Baker Hughes (BKR) Barclays 38th Annual CEO Energy-Power Conference summary

Strategic transformation and execution

• Transformation driven by consistent strategy, operational focus, and cultural change since the 2017 merger.

• EBITDA margins reached 16% and are projected at $4.5 billion, up over 50% from 2019.

• Three pillars: transform the core, invest in profitable growth, and pursue new frontiers like CCUS and hydrogen.

• Culture shift achieved through unified purpose, management changes, and customer intimacy.

• Mobilized 58,000 employees globally, emphasizing technology and operational consistency.

Leadership and management changes

• Maria Claudia Borras moved to Chief Growth and Experience Officer, focusing on new growth horizons.

• Amerino Gatti appointed to lead Oilfield Services and Equipment, bringing extensive industry experience.

• Emphasis on mature asset solutions as 70% of global production comes from mature assets.

• Management changes aim to align with evolving energy ecosystem and customer needs.

Growth opportunities and market outlook

• Next growth horizon includes CCUS, data center power, geothermal, and mining sectors.

• Non-LNG orders expected to rise 50% this year, with LNG FIDs anticipated to return.

• LNG demand projected to reach 800 MTPA by 2030, with new supply regions emerging.

• U.S. LNG export moratorium expected to end by March next year, with global projects advancing.