Baker Hughes CEO on Global Energy Outlook, Hydrogen, and Long-Term Demand

Global Energy Demand Outlook

• 💡 The mood at the OPEC seminar is pragmatic, with acknowledgment of short-term volatility but a strong underlying trend of increasing energy demand extending into the 2030s.
• 📈 Baker Hughes anticipates a long-term need for the oil and gas industry to increase production to meet this growing demand.

Hydrogen and Renewables Opportunity

• 🚀 Baker Hughes, as an equipment and technology provider, sees a significant opportunity in the hydrogen economy, supplying critical components like compressors and turbines.
• 🔌 The company already has hydrogen-ready gas turbines and compression equipment utilized in projects like NEOM, indicating a growing role in future energy mixes.
• 🌍 Saudi Arabia is highlighted as a major investor in hydrogen, with Baker Hughes poised to support this expansion.

Global Growth and Baker Hughes' International Focus

• 🌏 The World Oil Outlook projects substantial population and economic growth over the next 25 years, primarily from non-OEC nations.
• 🌐 Baker Hughes has a strong international focus, with approximately 70% of its business driven by growth in developing nations across Southeast Asia, Latin America, and Africa.

Baker Hughes' Role in the Energy Value Chain

• ⚙️ The company provides essential equipment and technology across the entire value chain for various molecules, including hydrogen, CO2, and natural gas.
• ✅ This broad applicability ensures a long-term positive trend and expansion opportunities for Baker Hughes.

US Policy and Business Impact

• 🇺🇸 Recent US tax credit changes are viewed positively, with the bill maintaining beneficial aspects that support a continued pipeline of project opportunities.
• 📈 Baker Hughes anticipates a consistent flow of projects, indicating that current policies are not expected to significantly hinder business expansion.