Baker Hughes Company reported a revenue increase of 9% for the fiscal year 2024, reaching $27.8 billion compared to $25.5 billion in 2023. This growth was primarily driven by the Industrial & Energy Technology (IET) segment, which saw a revenue rise of $2.1 billion, largely attributed to Gas Technology Equipment. The Oilfield Services & Equipment (OFSE) segment also contributed to the overall revenue growth with a modest increase of $268 million, reflecting improved international sales. Operating income for the year was $3.1 billion, up from $2.3 billion in the previous year, indicating a 33% increase, which was supported by higher volumes and cost optimization initiatives.
In terms of strategic developments, Baker Hughes has focused on enhancing its core operations and expanding its capabilities in new energy technologies. The company has made significant investments in research and development, totaling $643 million in 2024, and has been granted over 1,600 patents. Notably, Baker Hughes launched CarbonEdge™, a digital solution for carbon capture, utilization, and storage (CCUS) operations, and established partnerships with companies like HIF Global and Air Products to advance its new energy initiatives.
Operationally, Baker Hughes reported a total of $28.2 billion in orders for 2024, a decrease from $30.5 billion in 2023. The OFSE segment accounted for $15.2 billion of these orders, while IET contributed $13 billion. The remaining performance obligations as of December 31, 2024, stood at $33.1 billion, with a significant portion expected to be recognized as revenue in the coming years. The company maintained a workforce of approximately 57,000 employees, with a diverse presence across more than 120 countries.
The filing also highlighted the company's commitment to sustainability, with a goal to reduce Scope 1 and 2 carbon dioxide equivalent emissions by 50% by 2030 and achieve net-zero emissions by 2050. Baker Hughes reported a 28.3% reduction in emissions compared to its 2019 baseline, driven by energy efficiency initiatives and increased use of renewable energy sources. The company anticipates continued growth in its new energy solutions, particularly in hydrogen, geothermal, and clean power technologies, as it adapts to shifting customer demands towards lower-carbon solutions.
Looking ahead, Baker Hughes expects a muted outlook for global upstream spending in 2025 due to recent oil price volatility, which may impact activity levels in its OFSE segment. However, the company remains optimistic about the IET segment, particularly in the LNG and gas infrastructure markets, as well as in new energy solutions. The company’s flexible capital allocation strategy aims to balance shareholder returns with investments in growth opportunities, including a recent increase in its quarterly dividend to $0.21 per share.
About Baker Hughes Co
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