Copyright 2023 Baker Hughes Company. All rights reserved. The information contained in this document is company confidential and proprietary property of Baker Hughes and its affiliates. It is to be used only for the benefit of Baker Hughes and may not be distributed, transmitted, reproduced, altered, or used for any purpose without the express written consent of Baker Hughes. Investor Overview September 2023 Exhibit 99.1
Copyright 2023 Baker Hughes Company. All rights reserved. This presentation (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”). The words “anticipate,” “believe,” “ensure,” “expect,” “if,” “intend,” “estimate,” “project,” “foresee,” “forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,” “potential,” “would,” “may,” “probable,” “likely,” and similar expressions, and the negative thereof, are intended to identify forward-looking statements. 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 period ended December 31, 2022 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: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval (“EDGAR”) system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement. The Company presents its financial results in accordance with GAAP; however, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. See the Appendix of this presentation for a reconciliation of GAAP to non-GAAP financial measures. 2
Overview & Strategy Copyright 2023 Baker Hughes Company. All rights reserved.3
Copyright 2023 Baker Hughes Company. All rights reserved. Note all data as of December 31, 2022 *Number of employees as of June 30, 2023 BAKER HUGHES We take energy forward— making it safer, cleaner, and more efficient for people and the planet ~57,000 Employees* 217 Perfect HSE days in 2022 120+ Countries $556M R&D spend in 2022 $21.2B Revenues 2022 >2,200 Patents awarded in 2022 4
Copyright 2023 Baker Hughes Company. All rights reserved. BAKER HUGHES OVERVIEW Providing equipment & solutions to help solve the world’s greatest energy challenges Production Solutions New Energy & carbon management Gas Technology Industrial Asset Management Well Construction Oilfield optimization Industrial Technology Climate Technology AN ENERGY TECHNOLOGY COMPANY OFSE technology leader … ~70% international, ~40% offshore & ~35% production-weighted Expertise in … directional drilling … well construction … production maintenance and enhancement New Energy … leveraging subsurface to surface portfolio to provide long-term growth in geothermal & CO2 storage Leading driver & compression technology for LNG, upstream & industrial applications Expertise in compression & power generation equipment & aftermarket services … condition monitoring & inspection New Energy … existing core technologies enable opportunities in carbon capture, hydrogen, clean power solutions and emissions abatement Leading Energy Technology Company Baker Hughes has a diverse portfolio of technologies & services across the energy landscape OFSE IET 5
Our span of capability across the value chain provides compelling investment case New Energy projects offer increased scope for Baker Hughes Existing customers are evolving, and new customers are emerging Baker Hughes portfolio aligning with customer needs CUSTOMER LANDSCAPE Solving the Energy Trilemma is driving increased collaboration, integration and connectivity Copyright 2023 Baker Hughes Company. All rights reserved. Customer Forces Increased project integration - providing equipment & full solutions New Project Types1 Baker Hughes Solutions2 Clean Power Geothermal Power Carbon Capture & Storage Offshore Projects & CO2 Injection Note: 1. select list of illustrative projects - not an exhaustive list. 2. illustrative examples of the types of equipment provided to projects – not an exhaustive list. Development of New Energy portfolios Earlier engagement at the master planning phase Increasing investment in gas value chains + + + + Microgrid Solutions Blue / Green H2 & Ammonia ++ Compression Storage Wells Monitoring CO2 Capture Compression Storage WellsTurboexpander + Combustor + CO2 Capture Turbines CO2 Compression Compression H2 Turbines Geothermal Wells Pumps Valves Storage Wells + + + + + + Steam Turbines Heat Recovery + + Subsea EquipmentProduction Wells FPSO Power Gen 6
Baker Hughes … enabling the circular energy economy 7ENERGY ECOSYSTEM Copyright 2023 Baker Hughes Company. All rights reserved. Power Grid SNG gas sales CO2 Storage Utility terminal Local industry Battery factories Offshore Electrification Ammonia CO2 Utilisation Illustrative interconnected low carbon energy ecosystem LNG Clean Power Microgrid Upstream Oil & GasEOR Hydrogen Production Hydrogen Power Gen Underground Gas Storage Energy Transition does not mean energy “subtraction”… Increasing energy demand requires collaboration across energy value chains… The energy system is becoming increasingly interconnected Leveraging our unique combination of capabilities to accelerate GHG emission reductions for customers E-fuels Renewable Sources Energy Storage Carbon Capture CO2
Well positioned for oil & gas and New Energy growth opportunities 8PORTFOLIO VIS ION Irrespective of the adoption, pace and the path of the Energy Transition OFS DS TPS OFE BAKER HUGHES PORTFOLIO VISION IET OFSE IET OFSE NEW ENERGY IET OFSE NEW ENERGY 2030s & BEYONDTODAY20172000s – MID-2010s Mid-to-late 2020s Copyright 2023 Baker Hughes Company. All rights reserved. EXPOSURE TO MULTIPLE GROWTH VECTORS • Subsurface to surface integration • Rising levels of investment in gas value chains • The drive for increased energy efficiency in industrial processes • Decarbonization of traditional energy sources • The creation of the Hydrogen Economy • The rebound in investment in international oil & gas • Increased digitalization and the use of remote operations in oil & gas
Copyright 2023 Baker Hughes Company. All rights reserved. BAKER HUGHES PR IORIT IES Sharpening our focus on building a differentiated Energy Technology Company TOP PRIORITIES Committed to enhancing shareholder value Optimize corporate structure to enhance our margin and return profile Capitalize on the growth opportunities across OFSE and IET Targeting EBITDA margins of 20+% in OFSE & IET by 2025/2026, and increasing ROIC to 15% and 20%, respectively Increasing R&D to advance our New Energy technology portfolio in hydrogen, carbon capture and clean power Flexible capital allocation policy to balance returning cash to shareholders (60-80% of FCF1) while investing for growth 1. Free Cash Flow (FCF) is a non-GAAP measure – see appendix for GAAP to non-GAAP reconciliations. 9
Portfolio balances cyclical durability & leverage to multiple growth vectors 10STRATEGY Focused on driving growth and optimizing organizational structure 1. Changing the way we operate 2. Capitalizing on growing energy needs 3. Investing for the future Fundamentally re-wiring the organization Simplifying reporting lines and eliminating duplication Taking measured steps to upgrade our financial reporting systems Internationally focused OFSE portfolio (73% in 1H’23)1 Unique LNG liquefaction & modularization capability Commercial H2 and CO2 turbomachinery offering UPSIDE OPPORTUNITIES BEYOND INITIAL TARGETS COMPLEMENTED BY A DIVERSE PORTFOLIO OF DECARB & DIGITAL TECH Focus OFSE organic & inorganic spending across brownfield oil & gas fields IET capital allocation towards developing New Energy & Digital offering Disciplined strategy targeting high return, bolt-on acquisitions TARGETED INVESTMENTS TO GROW PORTFOLIO ACROSS OFS BROWNFIELD, DIGITAL & NEW ENERGY Continuously striving to enhance returns across the organization 20+% $11.5B- $12.5B ~$650+M Exp. IET Orders in 2023 OFSE/IET EBITDA margins targeted in ‘25/’26 Expected R&D spend in ’23, with increasing focus on New Energy 1. 73% of 1H’23 OFSE revenues were International . Copyright 2023 Baker Hughes Company. All rights reserved.
1. Changing the way we operate STRATEGY All actions executed to deliver $150+M cost-out target by year end Copyright 2023 Baker Hughes Company. All rights reserved. OILFIELD SERVICES & EQUIPMENT (OFSE) INDUSTRIAL & ENERGY TECHNOLOGY (IET) CORPORATE FUNCTIONS COST OUT TARGET $60+M $50+M $40+M ACTIONS TAKEN Combination of legacy OFS and OFE businesses Streamlined functions and management layers Combination of legacy TPS and DS businesses Key leadership changes Simplified ELT structure Moved activities & resources into segments Simplified reporting lines and eliminated duplication Taking first steps in multi-year operational and margin optimization process – additional cost reduction opportunities identified for 2024 and beyond 20+% EBITDA margin target across OFSE & IET1 15% OFSE ROIC1 20% IET ROIC1 Focused on driving margins above targets 11 1. Target for 2025/2026
STRATEGY Copyright 2023 Baker Hughes Company. All rights reserved. Increasing energy demand through ~2040 KEY ENERGY THEMES:PRIMARY GLOBAL ENERGY DEMAND 1: In order to reduce emissions and meet growing overall energy demand, increased investment is required in all forms of low-carbon energy sources Oil & Gas to maintain share of the energy mix LNG demand growth to accelerate Renewable energy gains material share in the 2030s - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20 00 20 05 20 10 20 15 20 20 20 22 20 25 20 30 20 35 20 40 Pr im ar y En er gy D em an d Gas Oil Coal Nuclear Hydro Renewables Biomass & Other 1. Source: S&P Global historical data & Baker Hughes company estimates. 2. Capitalizing on growing energy needs Significant near, medium & long-term tailwinds across our portfolio Increased energy efficiency driven by digitalization 12
The future of gas fired power generation Low LCOC2 for small emitters Net-zero H2 Gen II Solvent for large scale Carbon Capture + Additional 7 investments MOFs3 platform for Direct Air Capture Focused on adding capabilities in areas of CCUS, H2 & Clean Power 13STRATEGY Copyright 2023 Baker Hughes Company. All rights reserved. 3. Investing for the future 1. Technology investment represents small acquisitions and equity investments in incubator stage technology companies focused in the areas of CCUS, H2, Geothermal, Clean Power and Industrial Asset Management. 2. Levelized Cost of Capture 3. Metal-organic Framework $0.2-0.3B Investment in early- stage technologies past 2 years $700M $687M $595M $492M $556M 2018 2019 2020 2021 2022 2023E R& D In ve st m en t U S$ M IET R&D OFSE R&D Other ~$650M+ Continuing to prioritize R&D investment across the portfolio … % BKR Rev. 3.1% 2.9% 2.9% 2.4% 2.6% ~2.6%+ … while also deploying capital in early-stage technologies1 R&D and investments focused on highest return, highest impact & highest growth opportunities
Flexible capital allocation policy CAPITAL ALLOCATION Prioritizing a strong balance sheet and returning capital to shareholders Divestments 1.1X PRIORITY STATUS PHILOSOPHY Balance Sheet Dividends Buybacks M&A Technology Investment1 • Maintain a strong balance sheet • Maintain optionality to pay down near-term debt maturities • Prioritize dividend growth supported by continued margin improvement & structural growth in IET • Repurchase shares to offset share-based compensation • Opportunistic share repurchases to meet shareholder return framework • Focus growth capital on highest return, highest impact, highest growth opportunities across the portfolio • Disciplined strategy targeting high return, bolt-on acquisitions • Selectively recycle capital from divestments & equity investments Net Debt / LTM Adj. EBITDA2 $5.8B Liquidity3 60%-80% FCF4 $0.20/sh $99M Share repurchases in 1H’23 $0.2-0.3B Investment in early- stage technologies past 2 years $1.9B Acquisitions 1. Technology investment represents small acquisitions and equity investments in incubator stage technology companies focused in the areas of CCUS, H2, Geothermal, Clean Power and Industrial Asset Management. 2. Net Debt / LTM Adj. EBITDA is a non-GAAP measure – see appendix for GAAP to non-GAAP reconciliations 3. As of June 30, 2023: Cash and cash equivalents of $2,805 million and a $3 billion committed unsecured revolving credit facility 4. Free Cash Flow (FCF) is a non-GAAP measure – see appendix for GAAP to non-GAAP reconciliations. 5. increased dividend amount ($0.20) was announced on July 27, 2023 Net proceeds from acquisitions and divestments in 1H’23 ~$150M 14 Copyright 2023 Baker Hughes Company. All rights reserved. Increased dividend by 11% past 12 months5
BKR Revenue $24.8 - $26B Adj. EBITDA $3.65 - $3.8B Outlook GUIDANCE 3Q’23 Outlook IET Revenue $2.45 - $2.75B EBITDA $355 -$415M OFSE Revenue $3.8 - $4.0B EBITDA $635 - $695M Other Corporate costs1 Approx. $95M D&A Approx. $280M BKR Revenue $6.4 - $6.6B Adj. EBITDA $930 - $990M 2023 Outlook IET Orders $11.5 - $12.5B Revenue $9.65- $10.35B EBITDA $1.4 - $1.6B OFSE Revenue $15.1 - $15.7B EBITDA $2.5 - $2.7B Other Corporate costs $370M - $390M D&A Approx. $1.1B Adj. Effective Tax Rate 32.5% - 37.5% Note: EBITDA. Adj. EBITDA and Adj. Effective Tax Rate are non-GAAP measures – see appendix for EBITDA reconciliation. Adj. EBITDA and Adj. Effective Tax Rate are non-GAAP financial measures. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from Adj. EBITDA or Adj. ETR. We therefore do not present a guidance range or reconciliation to the nearest GAAP financial measure. 1. Corporate costs guidance is stated at the Operating Income level. Corporate costs guidance at the EBITDA level is Approx. $90M. 15 Copyright 2023 Baker Hughes Company. All rights reserved.
Industrial & Energy Technology Copyright 2023 Baker Hughes Company. All rights reserved.16
IET MACRO OUTLOOK Copyright 2023 Baker Hughes Company. All rights reserved. Robust pipeline of LNG projects in line to take FID KEY IET THEMES:LNG FIDs & Outlook 1: Uniquely positioned to capitalize on unfolding LNG & OOP cycles Leveraging decades of experience in CO2 & Hydrogen to participate in early projects Gulf Coast LNG dominating near-term FIDs International projects in Middle East, Africa & East Med gaining traction Almost $6B of LNG orders over the past six quarters Offshore renaissance driving OOP opportunities Healthy pipeline of FPSO projects as deepwater development recovers Latin America driving near-term orders, Africa & onshore Middle East show promise OOP orders approach $3B over the past six quarters Encouraging levels of early New Energy activity Majors, NOCs & Industrial Gas companies driving near -term activity Focus on carbon capture and offshore re -injection, Green & Blue H 2 production and ammonia plants Booked ~$370M IET New Energy orders 1H’23 vs. ~$350M all of ‘22 1. Source: S&P Global Liquefaction Database & Baker Hughes company estimates Strong IET macro tailwinds in LNG & offshore oil & gas Supplemented by early Hydrogen & CCUS project development 20 71 3 50 36 53 2018 2019 2020 2021 2022 2023 2024 2025 2026+ M TP A FID Taken FID Expected 65+ ~65 ~30-60 17
GTE + Pumps - CTS Setting up IET for the next phase of growth IET PORTFOLIO OVERVIEW Re-aligning product lines and simplifying the business to drive margin improvement – effective October 1st Equipment $2.6B Services $2.4B Condition Monitoring $0.5B Inspection $1.0B Pumps, Valves & Gears $0.8B PSI & Controls1 $0.6B 1. Nexus Controls sold to GE in April 2023 Note: PSI - Precision Sensors & Instrumentation Note: FY 2022 Revenues GAS TECHNOLOGY INDUSTRIAL TECHNOLOGY Climate Technology Solutions IET Digital HORIZONTAL GROWTH AREAS 18 Current portfolio mapping is evolving to the following simplified structure Gas Technology Equipment (GTE) Gas Technology Services (GTS) Climate Technology Solutions (CTS) Industrial Solutions Industrial Products GTS - CTS CTS will be reported on a standalone basis IET Digital + Condition Monitoring + PSI - CTS Valves & Gears + Inspection - CTS • Increased transparency around CTS business • Integrating Asset Performance Management capabilities KEY BENEFITS: • Driving margin through simplification Targeting 20+% EBITDA Margins by 2025/26 FY 2022 Revenues GAS TECHNOLOGY INDUSTRIAL TECHNOLOGY Copyright 2023 Baker Hughes Company. All rights reserved.
LNG Equipment • Liquefaction module solutions, from large to medium/small production size • Turbo-compression trains • Power Generation solutions • Floating solutions GAS TECHNOLOGY EQUIPMENT & SERVICES OVERVIEW Gas Technology Equipment & Services Supplemented by early Hydrogen & CCUS project development Services • Transactional: spare parts, services, repairs & training • CSAs: planned asset maintenance / risk sharing • Upgrades: rejuvenation, maintenance extension, performance improvement & decarbonization • Digital services and less-manned solutions: remote monitoring, maintenance optimizer, predictive maintenance Onshore and Offshore Production (OOP) • Compression and power generation solutions for hydrocarbon production: extract, gather, treat and process • Electric solutions • De-flaring solutions • Pre-assembled modules • Onshore, offshore and unconventional applications Other product lines Turbomachinery solutions for: • Pipeline & Gas Processing • Refinery & Petrochemical facilities • Industrial Power Generation • Other industrial applications Gas or Electric Driver + Compression + Power Island + Modules Power Gen + Compression Illustrative FPSO Illustrative LNG Facility Illustrative Industrial Complex Illustrative Pipeline Power Gen + Compression + Pumps Gas/Steam turbines + Compression 19 Note: Re-alignment of product lines effective October 1st 2023 Copyright 2023 Baker Hughes Company. All rights reserved.
Copyright 2023 Baker Hughes Company. All rights reserved. CLIMATE TECHNOLOGY SOLUTIONS OVERVIEW Climate Technology Solutions CCUS, Hydrogen, Clean Power & Emissions Abatement Capabilities Sequestration Monitoring Enhanced Oil Recovery Turboexpander + CO2 Compression & Pumps Clean Power • NET Power: Developing turboexpander for Zero-Emissions Power Plants • Microgrids: providing H2 power gen and heat recovery systems Illustrative NET Power facility CCUS • Capture: range of capture solutions • Compression: portfolio of compression solutions • Utilization: bio-methanation, E-fuels, Zero-emission power • Storage: CO2 storage, EOR, monitoring Illustrative Compact Carbon Capture facility Illustrative CO2 Compression Station Carbon Capture, CO2 Compression, EOR & Storage Wells, CO2 Monitoring Hydrogen • Turbines: 100% H2-ready • Compression: 2,000 installed • Pumps: acid-gas removal • Valves: for all H2 applications Illustrative H2 Power Gen Illustrative Ammonia Facility H2 Turbines + H2 compressors +H2 Pumps & Valves Illustrative CO2 Onshore Storage Illustrative CO2 Offshore Storage Illustrative CO2 Offshore Storage Emissions Abatement • flare.IQ: Monitor, reduce and control emissions flare.IQ Illustrative carbon emitting facility Note: Re-alignment of product lines effective October 1st 2023 20
Copyright 2023 Baker Hughes Company. All rights reserved. Condition Monitoring • Condition monitoring and protection devices • Advanced machinery diagnostic software solutions Inspection Sensing: • Ultrasonic • Film, radiography remote visual, X-ray Software & Services: • Pre-commissioning services (pipelines) • Remote monitoring Valves & Gears • Process, control & safety valves • Gears and bearings Precision Sensors & Instrumentation (PSI) • Flow, gas, moisture (Panametrics) • Nuclear instrumentation and downhole (Reuter-Stokes) • Pressure (Druck) INDUSTRIAL SOLUTIONS & PRODUCTS OVERVIEW Industrial Solutions & Products Ensuring safety, reliability and higher throughput yield with continuous monitoring Illustrative Industrial Complex Bently Nevada X-Ray & Pipeline Inspection Equipment Valves & Gears Sensors used to monitor a variety of risks 21 Industrial Solutions Industrial Products Note: Re-alignment of product lines effective October 1st 2023
Copyright 2023 Baker Hughes Company. All rights reserved. Asset Health Asset Strategy Asset Inspections Yield Throughput Energy & Emissions Asset Performance Management Process Optimization 9+ million sensors on industrial assets 20+ Years of flagship software capabilities 120+ Years of industrial inspection excellence Emissions management and advisory Best-in-class AI & Machine-learning models Cordant is an integrated suite of solutions that connects Baker Hughes critical capabilities for asset performance management and process optimization IET DIGITAL Introducing Process & Pipeline Services Baker Hughes’ Holistic Industrial Asset Management Services 22
23IET SEGMENT RESULTS Strong revenue growth driven by Gas Tech Equipment backlog conversion IET Revenues & EBITDA Margin 2Q’23 IET – Gas Technology Revenues 2Q’23 IET – Industrial Technology Revenue Growth1,2 • Revenue growth +34% YoY & 14% QoQ driven by execution of backlog across all product lines • Gas Technology Equipment revenue up 80% YoY & 21% QoQ driven by execution of project backlog • Gas Technology Services revenue was up 21% YoY (7% excluding the impact from Russia) driven by strong transactional services and upgrade projects • Industrial Technology solid double-digit revenue growth YoY across all business units … Nexus Controls sale to GE finalized in April‘23 • IET EBITDA margin rate of 14.9% down YoY due to mix / higher R&D $1,816 $2,138 $2,438 15.7% 13.9% 14.9% 0% 5% 10% 15% 20% 1,000 1,500 2,000 2,500 2Q'22 1Q'23 2Q'23 EB IT D A M ar gi n $ M ill io ns EBITDA margin is a non-GAAP measure – see appendix for GAAP to non-GAAP reconciliations 1. Excluding the sale of Nexus Controls, PSI revenue increased 12% YoY during the second quarter (Nexus 2Q’22 revenue of $54M vs. 2Q’23 revenue of $1M). 2. Excluding the acquisition of Quest Integrity, Inspection revenue increased 8% YoY during the second quarter (Quest Integrity 2Q’22 revenue of $4M vs. 2Q’23 Revenue of $44M). Note: Results for 2Q’23 16% 24% 12% (32)%(35%) (25%) (15%) (5%) 5% 15% 25% 35% Condition Monitoring Inspection Pumps, Valves & Gears PSI & Controls C ha ng e Yo Y Copyright 2023 Baker Hughes Company. All rights reserved. $556 $827 $999 $542 $591 $658$1,098 $1,418 $1,658 - 500 1,000 1,500 2,000 2Q'22 1Q'23 2Q'23 $ M ill io ns Gas Tech - Services Gas Tech - Equipment Industrial & Energy Technology (IET) Results
$864 $1,891 $1,611 $788 $702 $790 0 1,000 2,000 2Q'22 1Q'23 2Q'23 $ M ill io ns Gas Tech - Equipment Gas Tech - Services $1,651 $1,594 $3,392 $2,593 $2,402 $816 $763 $897 $940 $880 $2,467 $2,357 $4,289 $3,533 $3,282 0 1,000 2,000 3,000 4,000 5,000 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 $ M ill io ns Industrial Tech Gas Tech 24IET SEGMENT RESULTS Industrial & Energy Technology (IET) Orders Strong orders driven by continued strength in LNG & Onshore/Offshore Production IET Orders Gas Technology Orders IET RPO (Remaining Performance Obligations) See Appendix for additional time periods. Note Results for 2Q’23 • $3.3B of orders up 33% YoY driven by Gas Tech Equipment up 87% YoY due to award of Rio Grande LNG for 3 liquefaction trains • IET Book-to-bill of 1.3x; RPO of $27.5 up 4% QoQ and 24% YoY • Industrial Tech orders up 8% YoY up 10% excluding impacts from the Quest acquisition and the disposition of Nexus • >$100M New Energy orders in 2Q, mainly driven by Hydrogen • >$80M IET Digital orders in 2Q • Gas Tech Equipment RPO of $11.4B, up 9% QoQ and 60% YoY Copyright 2023 Baker Hughes Company. All rights reserved. $7.1 $10.5 $11.4 $13.0 $13.6 $13.9 $2.1 $2.4 $2.2$22.3 $26.5 $27.5 0 5 10 15 20 25 30 2Q'22 1Q'23 2Q'23 $ Bi lli on s Gas Tech - Equipment Gas Tech - Services Industrial Tech
Capitalize on macro tailwinds • Natural gas leader across value chain, with significant LNG presence • Leading compression and gas turbine technology, driving differentiation across multiple markets • Growing installed base and service franchise Invest in new strategic initiatives • Growing in industrial markets, leveraging flow control and condition monitoring expertise • Grow CTS in CCUS, H2, clean power and emissions management • Develop IET Digital capabilities for energy and industrial customers Portfolio integration & actions • Appointed new head of IET – Ganesh Ramaswamy • Removing layers of legacy DS management and integrating under IET management team • In process of executing actions to achieve at least $50 million in cost out • Streamlining and re-positioning supply chain • Integration of key technologies (Bently Nevada, Inspection) through IET Digital Copyright 2023 Baker Hughes Company. All rights reserved. IET TARGETS IET strategy and execution Cost out in 2023 $50+M ROIC2 20%1 Creating a market leader for a net-zero economy Financial targets Volume/mix Cost synergies Supply chain & product design IET 2022 IET ‘25-’26 17 % 20 +% Pathway to 20+% EBITDA margin target EBITDA1 20+% 1. Target for 2025/2026. 2. Target for 2025 / 2026. Note: ROIC is defined as NOPAT / (non-cash net working capital + PP&E+ Goodwill + Intangibles) EBITDA is a non-GAAP measure – see appendix for non-GAAP to GAAP reconciliations 25
Oilfield Services & Equipment Copyright 2023 Baker Hughes Company. All rights reserved.26
OFSE MACRO OUTLOOK Copyright 2023 Baker Hughes Company. All rights reserved. International is the primary growth driver KEY OFSE THEMES:UPSTREAM CAPEX VS. OIL DEMAND 1: Baker Hughes well positioned to capture strong international and offshore growth momentum. NAM exposure mitigated by portfolio and customer mix Middle East & Latin America activity continues to grow Increasing activity in SSA and emerging opportunities in SE Asia Excluding Russia & Altus, Int’ l OFS revenues up 20% YoY in 1H’23 Offshore cycle remains robust On track to exceed 300 X-tree orders for the second consecutive year Possible to see this level of activity maintained for the next 2 -3 years NAM activity trending weaker Capital discipline coupled with price volati l ity has subdued activity Peaking well productivity & basin consolidation could further dull growth prospects 1. Source: Wood Mackenzie – Oil Demand: Energy Transition Tool. – Upstream Capex: Lens Direct Multi-year upstream spending cycle provide OFSE tailwinds While North America spending is slowing, International momentum remains strong 0 20 40 60 80 100 0 200 400 600 800 2010 2012 2014 2016 2018 2020 2022 2024 O il D em an d M M b/ d C ap ex $ M Favorable brownfield spending trends Increasing focus on brownfield vs. greenfield by upstream customers 27
Oilfield Services & Equipment (OFSE) Copyright 2023 Baker Hughes Company. All rights reserved. OFSE PORTFOLIO OVERVIEW North America $3.8B Latin America $2.1B Europe/CIS/SSA $2.5B Middle East/Asia $4.9B 28% 16% 19% 37% OFSE 2022 REGIONAL SPLIT $13.2B Production Solutions Subsea & Surface Pressure Systems Well Construction Completions, Intervention & Measurements $3.9B $3.6B $3.6B $2.2B • Artificial Lift Systems • Oilfield & Industrial Chemicals • Subsea Projects & Services • Flexible Pipe Systems • Surface Pressure Control • Drilling Services • Drill Bits • Drilling & Completion Fluids • Completions & Well Intervention • Wireline Services • Cementing • International Pressure Pumping Oilfield Services & Equipment Reporting Segment – Revenue FY 2022 Onshore Offshore ~60% ~40% OFSE 2022 ONSHORE OFFSHORE SPLIT $13.2B 28
Subsea & Surface Pressure Systems (SSPS) Well Construction Completions, Intervention & Measurements (CIM) OFSE expertise spans the lifecycle of the field Production focused portfolio, positioned to enhance recovery and reduce emissions OFSE PORTFOLIO OVERVIEW Production Solutions Drill Bits Drilling Services Drilling & Completion Fluids Artificial Lift Systems Oilfield & Industrial Chemicals Wireline Services Completions & Well Intervention Cementing International Pressure Pumping Subsea Projects & Services Surface Pressure Control Flexible Pipe Systems 29
Connecting our leading technology to digital applications that drive enhanced customer outcomes Developing new solutions for current and evolving markets Copyright 2023 Baker Hughes Company. All rights reserved. OFSE STRATEGY Digital Leveraging subsurface to surface portfolio to provide long- term growth in New Energy markets LeucipaTM Life of field activity scheduling Artificial lift Chemicals Power Fluids handling Field intelligence New Energy Geothermal Well positioned through subsurface and power generation expertise to be a technology partner of choice1 CCUS Leading CO2 storage technology provider Baker Hughes forms strategic digital collaboration to enhance customer well construction efficiency “The shortest cycle barrel isn’t delivered by drilling new wells. It’s by optimizing the thousands of producing wells worldwide that are currently underperforming” LeucipaTM is an agnostic, recommendation-led SaaS offering that will optimize customer’s fields through production automation across six disciplines: i it l Product ion Automation 1. Image of the Mahanagdong geothermal facility which utilizes GreenFire’s technology - courtesy of the Energy Development Corporation - the Philippines’ largest geothermal producer. 30
5% 6% 16% 9% 0% 5% 10% 15% 20% North America Latin America Eur/CIS/SSA Middle East / Asia C ha ng e Q oQ 31OFSE SEGMENT RESULTS Oilfield Services & Equipment (OFSE) Results Strong performance driven by international and offshore markets OFSE Revenues & EBITDA Margin OFSE RPO (Remaining Performance Obligations) 2Q’23 OFSE – Revenue Growth by Geography1 • Revenue up 8.4% QoQ and 20.0% YoY … growth in traditional OFS business, aided by increased SSPS revenues • EBITDA margin rate 16.4% … up 20 bps QoQ, primarily driven by pricing & productivity, partially offset by higher SSPS mix • Broad-based international growth … excluding SSPS & Altus international revenue was up 12% QoQ, with solid growth across all regions except NAM (-1% QoQ) • OFSE RPO increases driven by Subsea & Flexibles order momentum … OFSE RPO, which is almost entirely SSPS, grew 65% YoY and 11% QoQ to $3.5B EBITDA margin is a non-GAAP measure – see appendix for GAAP to non-GAAP reconciliations 1. Note Europe/CIS/SSA QoQ revenue growth of 6% excluding the acquisition of Altus Intervention (2Q’23 revenues of US$57M). 2. WC – Well Construction, CIM – Completions, Intervention & Measurement, PS – Production Solutions, SSPS – Subsea & Surface Pressure Systems. Note CIM QoQ revenue growth of 13% excluding the acquisition of Altus Intervention (2Q’23 Revenues of US$67M). Note; Results for 2Q’23 $3,230 $3,577 $3,877 14.5% 16.2% 16.4% 0% 10% 20% - 1,000 2,000 3,000 4,000 2Q'22 1Q'23 2Q'23 EB IT D A M ar gi n $ M ill io ns Copyright 2023 Baker Hughes Company. All rights reserved. $2.3B $2.1B $2.4B $2.6B $3.1B $3.5B 0.0 1.0 2.0 3.0 4.0 1Q'22 2Q'22 3Q'22 4Q'22 1Q'23 2Q'23 $ Bi lli on s
Volume Chemicals normalization Cost synergies Supply chain & product cost 15 .5 % 20 +% Copyright 2023 Baker Hughes Company. All rights reserved. OFSE TARGETS Capitalize on macro tailwinds • Multiyear upstream cycle to bolster growth • Well positioned in key markets – Middle East, Latin America, NAM & offshore • Continue to high grade portfolio and geographic footprint, rationalize cost base Invest in new strategic initiatives • Build upon current portfolio to develop integrated production solutions • Develop geothermal and carbon storage technologies • Accelerate commercialization of key technologies • Invest and develop digital application focused business Portfolio integration & actions • Executing at least $60 million in cost out by end 2023 through legacy OFS/OFE integration • Removed layers of legacy OFE management and integrated under OFS management team • Rationalizing 40-50% of subsea tree capacity in Latin America & Asia and outsourcing basic machining • Leverage combined engineering, supply chain & commercial resources Positioned for cyclical upturn and preparing for new energy order OFSE strategy and execution Cost out in 2023 $60+M ROIC2 15% OFSE 2022 OFSE ’24-’25 Financial targets Pathway to 20+% EBITDA margin target 1. 2024 / 2025 target. Note: ROIC is defined as NOPAT / (non-cash net working capital + PP&E+ Goodwill + Intangibles) 2. 2024 / 2025 target EBITDA is a non-GAAP measure – see appendix for non-GAAP to GAAP reconciliations EBITDA1 20+% 32
Sustainability, Management & Board of Directors Overview Copyright 2023 Baker Hughes Company. All rights reserved.33
Committed to sustainability SUSTAINABIL ITY Led by our purpose of making energy cleaner, safer, and more efficient for people and the planet 28% Reduction in Scope 1&2 GHG emissions vs. 2019 Enacting new programs to promote inclusion and diversity DRIVING CARBON FOOTPRINT REDUCTION COMMITTED TO DIVERSITY, EQUITY AND INCLUSION HEALTH, SAFETY & WELLNESS ETHICS, COMPLIANCE, AND TRANSPARENCY Reduction in Baker Hughes Scope 1 and 2 GHG emissions compared to 2019 baseline Providing a safe and healthy workplace for all Improving external reporting & internal processes • Recognized as “DEI best places to work for disability inclusion” by Disability:IN with score of 90% by participating in Disability Inclusion Index • In May 2023, we published our 2022 Diversity, Equity, and Inclusion Annual Report • Updated process to evaluate and reconcile pay equity across the company • Investing in low carbon energy technologies enabling customer’s emissions reduction • We are now reporting on 10 categories of Scope 3 emissions • 26% of Baker Hughes electricity comes from renewables or zero- carbon sources, up 2% YoY • Achieved 217 Perfect HSE days, up 6% from 2021 • We offer more than 230 unique HSE courses including foundational training required for all employees, workplace and job specific training, and human-performance leadership training for managers. • 97% of all employees completed annual Code of Conduct training, including training on ethics, compliance, and anti-corruption • 100% of enterprise security personnel trained in human rights policies or procedures • 99% of governance body members have received training on anti- corruption1 Source: Baker Hughes Sustainability Report https://www.bakerhughes.com/company/corporate-responsibility 1. 26 Governance body members include 116 Senior Executive Band and above employees, which include the most senior-level managers and individual contributors, such as Vice Presidents and above. Note: Results for 2Q’23 34 Copyright 2023 Baker Hughes Company. All rights reserved.
Principles Doing the right thing, always People Fostering diversity, equity, and inclusion Baker Hughes Corporate Responsibility framework Copyright 2023 Baker Hughes Company. All rights reserved. SUSTAINABIL ITY Awarded B rating by CDP Awarded AA ESG rating by MSCI Awarded A+ ESG rating by Refinitiv Baker Hughes ESG ratings and rankings Planet The dual challenge of energy & climate Awarded Silver Medal by ecovadis #1 for customers in the energy equipment & services sector by JUST Capital Note ratings as of Dec 31, 2022. 35
Baker Hughes Management Team Copyright 2023 Baker Hughes Company. All rights reserved. BAKER HUGHES MANAGEMENT TEAM Lorenzo Simonelli Chairman & Chief Executive Officer Nancy Buese Chief Financial Officer Jim Apostolides SVP Enterprise Operational Excellence Ganesh Ramaswamy EVP IET Maria Claudia Borras EVP OFSE Jeff Fleece Chief Information Officer Deanna Jones EVP People, Communications & Transformation 36
Baker Hughes Board of Directors Copyright 2023 Baker Hughes Company. All rights reserved. BAKER HUGHES BOARD OF DIRECTORS Lorenzo Simonelli Chairman & CEO • President & CEO of Baker Hughes since 2017 • Board member of Iveco Group N.V. W. Geoffrey Beattie Lead Independent Director • CEO of Generation Capital since 2013 • Board member of Maple Leaf Foods & Fiera Capital Corp. • Finance and Governance & Corporate Responsibility committees Gregory D. Brenneman • Executive Chairman of CCMP Capital Advisors, LLC, since 2016 • Board member of Hayward Holdings & The Home Depot • Audit and Finance committees Cynthia B. Carroll • CEO of Anglo American plc from 2007 to 2013 • Board member of Glencore, Pembina Pipeline Corp., and Hitachi, LTD. • Audit and Human Capital & Compensation committees Nelda J. Connors • Founder & CEO of Pine Grove Holdings, LLC • Board member of Otis Worldwide Corp., Zebra Technologies Corp., BorgWarner & Boston Scientific • Governance & Corporate Responsibility and Human Capital & Compensation committees Michael R. Dumais • Former Chief Transformation Officer at Raytheon Technologies • Previously EVP of Operations & Strategy at United Technologies • Finance and Governance & Corporate Responsibility committees Lynn L. Elsenhans • President & CEO of Sunoco, Inc. from 2009 to 2012 • Board member of Saudi Aramco • Governance & Corporate Responsibility and Human Capital & Compensation committees John G. Rice • Chairman of GE Gas Power from 2018 to 2020 • CEO of GE Global Growth Organization from 2010 to 2017 • Board member of AIG • Audit and Finance committees Mohsen Sohi • CEO of Freudenberg & Co. since 2012 • Board member of STERIS plc • Audit and Human Capital & Compensation committees 37
Incentive compensation metrics aligned to shareholder returns Copyright 2023 Baker Hughes Company. All rights reserved. INCENTIVE COMPENSATION METRICS Short-term • 70% financial metrics − Free cash flow (35% weighted) − Adjusted EBITDA (25% weighted) − Revenue (10% weighted) • 30% Strategic Blueprint priorities* Long-term • Relative return on invested capital (50% weighted) • Relative free cash flow conversion (50% weighted) • Added multiplier for Total Shareholder Return performance *The Strategic Blueprint priorities consist of the following performance objectives: (1) safety and compliance; (2) growth and capital allocation; (3) ESG and Leadership; (4) shareholder returns (2023 framework) 38
Appendix Copyright 2023 Baker Hughes Company. All rights reserved.39
Strong balance sheet and solid cash flow F INANCIALS 1. Net Debt / LTM Adj. EBITDA is a non-GAAP measure – see appendix for GAAP to non-GAAP reconciliations 2. As of June, 30 2023: Cash and cash equivalents of $2,805 million and a $3 billion committed unsecured revolving credit facility 3. FCF Conversion = FCF / Adj. EBITDA. FCF & Adj. EBITDA are non-GAAP measures – see appendix for GAAP to non-GAAP reconciliations STRONG BALANCE SHEET PRIORITIZING FREE CASH FLOW 1.1X1 Net debt / LTM Adj. EBITDA A3/A- Credit Ratings from Moody’s and S&P $5.8B2 Total Liquidity Strong balance sheet enables financial flexibility Committed to investment grade rating Portfolio focused on maximizing free cash flow generation $0.6B3 FCF in 2Q’23 +$0.5B vs. 2Q’22 69%3 FCF conversion in 2Q’23 Targeting 50+% FCF conversion through-cycle 40 Copyright 2023 Baker Hughes Company. All rights reserved.
Baker Hughes financial results F INANCIAL OVERVIEW Strong financial execution BKR Orders & Revenues Segment Revenue & EBITDA Copyright 2023 Baker Hughes Company. All rights reserved. Adj. Op income, Adj. EBITDA and FCF are non-GAAP measure – see appendix for GAAP to non-GAAP reconciliations $23.8 $20.7 $20.5 $21.2 $5.0 $6.3 $27.0 $20.7 $21.7 $26.8 $5.9 $7.5 0 10 20 30 2019 2020 2021 2022 2Q'22 2Q'23 US $ bi lli on s Revenue Orders Adj. Op Income (non-GAAP) $1.6 $1.0 $1.6 $1.9 $0.4 $0.6 Adj. Op Inc. % 6.7% 5.0% 7.7% 9.1% 7.5% 10.0% D&A $1.4 $1.3 $1.1 $1.1 $0.3 $0.3 Adj. EBITDA (non-GAAP) $3.0 $2.4 $2.7 $3.0 $0.7 $0.9 Adj. EBITDA % 12.7% 11.4% 13.1% 14.1% 12.9% 14.4% Free Cash Flow $1.2 $0.5 $1.8 $1.1 $0.1 $0.6 FCF Conv. % 38% 22% 68% 37% 23% 69% IET 36% OFSE 64% IET 39% OFSE 61% • $31B RPO - $11.4B Gas Tech Equipment RPO; $13.9B Gas Tech Services RPO • Booked $2.4B of orders in Gas Technology in 2Q’23 – solid quarter supported by LNG & Onshore/Offshore production; $1.1B of orders in SSPS 2Q’23 Segment EBITDA2Q’23 Revenue (US$ billions) 41
GAAP to Non-GAAP reconciliations APPENDIX Reconciliation of Cash Flow From Operating Activities to Free Cash Flow (in millions) Cash flow reconciliation TY2018 TY2019 TY2020 1Q2021 2Q2021 3Q2021 4Q2021 TY2021 1Q2022 2Q2022 3Q2022 4Q2022 TY2022 1Q2023 2Q2023 Cash flow from operating activities (GAAP) 1,762 2,126 1,304 678 506 416 773 2,374 72 321 597 898 1,888 461 858 Add: cash used in capital expenditures, net of proceeds from disposal of assets (537) (976) (787) (180) (121) (111) (129) (541) (177) (174) (180) (241) (772) (264) (235) Free cash flow (Non-GAAP) 1,225 1,150 518 498 385 305 645 1,832 (105) 147 417 657 1,116 197 623 Operating income (GAAP) to adjusted EBITDA reconciliation TY2018 TY2019 TY2020 1Q2021 2Q2021 3Q2021 4Q2021 TY2021 1Q2022 2Q2022 3Q2022 4Q2022 TY2022 1Q2023 2Q2023 Revenue 22,877 23,838 20,705 4,782 5,142 5,093 5,485 20,502 4,835 5,047 5,369 5,905 21,156 5,716 6,315 Operating Income (loss) (GAAP) 701 1,074 (15,978) 164 194 378 574 1,310 279 (25) 269 663 1,185 438 514 Less: Merger, Impairment, Restructuring & Other (691) (528) (17,018) (106) (139) (24) 3 (266) (70) (402) (235) (29) (735) (74) (117) Adjusted Operating Income (Non-GAAP) 1,391 1,602 1,040 270 333 402 571 1,576 348 376 503 692 1,920 512 631 Add: Depreciation & Amortization 1,486 1,418 1,317 292 278 262 273 1,105 277 275 254 255 1,061 269 276 Adjusted EBITDA (Non-GAAP) 2,877 3,020 2,357 562 611 664 844 2,681 625 651 758 947 2,981 782 907 Adjusted EBITDA Margin (Non-GAAP)1 12.6% 12.7% 11.4% 11.7% 11.9% 13.0% 15.4% 13.1% 12.9% 12.9% 14.1% 16.0% 14.1% 13.7% 14.4% Reconciliation of Operating Income to Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) Reconciliation of Net Debt to Last Twelve Months (LTM) Adjusted EBITDA ($ in millions) Net Debt to Last Twelve Months (LTM) Adjusted EBITDA 2Q2023 Short-term debt and current portion of long-term debt 797 Long-term debt 5,847 Total debt 6,644 Less: Cash and cash equivalents 2,805 Net Debt 3,839 LTM Adj. EBITDA 3,394 Net debt / LTM Adj. EBITDA 1.1X Note: certain columns and rows may not add up due to the use of rounded numbers. 1. Adjusted EBITDA divided by Total Revenue 42 Copyright 2023 Baker Hughes Company. All rights reserved.
OFSE & IET reconciliations APPENDIX FY 2019 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q2023 2Q2023 Oilfield Services & Equipment 16,419 12,304 2,544 3,040 3,136 3,077 11,798 3,270 3,392 3,707 3,721 14,089 4,100 4,192 Gas Technology - Equipment 4,179 3,014 622 561 765 1,912 3,860 2,086 864 882 2,601 6,432 1,891 1,611 Gas Technology - Services 2,821 2,631 607 733 742 821 2,903 671 788 713 791 2,962 702 790 Total Gas Technology 7,001 5,645 1,229 1,294 1,507 2,733 6,763 2,757 1,651 1,594 3,392 9,395 2,593 2,402 Total Industrial Technology 3,554 2,765 767 759 735 846 3,108 810 816 763 897 3,285 940 880 Industrial & Energy Technology 10,555 8,410 1,996 2,053 2,242 3,579 9,870 3,567 2,467 2,357 4,289 12,680 3,533 3,282 Total Orders 26,973 20,714 4,541 5,093 5,378 6,656 21,668 6,837 5,860 6,063 8,009 26,770 7,632 7,474 Orders by Reporting Segment (in millions) Note: certain columns and rows may not add up due to the use of rounded numbers. 43 Copyright 2023 Baker Hughes Company. All rights reserved.
OFSE & IET reconciliations APPENDIX FY 2019 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 TY 2022 1Q2023 2Q2023 Well Construction 4,222 3,257 743 800 844 914 3,301 883 936 991 1,043 3,854 1,061 1,076 Completions, Intervention & Measurements 4,491 3,614 716 782 791 817 3,106 781 886 920 972 3,559 909 1,090 Production Solutions 4,175 3,269 740 777 783 835 3,135 825 866 931 965 3,587 938 959 Subsea & Surface Pressure Systems 2,921 2,844 628 637 603 619 2,486 528 541 561 599 2,230 670 752 Oilfield Services & Equipment 15,809 12,984 2,827 2,995 3,021 3,185 12,028 3,017 3,230 3,403 3,579 13,229 3,577 3,877 Gas Technology - Equipment 1,958 2,421 733 795 703 686 2,916 543 556 610 851 2,560 827 999 Gas Technology - Services 2,710 2,475 573 636 661 829 2,700 581 542 629 690 2,441 591 658 Total Gas Technology 4,668 4,896 1,306 1,431 1,364 1,516 5,616 1,124 1,098 1,239 1,541 5,002 1,418 1,658 Condition Monitoring 647 581 136 147 129 149 562 126 133 131 155 545 140 154 Inspection 1,189 865 204 236 249 259 949 212 257 259 267 995 254 318 Pumps, Valves & Gears 868 809 179 197 198 226 801 221 194 199 212 826 201 217 PSI & Controls 656 570 130 136 131 149 546 136 135 138 150 559 125 92 Total Industrial Technology 3,360 2,824 648 717 708 784 2,857 694 718 728 784 2,925 721 780 Industrial & Energy Technology 8,028 7,721 1,954 2,148 2,072 2,300 8,473 1,818 1,816 1,967 2,325 7,926 2,138 2,438 Total Revenue 23,838 20,705 4,782 5,142 5,093 5,485 20,502 4,835 5,047 5,369 5,905 21,156 5,716 6,315 Consolidated Revenue by Reporting Segment and Product Line (in millions) Oilfield Services & Equipment Geographic Revenue ($ in millions) FY 2019 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 TY 2022 1Q2023 2Q2023 North America 5,095 3,107 681 719 753 751 2,904 823 925 986 1,030 3,764 992 1,042 Latin America 1,677 1,447 379 411 436 454 1,681 440 509 549 601 2,099 661 698 Europe/CIS/Sub-Saharan Africa 3,138 2,846 649 695 726 795 2,865 660 660 586 577 2,483 581 672 Middle East/Asia 5,900 5,584 1,118 1,170 1,106 1,185 4,579 1,094 1,136 1,282 1,371 4,883 1,345 1,465 Oilfield Services & Equipment 15,809 12,984 2,827 2,995 3,021 3,185 12,028 3,017 3,230 3,403 3,579 13,229 3,577 3,877 North America 5,095 3,107 681 719 753 751 2,904 823 925 986 1,030 3,764 992 1,042 International 10,714 9,877 2,146 2,275 2,269 2,434 9,124 2,194 2,305 2,417 2,549 9,465 2,586 2,835 44 Copyright 2023 Baker Hughes Company. All rights reserved. Note: certain columns and rows may not add up due to the use of rounded numbers.
OFSE & IET GAAP to Non-GAAP reconciliations APPENDIX Operating Income (loss) by Segment (GAAP) FY 2019 FY 2020 1Q 2021 2Q 2021 3Q 2021 4Q 2021 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 TY 2022 1Q2023 2Q2023 Oilfield Services & Equipment 972 506 147 199 204 280 830 213 249 324 416 1,201 371 417 Industrial & Energy Technology 1,062 998 231 245 304 397 1,177 241 236 282 377 1,135 241 311 Segment operating income 2,035 1,504 379 444 508 676 2,006 453 485 606 792 2,336 612 728 Corporate (433) (464) (109) (111) (105) (106) (429) (105) (108) (103) (100) (416) (100) (97) Inventory impairment — (246) — — — — — — (31) — — (31) (18) (15) Goodwill impairment — (14,773) — — — — — — — — — — — — Restructuring, impairment and other (342) (1,866) (80) (125) (14) 11 (209) (61) (362) (230) (29) (682) (56) (102) Separation related (184) (134) (27) (15) (11) (8) (60) (9) (9) (5) — (23) — — Operating income (loss) 1,074 (15,978) 164 194 378 574 1,310 279 (25) 269 663 1,185 438 514 Add: Depreciation & Amortization Oilfield Services & Equipment 1,160 1,072 233 221 205 215 874 222 221 204 198 845 208 219 Industrial & Energy Technology 219 216 52 53 52 52 208 51 49 45 52 197 56 52 Segment depreciation and amortization 1,379 1,288 285 273 257 267 1,082 272 270 249 250 1,041 264 271 Corporate 39 29 7 5 5 6 23 4 5 5 5 19 5 5 Total depreciation and amortization 1,418 1,317 292 278 262 273 1,105 277 275 254 255 1,061 269 276 EBITDA by Segment (non-GAAP) Oilfield Services & Equipment 2,132 1,578 380 420 409 495 1,704 434 470 528 614 2,046 579 636 Industrial & Energy Technology 1,281 1,214 283 297 356 449 1,385 291 285 327 429 1,332 297 363 Segment EBITDA (non-GAAP) 3,413 2,792 664 717 765 944 3,088 725 755 855 1,042 3,377 876 999 Corporate (394) (435) (102) (106) (100) (100) (407) (101) (103) (98) (95) (397) (95) (92) Inventory impairment — (246) — — — — — — (31) — — (31) (18) — Goodwill impairment — (14,773) — — — — — — — — — — — (15) Restructuring, impairment and other (342) (1,866) (80) (125) (14) 11 (209) (61) (362) (230) (29) (682) (56) (102) Separation related (184) (134) (27) (15) (11) (8) (60) (9) (9) (5) — (23) — — EBITDA (non-GAAP) 2,493 (14,661) 456 472 640 847 2,415 555 250 523 918 2,245 708 790 Reconciliation of Operating Income (Loss) by Segment (GAAP) to EBITDA (non-GAAP) (in millions) 45 Copyright 2023 Baker Hughes Company. All rights reserved. Note: certain columns and rows may not add up due to the use of rounded numbers.
OFSE & IET GAAP to Non-GAAP reconciliations APPENDIX 3Q 2023 Outlook Range 2023 FY Outlook Range 3Q 2023 FY 2023 Operating Income (loss) by Segment (GAAP) 415 – 475 1,620 – 1,820 Add: Depreciation & Amortization 220 880 EBITDA by Segment (non-GAAP) 635 - 695 2,500 - 2,700 Reconciliation of Operating Income (Loss) by Segment (GAAP) to EBITDA (non-GAAP) Outlook Framework (in millions) 3Q 2023 Outlook Range 2023 FY Outlook Range 3Q 2023 FY 2023 Operating Income (loss) by Segment (GAAP) 300 – 360 1,180 – 1,380 Add: Depreciation & Amortization 55 220 EBITDA by Segment (non-GAAP) 355 – 415 1,400 – 1,600 Oilfield Services & Equipment Industrial & Energy Technology 46 Copyright 2023 Baker Hughes Company. All rights reserved. Note: certain columns and rows may not add up due to the use of rounded numbers.
