2026 was up $214 million, or 7% sequentially, and down $166 million, or 5% year-over-year. The year-over-year decrease was driven mainly by the impact of the SPC disposition and disruptions in the Middle East, offset by the benefit of FX in Latin America.

North America revenue was $933 million, up $5 million, or 1% sequentially. International revenue was $2,518 million, up $208 million, or 9% sequentially, with an increase in Latin America, Middle East/Asia, and Europe/CIS/Sub-Saharan Africa.

Segment EBITDA for the second quarter of 2026 was $605 million, an increase of $40 million, or 7% sequentially. The sequential increase in EBITDA was a result of higher volume, price, cost-out initiatives, and FX, partially offset by inflation, productivity, and a change in business mix.

Industrial & Energy Technology

(in millions)Three Months Ended VarianceSegment resultsJune 30, 2026March 31, 2026June 30, 2025 SequentialYear-over-yearOrders$7,088 $4,887 $3,530  45%FRevenue$3,291 $3,350 $3,293  (2%)—%EBITDA$678 $678 $585  —%16%EBITDA margin 20.6% 20.2% 17.8% 0.3pts2.8pts (in millions)Three Months Ended VarianceOrders by Product LineJune 30, 2026March 31, 2026June 30, 2025 SequentialYear-over-yearGas Technology Equipment$4,913$1,824$781 FFGas Technology Services 1,314 973 986 35%33%Total Gas Technology 6,227 2,797 1,767 FFIndustrial Products 533 604 513 (12%)4%Industrial Solutions 274 229 327 20%(16%)Total Industrial Technology 807 833 839 (3%)(4%)Climate Technology Solutions 54 1,257 923 (96%)(94%)Total Orders$7,088$4,887$3,530 45%F (in millions)Three Months Ended VarianceRevenue by Product LineJune 30, 2026March 31, 2026June 30, 2025 SequentialYear-over-yearGas Technology Equipment$1,524$1,665$1,624 (9%)(6%)Gas Technology Services 831 791 752 5%11%Total Gas Technology 2,355 2,456 2,377 (4%)(1%)Industrial Products 549 491 488 12%13%Industrial Solutions 182 185 273 (2%)(33%)Total Industrial Technology 731 676 761 8%(4%)Climate Technology Solutions 205 218 156 (6%)31%Total Revenue$3,291$3,350$3,293 (2%)—% EBITDA excludes depreciation and amortization of $60 million, $69 million, and $56 million for the three months ended June 30, 2026, March 31, 2026, and June 30, 2025, respectively. EBITDA margin is defined as EBITDA divided by revenue.
"F" is used in the above table when variance is above 100%. Additionally, "U" is used when variance is below (100)%.

IET orders of $7,088 million for the second quarter of 2026 increased by $3,558 million, or 101% year-over-year. The increase was driven by continued strength in Gas Technology Equipment and Gas Technology Services.

IET revenue of $3,291 million for the second quarter of 2026 remained flat year-over-year, with decreases in Gas Technology Equipment and Industrial Solutions driven by the PSI disposition, offset by increases in all other product lines.

Segment EBITDA for the quarter was $678 million, an increase of $93 million, or 16% year-over-year. The year-over-year increase in segment EBITDA was driven by price, productivity, cost-out initiatives, and FX, partially offset by lower volume and inflation.

Reconciliation of GAAP to non-GAAP Financial Measures

Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

 Three Months Ended(in millions)June 30, 2026March 31, 2026June 30, 2025Net income attributable to Baker Hughes (GAAP)$681 $930 $701 Net income attributable to noncontrolling interests 1  8  10 Provision for income taxes 210  336  256 Interest expense, net 66  86  54 Depreciation & amortization 333  354  293 Restructuring 11  37  — Inventory impairment —  2  — Gain (loss) on business dispositions(1) 24  (721) — Change in fair value of equity securities(1) (125) 50  (119)Transaction related costs(1) 30  28  — Other charges and credits(1)  48  17 Adjusted EBITDA (non-GAAP) 1,231  1,158  1,212 Corporate costs 82  74  78 Other (income) / expense not allocated to segments (30) 11  (28)Total Segment EBITDA (non-GAAP)$1,283 $1,243 $1,262 OFSE 605  565  677 IET 678  678  585  (1)   The gain on business dispositions, change in fair value of equity securities, transaction related costs, and other charges and credits are reported in "Other (income) expense, net" on the condensed consolidated statements of income (loss).

Table 1a reconciles net income attributable to Baker Hughes, which is the most directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

 Three Months Ended(in millions, except per share amounts)June 30, 2026March 31, 2026June 30, 2025Net income attributable to Baker Hughes (GAAP)$681 $930 $701 Restructuring 11  37  — Inventory impairment —  2  — (Gain) loss on business dispositions 24  (721) — Change in fair value of equity securities (125) 50  (119)Transaction related costs(1) 30  72  — Other adjustments —  48  17 Tax adjustments 19  155  24 Total adjustments, net of income tax (41) (357) (78)Less: adjustments attributable to noncontrolling interests —  —  — Adjustments attributable to Baker Hughes (41) (357) (78)Adjusted net income attributable to Baker Hughes (non-GAAP)$640 $573 $623     Denominator:   Weighted-average shares of Class A common stock outstanding diluted 997  996  991 Earnings per share - diluted (GAAP)$0.68 $0.93 $0.71 Total adjustments per share, net of income tax (0.04) (0.35) (0.08)Adjusted earnings per share - diluted (non-GAAP)$0.64 $0.58 $0.63  (1)   For the period ending March 31, 2026, transaction related costs included $43 million of interest expense fees related to the Bridge Facility.

Table 1b reconciles net income attributable to Baker Hughes, which is the most directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

 Three Months Ended(in millions)June 30, 2026March 31, 2026June 30, 2025Net cash flows from operating activities (GAAP)$1,345 $500 $510 Add: cash used for capital expenditures, net of proceeds from disposal of assets (236) (290) (271)Free cash flow (non-GAAP)$1,109 $210 $239  Table 1c reconciles net cash flows from operating activities, which is the most directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.

Financial Tables (GAAP)
 Condensed Consolidated Statements of Income
(Unaudited)
    Three Months Ended June 30,Six Months Ended June 30,(In millions, except per share amounts) 2026  2025  2026  2025 Revenue$6,742 $6,910 $13,329 $13,337 Costs and expenses:    Cost of revenue 5,165  5,295  10,246  10,247 Selling, general and administrative 569  567  1,131  1,144 Research and development costs 143  161  277  307 Restructuring 11  —  50  — Other (income) expense, net (104) (134) (691) 6 Interest expense, net 66  54  151  105 Income before income taxes 892  967  2,165  1,528 Provision for income taxes (210) (256) (545) (408)Net income 682  711  1,620  1,120 Less: Net income attributable to noncontrolling interests 1  10  9  17 Net income attributable to Baker Hughes Company$681 $701 $1,611 $1,103      Per share amounts:   Basic income per Class A common stock$0.69 $0.71 $1.63 $1.11 Diluted income per Class A common stock$0.68 $0.71 $1.62 $1.11      Weighted average shares:    Class A basic 992  988  991  990 Class A diluted 997  991  996  995      Cash dividend per Class A common stock$0.23 $0.23 $0.46 $0.46       Condensed Consolidated Statements of Financial Position
(Unaudited)
(In millions)June 30, 2026December 31, 2025ASSETSCurrent Assets:  Cash and cash equivalents$15,727$3,715Current receivables, net 6,654 6,641Inventories, net 4,961 4,954All other current assets 3,241 3,518Total current assets 30,583 18,828Property, plant and equipment, less accumulated depreciation 5,540 5,326Goodwill 5,566 6,068Other intangible assets, net 3,997 4,097Contract and other deferred assets 1,947 1,620All other assets 4,987 4,942Total assets$52,620$40,881LIABILITIES AND EQUITYCurrent Liabilities:  Accounts payable$4,509$4,579Short-term debt 774 689Progress collections and deferred income 6,598 5,904All other current liabilities 2,718 2,705Total current liabilities 14,599 13,877Long-term debt 15,479 5,398Liabilities for pensions and other postretirement benefits 959 1,066All other liabilities 1,499 1,530Equity 20,084 19,010Total liabilities and equity$52,620$40,881   Outstanding Baker Hughes Company shares:  Class A common stock 992 987 Condensed Consolidated Statements of Cash Flows
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,(In millions) 2026  2026  2025 Cash flows from operating activities:   Net income$682 $1,620 $1,120 Adjustments to reconcile net income to net cash flows from operating activities:   Depreciation and amortization 333  687  579 Stock-based compensation cost 57  102  102 Change in fair value of equity securities (125) (75) 21 (Gain) loss on business dispositions 24  (697) — (Benefit) provision for deferred income taxes (166) 58  (17)Working capital 523  350  98 Other operating items, net 17  (200) (684)Net cash flows provided by operating activities 1,345  1,845  1,219 Cash flows from investing activities:   Expenditures for capital assets (300) (636) (601)Proceeds from disposal of assets 64  110  74 Proceeds from business dispositions —  1,381  — Other investing items, net 72  19  (69)Net cash flows provided by (used in) investing activities (164) 874  (596)Cash flows from financing activities:   Proceeds from issuance of long-term debt —  9,885  — Dividends paid (228) (456) (456)Repurchase of Class A common stock —  —  (384)Other financing items, net (8) (142) (105)Net cash flows provided by (used in) financing activities (236) 9,287  (945)Effect of currency exchange rate changes on cash and cash equivalents 18  6  45 (Decrease) increase in cash and cash equivalents 963  12,012  (277)Cash and cash equivalents, beginning of period 14,764  3,715  3,364 Cash and cash equivalents, end of period$15,727 $15,727 $3,087 Supplemental cash flows disclosures:   Income taxes paid, net of refunds$193 $381 $418 Interest paid$181 $237 $148 
Supplemental Financial Information

Supplemental financial information can be found on the Company's website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

Conference Call and Webcast

The Company has scheduled an investor conference call to discuss management's outlook and the results reported in today's earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Monday, July 27, 2026, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company's website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

Forward-Looking Statements

This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a "forward-looking statement"). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "would," "seek," "anticipate," "estimate," "overestimate," "underestimate," "believe," "could," "project," "predict," "continue," "target," "goal" or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company's annual report on Form 10-K for the annual period ended December 31, 2025 and those set forth from time to time in other filings with the Securities and Exchange Commission ("SEC"). The documents are available through the Company's website at: https://investors.bakerhughes.com or through the SEC's Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

Economic and political conditions - the impact of worldwide economic conditions; the impact of inflation and interest rates; the impact of tariffs, including the potential for significant increases in tariffs and changes in global trade policy that could affect supply chain costs, pricing, and customer demand; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.Orders and RPO - our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.Oil and gas market conditions - the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; LNG supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries ("OPEC") policy and the adherence by OPEC nations to their OPEC production quotas.Terrorism and geopolitical risks - war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East and the associated impact to the Strait of Hormuz; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation; expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.
About Baker Hughes:

Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward - making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Investor Relations

Chase Mulvehill
+1 346-297-2561
[email protected]

Media Relations

Adrienne M. Lynch
+1 713-906-8407
[email protected]

HOUSTON and LONDON, July 26, 2026 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR) announced today that the Baker Hughes Board of Directors declared a quarterly cash dividend of $0.23 per share of Class A common stock payable on Aug. 17, 2026, to holders of record on Aug. 7, 2026.

Baker Hughes expects to fund its quarterly cash dividend from cash generated from operations.

About Baker Hughes:
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Investor Relations

Chase Mulvehill
+1 346-297-2561
[email protected]

Media Relations

Adrienne M. Lynch
+1 713-906-8407
[email protected]

Posted by Defense World Staff on Jul 23rd, 2026

Aureus Asset Management LLC acquired a new stake in Baker Hughes Company (NASDAQ:BKR – Free Report) during the first quarter, according to its most recent filing with the SEC. The firm acquired 27,998 shares of the company’s stock, valued at approximately $1,709,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in BKR. Pinion Investment Advisors LLC bought a new position in shares of Baker Hughes in the 4th quarter valued at about $778,000. OP Asset Management Ltd acquired a new position in Baker Hughes in the first quarter valued at approximately $6,049,000. USA Financial Formulas acquired a new position in Baker Hughes in the fourth quarter valued at approximately $830,000. Ninety One UK Ltd boosted its stake in Baker Hughes by 28.6% in the fourth quarter. Ninety One UK Ltd now owns 469,329 shares of the company’s stock valued at $21,373,000 after acquiring an additional 104,428 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Baker Hughes by 17.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 484,310 shares of the company’s stock worth $22,055,000 after acquiring an additional 72,714 shares during the period. Institutional investors own 92.06% of the company’s stock.

Wall Street Analyst Weigh In A number of research analysts have recently weighed in on the company. Stifel Nicolaus increased their price target on Baker Hughes from $63.00 to $74.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Royal Bank Of Canada upped their price objective on Baker Hughes from $68.00 to $71.00 and gave the company an “outperform” rating in a report on Monday, April 27th. Citigroup increased their target price on Baker Hughes from $74.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, July 8th. BMO Capital Markets raised their target price on Baker Hughes from $70.00 to $80.00 and gave the stock an “outperform” rating in a report on Monday, April 27th. Finally, Barclays decreased their target price on Baker Hughes from $74.00 to $72.00 and set an “equal weight” rating for the company in a research report on Thursday, July 16th. Eighteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $70.00.

View Our Latest Stock Analysis on BKR

Baker Hughes Trading Up 0.4% NASDAQ BKR opened at $56.60 on Thursday. Baker Hughes Company has a one year low of $41.15 and a one year high of $70.41. The company has a debt-to-equity ratio of 0.79, a current ratio of 2.13 and a quick ratio of 1.77. The firm has a market cap of $56.15 billion, a P/E ratio of 18.08, a P/E/G ratio of 2.35 and a beta of 0.96. The stock’s 50-day moving average is $60.31 and its 200-day moving average is $59.85.

Baker Hughes (NASDAQ:BKR – Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.49 by $0.09. The business had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $6.71 billion. Baker Hughes had a net margin of 11.17% and a return on equity of 14.17%. The firm’s revenue was up 2.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.51 EPS. Sell-side analysts anticipate that Baker Hughes Company will post 2.26 earnings per share for the current fiscal year.

Insider Buying and Selling In related news, CEO Lorenzo Simonelli sold 181,411 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $58.43, for a total transaction of $10,599,844.73. Following the completion of the transaction, the chief executive officer owned 703,444 shares in the company, valued at approximately $41,102,232.92. This represents a 20.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Rebecca L. Charlton sold 5,088 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $64.22, for a total transaction of $326,751.36. Following the transaction, the chief accounting officer owned 15,997 shares of the company’s stock, valued at approximately $1,027,327.34. This represents a 24.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 367,910 shares of company stock valued at $22,420,797. Insiders own 0.19% of the company’s stock.

Baker Hughes Company Profile (Free Report)

Baker Hughes is an energy technology company that provides a broad portfolio of products, services and digital solutions for the oil and gas and industrial markets. Its offerings span oilfield services and equipment — including drilling, evaluation, completion and production technologies — as well as turbomachinery, compressors and related process equipment used in midstream and downstream operations. The company also supplies aftermarket services, field support and integrated solutions designed to improve asset performance and uptime across the energy value chain.

The firm’s roots trace back to the merger of Baker International and Hughes Tool Company, and more recently it combined with GE’s oil and gas business in 2017 to form Baker Hughes, a GE company (BHGE); subsequent changes in ownership restored Baker Hughes as an independent publicly traded company.

Featured Stories Five stocks we like better than Baker Hughes Could Truth API Become Trump Media’s First Meaningful Revenue Driver? Small Caps Are Crushing the S&P 500—3 Stocks Still Worth Buying Moog Is More Than a Missile Maker, and Wall Street Is Noticing A Boring Dividend Growth Strategy Becomes a Solid Defensive Play Want to see what other hedge funds are holding BKR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Baker Hughes Company (NASDAQ:BKR – Free Report).

Receive News & Ratings for Baker Hughes Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Baker Hughes and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEAlamar Capital Management LLC Acquires Shares of 13,605 DexCom, Inc. $DXCM

NEXT HEADLINE »Alamar Capital Management LLC Buys Shares of 13,934 iShares Russell 2000 Value ETF $IWN

Earnings are arguably the most important single number on a company's quarterly financial report. Wall Street clearly dives into all of the other metrics and management's input, but the EPS figure helps cut through all the noise.

The earnings figure itself is key, of course, but a beat or miss on the bottom line can sometimes be just as, if not more, important. Therefore, investors should consider paying close attention to these earnings surprises, as a big beat can help a stock climb and vice versa.

The ability to identify stocks that are likely to top quarterly earnings expectations can be profitable, but it's no simple task. Here at Zacks, our Earnings ESP filter helps make things easier.

The Zacks Earnings ESP, ExplainedThe Zacks Earnings ESP, or Expected Surprise Prediction, aims to find earnings surprises by focusing on the most recent analyst revisions. The basic premise is that if an analyst reevaluates their earnings estimate ahead of an earnings release, it means they likely have new information that could possibly be more accurate.

Now that we understand the basic idea, let's look at how the Expected Surprise Prediction works. The ESP is calculated by comparing the Most Accurate Estimate to the Zacks Consensus Estimate, with the percentage difference between the two giving us the Zacks ESP figure.

In fact, when we combined a Zacks Rank #3 (Hold) or better and a positive Earnings ESP, stocks produced a positive surprise 70% of the time. Perhaps most importantly, using these parameters has helped produce 28.3% annual returns on average, according to our 10 year backtest.

Most stocks, about 60%, fall into the #3 (Hold) category, and they are expected to perform in-line with the broader market. Stocks with a #2 (Buy) and #1 (Strong Buy) rating, or the top 15% and top 5% of stocks, respectively, should outperform the market, with Strong Buy stocks outperforming more than any other rank.

Should You Consider Baker Hughes?Now that we understand what the ESP is and how beneficial it can be, let's dive into a stock that currently fits the bill. Baker Hughes (BKR - Free Report) earns a #3 (Hold) right now and its Most Accurate Estimate sits at $0.52 a share, just four days from its upcoming earnings release on July 26, 2026.

By taking the percentage difference between the $0.52 Most Accurate Estimate and the $0.51 Zacks Consensus Estimate, Baker Hughes has an Earnings ESP of +1.84%. Investors should also know that BKR is one of a large group of stocks with positive ESPs. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

BKR is part of a big group of Oils and Energy stocks that boast a positive ESP, and investors may want to take a look at Halliburton (HAL - Free Report) as well.

Halliburton is a Zacks Rank #3 (Hold) stock, and is getting ready to report earnings on October 20, 2026. HAL's Most Accurate Estimate sits at $0.61 a share 90 days from its next earnings release.

For Halliburton, the percentage difference between its Most Accurate Estimate and its Zacks Consensus Estimate of $0.60 is +1.18%.

Because both stocks hold a positive Earnings ESP, BKR and HAL could potentially post earnings beats in their next reports.

Find Stocks to Buy or Sell Before They're ReportedUse the Zacks Earnings ESP Filter to turn up stocks with the highest probability of positively, or negatively, surprising to buy or sell before they're reported for profitable earnings season trading. Check it out here >>

We are now at the beginning of the second-quarter earnings season, with the energy giants yet to report results. Since the energy business environment was favorable in the June quarter, thanks to high commodity prices, driven by the Iran war, Baker Hughes (BKR - Free Report) , Chevron Corporation (CVX - Free Report) and Cactus, Inc. (WHD - Free Report) are likely to report better-than-expected earnings.

High Q2 Oil PricesTo have an idea of how oil prices behaved in the June quarter, let's analyze the commodity prices from the data provided by the U.S. Energy Information Administration (“EIA”). The average Cushing, OK, WTI spot prices for April, May and June of this year were $100.32 per barrel, $102.13 per barrel and $84.81 per barrel, respectively, per EIA data. Commodity prices were $63.54 per barrel, $62.17 per barrel and $68.17 per barrel, respectively, in April, May and June of 2025, according to the EIA.

Importantly, a constructive oil-price backdrop, driven by the Iran war, is expected to have aided the exploration and production businesses in the June quarter of this year. This, in turn, might have aided demand for oilfield services and drilling activities. However, the high crude price is likely to have weighed on refiners in the second quarter, since they buy raw crude to produce final products.

How to Pick the Right Stocks?Given the backdrop, it is by no means an easy task for investors to arrive at picks that have the potential to deliver better-than-expected earnings from the vast universe of energy stocks.

While there is no fool-proof method of picking outperformers, our proprietary methodology — the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) — helps identify stocks that have high chances of delivering a surprise in their upcoming earnings announcement. Our research shows that for stocks with this combination, the chance of an earnings surprise is as high as 70%.

The Earnings ESP shows the percentage difference between the Most Accurate Estimate and the Zacks Consensus Estimate. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Our ChoicesBaker Hughes, a leading oilfield service player, is likely to have benefited from favorable commodity prices.

BKR has an Earnings ESP of +1.34% and currently carries a Zacks Rank #3. It is scheduled to release second-quarter results on July 26. You can see the complete list of today’s Zacks #1 Rank stocks here.

Chevron is a large-cap energy player with an integrated business model. The firm is scheduled to report earnings on July 31, has an Earnings ESP of +1.84% and a Zacks Rank of 3.

Cactus is a leading manufacturer and provider of engineered pressure-control and spoolable-pipe technologies. The company is likely to have gained from favorable oil prices. The firm, scheduled to release second-quarter earnings on July 29, has an Earnings ESP of +7.04% and a Zacks Rank #3.

Represents a major milestone in Baker Hughes’ ongoing portfolio management strategy to become a higher-value, leading industrialized energy solutions companyExpect $325 million in annualized cost synergies by year three after close; commercial synergy opportunities represent additional upsideChart Industries will be a third operating segment, reflecting the scale and strategic importance of its differentiated capabilities
HOUSTON and LONDON, July 16, 2026 (GLOBE NEWSWIRE) -- Baker Hughes Company (NASDAQ: BKR) (“Baker Hughes” or “the Company”) today announced the successful completion of its acquisition of Chart Industries, Inc. (NYSE: GTLS) (“Chart”). This strategic transaction is a major milestone in Baker Hughes’ transformation into a higher-value, leading industrialized energy solutions company. The acquisition is expected to enhance Baker Hughes’ ability to deliver durable earnings and cash flow, driven by an expanded industrial portfolio and enhanced recurring aftermarket services.

“Chart’s thermal management solutions bring complementary capabilities and aftermarket service offerings that accelerate our portfolio strategy,” said Baker Hughes Chairman and Chief Executive Officer Lorenzo Simonelli. “Together, we will expand the solutions we deliver across a broader range of energy and industrial markets and create greater value for customers and shareholders. We welcome our new colleagues to Baker Hughes and look forward to working with them to deliver disciplined execution and maximize synergies as we move forward.”

Baker Hughes Chief Infrastructure & Performance Officer Jim Apostolides has been appointed senior vice president to lead the Chart segment. Since July 2025, Apostolides has led a seamless and effective integration program to support strategic growth and operational synergy readiness. Apostolides has more than 25 years of operational and multi-industry leadership, previously serving as senior vice president of Enterprise Operational Excellence for Baker Hughes since 2020.

“Congratulations to Jim on his well-deserved appointment as segment leader,” Simonelli added. “Jim’s business rigor, demonstrated through decades of global supply chain experience and operational leadership of large complex facilities around the world, makes him well-suited to lead implementation of the Baker Hughes Business System within Chart. We look forward to his leadership and continued success, quickly delivering value for our customers and shareholders as one company.”

Chart will operate as a new reporting segment within Baker Hughes, reflecting the scale and strategic importance of its differentiated capabilities in air and gas handling, thermal management, and lifecycle services. The segment structure is intended to preserve Chart’s commercial and operational focus while enabling full integration and synergy capture across Baker Hughes. Chart reported $4.3 billion in revenue for fiscal year 2025 and currently serves customers in more than 50 countries, spanning sectors including gas infrastructure, nuclear, data centers, carbon capture and storage, space, geothermal and other high-growth industrial markets.

Baker Hughes has launched a comprehensive integration program, leveraging its Business System to support operational alignment. The focus is on harmonizing product and technology platforms, engineering and commercial practices, and lifecycle and digital services. Early synergy capture in supply chain, functional support, and manufacturing is a priority, with a target of $325 million in annualized cost synergies within three years.

The acquisition of Chart marks a significant step in Baker Hughes’ portfolio optimization and growth strategy. By streamlining non-core businesses and expanding into industrial and lifecycle-driven markets, Baker Hughes is committed to sustainable, long-term growth, improved capital efficiency, and enhanced value for shareholders.

The Baker Hughes Board will continue its comprehensive evaluation, guided by progress in integration and operational execution. Baker Hughes remains committed to disciplined capital allocation, targeting a net leverage range of 1.0-1.5x within 24 months.

Cautionary Statement Regarding Forward-Looking Statements

This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (each a “forward-looking statement”). All statements, other than historical facts, including statements regarding the presentation of Baker Hughes’ operations in future reports and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal,” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Factors that could cause actual results to differ include, but are not limited to: Baker Hughes’ indebtedness, including the indebtedness Baker Hughes has incurred in connection with the transaction with Chart and the need to generate sufficient cash flows to service and repay such debt; Baker Hughes’ ability to meet expectations regarding the accounting and tax treatments of the transaction with Chart; the possibility that Baker Hughes may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate Chart’s operations with those of Baker Hughes; that such integration may be more difficult, time-consuming, or costly than expected; that operating costs, customer loss, and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, or suppliers) may be greater than expected following the transaction; the retention of certain key employees of Chart may be difficult; that Baker Hughes and Chart are subject to intense competition and increased competition is expected in the future; and general economic conditions that are less favorable than expected. Other important factors that could cause actual results to differ materially from such plans, estimates, or expectations include, among others, the risk factors identified in the “Risk Factors” section of Part I of Item 1A of Baker Hughes’ Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 5, 2026, and those set forth from time-to-time in other filings by Baker Hughes with the SEC. These documents are available through Baker Hughes’ website or through the SEC’s Electronic Data Gathering and Analysis Retrieval (EDGAR) system at http://www.sec.gov.

Any forward-looking statements speak only as of the date of this news release. Baker Hughes does not undertake any obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Media Relations

Adrienne M. Lynch
+1 713-906-8407
[email protected]

Investor Relations

Chase Mulvehill
+1 346-297-2561
[email protected]

The AI buildout has a power problem, and most investors are still looking in the wrong place for the fix. Nuclear gets the headlines. Solar and batteries get the subsidies. But the fastest, cheapest new power source hitting the grid right now is one most portfolios don't own at all: geothermal.

That gap is exactly why it matters. Dylan Jovine, CEO of Behind the Markets, argues that every major tech cycle has been driven by an energy breakthrough, and this one is no different. He's laid out the full case in his dedicated geothermal energy report, and the short version is that data center demand is outpacing the grid, with the companies solving that bottleneck first positioned to capture outsized value before Wall Street catches up.

Get Fervo Energy alerts:

Why the AI Race Is Really an Energy RaceHyperscalers need power now, not in a decade. Nuclear plants can cost upward of $14 billion and take years to permit, which puts them years away from meeting today's data center load. Geothermal energy projects, by contrast, can come online for a fraction of that cost and in a fraction of the time.

Jovine frames the stakes in geopolitical terms, too. China has built a commanding lead in battery and clean energy manufacturing, while the United States still holds the edge in oil and gas infrastructure built up over more than a century. Geothermal, in his view, is one of the few energy categories still up for grabs, which is exactly why the companies moving fastest right now matter more than the headlines suggest.

That math is why Alphabet NASDAQ: GOOGL, NVIDIA NASDAQ: NVDA and Berkshire Hathaway NYSE: BRK.B have been signing multibillion-dollar geothermal partnerships with little public attention. The technology draws on heat from the earth's core, a resource that doesn't fluctuate with commodity prices and produces a cleaner emissions profile than coal or gas. It just hasn't had its moment in the headlines yet.

Fervo Energy Locks in Billions Before It Earns a DimeFervo Energy Today

$24.97 -0.89 (-3.44%)

As of 01:21 PM Eastern

52-Week Range$23.10▼

$42.65Price Target$46.25

Fervo Energy NASDAQ: FRVO went public earlier this year and, like many fresh IPOs, has spent recent months working through post-listing volatility as early lockup-related selling pressure works its way out of the stock. That volatility says little about the underlying business.

What stands out is the customer list. Fervo has already secured contracts with Google and other major technology players tied to its Cape Station project in Utah, with additional plants expected to come online through 2026 and 2027. Jovine expects those contracts to begin flowing through the income statement in the back half of 2026, which he argues could force a re-rating as the stock moves from a story to one backed by reported earnings. He puts the window for that shift at 12 to 18 months, the timeline he sees as most worth tracking.

Ormat Technologies Shows What Fervo Could BecomeOrmat Technologies Today

ORA

Ormat Technologies

$108.67 +1.86 (+1.74%)

As of 01:40 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$84.13▼

$146.39Dividend Yield0.44%

P/E Ratio52.68

Price Target$131.67

Ormat Technologies NYSE: ORA has been building geothermal plants for years, and its results offer a preview of where a maturing operator can land. The company has been growing its top line by roughly 50% and its bottom line by about 30%, evidence that hyperscaler demand for geothermal power is translating into real financial performance, not just headlines.

Shares have pulled back from their 2026 highs, which could make for a more attractive entry for investors who missed the initial run.

Jovine sees Ormat's bigger, more established hyperscaler contracts as a preview of where Fervo could land in a few years, and views scale and a multi-decade track record as Ormat's real edge when hyperscalers are choosing long-term power partners.

Baker Hughes Sells the Equipment Behind the BuildoutBaker Hughes Today

BKR

Baker Hughes

$57.32 -0.34 (-0.59%)

As of 01:40 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$38.37▼

$70.41Dividend Yield1.60%

P/E Ratio18.32

Price Target$70.09

Not every way to invest in geothermal means picking the operator. Baker Hughes NASDAQ: BKR supplies the drilling technology and equipment that companies like Fervo rely on to build new plants, giving it exposure to the entire sector's growth rather than any single project's execution risk.

Shares pulled back sharply this year alongside a broader rotation out of momentum sectors, and Jovine argues the stock now trades at a discount to its underlying cash flow. He frames it as a classic value setup, a picks-and-shovels position in a growing niche trading below what the opportunity is worth.

What Investors Should Watch NextGeothermal doesn't need to replace nuclear or solar to matter. It just needs to keep winning contracts every time a hyperscaler needs power fast and cheap. The risk is execution: drilling projects can run into delays, and newer entrants like Fervo still carry more uncertainty than established names like Ormat. It's also worth remembering this isn't a winner-take-all race. Demand for power is so large right now that multiple energy sources, from geothermal to natural gas to solar, are all finding buyers at once.

The upside is that almost nobody is pricing this in yet. Stay focused on how quickly these contracts convert into reported revenue, because that's what will ultimately move these stocks.

Should You Invest $1,000 in Fervo Energy Right Now?Before you consider Fervo Energy, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Fervo Energy wasn't on the list.

While Fervo Energy currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Click the link to see MarketBeat's list of seven stocks and why their long-term outlooks are very promising.

Get This Free Report

The logo of energy services firm Baker Hughes is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photo Purchase Licensing Rights, opens new tab

CompaniesBRUSSELS, July 10 (Reuters) - U.S. oilfield services firm Baker Hughes BKR.O, opens new tab secured ​EU antitrust approval on Friday for ‌its of Chart Industries GTLS.N, opens new tab after agreeing to sell a Chart business.

Baker Hughes ​announced the deal in July last ​year to boost its presence in ⁠industrial technology servicing liquefied natural gas ​and data centres and to leverage its ​industrial and energy technology portfolio.

Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here.

The European Commission, which acts as the EU competition enforcer, said ​concessions offered by Baker Hughes addressed ​its concerns about the company's ability and incentive ‌to ⁠favour Chart's LNG business.

It said the companies will divest Chart's proprietary process technology and its small-scale process technology business ​and will ​also ensure ⁠the interoperability of their equipment with third parties' LNG ​equipment. The remedies will be valid ​for ⁠10 years.

Chart makes industrial equipment such as valves and measurement technology for gas ⁠and ​liquid molecule handling and ​has 65 manufacturing locations with more than 50 ​service centres globally.

Reporting by Foo Yun Chee

Our Standards: The Thomson Reuters Trust Principles., opens new tab

An agenda-setting and market-moving journalist, Foo Yun Chee is a 21-year veteran at Reuters. Her stories on high profile mergers have pushed up the European telecoms index, lifted companies' shares and helped investors decide on their next move. Her knowledge and experience of European antitrust laws and developments helped her break stories on Microsoft, Google, Amazon, Meta and Apple, numerous market-moving mergers and antitrust investigations. She has previously reported on Greek politics and companies, when Greece's entry into the eurozone meant it punched above its weight on the international stage, as well as on Dutch corporate giants and the quirks of Dutch society and culture that never fail to charm readers.

Baker Hughes (BKR) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term.

Contracts awarded by Bechtel and Cheniere to supply primary liquefaction equipment, including main refrigerant compressors and gas turbines, for the first phase of the Sabine Pass Expansion ProjectTechnology packages support an additional nameplate capacity of over 6 million tons per annum (MTPA) for Train 7 and boil-off gas re-liquefaction unitServices award provides fleet-wide gas turbine upgrades to enhance power, driving LNG production
HOUSTON and LONDON, July 09, 2026 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, announced Thursday three substantial awards for Cheniere’s Sabine Pass LNG facility in Cameron Parish, Louisiana. The awards, booked in the second quarter, comprise orders from Bechtel Energy Inc. (Bechtel) and Cheniere to supply liquefaction equipment for Train 7 and for a boil-off gas re-liquefaction unit, as well as an award for fleet-wide gas turbine technology upgrades.

The equipment orders for Phase 1 of the Sabine Pass expansion project include seven PGT25+ G4 gas turbines driving 15 centrifugal compressors, enabling approximately 6 million tons per annum (MTPA) of additional LNG production capacity.

Additionally, Baker Hughes will deliver upgrades across the entire fleet of installed aeroderivative PGT25+ G4 gas turbines at the Sabine Pass facility over a four-year period. These upgrades will help to increase the power output of the turbines to enhance LNG production capabilities, helping deliver efficiency across the facility’s current approximate 30 MTPA capacity. These upgrades, together with Train 7 and the boil-off gas re-liquefaction unit, are expected to add over 6 MTPA of capacity at Sabine Pass.

The expansion and upgrade of the Sabine Pass LNG terminal support growing global demand for natural gas in energy and industrial applications, helping to deliver affordable energy supply.

“These comprehensive technology solutions, from advanced liquefaction equipment to lifecycle services, help our customers expand LNG production and meet growing energy demand,” said Baker Hughes Chairman and CEO Lorenzo Simonelli. “Our differentiated portfolio of equipment, technologies and services enables us to deliver comprehensive solutions that help customers accelerate project execution, enhance reliability and unlock long-term value.”

“We are pleased to continue our decades-long collaboration with Baker Hughes, a key partner in the development of Sabine Pass into one of the largest LNG facilities in the world,” said Cheniere Chairman, President and CEO Jack Fusco. “These equipment orders, lifecycle services and technology upgrades are critical to facilitate further optimization and efficiency upgrades throughout the Cheniere platform.”

About Baker Hughes

Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Media Relations

Chiara Toniato 
+39 3463823419 
[email protected]

Investor Relations:

Chase Mulvehill
+1 346-297-2561
[email protected]    

Strategic agreement establishes framework for deployment of up to 1.8 GW of power generation capacity Initial major award includes approximately 1 GW of gas turbines and generators delivered by 2030 to support scalable, behind-the-meter power solutions
HOUSTON and LONDON, July 08, 2026 (GLOBE NEWSWIRE) -- Kodiak Gas Services, Inc. (NYSE: KGS) (“Kodiak”), a leading provider of critical energy infrastructure, and Baker Hughes (NASDAQ: BKR), an energy technology company, announced Wednesday a multi-year strategic agreement under which Baker Hughes will provide power generation solutions to support Kodiak’s expanding energy infrastructure initiatives. The agreement is anchored by an initial equipment award that will enable approximately 1 gigawatt (GW) of reliable, scalable power generation capacity to be delivered by 2030, with the broader framework providing a pathway for up to 1.8 GW of power over time.

The initial major order includes NovaLT™16 gas turbines, Frame 5 gas turbines and BRUSH™ Power Generation generators, providing core technologies to deliver dependable power for growing data center and energy infrastructure demand.

Baker Hughes’ high-efficiency power generation technologies are expected to support behind-the-meter projects in key U.S. markets where accelerating electricity demand and grid constraints are increasing the need for flexible, rapidly deployable power infrastructure.

"We are excited to embark on our relationship with Baker Hughes through this strategic agreement," said Kodiak’s President and CEO Mickey McKee. "Our customers require dependable, efficient and rapidly deployable power solutions, and access to Baker Hughes' industry-leading technology, training and support enhances our ability to meet that demand at scale. This framework supports our long-term strategy of expanding Kodiak's energy infrastructure capabilities while delivering exceptional reliability and value to our customers."

"As demand for power continues to accelerate, driven by the rapid expansion of digital infrastructure and data centers, the ability to deliver reliable, efficient and scalable power solutions quickly is critical," said Baker Hughes Chairman and CEO Lorenzo Simonelli. "This agreement reflects the growing need for flexible power generation technologies; together, our gas turbines and generator technologies will help customers bring new capacity online faster to support the continued buildout of critical digital and energy infrastructure."

The multi-year rolling agreement provides flexibility to align capacity commitments with evolving data center demand and phased project development schedules. Through the agreement, Kodiak expects to leverage Baker Hughes' power generation portfolio to support both existing operations and future growth opportunities. The framework is designed to foster closer commercial and technical collaboration between the companies, streamline project execution and reduce lead times for critical power infrastructure deployments. It also sets forth the companies’ commitments to technical training, the provision of spare parts and a mutual interest in entering into a long-term services arrangement for the equipment.

About Baker Hughes
Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet.

About Kodiak
Kodiak is a leading contract compression, distributed power, and energy infrastructure services provider in the United States. It serves as a critical link in the infrastructure chain that enables the safe, reliable and efficient production of energy. Headquartered in The Woodlands, Texas, Kodiak provides contract compression, distributed power, and related services to oil and gas producers, midstream customers, and digital infrastructure operators.

For more information, please contact:

Media Relations

Baker Hughes
Adrienne M. Lynch
+1 713-906-8407
[email protected]

Kodiak Gas Services
Graham Sones
+1 936-755-3259
[email protected]

Investor Relations

Baker Hughes
Chase Mulvehill
+1 346-297-2561
[email protected]

Kodiak Gas Services
Graham Sones
+1 936-755-3259
[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eb9ad084-95fd-4926-b86d-9fd7cd97c076

Baker Hughes, Kodiak signing ceremony Baker Hughes Vice President of Sales for Gas Technology Equipment Riccardo Barbieri and Kodiak Gas S...

The logo of energy services firm Baker Hughes is displayed during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren Purchase Licensing Rights, opens new tab

CompaniesJuly 2 (Reuters) - U.S. energy firms this week added rigs for a third week in a row, energy services firm ​Baker Hughes (BKR.O), opens new tab said in its closely followed report on Thursday.

The ‌total oil and gas rig count, an early indicator of future output, rose by 7 to 580 in the week to July 2, its highest since May 2025. , , , (USGSRC=ECI), opens new tab, (USOIRC=ECI), opens new tab

The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.

Baker ​Hughes released the rig count report a day earlier than ​usual due to the U.S. July 4th holiday, which is ⁠being recognized on Friday, July 3.

Baker Hughes said this week's increase puts ​the total rig count up 41 rigs, or 7.6% above this time ​last year.

Baker Hughes said oil rigs rose by five to 445 this week, their highest since late May, 2025, while gas rigs rose one to 126, their highest ​since mid-May 2026, and other miscellaneous rigs rose by one to nine.

​The oil and gas rig count declined by 7% in 2025, 5% in 2024, ‌and ⁠20% in 2023 as lower U.S. oil prices prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output.

But now with spot U.S. West Texas Intermediate (WTI) crude prices expected ​to rise in 2026 ​due to ⁠supply disruptions from the Iran war after declining in 2023, 2024, and 2025, the U.S. Energy Information Administration (EIA) projected crude ​output would rise from a record 13.6 million barrels ​per ⁠day (bpd) in 2025 to 13.7 million bpd in 2026.

On the gas side, EIA projected output would jump from a record 107.7 billion cubic feet per day (bcfd) ⁠in 2025 ​to 111.0 bcfd in 2026 as demand ​for the fuel rises to produce electricity for power-hungry data centers and for export as ​liquefied natural gas (LNG).

Reporting by Scott DiSavino and Anjana Anil; Editing by Daniel Wallis

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Covers the North American power and natural gas markets.

U.S. ‌energy firms ​this ​week added the ⁠most ​rigs ​in a week ​since ​June 2022, energy ‌services ⁠firm Baker Hughes ​said ​in ⁠its ​report ​on ⁠Friday.