Company Research Report: Baker Hughes

Company Overview

Name and Mission

Company Name: Baker Hughes

Mission Statement: We take energy forward—making it safer, cleaner, and more efficient for people and the planet.

Founding and Key People

Founded: More than a century ago (exact date not specified)

Founders: No information available

Key People:

• Lorenzo Simonelli: Chairman and CEO

• Senior Executives and Board Members: No specific names provided in the provided data.

Headquarters and Employees

Headquarters Location: No specific address provided, but operates globally.

Number of Employees: ~58,000

Revenue

Revenue: $25.5 billion (2023)

Notable Aspects

Known For:

• Leading energy technology company

• Specializes in designing, manufacturing, and serving transformative technologies in energy.

Products and Services

Product Offerings

Oilfield Services & Equipment

• Well Construction: Includes drilling technology like drill bits, drilling services, and fluids.

• Completions, Intervention, and Measurements: Well completion, wireline services, pressure pumping services.

• Production Solutions: Artificial lift systems, chemicals.

• Subsea & Surface Pressure Systems: Hydrocarbon control and flow solutions.

Industrial & Energy Technology

• Gas Technology Equipment and Services: Gas value chain solutions from extraction to distribution.

• Industrial Products: Solutions for various industries including petrochemical, aviation, and food & beverage.

• Climate Technology Solutions: Include carbon capture, hydrogen, and emissions management.

Key Features of Products

• NovaLT™ Gas Turbines: High efficiency, low operating costs, high availability, and reliability.

• CarbonEdge™: A digital solution for mitigating risks, optimizing operations, and streamlining reporting for CCUS projects.

• Hydrogen-Fueled Turbines: Developed to run on high hydrogen content fuels, including up to 100% hydrogen.

• Steam Turbines: Modular designs for high efficiency and reliability in power generation.

Recent Developments

Product Launches and Features

• CarbonEdge™: A new digital end-to-end solution for CCUS projects (September 2024).

• InvictaSet: A regenerative cement system for long-term isolation, launched in August 2024.

Leadership Changes

• Leadership Changes: Announced leadership changes for strategic growth and customer focus (September 2024).

Partnerships

• Horisont Energi Collaboration: For offshore carbon capture, transport, and storage (March 2021).

• Bloom Energy: Collaboration on power and hydrogen solutions for energy transition (May 2021).

Sustainability and ESG Initiatives

Sustainability Goals

• Net-Zero by 2050: Cut emissions by 50% by 2030.

• Carbon Out Program: Employee-driven initiatives to reduce operational emissions.

Recent Achievements

• 28% Reduction in Scope 1 & 2 Emissions: From 2019 base year to 2022.

• Awards for Leadership in ESG: Multiple recognitions including Disability Equality Index and JUST Capital.

Climate Technology Focus

• Hydrogen Solutions: More than 70 projects using turbines burning up to 100% hydrogen.

• Carbon Capture and Storage (CCUS): Investments and collaborations to advance carbon capture technology and solutions.

• Emissions Management: A range of technologies and solutions to reduce emissions across operations.

Community and Employee Initiatives

• GirlsGetSET: Program to encourage girls into STEM, expanded to various regions globally.

• Employee Recognition: Initiatives promoting inclusivity and development through employee resource groups and career development programs.

Conclusion

Baker Hughes remains at the forefront of the energy technology industry, with a strong focus on sustainability and innovation. Their comprehensive product portfolio and commitment to emissions reduction position them as a leader in the energy transition. The company’s initiatives in community engagement and diversity further reinforce its dedication to responsible and inclusive growth.