Baker Hughes Company

Taking Energy Forward.

2024 highlights
Baker Hughes continues to be 
recognized by our industry 
and leading sustainability 
organizations. Aligned to our 
strategy and commitment to 
strong financial returns, 
these achievements are a 
further reflection of our 
progress as a differentiated 
energy technology company.
Awards & 
recognition
ʝʴ˗˝˨˦˧˘˗ʸʵʼˇʷʴʟ˙˥˘˘˖˔˦˛Єˢ˪ʟ˔˗˝˨˦˧˘˗ʸ˃ˆʟ˔ˡ˗ʸʵʼˇʷʴˠ˔˥˚˜ˡ˥˔˧˘˔˥˘ˡˢˡʠʺʴʴ˃
ˠ˘˔˦˨˥˘˦ʡ˃˟˘˔˦˘˥˘˙˘˥˧ˢ˧˛˘ʵ˔˞˘˥ʻ˨˚˛˘˦˅˘˖ˢˡ˖˜˟˜˔˧˜ˢˡˢ˙ʺʴʴ˃˧ˢˡˢˡʠʺʴʴ˃
ʹ˜ˡ˔ˡ˖˜˔˟ˀ˘˔˦˨˥˘˦˦˘˖˧˜ˢˡ˔˧˧˛˘˘ˡ˗ˢ˙˧˛˜˦ʴˡˡ˨˔˟˅˘ˣˢ˥˧ʡ
  **  10% increase YoY
ʝʝʝʥʣʥʦ˔˖˧˨˔˟˖ˢˠˣ˔˥˘˗˧ˢʥʣʤʬ˕˔˦˘ˬ˘˔˥
  Performance
$28.2B
in orders
47%
increase in  
adjusted EPS* 
22%
increase in  
adjusted EBITDA*
$2.26B**
˜ˡ˙˥˘˘˖˔˦˛Єˢ˪ʝ
$1.3B
˙˥˘˘˖˔˦˛Єˢ˪˥˘˧˨˥ˡ˘˗ 
to shareholders
  Technology and Innovation
$643M
in research and 
development
>1,600
patents granted  
˪ˢ˥˟˗˪˜˗˘˜ˡϟʥʧ
$1.3B
˜ˡˡ˘˪˘ˡ˘˥˚ˬˢ˥˗˘˥˦
   ESG Leadership
AA
ESG rating  
by MSCI
28.3%
reduction in Scope  
1 & 2 GHG emissions***
206
HSE Perfect  
Days
  
      About Baker Hughes
~57,000
employees
$27.8B
in revenue
120+
˖ˢ˨ˡ˧˥˜˘˦˪˛˘˥˘˪˘ 
conduct business
#1
in Houston 
Chronicle’s Top 100 
Public Companies
United Nations 
Association of 
Houston Global 
Impact Award
CEO of the Year 
Energy Transition 
Award - LNG

Dear fellow 
shareholders,
In 2024, Baker Hughes achieved strong results across
the Company, demonstrating exceptional operational 
performance that set multiple records in a tremendous 
year for us.
Despite some macro headwinds, we achieved another
record year of revenues and adjusted measures of EPS*,
EBITDA* and EBITDA margins* — with greater than 20% EBITDA 
growth for the second consecutive year. Our EBITDA margins 
were up 1.7 percentage points to 16.5%, and I am proud to 
share that over half of that progress can be attributed to 
the transformation actions the team executed across the
Company. This will continue to be a large contributor to our
margin improvement as we progress through 2025.
Our company is clearly delivering results and is focused 
on continuing this momentum, with EBITDA to demonstrate 
another year of solid growth in 2025. Baker Hughes has 
evolved into a more profitable energy and industrial 
technology company: We are transforming the core,
˗˥˜˩˜ˡ˚ˣ˥ˢЃ˧˔˕˟˘˚˥ˢ˪˧˛˔ˡ˗˗˘˟˜˩˘˥˜ˡ˚˥˘˦˨˟˧˦˜ˡˡ˘˪
energy. Company results are benefiting from strong 
execution, sharpened commercial focus and improved 
productivity gains, and as we embark on our journey
into horizon two next year, we are excited to seize the 
opportunities afforded by the versatility and breadth of
our technology portfolio, as well as drive segment margins
beyond our 20% targets. 
In 2024, our new energy orders crossed the $1 billion mark 
˙ˢ˥˧˛˘Ѓ˥˦˧˧˜ˠ˘ʟ˧˥˜ˣ˟˜ˡ˚˔˪˔˥˗˦˦˜ˡ˖˘ʥʣʥʤʡˊ˘˥˘ˠ˔˜ˡ
˖ˢˡЃ˗˘ˡ˧˜ˡˢ˨˥˔˕˜˟˜˧ˬ˧ˢ˔˖˛˜˘˩˘ˢ˨˥ʥʣʦʣˢ˥˗˘˥˦˧˔˥˚˘˧ˢ˙
$6 billion to $7 billion with the expectation that deployment
of decarbonization technologies will continue to gain 
momentum as policy support and technology advances 
drive improving project economics.
Demand for energy is only growing, driven by population
growth and increasing power intensity across major 
developing countries. To meet this demand and ensure
that energy is affordable, secure and sustainable for
the long term, we must utilize every source of energy.
Ultimately, we expect renewables to fall short of meeting
both growing demand and replacing hydrocarbons to
decarbonize the existing energy system. It will take an all-
of-the-above strategy, focusing on the emissions and not 
the fuel source, to meet the increase in energy demand.
This is the Age of Gas. Natural gas is abundant, low-cost
and has lower emissions compared to more carbon-
intensive sources of energy, including coal, and it is our
belief that it will sustain the shift toward decarbonization
that we will see for decades to come. Last year was a
pivotal year for gas, and by 2040 we expect natural gas 
demand to grow by almost 20% and global liquified
natural gas (“LNG”) demand to increase at an even faster
rate of 75%. This backdrop provides a very constructive 
environment in which Baker Hughes can flourish. We
˘˫ˣ˘˥˜˘ˡ˖˘˗˔˦˜˚ˡ˜Ѓ˖˔ˡ˧˜ˡ˖˥˘˔˦˘˜ˡ˚˔˦˜ˡ˙˥˔˦˧˥˨˖˧˨˥˘
equipment orders and anticipate this trend will continue
as many developing economies look to increase the use
of natural gas within power generation and industrial
applications. As we continue to lead in this space, we 
believe our technology solutions will continue to drive 
lower emissions, more efficient consumption and
increased power output to ensure gas reaches its full 
potential as a transition and destination fuel.
Our EBITDA margins were 
up 1.7 percentage points to 
a record of 16.5%
Lorenzo Simonelli
ʶ˛˔˜˥ˠ˔ˡʟ˃˥˘˦˜˗˘ˡ˧˔ˡ˗ʶ˛˜˘˙ʸ˫˘˖˨˧˜˩˘˂˙Ѓ˖˘˥

Over the last year, we made tremendous progress to help 
ˢ˨˥˖˨˦˧ˢˠ˘˥˦˥˘˗˨˖˘˘ˠ˜˦˦˜ˢˡ˦ʟ˜ˠˣ˥ˢ˩˘˘˙Ѓ˖˜˘ˡ˖ˬ˔ˡ˗
drive sustainable energy development — the balance 
needed to supply the world with the energy it needs
today without adversely impacting the abundance and
availability of energy tomorrow.
Sustainable energy development is based on these
ˣ˥˜ˡ˖˜ˣ˟˘˦ʭ˨˦˜ˡ˚˘ˡ˘˥˚ˬʠ˘˙Ѓ˖˜˘ˡ˧˧˘˖˛ˡˢ˟ˢ˚ˬʟ˘˫ˣ˔ˡ˗˜ˡ˚
energy sources, including natural gas and renewables,
˔ˡ˗˨˦˜ˡ˚˘ˡ˘˥˚ˬ˥˘˦ˣˢˡ˦˜˕˟ˬʟ˪˛˜˖˛˜ˡ˖˟˨˗˘˦˘˙Ѓ˖˜˘ˡ˧
infrastructure. 
We believe that our strongest contributions to sustainable
energy development come from:
• Technology innovation that focuses on all sources
of energy;
• Digital solutions that use data to its fullest potential
and enable steady and continuous improvement;
• Partnerships that expand across industries, 
companies, governments and NGOs; and
• Integrated solutions˙ˢ˥˦ˣ˘˖˜Ѓ˖˥˘˚˜ˢˡ˔˟˔ˡ˗
commercial needs.
ˊ˘˛˔˩˘˨ˡ˗˘˥˚ˢˡ˘˦˜˚ˡ˜Ѓ˖˔ˡ˧˖˛˔ˡ˚˘˧ˢ˗˜˙˙˘˥˘ˡ˧˜˔˧˘
ourselves as the leading energy technology company,
laying the foundation to transform Baker Hughes. The 
˖˛˔ˡ˚˘˪˘˦˘˘˪˜˧˛˜ˡˢ˨˥ʶˢˠˣ˔ˡˬ˥˘Є˘˖˧˦˧˛˘˘˩˘˥ʠ
evolving global energy landscape, and in 2024, our 
strategy yielded record results. The full potential of our 
˗˜˩˘˥˦˜Ѓ˘˗˘ˡ˘˥˚ˬ˔ˡ˗˜ˡ˗˨˦˧˥˜˔˟˖ˢˠˣ˔ˡˬ˜˦˨ˡ˜ˤ˨˘˟ˬ
capable to optimize traditional sources of energy 
while abating emissions and enabling new energy. 
Our purpose — to take energy forward, making it safer, 
cleaner and more efficient for the planet — directly 
responds to the world’s energy needs. It is our guiding
principle, and we believe that the long-term plans we 
announced in 2022 have set Baker Hughes on the path
to succeed. Regardless of how the energy landscape 
ˣ˥ˢ˚˥˘˦˦˘˦˜ˡ˧˛˘˖ˢˠ˜ˡ˚ˬ˘˔˥˦ʟˢ˨˥˖˨˦˧ˢˠ˘˥˦˪˜˟˟Ѓˡ˗
what they need from our balanced portfolio of best-in-
class technology solutions and services.
In 2025, Baker Hughes will strive for another year of strong
results through proactive actions and strategic planning.
We know what must transpire to repeat and exceed our
2024 accomplishments, and our vision is clear. I remain 
˖ˢˡЃ˗˘ˡ˧˧˛˔˧ˢ˨˥˦˧˥˔˧˘˚ˬ˪˜˟˟˚˨˜˗˘˨˦˧ˢ˖ˢˡ˧˜ˡ˨˘˗
historic achievements that take energy forward.
Sincerely,
Lorenzo Simonelli
ʶ˛˔˜˥ˠ˔ˡʟ˃˥˘˦˜˗˘ˡ˧˔ˡ˗ʶ˛˜˘˙ʸ˫˘˖˨˧˜˩˘˂˙Ѓ˖˘˥
We have undergone 
˦˜˚ˡ˜Ѓ˖˔ˡ˧˖˛˔ˡ˚˘˧ˢ
differentiate ourselves 
as the leading energy 
technology company
* EBITDA, EBITDA margin and adjusted EPS are non-GAAP measures. Please refer to the Baker Hughes Reconciliation of GAAP to non-GAAP Financial 
Measures section at the end of this Annual Report.

Lorenzo Simonelli
Chairman, President 
˔ˡ˗ʶ˛˜˘˙ʸ˫˘˖˨˧˜˩˘˂˙Ѓ˖˘˥
Our leadership
Board of Directors
Jim  
Apostolides
Senior Vice 
President, Enterprise 
Operational 
Excellence
Jeff  
Fleece 
Chief Information 
˂˙Ѓ˖˘˥
Muzzamil Khider 
Ahmed
Chief People & 
ʶ˨˟˧˨˥˘˂˙Ѓ˖˘˥
Ahmed  
Moghal
Executive Vice 
President & Chief 
ʹ˜ˡ˔ˡ˖˜˔˟˂˙Ѓ˖˘˥
Georgia 
Magno
ʶ˛˜˘˙ʿ˘˚˔˟˂˙Ѓ˖˘˥
Amerino 
Gatti
Executive Vice 
˃˥˘˦˜˗˘ˡ˧ʟ˂˜˟Ѓ˘˟˗
Services & Equipment
Ganesh 
Ramaswamy
Executive Vice 
President, Industrial  
& Energy Technology
Maria Claudia 
Borras
Chief Growth & 
ʸ˫ˣ˘˥˜˘ˡ˖˘˂˙Ѓ˖˘˥
Management Team
W. Geoffrey 
Beattie
Lead Director
Abdulaziz M.  
Al Gudaimi
Gregory D. 
Brenneman
Cynthia B.  
Carroll
Michael  
Dumais
Shirley 
Edwards
Ilham  
Kadri*
John G.  
Rice
Mohsen  
M. Sohi
* Ilham Kadri will be a director on the Board of Directors effective May 1, 2025.

Leadership in 
sustainability
We continue to believe that environmental, social and
governance (ESG) performance can transform our
Company and our industry. Our ESG strategy remains
guided by our three pillars: People, Planet and Principles.
ʼˡ˧˛˘˦˘˖ˢˡ˗ˤ˨˔˥˧˘˥ʟ˪˘ˣ˨˕˟˜˦˛˘˗ˢ˨˥ʥʣʥʦʶˢ˥ˣˢ˥˔˧˘
Responsibility Report, which highlighted how we embed 
sustainability across our business for a lower-carbon, 
sustainable future and progressed our people-first
culture. Read the full report here.
Scan to read our Corporate 
Responsibility Report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
☑
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 1-38143
Baker Hughes Company
(Exact name of registrant as specified in its charter)
Delaware
81-4403168
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
575 N. Dairy
r
Ashford Rd., Suite 100
Houston, Texas
77079-1121
(Address of principal executive offif ces)
(Zip Code)
Registrant's telephone number, including area code: (713) 439-8600
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Class A Common Stock, $0.0001 Par Value per Share
BKR
The Nasdaq Stock Market LLC
5.125% Senior Notes due 2040 of Baker Hughes Holdings
LLC and Baker Hughes Co-Obligor, Inc.
BKR40
The Nasdaq Stock Market LLC
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐No ☑
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes ☑No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to
submit such files). Yes ☑No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer" "smaller reporting company" and
"emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effe
f
ctiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting
firm that prepared or issued its audit report. ☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included
in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based
compensation received by any of the registrant's executive offif cers during the relevant recovery period pursuant to §240.10D- 1(b). ☐
Indicate by check mark whether the registrant is a shell comp
y
any (a
(as
f
defined in Rule 12b-2
f
of the Act)t). Yes ☐No ☑
The
gg
aggr g
egate market value
f
of the voti g
ng
n
a d non-voting common stock held by non-affif liates of the registrant as of the last business day of the
registrant’s most recently completed second fiscal quarter (based on the closing price on June 30, 2024 reported by the Nasdaq Stock Market
LLC) was $34,880,320,572.
As of January 22, 2025, the registrant had outstanding 990,111,854 shares of Class A Common Stock, $0.0001 par value per share.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of Registrant's Definitive Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated by reference into Part III of this
Form 10-K.

Baker Hughes Company
Table of Contents
Page No.
Part I
Item 1.
Business
1
Item 1A.
Risk Factors
14
Item 1B.
Unresolved Stafff Comments
27
Item 1C.
Cybersecurity
27
Item 2.
Properties
30
Item 3.
Legal Proceedings
30
Item 4.
Mine Safety Disclosures
30
Part II
Item 5.
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
31
Item 6.
[Reserve
r
d]
32
Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations
33
Item 7A.
Quantitative and Qualitative Disclosures About Market Risk
49
Item 8.
Financial Statements and Supplementary Data
51
Management's Report on Internal Control Over Financial Reporting
51
Report of Independent Registered Public Accounting Firm
52
Consolidated Statements of Income (Loss)
55
Consolidated Statements of Comprehensive Income (Loss)
56
Consolidated Statements of Financial Position
57
Consolidated Statements of Changes in Equity
58
Consolidated Statements of Cash Flows
59
Notes to Consolidated Financial Statements
60
Item 9.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
97
Item 9A.
Controls and Procedures
97
Item 9B.
Other Information
97
Item 9C.
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
97
Part III
Item 10.
Directors, Executive Offif cers and Corporate Governance
98
Item 11.
Executive Compensation
98
Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
98
Item 13.
Certain Relationships and Related Transactions, and Director Independence
99
Item 14.
Principal Accounting Fees and Services
99
Part IV
Item 15.
Exhibits and Financial Statement Schedules
100
Item 16.
Form 10-K Summary
102
Signatures
103
Baker Hughes Company 2024 Form 10-K | i

PART I
ITEM 1. BUSINESS
Baker Hughes Company ("Baker Hughes," "the Company," "we," "us," or "our") is an energy technology
company with a diversified portfolio of technologies and services that span the energy and industrial value chain.
Built on a century of experience and conducting business in over 120 countries, our innovative technologies and
services are taking energy forward.
OUR VISION & STRATEGY
With our diverse portfolio, leading technology, and unique partnership models, we are positioned to deliver
outcome-based solutions across the energy and industrial markets. By integrating health, safety & environment
("HSE") into everything we do, we protect our people, our customers, and the environment.
The oil and gas macroeconomic environment continues to be complex. While we believe the world will need
hydrocarbons for many decades to come - and therefor
f
e oil and gas will continue to remain relevant in meeting
global energy demand - we also acknowledge the need to transition to new energy sources. Over the last several
years, this transition has progressed, with governments and society focused on a long-term goal of net-zero
emissions while trying to balance the "energy trilemma" - energy security, sustainability, and affo
f
rdability. There is a
growing consensus the energy transition will likely take longer than many expected due to its inherent complexity
overcoming technology, economics, politics, and regulatory challenges.
We believe the industry is going through a transformation that requires a change in how work gets done to
enable sustainable energy development. Our existing and new customers require new partnerships, commercial
models and technology solutions to deliver sustainable productivity improvements and leverage economies of scale,
with a lower carbon footprint. That is why our strategy is focused on improving our core competitiveness and
delivering higher-productivity solutions today, while positioning to lead the energy transition and solving the energy
trilemma. Our unique and diversified portfol
f io is expected to benefit regardless of how quickly the energy transition
develops.
Our strategy is based on three key pillars:
•
Transform the core: We are transfor
f
ming our current business to improve margins and cash flow, which
we are achieving through portfol
f io rationalization, cost improvement, and new business models.
•
Driving profitable growth: We are driving organic and inorganic growth to build our businesses in high
potential markets where we have a strong position, including integrated solutions, mature assets solutions,
and enhanced digital solutions.
•
Delivering results in new energy: We are making strategic investments to drive lower carbon emissions in
the energy and industrial sectors, including hydrogen; carbon capture, utilization and storage ("CCUS");
geothermal; and clean power solutions ("clean power" refers to lower carbon intensity, lower lifecycle
emissions, and lower quantity of greenhouse gas emissions resulting directly from fuel combustion, relative
to conventional power sources derived from fossil fuels).
We expect to benefit from our strategy in the following ways:
•
Scope and scale:
p
We have a global presence and a broad, diversified portfol
f io. Our products, services,
and expertise serve
r
the upstream, midstream/liquefied natural gas ("LNG") and downstream sectors of the
oil and gas industry, as well as broader chemical and industrial segments across a variety of verticals. We
deliver through our two operating segments: Oilfield Services & Equipment ("OFSE") and Industrial &
Energy Technology ("IET") as discussed below under "Products and Services," and each are among the top
providers for the majo
a rity of the product lines in the markets they serve.
•
Technology:
gy Our culture is built on a heritage of innovation and invention through research and
development, with complementary capabilities. Technology remains a differentiator for us and a key enabler
to drive the effif ciency and productivity gains our customers require, as well as paving the way for longer
term sustainable energy development. We also have a range of technologies that support our customers'
Baker Hughes Company 2024 Form 10-K | 1

effo
f
rts to reduce their carbon footprint. We remain committed to investing in our products and services to
maintain our leadership position across our offe
f
rings, including $643 million research and development
("R&D") spend and being granted more than 1,600 patents worldwide in 2024.
•
Energy
r
tran
r
sition solutions:
gy
We are positioned to support our customers' effo
f
rts to reduce their carbon
footprint with a range of emissions-abatement products and services, which we refer to as "new energy."
This includes turnkey solutions for flare reduction, CCUS, hydrogen production, transportation, storage and
distribution, geothermal and clean power solutions. Over the past several years, we have made progress in
strategic investments and acquisitions in emerging energy technologies to advance CCUS, hydrogen, clean
power and e-fuels, as well as established strategic long-term partnerships with companies such as HIF
Global, Air Products and NET Power, among others. We also continue to expand our low to zero-carbon
solutions capabilities, helping customers to detect, quantify,
f
and reduce emissions more effif ciently and
accurately, and complementing our existing solutions.
•
Digi
i
tal
g
capabili
i ties:
p
We expect to benefit from the emerging demand for more intelligent operations and
the adoption of artificial intelligence ("AI") based solutions as part of our customers' digital transformation
initiatives. In 2024, we launched CarbonEdgeTM, powered by CordantTM, an end-to-end digital solution for
CCUS operations. We also signed an agreement with Repsol to collaboratively develop and deploy next-
generation AI capabilities through our Leucipa™automated field production solution.
PRODUCTS AND SERVICES
Our two operating segments are organized based on the nature of our markets and customers. We sell to our
customers through direct and indirect channels. Our primary sales channel is through our direct sales force, which
has a strong regional focus with local teams close to the customer, who are able to draw support from centers of
excellence in each of our majo
a r product lines. Our products and services are sold in highly competitive markets and
the competitive environment varies by product line. See discussion below by segment.
Oilfield Services & Equipment
The OFSE segment designs and manufactures products and provides related services and integrated solutions
for onshore and offs
f hore oilfield operations across the life cycle of an asset, ranging from exploration, appraisal, and
development to production, reju
e venation, and decommissioning.
Beyond its traditional oilfield concentration, OFSE is also expanding its capabilities and technology portfolio to
meet the challenges of the energy transition, including focusing on new energy areas, such as geothermal and
CCUS, strengthening its digital architecture, and addressing key energy market themes.
The OFSE segment is organized into four product lines.
•
Well Construc
r
tion focuses on drilling and includes drilling services (directional drilling, logging-while-
drilling, surface logging, and remote operations), drill bits (polycrystalline, roller cone, hybrid, and in-bit
sensing), and drilling & completion fluids (emulsion-based, water-based, specialty, drill-in, and completion
fluids; and waste management).
•
Completions, Interven
v
tion, and Measurements
t
p
,
,
encompasses completions (wellbore construction, upper
and lower completions, unconventional multistage completions, intelligent production systems, workover
systems, and fishing and through-tubing services), pressure pumping (cementing, production enhancement,
coiled tubing, and tubular running services), and wireline services (openhole logging services, cased-hole
logging services, and perfo
r
rating and drill stem-testing services).
•
Produc
r
tion Solutions spans artificial liftf systems (electrical submersible pumping systems, surface
pumping systems, rigless deployment systems, and sensors and gauges) and oilfield & industrial chemicals
(upstream, downstream, and AquanessTM wholesale chemicals).
•
Subsea & Surface
f
Pressu
r
re Syst
y
ems
y
includes subsea projects and services (subsea trees, controls,
manifolds, wellheads, premium casing connectors, installation and commissioning, repairs and
maintenance, well intervention, life-of-f
f ield solutions, and plug and abandonment), flexible pipe systems
Baker Hughes Company 2024 Form 10-K | 2

(subsea risers, subsea flowlines and jumpers, onshore reinforced thermoplastic pipe, and rehabilitation),
and surface pressure control systems (surfa
r
ce trees and wellheads).
These product lines are supported by an OFSE digital group, which combines OFSE's domain expertise with a
deep understanding of digital technology to improve operational safety, perfo
r
rmance, and sustainability. Reservoir
analysis proficiencies are rooted in evaluation technologies, a team of reservoir experts, and software. Together,
these capabilities provide customers with a greater understanding of the subsurfa
r
ce, enabling smoother, faster
drilling and precise wellbore placement that can lead to improved recovery and project execution driving enhanced
economics. OFSE also provides integrated well services and solutions to plan and execute projects ranging from
well construction and production through well abandonment, in addition to integrated services and solutions for the
subsea environment.
OFSE customers include large integrated majo
a r and super-majo
a r oil and natural gas companies; U.S. and
international independent oil and natural gas companies; national or state-owned oil and natural gas companies;
engineering, procurement, and construction contractors; geothermal companies; and other oilfield services
companies. OFSE believes that its principal competitive differentiators in the industries and markets it serves are
the technology, quality, effif ciency, reliability, and availability of its products and services. A continued commitment to
service delivery, HSE standards, technical proficiency, and competitive pricing is also a key factor in its success.
OFSE products and services are sold in highly competitive markets. While OFSE may have contracts that
include multiple well projects and that may extend over a multi-year period, its services and products are generally
provided on a well-by-well basis. Most contracts cover pricing of the products and services, along with various
limitations on liability, but do not necessarily establish an obligation to use OFSE products and services. OFSE
competitors include SLB, Halliburton, NOV, Weatherfo
r
rd, and TechnipFMC.
Industrial & Energy Technology
The IET segment combines a broad array of domain expertise, technologies, software, and services for energy
and industrial customers including on- and offs
f hore, LNG, pipeline and gas storage, refining, petrochemical,
distributed gas, nuclear, hydrogen, carbon capture, utilization and storage, clean power, geothermal and
renewables. It also provides cutting edge technology for consumers of energy and/or organizations who are reliant
on infrastructure integrity across a broad variety of verticals including pulp & paper, food & beverage, industrial
heating, automotive and aerospace. IET solutions unlock the ability to transfor
f
m, transfer, and transport energy
effif ciently, while capturing and cutting emissions.
The IET segment is organized into five product lines.
•
Gas Technology
g
Equipm
i
ent
gy
g
q
p
delivers highly effif cient mechanical and electric-drive compression and power
generation technology for projects across the natural gas value chain. The product line's portfol
f io includes:
•
Drivers, which include aero-derivative gas turbines, heavy-duty gas turbines, small- to medium-
sized industrial gas turbines, steam turbines, hot gas and turboexpanders, and electric motors.
•
Driven equipment, which includes synchronous condensers, generators, reciprocating, centrifugal,
and integrated compressors, and centrifugal pumps.
•
Turnkey solutions, which include power generation and gas compression modules, waste heat/
energy/pressure recovery, energy storage, modularized small and large liquefaction plants, CO2
compression, and storage/use solutions.
•
Gas Technology
g
Servic
v
es
gy
g
provides advanced afte
f
rmarket support and uptime availability in critical
environments and through every stage of our customers' equipment and plant life cycle. The product line
portfolio includes:
•
Designing, manufacturing, maintaining, and upgrading rotating equipment and combining
sophisticated hardware technologies with enterprise-class software products.
•
Analytics to connect customers' assets, providing them with the data, safety and security needed to
improve operations reliably and effif ciently.
Baker Hughes Company 2024 Form 10-K | 3

•
Genuine spare parts, system upgrades, conversion solutions, digital advanced services, and
turnkey solutions to refurbish and improve the output from a single machine up to an entire plant.
•
Industria
r
l Prod
r
ucts
t
includes a broad portfolio of component products and service offe
f
rings that enable
industrial safety and productivity across diverse industry verticals. The product line's portfol
f io includes:
•
Waygate Technologies, which comprises non-destructive testing technology, software, and services,
including industrial radiography, ultrasonic sensors, testing machines and gauges, non-destructive
testing film, and remote visual inspection.
•
Process & Pipeline Services, which comprises pre-commissioning and maintenance services to
improve throughput and asset integrity for process facilities and pipelines, as well as inline
inspection solutions to support pipeline integrity.
•
Val
V ves and Gears, which comprises flow technology including industrial valves, regulators, control
systems, gears and other flow and process control technologies.
•
Industria
r
l Solutions offe
f
rs a unique suite of hardware, software, and edge device solutions that enable
asset health, perfo
r
rmance and process optimization. Industrial Solutions combines several product lines to
leverage our critical equipment hardware capability to migrate to full-plant offe
f
rings and through CordantTM,
a full-stack, edge-to-enterprise solution that encompasses our hardware, software and services offe
f
rings.
The product line's portfolio includes a number of product brands including:
•
Cordant Solutions technology includes the Bently Nevada® and System 1® product brands,
providing rack-based vibrating monitoring equipment and sensors for both power generation and oil
and gas operations, as well as industrial applications. The product line also provides integrated
asset perfo
r
rmance management.
•
Precision Sensors & Instrumentation device technology, including the Panametrics®, Druck®, and
Reuter-Stokes® product brands, provides instrumentation and sensor-based technologies to better
detect and analyze pressure, flow, gas, moisture, radiation, and related conditions.
•
Clim
l
ate Technology
g
Solutions ("CTS"
T
)
"
gy
g
(
) includes CCUS, hydrogen, clean power, geothermal and
emissions abatement capabilities to enable energy operators, as well as users of energy in the broader
industry, to achieve their emission reduction goals. This product line is the primary driver of the Company's
new energy orders and is designed to accelerate the decarbonization of both energy and broader industrial
verticals such as hard-to-abate industries, like steel and cement.
IET customers for the Gas Technology Equipment and Gas Technology Services product lines are industrial,
upstream, midstream, and downstream, onshore and offs
f hore, and small-to-large scale. Midstream and
downstream customers include LNG plants, pipelines, storage facilities, refineries, and a wide range of industrial
and engineering, procurement, and construction companies. Products and services for the remaining IET product
lines are primarily sold in a diversified arena to a broad range of customers and across multiple verticals, including
aerospace, automotive, nuclear, oil and gas, mining, cement, metals, refinery and petrochemical, food and
beverage, pulp & paper, and textile.
IET differentiates itself from competitors with its diverse portfolio, expertise in technology and project
management, local presence, and partnerships, to provide fully integrated solutions for a broad array of industry
segments.
IET competes across a wide range of industries, including oil and gas, power generation, aerospace, and light
and heavy industrials. IET main competitors include Siemens Energy, Solar (a Caterpillar company), Mitsubishi
Heavy Industry, Chart, Sulzer, Flowserve, and Emerson.
CONTRACTS
We conduct our business under various types of contracts in the upstream, midstream, and downstream sectors
of the oil and gas industry, including fixed-fee or turnkey contracts, transactional agreements for products and
services, and long-term afte
f
rmarket service agreements. We also conduct business in a number of industrial
Baker Hughes Company 2024 Form 10-K | 4

markets and provide critical equipment hardware capability for full plant offe
f
rings, asset perfo
r
rmance management
and process optimization.
We benefit from stable relationships with many of our customers based on long-term project contracts and
master service agreements. Several of those contracts require us to commit to a fixed price based on the
customer's technical specifications with little or no relief available due to changes in circumstances. In some cases,
failure to deliver products or perfor
f
m services within contractual commitments may lead to liquidated damages
claims. We seek to mitigate these exposures through close collaboration with our customers.
We strive to negotiate the terms of our customer contracts consistent with what we consider to be industry best
practices. In connection with oil and gas operations, our customers typically indemnify us for certain claims arising
from: the injury or death of their employees and ofte
f
n their contractors; the loss of or damage to their facility and
equipment, and ofte
f
n that of their contractors; pollution originating from their equipment or facility; and all liabilities
related to the well and subsurfa
r
ce operations, including loss or damage to the well or reservoir, loss of well control,
fire, explosion, or any uncontrolled flow of oil or gas. Conversely, we typically indemnify our customers for certain
claims arising from: the injury or death of our employees and ofte
f
n that of our subcontractors; the loss of or damage
to our equipment; and surface pollution originating from our equipment while under our control. Where the above
indemnities do not apply or are not consistent with industry best practices (e.g., in connection with industrial and/or
digital sectors), we typically provide a capped indemnity for damages caused to the customer by our negligence and
include an overall limitation of liability clause. It is also our general practice to include a limitation of liability for
consequential loss, including loss of profits and loss of revenue, in all customer contracts.
Our indemnity structure may not protect us in every case. Certain U.S. states have enacted oil and natural gas
specific anti-indemnity statutes that can void the allocation of liability agreed to in a contract. Applicable law or the
negotiated terms of a customer contract may also limit indemnity obligations in the event of gross negligence or
willful misconduct, or in the event of breaches of applicable laws or breach of confidentiality and/or intellectual
property rights. We sometimes contract with customers that are not the end user of our products. It is our practice to
seek to obtain an indemnity from our customer for any end-user claims, but this is not always possible. Similarly,
government agencies and other third parties may make claims in respect of which we are not indemnified and for
which responsibility is assessed proportionate to fault. We have an established process to review any risk
deviations from our standard contracting practices.
The Company maintains a commercial general liability insurance policy program that covers against certain
operating hazards, including product liability claims and personal injury claims, as well as certain limited
environmental pollution claims for damage to a third party or its property arising out of contact with pollution for
which the Company is liable; however, clean up and well control costs are not covered by such program. All of the
insurance policies purchased by the Company are subject to deductible and/or self-i
f nsured retention amounts for
which we are responsible for payment, specific terms, conditions, limitations, and exclusions. There can be no
assurance that the nature and amount of Company insurance will be sufficient to fully indemnify us against liabilities
related to our business.
ORDERS AND REMAINING PERFORMANCE OBLIGATIONS
Remaining perfo
r
rmance obligations ("RPO"), a defined term under U.S. generally accepted accounting
principles ("U.S. GAAP
A
"), are unfilled customer orders for products and product services excluding any purchase
order that provides the customer with the ability to cancel or terminate without incurring a substantive penalty, even
if the likelihood of cancellation is remote based on historical experience. For product services, an amount is
included for the expected life of the contract.
We recognized orders of $28.2 billion, $30.5 billion, and $26.8 billion in 2024, 2023, and 2022, respectively. We
recognized OFSE orders of $15.2 billion, $16.3 billion, and $14.1 billion, and IET orders of $13.0 billion, $14.2
billion, and $12.7 billion in 2024, 2023, and 2022, respectively. As of December 31, 2024, the remaining
perfor
f
mance obligations totaled $33.1 billion. As of December 31, 2024, OFSE remaining perfo
r
rmance obligations
totaled $3.0 billion, and IET remaining perfo
r
rmance obligations totaled $30.1 billion.
Baker Hughes Company 2024 Form 10-K | 5

RESEARCH AND DEVELOPMENT
We engage in R&D activities across the business directed toward the development of new products, services,
technology, and other solutions, as well as bringing about a significant improvement to existing products and
services, and the design of specialized products to meet specific customer needs. We also continue to invest and
develop a range of technologies that support our customers' effo
f
rts to reduce their carbon footprint. For the year
ended December 31, 2024, we incurred $643 million of R&D expense.
In OFSE, we continue to fund a range of formation evaluation, drilling, completions, and production capabilities
and products. In parallel, and in strong collaboration with the IET technology organization, we are investing in
strategic themes that fuel our future product and service portfol
f ios. These include themes such as digital,
automation, electrification, chemistry and materials, electronics, CCUS, and geothermal.
Specifically for OFSE, in our Well Construction product line, we are improving reliability in high-temperature and
high shock and vibration environments (harsh-drilling conditions), through a combination of optimized design,
automated operations, and integrated solutions that leverage our drilling tools, drill bits, and drilling fluids
technologies. In our Completions, Intervention, and Measurements product line, we are investing in intelligent
solutions and advanced measurements while creating a leadership position in the well-intervention domain through
the integration of our wireline measurement capabilities with the conveyance and intervention capabilities. In our
Production Solutions product line, we are leveraging our artificial liftf technologies with our chemical solutions to
provide an optimized and automated portfol
f io of production-enhancing solutions. In our Subsea & Surface Pressure
Solutions product line, we continue to develop subsea production systems that improve perfo
r
rmance and reduce
emissions through lighter design, automated operations, and electrification. Our offs
f hore flexible pipe systems
optimized for higher pressure temperature and CO2 content continue to deliver greater sustainability and
perfo
r
rmance.
In IET, we continue to invest in and develop foundational technologies which will enable our journey for the
energy transition. Such technologies include advanced materials, advanced manufacturing technologies, novel
process technologies, and digital technologies such as advanced sensing & diagnostics, data sciences, and artificial
intelligence. Within Gas Technology Equipment and Gas Technology Services product lines, we are focusing on our
latest generation of gas turbines for energy effif ciency and reduced carbon footprint such as our LM9000TM and
Nova LTTM products, as well as Allam Cycle turboexpander, CCUS, and hydrogen and geothermal technologies.
Within Industrial Technology, we are investing in advanced digital solutions designed to improve the effif ciency,
reliability, and safety of oil and gas, aerospace, energy, and broader industrial production and operations. This
includes our Orbit 60 Bently Nevada product for critical asset monitoring in turbine systems, including wind, hydro,
and gas turbines. The IET segment is also enhancing its process and safety valve business bringing new digital
applications including analytics to our customers. Investments in Industrial Technology also include technologies to
measure, monitor, and minimize carbon emissions, new inspection technologies for nondestructive evaluation of
materials and structures as well as solutions for industrial asset management.
INTELLECTUAL PROPERTY
Our technology, brands and other intellectual property ("IP") rights are important elements of our business. We
rely on patent, trademark, copyright, and trade secret laws, as well as non-disclosure and employee invention
assignment agreements to protect our IP rights. Many patents and patent applications comprise the Baker Hughes
portfolio and are owned by us. Other patents and patent applications applicable to our products and services are
licensed to us by GE Aerospace (NYSE: GE) and GE Vernova (NYSE: GEV) and, in some cases, third parties. In
particular, we have an IP cross-license agreement with GE Aerospace and GE Vernova that allows all parties to
have continued rights to commercially utilize certain IP of the other pursuant to the terms of the agreement. The IP
cross-license remains in place following General Electric exiting its ownership position in us. We do not consider
any individual patent to be material to our business operations.
We follow a policy of seeking patent and trademark protection in numerous countries and regions throughout
the world for products and methods that we believe appear to have commercial significance. We believe that
maintenance, protection and enforcement of our patents, trademarks, and related IP rights is central to the conduct
of our business, and pursue protection of our IP rights against infringement, misappropriation, or other violation
worldwide as may be necessary to protect our business. Additionally, we consider the quality and timely delivery of
our products, the service we provide to our customers, and the technical knowledge and skills of our personnel to
Baker Hughes Company 2024 Form 10-K | 6

be other important components of the portfol
f io of capabilities and assets supporting our ability to compete. If we are
not able to protect our IP or if those rights are invalidated or circumvented, our business may be adversely affe
f
cted.
We may be subject to litigation and infringement claims, which could cause us to incur significant expenses or
prevent us from selling our products or services.
SEASONALITY
Our operations can be affe
f
cted by seasonal events, which can temporarily affe
f
ct the delivery and perfo
r
rmance
of our products and services, and our customers' budgetary cycles. Examples of seasonal events that can impact
our business are set forth below:
•
In OFSE, adverse weather conditions, such as hurricanes in the Gulf of Mexico or extreme heat in the
Middle East during the summer months, may impact our operations or our customers' operations, cause
supply disruptions and result in a loss of revenue and/or damage to our equipment and facilities, which may
or may not be insured. For more information on seasonal and weather conditions, see the "Operational
Risks" section of Part 1 of Item 1A herein.
•
Severe weather during the winter months normally results in reduced activity levels in the North Sea in
OFSE generally in the first quarter and may interrupt or curtail our operations, or our customers' operations,
in those areas and result in a loss of revenue.
•
Many of our international OFSE customers may increase activity for certain products and services in the
fourth quarter as they seek to fully utilize their annual budgets.
•
Our broader IET businesses typically experience higher customer activity, as a result of spending patterns
in the second half of the year.
RAW MATERIALS
We purchase various raw materials and component parts for use in manufacturing our products and delivering
our services. The principal raw materials we use include steel alloys, chromium, nickel, titanium, barite, beryllium,
copper, lead, tungsten carbide, synthetic and natural diamonds, gels, sand and other proppants, printed circuit
boards and other electronic components, and hydrocarbon-based chemical feed stocks. Raw materials that are
essential to our business are normally readily available from multiple sources but may be subject to price volatility.
We have seen prices stabilize for ferrous and non-ferrous metals and other raw materials, but availability of nickel
based super alloys is constrained. Our procurement teams utilize advanced planning and may enter into strategic
agreements with our global suppliers to minimize price impacts and other availability challenges. We anticipate
some pricing and fulfillment volatility for certain raw materials, components, and certain logistics lanes to continue
through 2025.
In addition to raw materials and component parts, we also use the products and services of metal fabricators,
machine shops, foundries, forge shops, assembly operations, contract manufacturers, logistics providers,
packagers, indirect material providers, and others in order to produce and deliver products to customers. These
materials and services are generally available from multiple sources.
ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG")
Sustainability
We believe we have an important role to play in society as an industry leader and partner. We view ESG as a
lever to transform the perfo
r
rmance of our Company. In 2019, we made a commitment to reduce Scope 1 and 2
carbon dioxide equivalent emissions from our operations by 50% by 2030 and achieve net-zero emissions by 2050.
This goal encompasses emissions from our operations ("Scope 1 and 2 carbon dioxide equivalent emissions") in
alignment with the Paris Agreement and the specific recommendations of the United Nations ("UN")
Intergovernmental Panel on Climate Change's Special Report on Global Warming of 1.5oC.
We continue to make progress on emissions reductions. We reported in our 2023 Corporate Sustainability
Report a 28.3% reduction in our Scope 1 and 2 carbon dioxide equivalent emissions as compared to our 2019 base
year. This reduction was primarily due to implementing energy effif ciency initiatives, facility consolidation, increasing
Baker Hughes Company 2024 Form 10-K | 7

electric power consumption from renewable energy sources, and improvements in our vehicle fleet, among other
reasons. We plan to continue to employ a broad range of emissions reduction initiatives across manufacturing,
supply chain, logistics, energy sourcing, and generation. Our latest Corporate Sustainability Report is available on
the Company section of our website at www.bakerhughes.com
g
. Information contained on or connected to our
website is not incorporated by reference into this annual report on Form 10-K for the year ended December 31,
2024 ("Annual Report") and should not be considered part of this Annual Report or any other filing we make with the
Securities and Exchange Commission ("SEC").
Our sustainability commitments include our formal participation in the UN Global Compact ("UNGC") and our
commitment to the UNGC's Ten Principles including human rights, labor, environment, and anti-corruption, as well
as the UNGC's Sustainable Development Goals. We have annually renewed our commitment to the UNGC since
joining in 2019.
Social & Human Capital
At Baker Hughes, our people are central contributors to our purpose of taking energy forward. As an energy
technology company with operations around the world, we believe that a diverse workforce is critical to our success,
and we aim to attract the best talent to support the energy transition. We strive to be an inclusive and safe
workplace, with opportunities for our employees to grow and develop in their careers, supported by learning and
development opportunities, competitive compensation, benefits, health and wellness programs, and by programs
that build connections between our employees and their communities.
As of December 31, 2024, we had approximately 57,000 employees. More than 45,000 of our employees work
outside the U.S. in over 85 different countries with more than 150 nationalities represented. This diversity of global
perspectives makes our Company stronger, more resilient, and more responsive to our global customers.
Diver
v
si
r ty,y Inclusion and Belonging
i
At our core, we believe that unique ideas and diverse perspectives are the driving forces behind innovation. Our
differences make us stronger. We value diversity in all its forms—gender, race, ethnicity, age, gender identity, sexual
orientation, ability, cultural background, religion, veteran status, experience, thought, and more—across the globe.
We recognize that diverse teams, an equitable workplace, and an inclusive culture are essential for driving
innovation and maintaining our competitive edge. These elements are critical to our business success and our
mission of advancing energy solutions for our customers and the industry. Our Diversity, Inclusion and Belonging
strategic framework empowers us to recruit and retain the best talent, foster an inclusive culture, and strengthen our
partnerships with customers and communities. As we continue to prioritize attracting, retaining and developing the
best talent, we are dedicated to making meaningful progress across our organization, with a particular focus on
inclusivity and belonging. Together, we are building a stronger, more innovative future.
In 2024, the percentage of people who identifyf as women in our workforce, senior leadership positions, and on
the Board of Directors ("the Board"), was 20%, 19%, and 33%, respectively. Specific to the U.S., 39% of our
employees identifyf as people of color.
We work to ensure we have access to and support strengthening our talent pipeline across the globe while
prioritizing development and retention. We hold leadership accountable for integrating our Baker Hughes culture
and behaviors into their respective parts of the business. Our enterprise-wide talent strategy allows us to measure
the outcomes and progress of our effor
f
ts, assign goals, develop accountability, and ensure transparency. Our
corporate memberships with respected nonprofits, such as Ally Energy, Catalyst, Disability:IN, and the Women's
Energy Network, provide partnership and guidance to support our goals. Our talent acquisition effo
f
rts as well as our
eight global employee resource groups support the engagement, development and retention of talent across the
organization.
Talent Acquisition: We have a number of initiatives to support our global goals of attracting, and retaining, the
best talent to Baker Hughes. We are also enabling and expecting fair and respectful treatment for all to ensure we
are living out our Baker Hughes values and behaviors.
Baker Hughes Company 2024 Form 10-K | 8

At the beginning of 2024, Baker Hughes launched a rebranded Employee Value Proposition that captures the
essence of our company – how it is unique and what it aspires to accomplish, balancing our current strength and
the goals to be an employer of choice. Learn more at https://careers.bakerhughes.com/global/en
p
g
g
.
Employee Resource Groups ("ERGs"): ERGs consist of employees who have joined together based on
shared interests, characteristics, or life experiences. These groups can have a powerfu
r
l influence on driving change
by elevating the conversation and awareness around key issues and engaging with the communities where we
operate while also providing opportunities for employee development, education, and professional growth. In 2024,
we continued our support of the ERGs in several ways, including the opportunity for ERGs to nominate charitable
organizations to receive grants from the Baker Hughes Foundation. We are continuing our culture journey by
strengthening our six communities of interest groups, which bring together employees based on shared interests
and enable employees to share information and ideas, find opportunities to participate in philanthropy and
volunteerism, and learn best practices by engaging with colleagues on a specific topic or area of interest. These
effo
f
rts have helped strengthen our Baker Hughes culture and have fostered closer connections between employees
in communities around the world.
Inclusive Culture: We have several programs and initiatives that cultivate an inclusive culture. The Baker
Hughes Culture & Inclusion Council, comprised of executives across the organization, supports the success of our
inclusivity and workplace culture ambitions and meets regularly to review progress and discuss ways in which we
can continue to advance our effor
f
ts.
Compensatio
t n and Benefitf st
We are committed to paying for perfo
r
rmance and supporting our employees' wellbeing, as well as the wellbeing
of their families, by offering flexible and competitive benefits tailored by location to meet the specific needs of our
employees. We regularly assess our total compensation and benefits programs through benchmarking with industry
peers and local markets. We strive to ensure that our compensation programs are fair and equitable for all
employees. Healthcare plans and life insurance are a core benefit of the Company and are provided in most
locations. Baker Hughes offers various leaves of absence options for certain quality-of-l
f ife needs, including family
care. We also continue to assess and provide programs that support our employees' work arrangements such as
flexible schedules, compressed work weeks, hybrid work, remote work, and other options.
Learni
r ng
i
and Development
Learning and Development is a personal journey at Baker Hughes. We empower our employees to follow their
passion for personal knowledge, job related skills, development, and the domain expertise needed for professional
and personal growth. In alignment with this, we continued to build upon the progress in our social learning
communities, by completing our transition to an improved learning delivery platform. This change in the learning
ecosystem simplified the user experience for our learners and enabled rich analytics for the team to continuously
make the learning experience more engaging, impactful, and easy.
Our learning communities CORE Values, CORE Stre
t
ngths
t
and JOURNEY continue to provide opportunities for
all employees to learn, share and practice their learning with their peers no matter where they are in their career.
CORE Values is a curated learning space centered around our Baker Hughes Values: Grow, Care, Collaborate, and
Lead, and the behaviors associated with each. CORE Stre
t
ngths
t
adds focus to the critical skills (for
f
example Data
Analytics, Project Management, Change Management) that will help transform our organization, and JOURNEY is
targeted for people leaders to help them transition into their leadership roles. We continue to offe
f
r in-person learning
opportunities to complement the robust virtual learning catalog with workshops and team development.
Our formal leadership development programs play a pivotal role in attracting, retaining, and developing talent
and increasing the pipeline of talent into and within the organization. As an example, Aspire is a two-year rotational
leadership program for recent graduates and early-career employees to grow functional and leadership skills
through challenging assignments, learning plans, and global cross-functional projects.
Health, Safety,y Enviro
i
nment,t and Wellness
HSE is at the core of our culture as we are committed to doing the right thing to protect our employees,
customers, the communities where we live and work, and the environment. We take a risk-based approach with
Baker Hughes Company 2024 Form 10-K | 9

proactive and preventive programs to deliver safe, secure, and sustainable operations. We have established a
stringent set of standards which meet or exceed global HSE regulatory requirements.
Our commitment to HSE starts at the highest levels of our Company and is embedded throughout all layers of
the organization. We encourage and empower all employees to take an active role in "owning" HSE by stopping
work when conditions and/or behaviors are unsafe and reporting observa
r
tions, near misses, and stop-work events
through open reporting channels. Our ambition is to ensure each day we operate without serious injuries, accidents,
or harm to the environment. Employees are required to complete recurring HSE training to bring awareness to
potential hazards, regulatory obligations and perfo
r
rming activities safely. We offe
f
r over 225 HSE courses including
foundational training required for all employees, workplace and job-specific training, and human-perfo
r
rmance
leadership training for managers.
Our commitment to HSE goes beyond safety alone. Occupational health and wellness is a key competency
jointly managed within our HSE and Human Resources ("HR") teams. The importance of physical health,
ergonomics, preventative health care, and mental wellness cannot be overstated in promoting a healthy, engaged,
and productive workplace. We work with our health benefit providers and internal teams to offe
f
r employees health
and wellness programs, telemedicine access, health screenings, immunizations, fitness reimbursements, and virtual
wellness tools.
In 2024, the mental health and emotional well-being of our employees was a critical priority. We provided
resources and tools to our employees and will continue to annually host numerous events with Baker Hughes
leaders and external experts. Our Employee Assistance Program provided employees and their family members
direct access to professional coaches for in-the-moment counseling or referrals to community experts and extended
care providers to navigate daily life and cope with majo
a r life events.
Community Involvem
v
ent
Baker Hughes seeks to make a positive impact in the communities where we conduct business around the
world. Consistent with our purpose and values, we work to advance environmental quality, educational
opportunities, health, and wellness. We benefit our communities through financial contributions, in-kind donations of
goods and services, and volunteer proje
o cts. The Baker Hughes Foundation makes strategic philanthropic
contributions, matches Baker Hughes employee charitable contributions, and awards volunteer recognition grants
for outstanding employee community service.
Governance
The Board believes the purpose of corporate governance is to maximize shareholder value in a manner
consistent with legal requirements and the highest standards of integrity. The Board has adopted and adheres to
corporate governance practices, which the Board and management believe promote this purpose, are sound, and
represent best practices. The Board periodically reviews these governance practices, Delaware law (the state in
which the Company is incorporated), the rules and listing standards of Nasdaq and SEC regulations, as well as best
practices suggested by recognized governance authorities.
The Board monitors and provides oversight over our ESG policies, programs, and practices regarding corporate
responsibility and sustainability and plays an active role in overseeing our human capital management effo
f
rts. Our
Human Capital and Compensation Committee provides oversight of our social strategy, policies, programs, and
initiatives focusing on Diversity, Inclusion and Belonging as well as pay equity, culture, talent development,
succession planning, and executive compensation and benefits. Our Governance and Corporate Responsibility
Committee provides oversight of the Company's environmental matters, including monitoring its sustainability
strategy and initiatives, the management of employee health, safety, and wellness matters, and oversight of our
positions on corporate social responsibilities and public issues of significance, including those related to privacy,
digital safety and responsible AI, which affe
f
ct investors and other key stakeholders. The Audit Committee provides
oversight over the Company's risk assessment and risk management policies and processes, including data privacy,
AI, and compliance reporting. Our Finance Committee provides oversight of our financial and investment policies
and of the Company's principal finance, banking, and treasury matters, including the Company's capital structure
(both equity and debt) and the principal terms of related financing transactions and requirements.
Baker Hughes Company 2024 Form 10-K | 10

GOVERNMENTAL REGULATION
Environmental Matters
We are committed to the health and safety of people, protection of the environment and compliance with
environmental laws, regulations and our policies. Our past and present operations include activities that are subject
to extensive domestic (including U.S. federal, state and local) and international regulations concerning, among other
things, air and water quality, waste management, occupational health and safety, and wildlife and land protection.
Environmental regulations continue to evolve, and changes in standards of enfor
f
cement of existing regulations, as
well as the enactment of new legislation or the issuance of judicial or agency opinions or orders, may require us and
our customers to modify, supplement or replace equipment or facilities, obtain new or updated permits to conduct
regulated activities, initiate investigatory and/or remedial measures, apply specific HSE criteria addressing
employee protection and/or to change or discontinue present methods of operation. Our environmental compliance
expenditures and our capital costs for environmental control equipment may change accordingly.
Ongoing environmental compliance costs, such as obtaining environmental permits, installation and
maintenance of pollution control equipment and waste disposal, are expensed as incurred. Based upon current
information, we believe that our overall environmental regulatory compliance obligations, including investigatory
and/or remediation obligations, environmental compliance costs and capital expenditures for environmental control
equipment, will not have a material adverse effe
f
ct on our capital expenditures, earnings or competitive position
because we have either established adequate reserves or our compliance cost, based on available information, is
not expected to be material to our consolidated financial statements.
While we seek to embed and verify sound environmental practices throughout our business, we are, and may in
the future be, involved in investigation and/or remediation projects at current and former properties, typically related
to historical operations and operations of our predecessor companies. In some cases, our remediation activities are
conducted as specified by a government agency-issued consent decree or agreed order. Remediation costs at
these properties are accrued using currently available facts, existing environmental permits, technology and
presently enacted laws and regulations. For sites where we have primary responsibility for the remediation, our cost
estimates are developed based on internal evaluations and are not discounted. We record accruals when it is
probable that we will be obligated to pay amounts for environmental site evaluation, investigation and/or remediation
or related activities, and such amounts can be reasonably estimated. Accruals are recorded even if significant
uncertainties exist over the ultimate cost of the remediation. Our total accrual for environmental remediation was
$54 million and $58 million at December 31, 2024 and 2023, respectively.
Other Regulatory
r
Matters
We are subject to regulation by various U.S. federal regulatory agencies and by the applicable regulatory
authorities in countries in which our products are manufactured or sold. Such regulations principally relate to the
ingredients, classification, labeling, safety, manufacturing, packaging, transportation, advertising, and marketing of
our products. Additionally, as a U.S. entity operating through subsidiaries in non-U.S. jurisdictions, we are subject to
foreign exchange control, transfer pricing and customs laws that regulate the import and export of goods as well as
the flow of funds between us and our subsidiaries. In particular, the shipment of goods, services and technology
across international borders subjects us to extensive trade laws and regulations. Our import activities are governed
by the unique customs laws and regulations in each of the countries where we operate. Pursuant to their laws and
regulations, governments may impose economic sanctions against certain countries, persons and entities that may
restrict or prohibit transactions involving such countries, persons and entities, which may limit or prevent our
conduct of business in certain jurisdictions. We are also required to comply with transfer pricing, securities laws, and
other statutes and regulations, such as the U.S. Foreign Corrupt Practices Act and other countries’ anti-corruption
and anti-bribery regimes.
As a result of the conflict between Russia and Ukraine that began in February of 2022, governments in the U.S.,
United Kingdom ("U.K."), European Union ("EU"), and other countries enacted sanctions against Russia and certain
Russian interests. As previously announced on March 19, 2022, we suspended any new investments in our Russia
operations, but continued to comply with applicable laws and regulations as we fulfilled existing contractual
obligations. As a result, we completed a number of actions during the course of 2022 and 2023 including the sale of
part of our OFSE Russia business and suspended substantially all of our remaining operational activities in Russia.
In 2024, our focus in Russia has been to continue to close local entities within the scope of western sanctions and
Baker Hughes Company 2024 Form 10-K | 11

local regulation. We are continuing to closely monitor the developments in Ukraine and Russia and changes to
sanctions all of which continued to make ongoing operations increasingly complex and significantly more
challenging. For further information see "Note 20. Restructuring, Impairment and Other" and "Note 21. Business
Dispositions and Acquisitions" of the Notes to Consolidated Financial Statements in Item 8 herein.
We are also subject to laws relating to data privacy and security and consumer credit, protection and fraud. An
increasing number of governments worldwide have established laws and regulations, and industry groups also have
promoted various standards, regarding data privacy and security, including with respect to the protection and
processing of personal data. The legal and regulatory environment related to data privacy and security is
increasingly rigorous, with new and constantly changing requirements applicable to our business, and enfor
f
cement
practices are likely to remain uncertain for the foreseeable future. We are also subject to labor and employment
laws, including regulations established by the U.S. Department of Labor and other local regulatory agencies, which
sets laws governing working conditions, paid leave, workplace safety, wage and hour standards, and hiring and
employment practices.
While there are no current environmental or regulatory matters that we expect to have a material adverse
impact on the results of our operations, financial position or cash flows or our capital expenditures, earnings or
competitive position, there can be no assurances that existing or future environmental laws and other laws,
regulations and standards, judicial or administrative opinions or orders applicable to our operations or products will
not lead to such a material adverse impact.
AVAILABILITY OF INFORMATION FOR STOCKHOLDERS
Our Annual Reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and
amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of
1934, as amended ("Exchange Act"), are made available free of charge on our internet website at
www.bakerhughes.com
g
as soon as reasonably practicable afte
f
r these reports have been electronically filed with, or
furnished to, the SEC, and can be found at their internet website www.sec.gov
g
. In addition, our Corporate
Sustainability reports are available on the Company section of our website at www.bakerhughes.com
g
. Information
contained on or connected to our website is not incorporated by reference into this Annual Report on Form 10-K and
should not be considered part of this Annual Report or any other filing we make with the SEC.
We have a Code of Conduct to provide guidance to our directors, offif cers, and employees on matters of
business conduct and ethics, including compliance standards and procedures. We also require our principal
executive offif cer, principal financial offif cer, and principal accounting offif cer to sign a Code of Ethical Conduct
Certification annually.
The Code of Conduct, referred to as Our Way: The Baker Hughes Code of Conduct, and the Code of Ethical
Conduct Certifications are available on the Investor section of our website at www.bakerhughes.com
g
. We will
disclose on a current report on Form 8-K or on our website information about any amendment or waiver of these
codes for our executive offif cers and directors. Waiver information disclosed on our website will remain on the
website for at least 12 months after the initial disclosure of a waiver. Our Governance Principles and the charters of
our Audit Committee, Finance Committee, Human Capital and Compensation Committee, and Governance and
Corporate Responsibility Committee of the Board are also available on the Investor section of our website at
www.bakerhughes.com
g
. In addition, a copy of the Code of Conduct, Code of Ethical Conduct Certifications,
Governance Principles, and the charters of the committees referenced above are available in print at no cost to any
shareholder who requests them.
Baker Hughes Company 2024 Form 10-K | 12

EXECUTIVE OFFICERS OF BAKER HUGHES COMPANY
The following table shows, as of February 4, 2025, the name of each of our executive offif cers, together with his
or her age and office presently or previously held. There are no family relationships among our executive offif cers.
Lorenzo Simonelli
51
Chairman, President and Chief Executive Offi
f cer
Chairman, President and Chief Executive Offif cer Lorenzo Simonelli has been the
Chairman of the Board of Directors of the Company since October 2017, and a
Director, President and Chief Executive Offif cer of the Company since July 2017. Prior
to joining the Company in July 2017, Mr. Simonelli was Senior Vice President, GE
and President and Chief Executive Offif cer, GE Oil & Gas from October 2013 to July
2017. Before joining GE Oil & Gas, he was the President and Chief Executive Offif cer
of GE Transportation from July 2008 to October 2013. Mr. Simonelli joined GE in
1994 and held various finance and leadership roles from 1994 to 2008. He also
currently serves on the Board of Iveco Group N.V. He is a Business & Economics
Graduate from Cardifff University in South Wales.
Nancy Buese
55
Executive Vice President and Chief Financial Offi
f cer
Nancy Buese is the Executive Vice President and Chief Financial Offif cer of the
Company. Prior to joining the Company in November 2022, she served as Executive
Vice President ("EVP") and Chief Financial Offif cer ("CFO") of Newmont Corporation,
a gold mining company from October 2016 to October 2022. Prior to her role at
Newmont, Ms. Buese spent more than a decade as EVP & CFO of MarkWest Energy
Partners, a leader in gathering, processing, and transportation of hydrocarbons, as
well as EVP & CFO of MPLX (a subsidiary of Marathon Petroleum) following MPLX's
acquisition of MarkWest. She began her career in public accounting, starting with
Arthur Andersen and rising to be a partner at Ernst & Young until 2003. She also
serves on the Board of Chubb Limited since 2023. She holds a bachelor of science
degree in accounting and business administration from the University of Kansas and
is a Certified Public Accountant.
James E.
Apostolides
47
Senior Vice President, Enterprise Operational Excellence
James E. Apostolides is the Senior Vice President of Enterprise Operational
Excellence of the Company and is responsible for leading the Company's global
supply chain, HSE, and ESG functions. Mr. Apostolides previously served as Senior
Vice President of Enterprise Excellence from February 2020 to September 2022. In
July 2017, he was appointed VP of Materials Management, Logistics, and Cash
Operations. He began his career in 1999 with GE and held roles of increasing
responsibility, including managerial positions in Shop Operations, Materials,
Sourcing, and Fulfillment across multiple continents. He holds a bachelor's degree in
mechanical engineering from Worcester Polytechnic Institute in the U.S.
Maria Claudia
Borras
56
Chief Growth & Experience Offi
f cer
Maria Claudia Borras is the Chief Growth & Experience Offif cer of the Company. Ms.
Borras previously served as Executive Vice President, Oilfield Services and
Equipment from September 2022 to September 2024 and Executive Vice President,
of Oilfield Services from July 2017 to September 2022. Prior to joining the Company,
she served as the Chief Commercial Offif cer of GE Oil & Gas from January 2015 to
July 2017. Prior to joining GE Oil & Gas, she held various leadership positions at
Baker Hughes Incorporated including President, Latin America from October 2013 to
December 2014, President, Europe Region from August 2011 to October 2013, Vice
President, Global Marketing from May 2009 to July 2011. She has served on the
Board of Tyson Foods Inc. since 2021. She holds a bachelor of science degree in
petroleum engineering from Universidad de América, Bogotá-Colombia.
Amerino Gatti
54
Executive Vice President, Oilfield Services and Equipment
Amerino Gatti is the Executive Vice President, Oilfield Services and Equipment of the
Company. Prior to joining the Company in September 2024, Mr. Gatti served as Chief
Executive Offf icer and Chairman of the Board of TEAM, Inc., a provider of integrated
specialty industrial services with operations in over 20 countries, from January 2018
to January 2022. Prior to joining TEAM, Inc. he spent 25 years with oilfield services
firm Schlumberger and held various leadership positions, including Executive Offif cer
and President of the Production Group for North America, Vice President and
General Manager for Qatar and Yemen, Global Vice President for Sand Management
Services and Vice President Marketing for North America. His earlier experience
includes field operations, engineering and human resources across North America,
South Asia and the Middle East. He earned a degree in mechanical engineering from
the University of Alberta, Canada.
Name
Age
Position and Background
Baker Hughes Company 2024 Form 10-K | 13

Ganesh
Ramaswamy
56
Executive Vice President, Industrial & Energy Technology
Ganesh Ramaswamy is the Executive Vice President, Industrial & Energy
Technology. Prior to joining the Company in January 2023, Mr. Ramaswamy served
as President of Global Services for Johnson Controls, a worldwide provider of
technologies and solutions for buildings, from December 2019 to December 2022.
Prior to joining Johnson Controls, he served at Danaher Corporation, a diversified
manufacturer of life sciences, diagnostics, and industrial products and services, from
April 2015 to December 2019 in various executive roles including Group Executive
for Marking & Coding; President of Videojet Technologies; and Senior Vice President
of High Growth Markets at Beckman Coulter Diagnostics. Prior to his career with
Danaher, he held executive roles at Hoya Corporation, a global provider of
endoscopic imaging products and solutions, including as President of Pentax
Medical, from June 2011 to April 2015. He began his career in product development
and general management at GE Global Research and GE Healthcare. He also
currently serves on the Board of PACCAR, Inc. He holds a doctorate in mechanical
engineering from the University of Pennsylvania, a master's degree in business from
the University of Wisconsin-Milwaukee, a master's degree in mechanical engineering
from Auburn University, and a bachelor's degree in mechanical engineering from the
University of Kerala.
Georgia Magno
46
Chief Legal Offi
f cer
Georgia Magno is the Chief Legal Offif cer of the Company. Ms. Magno previously
served as Vice President and General Counsel for the IET segment. She joined the
Company in 2010, first as General Counsel for the global supply chain and holding
subsequent legal roles of increasing complexity and responsibility across
commercial, operational, and product line organizations in multiple countries
including Italy and the U.S. Prior to joining the Company, she was an international
litigator with the law firms of Cleary Gottlieb and Weil, Gotshal & Manges LLP. She
holds a J.D. from Università di Bologna and an L.L.M. from Harvard Law School and
is admitted to practice law in both Italy and the U.S.
Name
Age
Position and Background
ITEM 1A. RISK FACTORS
An investment in our common stock involves various risks. When considering an investment in the Company,
one should carefully consider all of the risk factors described below, as well as other information included and
incorporated by reference in this Annual Report. There may be additional risks, uncertainties and matters not listed
below, that we are unaware of, or that we currently consider immaterial. Any of these may adversely affe
f
ct our
business, financial condition, results of operations and cash flows and, thus, the value of an investment in the
Company.
OPERATIONAL RISKS
We operate in a high
i
ly competit
t iv
t
e
v
enviro
i
nment, which may adversel
r
y
l
affe
f
ct our ability
t
to succeed.
d Our
investments in new technologies, equipment,t and facili
i ties may not prov
r
id
v
e
d
competit
t iv
t
e
v
returns.
We operate in a highly competitive environment for marketing our products and services and securing
equipment across our portfol
f io. Our ability to continually provide competitive products and services can impact our
ability to defend, maintain or increase prices for our products and services, maintain market share, and negotiate
acceptable contract terms with our customers. In order to be competitive, we must provide new and differentiating
technologies, reliable products and services that perfo
r
rm as expected and that create value for our customers.
We continue to invest in new technologies, equipment, and facilities and to expand our capabilities and
technol g
ogy portfol
f io to meet the challe g
nges of a net-zero future. These effo
f
rts include expandi g
ng into new energy
gy
areas such as geothermal and carbon capture, utilization and stor g
age, stre g
ngtheni g
ng our digital architecture and
addressi g
ng key energy
gy market themes. Our ability to defend, maintain or increase prices for our products and
services is in part dependent on the industry's capacity relative to customer demand, on our ability to differentiate
the value delivered by our products and services from our competitors' products and services and to provide
innovative and competitive products and services to meet our client's evolving needs with respect to new energy
areas. Managing development of competitive technology and new product introductions on a forecasted schedule
and at a forecasted cost can impact our financial results. If we are unable to continue to develop and produce
competitive and innovative technology or deliver it to our clients in a timely and cost-competitive manner in
Baker Hughes Company 2024 Form 10-K | 14

response to changes in the market, customer requirements, competitive pressures, or as a result of the energy
transition to lower carbon emitting technology, or if competing technology accelerates the obsolescence of any of
our products or services, any competitive advantage that we may hold, and in turn, our business, financial condition,
results of operations and cash flows could be materially and adversely affe
f
cted.
We have, and may in the future enter into, agreements with third parties to jointly develop certain technologies
which may include financial or other commitments. Under the terms of these agreements, we may agree to share in
the associated development and marketing costs for the developed technologies. There can be no assurances that
we will be able to successfully develop these technologies in collaboration with these third parties that will
adequately meet our customers' needs. Also, there can be no assurances that these joint development agreements
will be commercially viable, successful or profitable. As a result, these joint development agreements could have a
material adverse effe
f
ct on our financial condition, results of operations and cash flows.
The potential
i
tran
r
sition risks
i
posed by moving
i
to a lower carbon
r
economy could have an adverse
r
effe
f
ct on
the demand for our technologies and servi
r
ces.
There is increased focus by governments and our customers, investors and other stakeholders on climate
change, sustainability, and energy transition matters. Transitioning to a lower-carbon economy will likely require
extensive policy, legal, technology, and market changes.
These changes may result in the enactment of climate change-related regulations, judicial or administrative
opinions, orders, policies and initiatives (at the government, regulator, corporate and/or investor community levels);
technological advances with respect to the generation, transmission, storage and consumption of energy; increased
availability of, and increased demand from consumers and industry for, energy sources other than oil and natural
gas and development of, and increased demand from consumers and industry for, lower-emission products and
services as well as more effif cient products and services.
Our future success may depend on our ability to effe
f
ctively execute on our energy transition strategy and the
pace at which the energy transition unfolds. Our strategy depends on our ability to develop additional innovative
technologies and work with our customers and partners to advance new energy solutions such as geothermal,
CCUS, hydrogen energy, and other integrated solutions. If the energy transition occurs faster than anticipated or
faster than we can transition, or if we are unable to execute our energy transition strategy as planned, demand for
our technologies and services or access to capital could be adversely affe
f
cted. If the energy transition occurs
slower than anticipated, we could be developing technologies and services that are not responsive to the
commercial needs of our customers.
In addition, negative attitudes toward or perceptions of our industry or fossil fuel products and their relationship
to the environment have led governments, non-governmental organizations, and companies to implement initiatives
to conserve
r
energy and promote the use of alternative energy sources, which may reduce the demand for and
production of oil and gas in areas of the world where our customers operate, and thus reduce future demand for our
products and services. In addition, initiatives by investors and financial institutions to limit funding to companies in
fossil fuel-related industries may adversely affe
f
ct our liquidity or access to capital.
Disr
i
upt
r
io
t
ns in our supp
u
ly chain,
i
the high
i
cost or unavai
v
la
i
bilit
i
y
t
of raw material
i
s,
l
equipm
i
ent, and supp
u
lies
essential
i
to our busine
i
ss could adversel
r
y
l
affe
f
ct our ability
t
to execute our operat
r
io
t
ns on a time
i
ly basis.
i
Our manufacturing operations are dependent on having sufficient raw materials, component parts and
manufacturing capacity, including labor, available to meet our manufacturing plans on a timely basis, at a
reasonable cost while minimizing inventories. Additional disruptions within our supply chain resulting from factors
including, but not limited to, pandemic, inflation, rising interest rates, and shortages in labor supply, have had and
may continue to have an impact on our business and reputation. Many of the raw materials essential to our
business require the use of rail, storage, and trucking services to transport the materials to our job sites. These
services, particularly during times of high demand, may cause delays in the arrival of or otherwis
r
e constrain our
supply of raw materials. These constraints could have a material adverse effe
f
ct on our business and consolidated
results of operations. In addition, price increases imposed by our vendors for raw materials and transportation
providers used in our business, and the inability to pass these increases through to our customers, could have a
material adverse effe
f
ct on our business and consolidated results of operations. As a result of these or any other
factors, our ability to execute our operations on a timely basis, including our ability to meet our manufacturing plans
Baker Hughes Company 2024 Form 10-K | 15

and revenue goals, control costs, and avoid shortages or over-supply of raw materials and component parts, could
be adversely affe
f
cted.
The partia
t
l or complete loss of GE Vernova
v
or GE Aerospace as supp
u
liers, as well as contra
t
cts
t
with
t
our
aeroderivativ
t
e
v
joint venture (the "Aero
r
JV") with GE Vernova
v
may adversel
r
y
l
affe
f
ct our busine
i
ss, fina
i
ncial
condition, results
t
of operations and cash flows.
w
We currently have extensive commercial relationships with GE Vernova and GE Aerospace. Although we have
long-term contractual frameworks in place with both GE Vernova and GE Aerospace, if either GE Vernova or GE
Aerospace were to discontinue or reduce their business with the Company, fail to perfo
r
rm their obligations under
existing contracts (such as our long-term supply agreement for heavy-duty gas turbines, the Second Amended and
Restated Supply and Technology Development Agreement or the related intellectual property agreements with GE
Aerospace) or experience disruptions, our business, financial condition, results of operations and cash flows may be
adversely affe
f
cted.
In addition to our contracts and arrangements with GE Aerospace and GE Vernova as direct suppliers, we also
have exposure to GE Aerospace and GE Vernova through the Aero JV. The Aero JV is jointly controlled by GE
Vernova and us, and as a result, realizing the benefits of this joint venture depends on the continued cooperation
between the parties. In addition, the business and financial perfo
r
rmance of the Aero JV may be adversely affe
f
cted if
GE Aerospace fails to perfor
f
m its obligations under its contracts with the Aero JV. We in turn use certain products
and services purchased through the Aero JV for the manufacture and maintenance of various end products, and
therefor
f
e, failure of the Aero JV to perfor
f
m for any reason could prevent us from fulfilling our contractual obligations,
which may adversely affe
f
ct our business, financial condition, results of operations and cash flows.
If we are
r
unable to attract
r
and retain key personnel, we may not be able to execute our busine
i
ss stra
t
tegy
effe
f
ctiv
t
el
v
y
l
and our operations could be adversel
r
y
l
affe
f
cted.
d
Our operations and future success depend on our ability to recruit, train, and retain key personnel. People are a
key resource to developing, manufacturing, and delivering our products and providing technical services and
solutions to our customers around the world. A competent, well-trained, highly skilled, motivated, and diverse
workforce has a positive impact on our ability to attract and retain business. Difficulties in hiring or retaining key
employees, or the unexpected loss of experienced employees resulting in the depletion of our institutional
knowledge base, could have an adverse impact on our business perfo
r
rmance, reputation, financial condition, or
results of operations. Additionally, successfully executing organizational change as we restructure the Company,
management transitions at leadership levels of the Company, and motivation and retention of key employees is
critical to our business success. Factors that may affe
f
ct our ability to attract and retain sufficient numbers of
qualified employees include: employee morale, our brand reputation as an employer of choice, competition from
other employers, our location strategy for key roles, investments in technology and systems, and availability of
qualified individuals with the desired skills and experiences needed to grow our business. Other factors that have,
and could continue to impact our workforce, are: changes to our offif ce environments and the impact this could have
on our Company culture, the adoption of new work models, and our requirements and/or expectations about when
or how ofte
f
n certain employees work on-site or remotely, which may not meet the expectations of our employees.
The implementation of our plan
l
to restru
t
cture
r
our corporat
r
e orga
r
niza
i
tion and operat
r
in
t
g segments
t
may not
achieve the results
t
we anticipa
i
te, whi
w
ch could adversel
r
y
l
affe
f
ct our busine
i
ss.
From time to time the Company will embark upon restructuring activities, whether in response to business
operating cycles or for more significant programs of strategic significance (for
f
example the corporate realignment in
2022 which resulted in a focus on our two operating segments). Restructuring activities may be more costly than
anticipated, and could lead to the diversion of management's attention from other business priorities. As a result of
these or any other factors, we may not realize the anticipated benefits associated with the restructuring plan. There
can be no assurance that the restructuring plan will materially increase our profitability. Even if the restructuring plan
generates the benefits that we have anticipated, there may be other unfor
f
eseeable and unintended factors or
consequences that occur as a result of the restructuring, which could adversely affe
f
ct our business.
Baker Hughes Company 2024 Form 10-K | 16

Our business could be impacted by both
t
geopolit
l ic
t
al and terrorism
i
threats,
t
includin
d
g arme
r
d conflic
f
t, in
countrie
r
s where
r
we or our customers
r
do business and our busine
i
ss operat
r
io
t
ns may be impacted by civili
unrest
r
and/or
/
government expropria
r
tions.
Geopolitical and terrorism threats continue to grow in a number of key countries where we currently or may in
the future do business. Geopolitical and terrorism threats, including armed conflict among countries, has had and
could in the future lead to, among other things, a loss of our investment in the country, adverse impact to our
employees, and impairment of our or our customers' ability to conduct operations.
Further, the broader consequences of geopolitical and terrorism threats, which may include further sanctions
that prohibit our ability to do business in specific countries, embargoes, supply chain disruptions, the potential
inability to service our remaining perfo
r
rmance obligations and potential contractual breaches and litigation, regional
instability and geopolitical shifts
f , and the extent of any such threats effe
f
ct on our business and results of operations
as well as the global economy, cannot be predicted.
Certain geopolitical conflicts, such as between Russia and Ukraine and between Israel and Hamas, have had
and may continue to have the effe
f
ct of heightening many other risks disclosed in our public filings, any of which
could materially and adversely affe
f
ct our business and results of operations. Such risks include, but are not limited
to, adverse effe
f
cts on regional and global macroeconomic conditions; increased volatility in the price and demand of
oil and natural gas, increased exposure to cyber-attacks; limitations in our ability to implement and execute our
business strategy; risks to employees and contractors that we have in the region; disruptions in global supply
chains; exposure to foreign currency fluctuations; potential nationalizations and assets seizures; constraints or
disruption in the capital markets and our sources of liquidity; our potential inability to service our remaining
perfo
r
rmance obligations and potential contractual breaches and litigation. Any such risks may require us to record
asset impairments and experience adverse operating impacts which could have a material adverse effe
f
ct on our
financial condition, results of operations and cash flows.
Contro
t
l of oili and natural gas reserves
r
by national oili companies may impact the demand for our servi
r
ces
and produc
r
ts and creat
r
e additional risks
i
in our operat
r
io
t
ns.
Much of the world's oil and natural gas reserves are controlled by national oil companies. National oil
companies may require their contractors to meet local content requirements or other local standards, such as
conducting our operations through joint ventures with local partners that could be difficult or undesirable for us to
meet. The failure to meet the local content requirements and other local standards may adversely impact our
operations in those countries. In addition, our ability to work with national oil companies is subject to our ability to
negotiate and agree upon acceptable contract terms.
Our operations involve
v
a varie
r
ty of operating
i
hazards
d
and risks
i
that could cause losses.
The products that we manufacture and the services that we provide are complex, and the failure of our
equipment to operate properly or to meet specifications may greatly increase our customers' costs. In addition,
many of these products are used in inherently hazardous industries, such as the offs
f hore oilfield business. These
hazards include blowouts, explosions, unplanned or uncontrolled releases, nuclear-related events, fires, collisions,
capsizings, and severe weather conditions. We may incur substantial liabilities or losses as a result of these
hazards. Our insurance and contractual indemnity protection may not be sufficient or effe
f
ctive to protect us under all
circumstances or against all risks. The occurrence of a significant event, against which we were not fully insured or
indemnified or the failure of a customer to meet its indemnification obligations to us, could materially and adversely
affe
f
ct our results of operations and financial condition.
Seasonal and weathe
t
r conditions, includin
i g severe
r
weathe
t
r associat
i
ed with
t
clim
l
ate change, could
adver
v
se
r
ly affe
f
ct demand for our servic
v
es and operat
r
io
t
ns.
Variation from normal weather patterns, such as cooler or warmer summers and winters, can have a significant
impact on demand for our services and operations. Adverse weather conditions, such as hurricanes in the Gulf of
Mexico or extreme winter conditions in Canada or the North Sea, may interrupt or curtail our operations, or our
customers' operations, cause supply disruptions and result in a loss of revenue and damage to our equipment and
facilities, which may or may not be insured. Further, the physical risks of climate change can include extreme
variability in weather patterns such as increased frequency and severity of significant weather events (e.g. flooding,
Baker Hughes Company 2024 Form 10-K | 17

hurricanes and tropical storms), natural hazards (e.g., increased wildfire risk), rising mean temperature and sea
levels, and long-term changes in precipitation patterns (e.g. drought, desertification, or poor water quality). Such
effe
f
cts have the potential to affe
f
ct business continuity and operating results, particularly at facilities in coastal areas
or areas prone to chronic water scarcity, and could disrupt our operations or those of our customers or suppliers,
including through direct damage to physical assets and indirect impacts from supply chain disruption and market
volatility. Repercussions of severe or unseasonable weather conditions, including as a result of climate change, may
include evacuation of personnel and curtailment of services, weather-related damage to offs
f hore drilling rigs
resulting in suspension of operations, weather-related damage to our facilities and project work sites, inability to
deliver materials to job sites in accordance with contract schedules, decreases in demand for oil and natural gas
during unseasonably warm winters, and loss of productivity. As a result of the above repercussions or any others,
demand for our services and operations may be adversely affe
f
cted.
While we evaluate and incorporate potential ranges of physical risks, it is difficult to predict with certainty the
timing, frequency or severity of such events, any of which could have a material adverse effe
f
ct on our financial
condition, results of operations and cash flow.
Our business has previ
r
ously
l
and may in the future again
i
be adversel
r
y
l
affe
f
cted by a public
l
health
emerge
r
ncy
c
or outbreak of a contag
t
ious disease
i
or viru
i
s.
In the past, the markets have experienced volatility in oil demand due to the economic impacts of public health
emergencies. If demand for our products and services decline as a result of a public health emergency, the
utilization of our assets and the prices we are able to charge our customers for our products and services could
decline. The spread of a pandemic could result in instability in the markets and decreases in commodity prices
resulting in adverse impacts on our financial condition, results of operations and cash flows.
In addition, the outbreak and spread of contagious diseases and measures to contain the disease may
adversely impact our workforce and operations, operations of our customers, and those of our vendors and
suppliers. The extent to which these public health emergencies adversely impact our business would depend on
future developments, which are highly uncertain and unpredictable, depending on the severity and duration of the
emergency and effe
f
ctiveness of actions taken globally to contain or mitigate its effe
f
cts. There is considerable
uncertainty regarding such containment or mitigation measures and potential future measures which may result in
labor disruptions, employee attrition, and could negatively impact our ability to attract and retain qualified
employees, all of which could have a material adverse effe
f
ct on our financial condition, results of operations and
cash flows.
CREDIT AND CUSTOMER CONTRACTING RISKS
Prov
r
id
v
in
d
g servi
r
ces on an integrat
r
ed,
d turnkey, or fixed
i
pric
r
e basis
i
could require
r
us to assume additio
t
nal
risks.
i
We may choose to enter into integrated or turnkey contracts with our customers that require us to provide
services and equipment outside of our core business. Providing services on an integrated or turnkey basis may also
subject us to additional risks, such as costs associated with unexpected delays or difficulties in drilling operations,
project management interface risk, and risks associated with subcontracting and consortium arrangements. These
integrated or turnkey contracts may be fixed price contracts that do not allow us to recover for cost over-runs unless
they are directly caused by the customer.
We may not be able to satis
t
fy technical require
i
ments,
t
testin
t
g require
i
ments
t
or othe
t
r specificatio
t
ns required
r
under our servic
v
e contra
t
cts
t
and equipm
i
ent purchase agreements.
Our products are used in deepwater, and other harsh environments, and severe service applications. Our
contracts with customers and customer requests for bids typically set forth detailed specifications or technical
requirements for our products and services, which may also include extensive testing requirements. In addition,
scrutiny of the offs
f hore drilling industry and LNG industry has resulted in more stringent technical specifications for
our products and more comprehensive testing requirements for our products to ensure compliance with such
specifications. We cannot provide assurance that our products, including products supplied through joint ventures,
will be able to satisfyf the specifications necessary in all scenarios or under all operating conditions, nor that we will
be able to perfo
r
rm the full-scale testing required to prove that the product specifications are satisfied in future
Baker Hughes Company 2024 Form 10-K | 18

contract bids or under existing contracts, or that the costs of modifications to our products to satisfyf the
specifications and testing will not adversely affe
f
ct our results of operations.
We sometime
i
s enter into consorti
r um or simi
i
la
i
r arra
r
ngements for certa
r
in proj
r
ects,
t
which could impose
additional costs and obliga
i
tions on us.
We sometimes enter into consortium or similar arrangements for certain projects. Under such arrangements,
each party is responsible for perfor
f
ming a certain scope of work within the total scope of the contracted work, and
the obligations expire when all contractual obligations are completed. The failure or inability, financially or otherwis
r
e,
of any of the parties to perfor
f
m their obligations could impose additional costs and obligations on us. These factors
could result in unanticipated costs to complete the project, liquidated damages or contract disputes.
Our contra
t
cts
t
may be terminated early
l
in certa
r
in circ
i
umstan
t
ces.
Our contracts with customers generally may be terminated by the customer for convenience, default, or
extended force maje
a ure (which could include inability to perfor
f
m due to a pandemic or as a result of civil unrest or
armed conflicts). Termination for convenience may require the payment of an early termination fee by the customer,
but the early termination fee may not fully compensate us for the loss of the contract. Termination by the customer
for default or extended force maje
a ure due to events outside of our control generally will not require the customer to
pay an early termination fee.
Our financial condition, results of operations and cash flows could be materially adversely affe
f
cted if our
customers terminate some of our contracts, and we are unable to secure new contracts on a timely basis and on
substantially similar terms, if payments due under our contracts are suspended for an extended period of time, or if
a number of our contracts are renegotiated. Our RPO is comprised of unfulfilled customer orders for products and
product services (expected life of contract sales for product services). The actual amount and timing of revenues
earned may be substantially different than the reported RPO. The total dollar amount of the Company's RPO as of
December 31, 2024 was $33.1 billion.
The cred
r
it
d
risks
i
of having
i
a concentrat
r
ed customer base in the energy
r
industry
t
could result in losses.
Having a concentration of customers in the energy industry may impact our overall exposure to credit risk as our
customers may be similarly affe
f
cted by prolonged changes in economic and industry conditions. Some of our
customers may experience extreme financial distress as a result of falling commodity prices and may be forced to
seek protection under applicable bankruptcy laws, which may affe
f
ct our ability to recover any amounts due from
such customers. Furthermore, countries that rely heavily upon income from hydrocarbon exports have been and
may in the future be negatively and significantly affe
f
cted by a drop in oil prices, which could affe
f
ct our ability to
collect, timely or at all, from our customers in these countries, particularly national oil companies. Laws in some
jurisdictions in which we will operate could make collection difficult or time consuming. We perfo
r
rm ongoing credit
evaluations of our customers and do not expect to require collateral in support of our trade receivables. While we
maintain reserves for potential credit losses, we cannot assure such reserves will be sufficient to meet write-offs
f
of
uncollectible receivables or that our losses from such receivables will be consistent with our expectations.
Additionally, in the event of a bankruptcy of any of our customers, we may be treated as an unsecured creditor and
may collect substantially less, or none, of the amounts owed to us by such customer.
Our customers'
r
activ
t
it
v y
t
levels
l
and spending
i
for our prod
r
ucts and servi
r
ces and ability
t
to pay amounts
t
owed
w
us could be impacted by the reductio
t
n of theiri cash flow,
w fina
i
ncial condit
d io
t
n and the ability
t
of our
customers
r
to access equity or cred
r
it
d
market
r
s.
t
Our customers' access to capital is dependent on their ability to access the funds necessary to develop
economically attractive projects based upon their expectations of future energy prices, required investments, and
resulting returns. Limited access to external sources of funding has caused and may continue to cause customers
to reduce their capital spending plans to levels supported by internally generated cash flow. In addition, a reduction
of cash flow resulting from declines in commodity prices, a reduction in borrowing bases under reserve-based credit
facilities or the lack of available debt or equity financing may impact the ability of our customers to pay amounts
owed to us and could cause us to increase our reserve for credit losses or resulting in us collecting substantially
less, or none, of the amounts owed to us by such customer.
Baker Hughes Company 2024 Form 10-K | 19

Gross receivables related to our primary customer in Mexico were 7%, 9%, and 10% for 2024, 2023 and 2022,
respectively. In addition to the potential risk of credit loss related to collection of accounts receivable with this
customer, we have and may in the future, issue credit default swaps ("CDS") to third-party institutions related to
borrowings to this customer who utilizes these funds to repay certain of our receivables. In the event of default by
our customer to the financial institution, we would be required to pay the notional amount outstanding under the
CDS, which may adversely impact our results of operations, short-term liquidity position, and cash flows.
LEGAL AND REGULATORY RISKS
Compliance with and changes in laws could be costly
t
and could affe
f
ct operat
r
in
t
g results.
t
In addition,
gover
v
nm
r
ent disr
i
upt
r
io
t
ns could negatively impact our ability
t
to conduct our busine
i
ss.
We conduct business in more than 120 countries that can be impacted by expected and unexpected changes in
the legal and business environments in which we operate. In particular, goods, services, data, finances, people, and
technology that cross international borders subjects us to extensive trade laws and regulations. Our import activities
are governed by the unique customs laws and regulations in each of the countries where we operate. Pursuant to
their laws and regulations, governments may impose economic sanctions against certain countries, persons and
entities that may restrict or prohibit transactions involving such countries, persons and entities, which may limit or
prevent our conduct of business in certain jurisdictions.
Compliance-related issues could limit our ability to do business in certain countries, impact our earnings and
cash flows, bring reputational harm, or result in governmental investigations leading to fines, penalties or other
remedial measures. Changes that could impact the legal environment include new legislation, new regulations, new
policies, investigations, and legal proceedings and new interpretations of existing legal rules and regulations, in
particular, changes in export control laws or exchange control laws, currency conversion, repatriation of income or
capital, additional restrictions on doing business in countries subject to sanctions, and changes in laws in countries
where we operate. In addition, changes and uncertainty in the political environments in which our businesses
operate, including changes in administration, can have a material effe
f
ct on the laws, rules, and regulations that
affe
f
ct our operations and liquidity. Government disruptions may also delay or halt the granting and renewal of
permits, licenses and other items required by us and our customers to conduct our business. The continued
success of our global business and operations depends, in part, on our ability to continue to anticipate and
effe
f
ctively manage these and other political, legal and regulatory risks. Given the highly dynamic nature of these
restrictions and the unprecedented nature of these changes in recent years, and the uncertainty in the political
landscape and unrest in certain areas of the world, our future success depends on the ability of our organization to
react to such changes rapidly and appropriately to assure compliance as we continue to conduct business globally.
Our failure to comply with the Forei
r
gn
i
Corrupt
u
Prac
r
tices Act ("FCPA") and othe
t
r simi
i
la
i
r laws could have a
negative impact on our ongoing
i
operations.
Our ability to comply with the FCPA, the U.K. Bribery Act, and various other anti-bribery and anti-corruption laws
depends on the success of our ongoing compliance program, including our ability to successfully manage our
agents, distributors and other business partners, and supervise, train, and retain competent employees. We could
be subject to sanctions and civil and criminal prosecution, fines and penalties, as well as legal expenses and
reputational harm in the event of a finding of a violation of any of these laws by us or any of our employees.
Anti-m
i
oney laundering
i
and anti-te
i
rrorism
i
fina
i
ncing laws could have adverse
r
consequences for us.
Non-compliance with anti-money laundering, anti-terrorism financing and various other financial laws may
subject us to sanctions, civil and criminal prosecution, fines and penalties, as well as legal expenses and potential
reputational harm. While we strive to continuously improve our programs and pursue effe
f
ctive compliance, we
cannot be sure our programs and controls are or will remain effe
f
ctive to ensure our compliance with all applicable
anti-money laundering and anti-terrorism financing laws and regulations.
Baker Hughes Company 2024 Form 10-K | 20

Changes to tax laws and associated positio
t
ns (i(inc
i
ludi g
ng
i
tax rate and adverse positions taken
y
by taxi g
ng
i
authorit
r ie
t
s)
s) and internatio
t
nal trad
r
e
d
polic
l
y
c
(i(inc
i
ludi g
ng
i
the imposition
f
of tariffffs and othe
t
r import and exportr
regulat
l
io
t
ns)
s in the countrie
r
s where
r
we operate could have a material
i
adverse
r
impact on our results
t
f
of
operations.
We are subject to changes in tax laws, rates, treaties, and regulations in the various jurisdictions where we
operate, any of which, including in the interpretation thereof, could have a material adverse impact on our tax
expense, results of operations and cash flows. Further, the examinations and subsequent tax assessments by
various tax authorities could increase the Company's tax liabilities. Any changes to tax laws or rates or unfavorable
positions taken by tax authorities have and could preclude our ability to fully utilize tax loss carryforwards and tax
credits which could increase the amount of valuation allowances required against deferred tax assets and could
adversely affe
f
ct our financial condition, results of operations and cash flows.
In addition, we are subject to changes to the U.S. and foreign country tariffs,
f
international trade agreements and
policies. Expansion of trade restrictions, changes to government policies related to tariffsf or trade agreements could
adversely affe
f
ct our financial condition, results of operations and cash flows.
We could be subject to litiga
i
tion and enviro
i
nmental clai
l
ms
i
aris
r
ing out of our produ
r
cts
t
and servi
r
ces which
could adversel
r
y
l
affe
f
ct our repu
e
tation, fina
i
ncial condit
d io
t
n, results
t
of operat
r
io
t
ns and cash flows.
w
The technical complexities of our operations expose us to a wide range of significant health, safety and
environmental risks and we are from time to time subject to litigation in the U.S. and in foreign countries, for
example claims involving services or equipment such as personal injury or loss of life, product failure (including as a
result of a cyber-attack) or damage to or destruction of property, employment and labor, customer privacy, or
regulatory risks. While we have insurance coverage against operating hazards to the extent deemed prudent by our
management and to the extent insurance is available, our insurance may not cover all expenses related to litigation
claims arising from our business. Moreover, we may not be able to maintain insurance at levels of risk coverage or
policy limits that we deem adequate. We may therefor
f
e incur significant expenses defending any such suit or
government charge and may be required to pay amounts or otherwis
r
e change our operations in ways that could
adversely affe
f
ct our financial condition, results of operations and cash flows.
We may be subject to litiga
i
tion if anothe
t
r party
t
clai
l
ms
i
that we have infrin
r
ged upon, misap
i
pr
p
op
r
riat
i
ed or
othe
t
rwis
w
e violat
l
ed its
t
intellectual prop
r
erty
r
righ
i
ts.
The tools, techniques, methodologies, programs and components we use to provide our products and services
may infringe upon, misappropriate or otherwis
r
e violate the intellectual property rights of others or be challenged on
that basis. Regardless of the merits, any such claims may result in significant legal and other costs and may distract
management from running our core business. Resolving such claims could increase our costs, including through
royalty payments to acquire licenses, if available, from third parties and through the development of replacement
technologies. If a license to resolve a claim were not available, we might not be able to continue providing a
particular service or product, which could adversely affe
f
ct our financial condition, results of operations and cash
flows.
Compliance with, and ruling
i
s and litig
t
atio
t
n in connectio
t
n with, enviro
i
nmental regulations and the
enviro
i
nmental impacts
t
of our operations may adversel
r
y
l
affe
f
ct our busine
i
ss and operat
r
in
t
g results.
t
We and our business are subject to extensive domestic and international environmental, health and safety
regulations. In addition to environmental, health and safety regulatory compliance obligations, we may face liability
arising out of the normal course of business, including alleged personal injury, property damage, and human health
risks due to exposure to hazardous substances or operations at our current or former facilities. Additionally, we may
be impacted by material changes in environmental, health and safety regulations or subject to substantial liability for
environmental impacts caused by our (or our predecessors') operations. Compliance with environmental laws and
regulations and associated expenditures, including but not limited to our capital expenditures for environmental
control equipment, are forecasted and may be inconsistent based on multiple variables. Our compliance cost
forecasts may be substantially different from actual results, which may be affe
f
cted by factors such as: changes in
law that impose new or increased restrictions on air or other emissions, wastewater management, waste disposal,
hydraulic fracturing, or wetland and land use practices; changes in standards of enfor
f
cement of existing
environmental laws and regulations; a change in our share of any remediation costs or other unexpected, adverse
Baker Hughes Company 2024 Form 10-K | 21

outcomes with respect to sites where we have been named as a potentially responsible party ("PRP"), (including
Superfu
r
nd sites, the allocation of PRP liability at other sites, or discovery of additional issues at existing sites) where
additional expenditures may be required to comply with environmental legal obligations; and the accidental,
unauthorized discharge of hazardous materials.
Investor and public
l
perception related to the Company's'
ESG perfor
f
ma
r
nce as well as current and future
ESG repor
e
ti
r ng
i
require
i
ments
t
may affe
f
ct our busine
i
ss and our operat
r
in
t
g results.
t
In recent years, companies across all industries are facing increasing scrutiny from a variety of stakeholders,
including investor advocacy groups, proxy advisory firms, certain institutional investors and lenders, investment
funds and other influential investors and rating agencies, related to their ESG and sustainability practices. If we do
not adapt to or comply with investor or other stakeholder expectations and standards on ESG matters (or meet
sustainability goals and targets that we have set), as they continue to evolve, or if we are perceived to have not
responded appropriately or quickly enough to growing concern for ESG and sustainability issues, regardless of
whether there is a regulatory or legal requirement to do so, we may face increased litigation risk, reputational
damage and our business, financial condition and/or stock price could be materially and adversely affe
f
cted.
In addition, our continuing effo
f
rts to research, establish, accomplish and accurately report on the
implementation of our ESG strategy, including our emissions reduction commitments, may also create additional
operational risks and expenses and expose us to reputational, legal and other risks. While we create and publish
voluntary disclosures regarding ESG matters from time to time, some of the statements in those voluntary
disclosures may be based on hypothetical expectations and assumptions that may or may not be representative of
current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith.
Such expectations and assumptions are necessarily uncertain and may be prone to error or subject to
misinterpretation given the long timelines involved and the lack of an established single approach to identifyi
f ng,
measuring and reporting on many ESG matters.
Our voluntary disclosures of ESG data are evaluated and rated by various organizations that assess corporate
ESG perfo
r
rmance. These organizations provide information to investors on corporate governance and related
matters and have developed ratings processes for evaluating companies on their approach to ESG matters.
Unfavorable ESG ratings, or our inability to meet the ESG standards set by specific investors, may lead to negative
investor sentiment and reputational damage, which could have an adverse impact, among other things, on our stock
price and cost of capital.
Regulatory requirements related to ESG or sustainability reporting have been adopted and may continue to be
introduced in various jurisdictions, including, but not limited to, the European Union, Australia, and the State of
California. These regulations will require the reporting of sustainability data, including greenhouse gas emissions.
We expect regulatory disclosure requirements related to sustainability matters to continue to expand globally, which
has and may continue to increase our cost and burden of compliance and may subject us to potential legal and
reputational risk.
To achieve our stated emission reduction goals, we have implemented internal decarbonization projects and
may also need to rely on external factors, such as the greater deployment of carbon reduction and removal
technologies and adoption of government policies that we expect would accelerate the adoption of energy transition
technologies. There have been policy responses to support the energy transition in the U.S. with the passage of the
Inflation Reduction Act. In addition, geopolitical instability has increased energy prices compared to the prior year
and raised energy security concerns, which may result in many governments reassessing energy transition
strategies, extending the timeline to ensure adequate and reasonably priced energy supplies. It is difficult to predict
with certainty how these policy, economic, and energy security issues will impact the energy transition. Our failure or
perceived failure to pursue or fulfill our reductions and elimination of carbon equivalent emissions commitments
within the timelines we announce, or changes to these commitments or related timelines could have a negative
impact on investor sentiment, ratings outcomes for evaluating our approach to ESG matters, our stock price and
cost of capital and expose us to government enfor
f
cement actions and private litigation, among other material
adverse impacts.
Baker Hughes Company 2024 Form 10-K | 22

Internatio
t
nal, national,l and stat
t
e governm
r
ents and agencies contin
t
ue to evaluate and prom
r
ulga
l
te
legisl
i
at
l
io
t
n and regulations that are focused on reducing
i
GHG emissions. Compliance with GHG emission
regulat
l
io
t
ns appl
p
ic
l
able to our or our customers'
r
operations may have sign
i
ific
f
ant implic
l
atio
t
ns that could
adversely
l
affe
f
ct our busine
i
ss and operating
i
results
t
in the fossil-
i fuel sectors.
r
In the United States, the U.S. Environmental Protection Agency ("EPA"
P
) has taken steps to regulate GHG
emissions as air pollutants under the U.S. Clean Air Act of 1970, as amended. The EPA'
P s Greenhouse Gas
Reporting Rule requires monitoring and reporting of GHG emissions from, among others, certain mobile and
stationary GHG emission sources in the oil and natural gas industry. The EPA
P
released a final rule expanding the
scope of the reporting rule, effe
f
ctive January 1, 2025, which in turn may impact (and include) data from our
equipment or operations to the extent it remains in effe
f
ct under the new administration. In addition, the U.S.
government has proposed rules in the past setting GHG emission standards for, or otherwis
r
e aimed at reducing
GHG emissions from, the oil and natural gas and power industries. International developments focused on
restricting GHG emissions include the United Nations Framework Convention on Climate Change, which includes
implementation of the Paris Agreement and the Kyoto Protocol by the signatories; the Glasgow Climate Pact; the
EU Emission Trading System; Article 8 of the EU Energy Effif ciency Directive and the United Kingdom's Streamlined
Energy and Carbon Reporting framework; and the EU's carbon border adjustment mechanism. Caps or fees on
carbon emissions, including in the U.S. (such as methane fees imposed on emissions from certain oil and gas
facilities under the Inflation Reduction Act), have been and may continue to be established and the cost of such
caps or fees could disproportionately affe
f
ct the fossil-fuel sectors. Newly enacted GHG emissions requirements
have been subject to ongoing legal challenges in the U.S. which may delay the implementation or enfor
f
cement of
such rules. Although a reduction in GHG reporting obligations in the U.S. may be possible at the federal level in the
short-term with changing administrations, long-term regulatory trends suggest that federal regulation of GHG
emissions is likely to increase over time. The implementation of these agreements and other existing or future
regulatory mandates, may adversely affe
f
ct the demand for our products and services, require us or our customers
to reduce GHG emissions or impose taxes on us or our customers, all of which could have a material adverse effe
f
ct
on our results of operations. While the Supreme Court's decision in Loper Brig
r ht Enterprise
i
s v. Raimondo to
overrule Chevro
v
n U.S.A. Inc. v. Natural Resource
r
s Defense Council, Inc., which ended the concept of general
deference to regulatory agency interpretations of laws, introduces new complexity for federal agencies and
administration of climate change policy and regulatory programs, many of these initiatives may continue.
Consequently, legislation and regulatory programs to address climate change or reduce emissions of GHGs could
have an adverse effe
f
ct on our business, financial condition and results of operations.
Voluntar
t
y
r
initia
t
tives to reduce GHG emissions, as well as increased
r
clim
l
ate change awar
w
en
r
ess, may result
in increased
r
costs for the oili and gas industry
r
to curb GHG emissions and could have an adverse
r
impact on
dem
d
and for oili and natural gas.
There are various corporate and non-governmental initiatives that are focused on voluntary reductions of GHG
emissions. These developments, and public perception relating to climate change, may shiftf demand from oil and
natural gas towards an investment in relatively lower carbon emitting energy sources and alternative energy
solutions, which could have a material adverse effe
f
ct on our results of operations.
Changes in laws or regulations relating
i
to data priv
r
acy
v
and security,
y or any actual or perceived failure by us
to comply with such laws or regulat
l
io
t
ns, or contra
t
ctual or othe
t
r obligatio
t
ns relating
i
to data priv
r
acy
v
or
securit
r y,
t
may adversel
r
y
l
affe
f
ct our business and operat
r
in
t
g results.
t
We have access to sensitive, confidential, proprietary or personal data or information in certain of our
businesses that is or may become subject to various data privacy and security laws, regulations, standards,
contractual obligations or customer-imposed controls in the jurisdictions in which we operate. The legal and
regulatory environment related to data privacy and security is increasingly rigorous, with new and constantly
changing requirements applicable to our business, and enfor
f
cement practices are likely to remain uncertain for the
foreseeable future. These laws and regulations are and may be interpreted and applied differently over time and
from jurisdiction to jurisdiction, and it is possible that they will be interpreted and applied in ways that may adversely
affect our business and operating results.
In the U.S., various federal and state regulators, including governmental agencies like the Federal Trade
Commission, have adopted, or are considering adopting, laws, regulations and standards concerning personal
information, privacy and data security. Certain state laws may be more stringent or broader in scope, or offe
f
r greater
Baker Hughes Company 2024 Form 10-K | 23

individual rights, with respect to personal information than federal, international or other state laws, and such laws
may differ from each other, all of which may complicate compliance effo
f
rts. Internationally, laws, regulations and
standards in many jurisdictions apply broadly to the collection, use, retention, security, disclosure, transfer and other
processing of personal information or other data. For example, the collection, use, storage, disclosure, transfer, or
other processing of personal data regarding individuals located in the European Economic Area and the U.K. is
subject to strict regulations, and compliance may require adhering to stringent legal and operational obligations and
the dedication of substantial time and financial resources.
The various and evolving federal, state and international laws, regulations and standards can differ significantly
from one another and, given our global footprint, this may significantly complicate our compliance effo
f
rts and
impose considerable costs, such as costs related to organizational changes and implementing additional protection
technologies, which are likely to increase over time. In addition, compliance with applicable requirements may
require us to modify our data processing practices and policies, distract management or divert resources from other
initiatives and projects, all of which could adversely affe
f
ct our business and operating results. Any failure or
perceived failure by us to comply with any applicable federal, state or international laws, regulations, standards, or
contractual or other obligations, relating to data privacy and security could result in damage to our reputation and
our relationship with our customers, as well as proceedings or litigation by governmental agencies, customers or
individuals, which could subject us to significant fines, sanctions, awards, penalties or judgments, all of which could
adversely affe
f
ct our business and operating results.
TECHNOLOGY RISKS
An inability
t
to obtain, maintain, prot
r
ect, defend or enforce our intellectual prop
r
erty
r
righ
i
ts could adversel
r
y
l
affe
f
ct our business.
There can be no assurance that the steps we take to obtain, maintain, protect, defend and enfor
f
ce our
intellectual property rights will be completely adequate. Our applications for intellectual property rights may not be
granted entirely, as to key features, or at all. Our intellectual property rights may fail to provide us with significant
competitive advantages, particularly in jurisdictions where we have not invested in an intellectual property portfolio
or that do not have, or do not enfor
f
ce, strong intellectual property rights. The weakening of protection of our
trademarks, patents, trade secrets and other intellectual property rights could also adversely affe
f
ct our business.
We are a party to a number of licenses that give us rights to intellectual property that is necessary or useful to
our business. Our success depends in part on the ability of our licensors to obtain, maintain, protect, defend and
sufficiently enfo
f rce the licensed intellectual property rights we have commercialized. Without protection for the
intellectual property rights we own or license, other companies might be able to offe
f
r substantially identical products
for sale, which could adversely affe
f
ct our competitive business position and harm our business products. Also, there
can be no assurances that we will be able to obtain or renew from third parties the licenses to use intellectual
property rights we need in the future, and there is no assurance that such licenses can be obtained on reasonable
terms. We would be adversely affe
f
cted in the event that any such license agreement was terminated without the
right for us to continue using the licensed intellectual property.
Increased
r
cybersecu
r
rity vulnerab
r
ilitie
t
s and threats,
t
and more sophisticated and targeted cyber-a
r
ttacks and
othe
t
r security incidents,
t
pose risks
i
to our systems, data and busine
i
ss, and our relationships with
t
customers
r
and othe
t
r third
r
partie
t
s.
In the course of conducting our business, we may hold or have access to sensitive, confidential, proprietary or
personal data or information belonging to us, our employees or third parties, including customers, partners or
suppliers. Increased cybersecurity vulnerabilities and threats, and more sophisticated and targeted cyber-attacks
and other security incidents, pose risks to our and our customers', partners', suppliers' and third-party service
providers' systems, data, and business, and the confidentiality, availability, and integrity of our and our employees'
and customers' data. We utilize various procedures and controls to monitor and mitigate our exposure including
maintaining a dedicated Cyber Fusion Center ("CFC") and engaging third party experts. For more information see
the "Risk Management & Strategy" section of Part 1 of Item 1C herein. While we attempt to mitigate these risks, we
remain vulnerable to cyber-attacks and other security incidents, including ransomware incidents. Given our global
footprint, the large number of customers, partners, suppliers and service providers with which we do business, and
the increasing sophistication and complexity of cyber-attacks, an incident could occur and persist for an extended
period without detection. Any investigation of a cyber-attack or other security incident would be inherently
Baker Hughes Company 2024 Form 10-K | 24

unpredictable, and it would take time befor
f
e the completion of any investigation and the availability of full and
reliable information. During such time we would not necessarily know the extent of the harm or how best to
remediate it, and certain errors or actions could be repeated or compounded befor
f
e they are discovered and
remediated, all or any of which would further increase the costs and consequences of such an incident. We may be
required to expend significant resources to protect against, respond to, and recover from any cyber-attacks and
other security incidents. As cyber-attacks continue to evolve, we may be required to expend significant additional
resources to continue to modify or enhance our protective measures or to investigate and remediate any information
security vulnerabilities. In addition, our remediation effo
f
rts may not be successful. The inability to implement,
maintain and upgrade adequate safeguards could materially and adversely affe
f
ct our financial condition, results of
operations and cash flows.
In addition to our own systems, we use third-party service providers, who in turn may also use third-party
providers, to process certain data or information on our behalf. Due to applicable laws and regulations or contractual
obligations, we may be held responsible for cybersecurity incidents attributed to our service providers or other third
parties to the extent affecting information we share with them. Although we contractually require these third parties
to implement and maintain reasonable security measures, we cannot control third parties and cannot guarantee that
a security breach will not occur in their systems.
Our digital technologies and services, as well as third-party products, services and technologies on which we
rely (including emerging technologies, such as artificial intelligence programs), are subject to the risk of
cyberattacks. Despite our and our service providers' effo
f
rts to protect our data and information, there can be no
assurance that the systems we have designed to prevent or limit the effe
f
cts of cyber incidents or attacks will be
sufficient to prevent or detect material consequences arising from such incidents or attacks, or to avoid a material
adverse impact on our systems afte
f
r such incidents or attacks occur. In the normal conduct of our business, we and
our service providers have been and may in the future be vulnerable to security breaches, ransomware attacks,
theft,
f
misplaced or lost data, programming errors, phishing attacks, denial of service attacks, acts of vandalism,
computer viruses, malware, employee errors and/or malfeasance or similar events, including those perpetrated by
criminals or nation-state actors, that could potentially lead to the compromise, unauthorized access, use, disclosure,
modification or destruction of data or information, improper use of our systems, defective products, loss of access to
our data, production downtimes and operational disruptions; and, given the nature of such attacks, some incidents
may remain undetected for a period of time despite effo
f
rts to detect and respond to them in a timely manner. In
addition, a cyber-attack or any other significant compromise or breach of our data security, media reports about
such an incident, whether accurate or not, or, under certain circumstances, our failure to make adequate or timely
disclosures to the public, law enfor
f
cement agencies or affe
f
cted individuals following any such event, whether due to
delayed discovery or a failure to follow existing protocols, could adversely impact our operating results and result in
other negative consequences, including damage to our reputation or competitiveness, harm to our relationships with
customers, partners, suppliers and other third parties, distraction to our management, remediation or increased
protection costs, significant litigation or regulatory action, fines and penalties. Cyberattacks are expected to
accelerate on a global basis in both frequency and magnitude as threat actors become increasingly sophisticated in
techniques and tools (including artificial intelligence) that circumvent controls, evade detection and even remove
forensic evidence of the infiltration. Given the increased prevalence of customer-imposed connectivity, cybersecurity
controls and other related contractual obligations towards customers or other third parties, there are an increased
number of attack vectors and a cyber-attack or other security incident also could result in breach of contract or
indemnity claims against us by customers or other counterparties.
While we currently maintain cybersecurity insurance, such insurance may not be sufficient in type or amount to
cover us against claims related to cybersecurity breaches or attacks, failures or other data security-related
incidents, and we cannot be certain that cyber insurance will continue to be available to us on economically
reasonable terms, or at all, or that an insurer will not deny coverage as to any future claim. The successful assertion
of one or more large claims against us that exceed available insurance coverage, or the occurrence of changes in
our insurance policies, including premium increases or the imposition of large deductible or co-insurance
requirements, could materially and adversely affe
f
ct our financial condition, results of operations and cash flows.
Baker Hughes Company 2024 Form 10-K | 25

INDUSTRY AND MARKET RISKS
Volatilit
i
y
t
of oili and natural gas pric
r
es can adversel
r
y
l
affe
f
ct demand for our prod
r
ucts and servi
r
ces.
Prices of oil and gas products are set on a commodity basis. As a result, the volatility in oil and natural gas
prices can impact our customers' activity levels and spending for our products and services. Current energy prices
are important contributors to cash flow for our customers and their ability to fund exploration and development
activities. Expectations about future prices and price volatility are important for determining future spending levels.
Demand for our prod
r
ucts and servi
r
ces is subject to factors
r
beyond our contro
t
l and depe
e
nds
d
substantia
t
lly
on expenditures by our customers.
r
Changes in the global economy could impact our customers'
r
spending
i
levels
l
and our fina
i
ncial condition, results
t
of operat
r
io
t
ns and cash flows.
w
Demand for our services and products is highly correlated with global economic growth and substantially
dependent on the levels of expenditures by our customers. Across our products and services, customer demand
may be reduced due to global economic factors beyond our control, including but not limited to inflation, rising
interest rates, fluctuations in foreign exchange rates, and declining availability of credit. Specifically, for example,
past oil and natural gas industry downturns have resulted in reduced demand for oilfield products and services and
lower expenditures by our customers, which in the past has resulted, and may in the future result, in a prolonged
reduction in oil and natural gas prices that may require us to record asset impairments, and we could experience
decreased revenue, decreased profitability and reduction in cash flows. Such potential impairment charges and
adverse operating metrics could have a material adverse effe
f
ct on our financial condition, results of operations and
cash flows.
Suppl
u
y
l
of oili and natural gas is subject to factors
r
beyond our contro
t
l, which may adversel
r
y
l
affe
f
ct our
operating
i
results.
t
Productive capacity for oil and natural gas is dependent on our customers' decisions to develop and produce oil
and natural gas reserves and on the regulatory environment in which our customers and we operate. The ability to
produce oil and natural gas can be affe
f
cted by the number and productivity of new wells drilled and completed, as
well as the rate of production and resulting depletion of existing wells.
Currency
c
fluctuatio
t
ns or devaluations may impact our operat
r
in
t
g results.
t
Fluctuations or devaluations in foreign currencies relative to the U.S. dollar can impact our revenue and our
costs of doing business and create volatility, as well as the costs of doing business of our customers.
Changes in economic and/or
/
market
r
conditions may impact our ability
t
to borrow and/or
/
cost of borrowing.
The condition of the capital markets and equity markets in general may affe
f
ct the price of our common stock
and our ability to obtain financing, if necessary. Actions by the Federal Reserve to raise interest rates could result in
increased borrowing costs or make the cost of borrowing funds commercially unattractive. Furthermore, if our credit
rating is downgraded, it could increase borrowing costs under credit facilities and issuances of commercial paper, as
well as increase the cost of renewing or obtaining, or make it more difficult to renew, obtain, or issue new debt
financing.
RISKS RELATED TO OUR STOCK
The market
k
pric
r
e and trad
r
in
d
g volume of our Class
l
A common stock may be volatile
i
, which could result in
rapid and substantia
t
l losses for our shareh
r
olders.
The market price of our Class A common stock may be highly volatile and could be subject to wide fluctuations.
In addition, the trading volume in our Class A common stock may fluctuate and cause significant price variations to
occur. If the market price of our Class A common stock declines significantly, our shareholders may be unable to sell
their shares of our Class A common stock at or above their purchase price, if at all. We cannot assure our
shareholders that the market price of our Class A common stock will not fluctuate or decline significantly in the
future. Some of the factors that could negatively affe
f
ct the price of our Class A common stock or result in
fluctuations in the price or trading volume of our Class A common stock include: variations in our quarterly operating
Baker Hughes Company 2024 Form 10-K | 26

results; failure to meet our earnings estimates; publication of research reports about us or our industry; additions or
departures of our executive offif cers and other key management personnel; adverse market reaction to any
indebtedness we may incur or securities we may issue in the future; actions by shareholders; changes in market
valuations of similar companies; speculation in the press or investment community; changes or proposed changes
in laws or regulations or differing interpretations thereof affe
f
cting our business or enfor
f
cement of these laws and
regulations, or announcements relating to these matters; adverse publicity about our industry generally or individual
scandals, specifically; and general market and economic conditions.
Anti-ta
i
keover prov
r
is
v
ions in our orga
r
niza
i
tional documents
t
and Delaware law migh
i
t disco
i
urag
r
e or delay
acquisi
i
tion attempts for us that might
i
be consider
d
ed
r
favorable.
Our amended and restated certificate of incorporation and amended and restated bylaws may delay or prevent
a merger or acquisition that a shareholder may consider favorable by permitting the Board to issue one or more
series of preferred stock, requiring advance notice for shareholder proposals and nominations, and placing
limitations on convening shareholder meetings. These provisions may also discourage acquisition proposals, delay,
or prevent a change in control, which could harm our stock price.
Our second amended and restat
t
ed certi
r ficate of incorporat
r
io
t
n design
i
ates the Courtr of Chancery
r
of the
Stat
t
e of Delaware as the exclusive
v
forum for certa
r
in litiga
i
tion that may be initia
t
ted by our shareh
r
olders,
which could limit our shareh
r
olders' ability
t
to obtain a favorable judicial
i
forum for disp
i
utes with
t
us.
Pursuant to our second amended and restated certificate of incorporation, unless we consent in writing to the
selection of an alternative forum, the Court of Chancery of the State of Delaware is the sole and exclusive forum for
(1) any derivative action or proceeding brought on our behalf, (2) any action asserting a claim of breach of a
fiduciary duty owed by any of our directors, offif cers or other employees to us or our stockholders, (3) any action
asserting a claim arising pursuant to any provision of the Delaware General Corporation Law or (4) any action
asserting a claim governed by the internal affairs doctrine. Our second amended and restated certificate of
incorporation further provides that any person or entity purchasing or otherwis
r
e acquiring any interest in shares of
our common stock is deemed to have notice of and consented to the foregoing provision. The forum selection
clause in our second amended and restated certificate of incorporation may limit our shareholders' ability to obtain a
favorable judicial forum for disputes with us.
This exclusive forum provision applies to certain state law claims and will not apply to claims under the
Securities Act or the Exchange Act. In addition, our shareholders will not be deemed to have waived our compliance
with the federal securities laws and the rules and regulations thereunder. This choice of forum provision may limit a
shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with us or our directors,
offif cers, or other employees, which may discourage such lawsuits against us and our directors, offif cers and
employees.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
ITEM 1C. CYBERSECURITY
RISK MANAGEMENT & STRATEGY
Overall Process
We protect our digital systems and data through a comprehensive cybersecurity management program, which
includes a dedicated cybersecurity function, risk assessments, policies and procedures, and technical measures
and related services from third party service providers. We have a dedicated Chief Information Security Offif cer
("CISO") with overall responsibility for the cybersecurity program, including threat detection and response,
vulnerability management, governance, risk and compliance, security strategy and architecture, security
engineering and operations, product and operational technology security. As part of our cybersecurity management
program, we operate a CFC to monitor both internal and external cybersecurity threats, conduct initial assessment
of severity, coordinate incident response resources, reduce incident response time, and shiftf toward a proactive
cyber-defense model, which includes a dedicated threat intelligence program that leverages custom intelligence
Baker Hughes Company 2024 Form 10-K | 27

platforms as well as industry specific professional associations and ongoing threat hunting. Through our
cybersecurity risk management program, we monitor cybersecurity vulnerabilities and potential attack vectors and
evaluate the potential operational and financial effe
f
cts of any threat and countermeasures made to defend against
such threats.
We have established policies and procedures, including our Incident Response Plan ("IRP"), for assessing,
identifyi
f ng, managing, and responding to events that may jeopardize the company digital information or systems,
including protocols for assessing potential material impact from cybersecurity threats and incidents, escalating to
executive leadership and the Board, engaging external stakeholders, and reporting incidents based on applicable
legal requirements. Our IRP provides guidance in the event of a cybersecurity incident, including processes with
assigned roles and responsibilities to triage, assess severity, escalate, contain, investigate, and remediate incidents,
as well as to comply with applicable legal obligations and mitigate brand and reputational damage. We conduct
regular tabletop exercises to test established policies and procedures for responding to cybersecurity threats and
incidents. In addition, employees and stakeholders can report cybersecurity threats, cybersecurity and data privacy
incidents, or other concerns through external and internal reporting channels.
Enterprise Risk Management Process Integration
Cybersecurity risk management processes are an integral part of our enterprise risk management, which is
overseen by the Audit Committee of the Board. Our processes include periodic program maturity assessments,
ongoing information technology risk assessments, and third-party security risks assessments.
Our cybersecurity risk management effor
f
ts have also been integrated into the overall Enterprise Risk
Management ("ERM") process, which includes assessment of cybersecurity risks that could result in significant
operational disruption to the Company, such as production disruption, business downtime, loss of containment or
other operation interruptions, as well as risks that could have significant reputational and compliance/regulatory
impact. Cybersecurity risks identified and tracked thro g
ugh our ERM risk register have assigned risk owners at the
executive leadership level and risk del g
egates who are responsible to identifyf and ma
g
nage risk mitigation actions.
Key risk indicators are updated quarterly
y
by risk del g
egates and communicated to our executive leadership and the
Audit Committee.
We leverage recognized cybersecurity frameworks to drive strategic direction and maturity improvement and
engage third party security experts for risk assessments, risk mitigation actions, and program enhancements. We
also include cybersecurity training as part of our required annual employee training program. In addition,
cybersecurity and privacy training and awareness is integrated and continues throughout the year, utilizing various
delivery methods such as phishing campaigns, training sessions, and informational articles.
Third Party Security Experts
We engage third party security experts to supplement our internal CFC team as well as for assessments,
penetration tests and program enhancements, including vulnerability assessments, security framework maturity
assessments and identification of areas for continued focus and improvement. In addition, our third-party experts
work with us to conduct tabletop exercises and internal phishing awareness campaigns. We use the findings of
these exercises to improve our practices, procedures, and technologies. We also engage third party security
experts to support our cybersecurity threat and incident response management and maintain information security
risk insurance coverage.
Identification of Threats Associated with Third Parties
Baker Hughes utilizes a third-party risk management ("TPRM") program to identify,
f
assess, monitor, and
mitigate risks associated with suppliers and vendors, including cybersecurity risks. We conduct initial risk
assessments of third-party suppliers and service providers based on various factors to classify each into a risk
category. Our TPRM program is designed to apply our most rigorous processes to those suppliers and service
providers that are classified into the highest risk category. These processes include due diligence assessments of
third-party suppliers and service providers that have access to Baker Hughes networks, confidential information,
and information systems in order to assess the risks from cybersecurity threats that could impact our suppliers and
third-party service providers. We leverage external partners to assist with the regular assessment of our top priority
suppliers and third-party service providers to identify,
f
review and address risks, including deeper reviews of their
Baker Hughes Company 2024 Form 10-K | 28

cybersecurity controls. We track the identified deficiencies and include with other cybersecurity metrics based on
their severity. We also require that our suppliers and third-party service providers have in place appropriate
technical and organizational security measures and security-control principles based on recognized cybersecurity
standards.
Incidents & Risks
We have not experienced a material cybersecurity incident and although we are subject to ongoing and evolving
cybersecurity threats, we are not aware of any material risks from cybersecurity threats that have materially affe
f
cted
the Company. For more information on our cybersecurity risks, see "Tec
T
hnology Risks" identified in the "Risk
Factors" section of Part 1 of Item 1A herein.
GOVERNANCE
Board of Directors
Oversight responsibilities for our cybersecurity and digital security programs and risks lie with the Audit
Committee of the Board. The Board is actively engaged in the oversight of our cybersecurity and digital security
programs and oversees all operational, financial, strategic, and reputational risks with oversight of specific risks
undertaken with the committee structure including risks related to cybersecurity, data security, and technology.
The Audit Committee receives reports on the Company's cybersecurity program and developments from our
Chief Information Offif cer ("CIO"), who reports to the Chief Executive Offif cer, and our CISO, who reports to the CIO,
at each of our regular meetings, which occur at least four times per year. These reports typically include analyses of
recent cybersecurity threats and incidents at the Company and across the industry, as well as a review of our own
security controls, assessments and program maturity, and risk mitigation status, as well as a review of our third-
party service providers. Our digital technology, legal, and the corporate audit functions also routinely present to the
Audit Committee on key cybersecurity topics and, on at least an annual basis, the Board receives reports on the
Company's cybersecurity program and developments from the CIO and CISO.
Management
Our programs are focused on building digital trust through sound oversight of cybersecurity and data privacy
protections and the responsible use of data and technology. We operate a CFC, and we have a cross-functional
approach to addressing cybersecurity-related risks through the functional compliance structures in our digital
technology and legal organizations with oversight from the corporate audit and controllership functions. The
cybersecurity and legal functions employ full time cybersecurity and privacy roles with expertise in managing
cybersecurity and privacy compliance and risks and responding to incidents.
Our senior executive leadership is actively engaged in the oversight and strategic direction of our cybersecurity
and digital data protection programs. The senior executive leadership-level Cybersecurity Steering Committee
("CSC") is responsible for assessing cybersecurity risks, providing direction and oversight for risk mitigation action,
and assisting the Audit Committee in overseeing the Company’s cybersecurity risks. The CSC also receives monthly
reports on the Company's cybersecurity program and developments from our CISO and legal representatives. The
CSC is chaired by our CISO. The senior executive leadership members include the CIO, Chief Legal Offif cer, Chief
Financial Offif cer, Chief Compliance Offf icer, and Senior Vice President, Enterprise Operational Excellence.
The CISO has over 25 years of business experience in information technology and cybersecurity and is a long-
standing certified information systems security professional ("CISSP") with the International Information System
Security Certification Consortium.
We have an Incident Response Team ("IRT") that consists primarily of representatives from the CFC, legal,
corporate communications, finance, and other relevant stakeholders. The IRT follows the guidance as outlined in
the IRP to respond to cybersecurity incidents and escalate as necessary to the CSC based on a defined severity
matrix. Internal legal and finance stakeholders are responsible for assessing materiality of risks in consultation with
the IRT, CSC, the CEO, and external advisors.
Baker Hughes Company 2024 Form 10-K | 29

ITEM 2. PROPERTIES
We own or lease numerous properties throughout the world. We consider our manufacturing plants, equipment
assembly, maintenance and overhaul facilities, grinding plants, drilling fluids and chemical processing centers, and
primary research and technology centers to be our principal properties. The following sets forth the location of our
principal owned or leased facilities for our business segments as of December 31, 2024:
Oilfi ie
f ld Servic
v es & Equipm
i
ent:
Houston, Pasadena, and The Woodlands, Texas; Claremore, Oklahoma - all
located in the United States; Leduc, Canada; Celle, Germany; Tananger,
Norway; Aberdeen and Montrose, Scotland; Nailsea and Newcastle, England;
Macae and Niteroi, Brazil; Singapore, Singapore; Suzhou, China; Kakinada,
India; Abu Dhabi and Dubai, United Arab Emirates; Dammam and Dhahran,
Saudi Arabia; Luanda, Angola; Port Harcourt, Nigeria
Industria
r l & Energy
r
Technology:y
Deer Park, Texas; Jacksonville, Florida; Billerica, Massachusetts; Minden,
Nevada; Twinsburg, Ohio - all located in the United States; Florence, Massa,
Avenza, Bari, and Talamona, Italy; Le Creusot, France; Leicester, England;
Shannon, Ireland; Hurth and Wunstorf, Germany; Pilsen, Czech Republic;
Shanghai, China; Doha, Qatar; Boufarik, Algeria; Coimbatore, India
We lease our corporate headquarters in Houston, Texas. We also own or lease numerous other facilities such
as service centers, blend plants, workshops and sales and administrative offif ces throughout the geographic regions
in which we operate. We also have a significant investment in service vehicles, tools and manufacturing and other
equipment. All of our owned properties are unencumbered. We believe that our facilities are well maintained and
suitable for their intended purposes and are operating at a level consistent with the requirements of the industry in
which we operate.
ITEM 3. LEGAL PROCEEDINGS
The information with respect to Item 3. Legal Proceedings is contained in "Note 19. Commitments and
Contingencies" of the Notes to Consolidated Financial Statements in Item 8 herein.
ITEM 4. MINE SAFETY DISCLOSURES
Our barite mining operations, in support of our OFSE segment, are subject to regulation by the Federal Mine
Safety and Health Administration under the Federal Mine Safety and Health Act of 1977. Information concerning
mine safety violations or other regulatory matters required by Section 1503(a) of the Dodd-Frank Wall Street Reform
and Consumer Protection Act and Item 104 of Regulation S-K is included in Exhibit 95 to this Annual Report.
Baker Hughes Company 2024 Form 10-K | 30

PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
Our Class A common stock, $0.0001 par value per share, is traded on the Nasdaq Global Select Market under
the ticker symbol 'BKR'. As of January 22, 2025, there were approximately 5,404 stockholders of record.
The following table contains information about our purchases of Class A common stock equity securities during
the fourth quarter of 2024.
Issuer Purchases of Equity Securities
Period
Total Number
of Shares
Purchased (1)
Average
Price Paid
Per Share (2)
Total Number of Shares
Purchased as Part of a
Publicly Announced
Program (3) (4)
Approximate Dollar Value
of Shares that May Yet Be
Purchased Under the
Program (3) (4)
October 1-31, 2024
4,340
$
37.00
—
$
1,741,865,699
November 1-30, 2024
28,480
38.44
—
$
1,741,865,699
December 1-31, 2024
231,605
39.97
221,371
$
1,733,029,749
Total
264,425
$
39.76
221,371
(1)
Represents Class A common stock purchased from employees to satisfyf the tax withholding obligations primarily in
connection with the vesting of restricted stock units.
(2)
Average price paid for Class A common stock purchased from employees to satisfyf the tax withholding obligations in
connection with the vesting of restricted stock units and shares purchased in the open market under our publicly
announced purchase program.
(3)
On July 30 2021, the Board authorized the Company to repurchase up to $2 billion of its Class A common stock. On
October 27, 2022, the Board authorized an increase to our repurchase program of $2 billion of additional Class A
common stock, increasing its existing repurchase authorization of $2 billion to $4 billion. The repurchase program may
be suspended or discontinued at any time and does not have a specified expiration date. During the three months
ended December 31, 2024, our agents repurchased a number of our Class A common stock that complied with Rule
10b-18 of the Exchange Act.
(4)
During the three months ended December 31, 2024, we repurchased 0.2 million shares of Class A common stock at an
average price of $39.91 per share for a total of $9 million.
Baker Hughes Company 2024 Form 10-K | 31

Corporate Performance Graph
The following graph compares the yearly change in our cumulative total shareholder return on our common
stock (assuming reinvestment of dividends into common stock at the date of payment) with the cumulative total
return on the published Standard & Poor's ("S&P") 500 Stock Index, the cumulative total return on the S&P 500 Oil
and Gas Equipment and Services Index, and the Philadelphia Oil Service Index ("OSX") over the preceding five
year period. Although the Company is not a component of the OSX, this index represents a large group of
companies with similar industry exposure, many of which provide the same or similar equipment and services as the
Company.
Comparison of Five-Year Cumulative Total Return
BKR, S&P 500 Stock Index, S&P 500 Oil and Gas Equipment and Services Index, and OSX
2019
2020
2021
2022
2023
2024
Baker Hughes Company ("BKR")
$100.00
$ 84.87
$100.98
$127.13
$150.74
$185.53
S&P 500 Stock Index
100.00
118.39
152.34
124.73
157.48
196.85
S&P 500 Oil and Gas Equipment and Services Index
100.00
63.77
81.35
134.08
136.52
119.25
Philadelphia Oil Service Index ("OSX")
100.00
57.92
69.94
112.94
115.10
101.68
The comparison of total return on investment (change in year-end stock price plus reinvested dividends)
assumes that $100 was invested on December 31, 2019 in Baker Hughes common stock, the S&P 500 Index, the
S&P 500 Oil and Gas Equipment and Services Index, and the OSX.
The corporate perfo
r
rmance graph and related information shall not be deemed "soliciting material" or to be
"filed" with the SEC, nor shall such information be incorporated by reference into any future filing under the
Securities Act or the Exchange Act, except to the extent that Baker Hughes specifically incorporates it by reference
into such filing.
ITEM 6. [RESERVED]
Baker Hughes Company 2024 Form 10-K | 32
$0
$50
$100
$150
$200
$250
31-Dec-19
31-Dec-20
31-Dec-21
31-Dec-22
31-Dec-23
31-Dec-24
BKR
S&P 500
S&P 500 Oil and Gas Equipment and Services Index
OSX

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") should be
read in conjunction with the consolidated financial statements included in Item 8. Financial Statements and
Supplementary Data contained herein.
EXECUTIVE SUMMARY
Market Conditions
We are an energy technology company with a broad and diversified portfol
f io of technologies and services that
span the energy and industrial value chain. We operate through our two business segments: OFSE and IET. We sell
products and services primarily in the global oil and gas markets, within the upstream, midstream and downstream
segments, as well as broader industrial and new energy markets.
During 2024, Baker Hughes continued to deliver significant improvement across the company and in our
financial results over 2023. We capitalized on market tailwinds to deliver substantial IET revenue growth, navigated
an uneven market to deliver modest OFSE revenue growth, and realized widening benefits from our transformation
effo
f
rts across the company. We also maintained strong order momentum in IET, led by significant growth in new
energy and non-LNG equipment orders.
As we look to 2025, we see a muted outlook for global upstream spending due to recent oil price volatility and
an oil market that looks well supplied in the near term, which might affe
f
ct activity across our OFSE portfol
f io.
Continued discipline from the world's largest producers and the pace of oil demand growth will remain important
factors to monitor. Geopolitics remain another element of uncertainty across the oil and gas markets affe
f
cting
macroeconomic conditions and upstream spending.
We are seeing customer spending trends shiftf more towards natural gas and low-carbon solutions, and we
expect this trend to continue in 2025, which will continue to support strength across our IET portfol
f io. We remain
optimistic on the LNG outlook, supporting the shiftf towards the development of natural gas and LNG. As a result, the
global LNG project pipeline remains strong. Additionally, robust orders over the past few years are set to drive
significant growth in our equipment installed base, which will underpin steady growth in Gas Technology Service
over the coming years. Continued signs of tightness in the aeroderivative supply chain will remain an important
factor to monitor.
Financial Results and Key Company Initiatives
In 2024, the Company generated revenues of $27.8 billion, compared to $25.5 billion in 2023, increasing $2.3
billion or 9%. The increase in revenue was driven principally by IET. IET revenue increased $2.1 billion, primarily
driven by Gas Technology Equipment revenue. OFSE revenue increased $0.3 billion driven by international
revenue. Operating income was $3.1 billion compared to $2.3 billion in 2023, increasing $0.8 billion. The increase to
operating income was driven by higher volume primarily from higher proportionate growth in Gas Technology
Equipment ("GTE") and Subsea & Surface Pressure Systems ("SSPS") and price in both segments, and structural
cost-out initiatives across the company, partially offs
f et by cost inflation.
As our journey of transformation continues, we have made progress in our effo
f
rts to improve effif ciencies and
modernize how the business operates. The business has undertaken significant structural changes and we see the
operating benefits coming through in the margin perfo
r
rmance.
Baker Hughes remains committed to a flexible capital allocation policy that balances returning cash to
shareholders and investing in growth opportunities. We increased our quarterly dividend in the first quarter of 2024
by one cent to $0.21 per share. For the full year of 2024, we returned a total of $1.3 billion to shareholders in the
form of dividends and share repurchases.
Baker Hughes Company 2024 Form 10-K | 33

Outlook
Our business is exposed to a number of macro factors, which influence our outlook and expectations given the
current volatile conditions in the industry. All of our outlook expectations are purely based on the market as we see it
today and are subject to changing conditions in the industry.
•
OFSE North America activity: In 2025, we expect a second consecutive year of lower E&P spending due to
recent commodity price volatility and E&P consolidation.
•
OFSE International activity: We expect spending outside of North America to be at similar or slightly lower
levels in 2025 compared to 2024.
•
IET outlook: We see continued strength in LNG, Floating Production Storage and Offlf oading ("FPSO"), gas
infrastructure, and new energy, as well as increasing opportunities to leverage our versatile portfol
f io to
enhance IET's position across industrial and distributed power markets.
We have other businesses in our portfolio that are more correlated with various industrial metrics, including
global GDP growth. We also have businesses within our portfol
f io that are exposed to new energy solutions,
specifically focused around reducing carbon emissions of the energy and broader industry, including: hydrogen;
geothermal; CCUS; energy storage; clean power; and emissions abatement solutions. We expect to see continued
growth in these global businesses as new energy solutions become a more prevalent part of the broader energy
mix.
Overall, we believe our portfolio is well positioned to compete across the energy value chain and deliver
comprehensive solutions for our customers. Over time, we believe the world's demand for energy will continue to
rise, and that hydrocarbons will play a majo
a r role in meeting the world's energy needs for the foreseeable future. As
such, we remain focused on delivering innovative, low-emission, and cost-effective solutions that deliver step
changes in operating and economic perfor
f
mance for our customers.
BUSINESS ENVIRONMENT
The following discussion and analysis summarize the significant factors affe
f
cting our results of operations,
financial condition and liquidity position as of and for the years ended December 31, 2024, 2023, and 2022, and
should be read in conjunction with our consolidated financial statements and related notes.
Our revenue is predominately generated from the sale of products and services to majo
a r, national, and
independent oil and natural gas companies worldwide, and is dependent on spending by our customers for oil and
natural gas exploration, field development and production. This spending is driven by a number of factors, including
our customers' forecasts of future energy demand and supply, their access to resources to develop and produce oil
and natural gas, their ability to fund their capital programs, the impact of new government regulations, and their
expectations for oil and natural gas prices as a key driver of their cash flows.
Oil and Natural Gas Prices
Outside North America, customer spending is influenced by Brent oil prices. In North America, customer
spending is influenced by WTI oil prices and natural gas prices are measured by the Henry Hub Natural Gas Spot
Price.
Baker Hughes Company 2024 Form 10-K | 34

Oil and natural gas prices are summarized in the table below as averages of the daily closing prices during each
of the periods indicated.
2024
2023
2022
Brent oil prices ($/Bbl) (1)
$
80.52 $
82.49 $
100.93
WTI oil prices ($/Bbl) (2)
76.63
77.58
94.90
Natural gas prices ($/mmBtu) (3)
2.19
2.53
6.45
(1)
Energy Information Administration ("EIA") Europe Brent Spot Price per Barrel
(2)
EIA Cushing, OK West Texas Intermediate ("WTI") spot price
(3)
EIA Henry Hub Natural Gas Spot Price per million British Thermal Unit
Rig Count
Rig counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are
active they consume products and services produced by the oil service industry. Therefor
f
e, rig counts may act as a
leading indicator of market activity and reflect the relative strength of energy prices however, these counts should
not be solely relied on as other specific and pervasive conditions may exist that affe
f
ct overall energy prices and
market activity.
Rig counts are compiled weekly for the U.S. and Canada and monthly for all international rigs. Published
international rig counts do not include rigs drilling in certain locations such as onshore China because this
information is not readily available.
The rig counts are summarized in the table below as averages for each of the periods indicated.
2024
2023
2022
North America
787
864
898
International
947
948
851
Worldwide
1,734
1,812
1,749
RESULTS OF OPERATIONS
The discussions below relating to significant line items from our consolidated statements of income (loss) are
based on available information and represent our analysis of significant changes or events that impact the
comparability of reported amounts. Where appropriate, we have identified specific events and changes that affe
f
ct
comparability or trends and, where reasonably practicable, have quantified the impact of such items. In addition, the
discussions below for revenue and cost of revenue are on a total basis as the business drivers for product sales and
services are similar. All dollar amounts in tabulations in this section are in millions of dollars, unless otherwis
r
e
stated. Certain columns and rows may not add due to the use of rounded numbers.
Our consolidated statements of income (loss) displays sales and costs of sales in accordance with SEC
regulations under which "goods" is required to include all sales of tangible products and "servi
r ces" must include all
other sales, including other service activities. For the amounts shown below, we distinguish between "equipment"
and "product services," where product services refer to sales under product services agreements, including sales of
both goods (such as spare parts and equipment upgrades) and related services (such as monitoring, maintenance
and repairs), which is an important part of our operations. We refer to "product services" simply as "servi
r ces" within
Management's Discussion and Analysis of Financial Condition and Results of Operations.
Our results of operations are evaluated by the Chief Executive Offif cer on a consolidated basis as well as at the
segment level. The perfo
r
rmance of our operating segments is primarily evaluated based on segment operating
income (loss), which is defined as income (loss) befor
f
e income taxes and befor
f
e the following: net interest expense,
net other non-operating income (loss), unallocated corporate expenses, significant restructuring plans, impairment
and other charges, inventory impairments, and certain gains and losses not allocated to the operating segments.
Baker Hughes Company 2024 Form 10-K | 35

In evaluating the perfo
r
rmance, we primarily use the following:
Volume: Volume is defined as the increase or decrease in products and/or services sold period-over-period
excluding the impact of foreign exchange and price. The volume impact on profit is calculated by multiplying the
prior period profit rate by the change in revenue volume between the current and prior period. Volume also includes
price, which is defined as the change in sales price for a comparable product or service period-over-period and is
calculated as the period-over-period change in sales prices of comparable products and services.
Foreign Exchange ("FX"): FX measures the translational foreign exchange impact, or the translation impact of
the period-over-period change on sales and costs directly attributable to change in the foreign exchange rate
compared to the U.S. dollar. FX impact is calculated by multiplying the functional currency amounts (revenue or
profit) with the period-over-period FX rate variance, using the average exchange rate for the respective period.
(Inflation)/Deflation: (Inflation)/deflation is defined as the increase or decrease in direct and indirect costs of
the same type for an equal amount of volume. It is calculated as the year-over-year change in cost (i.e. price paid)
of direct material, compensation and benefits, and overhead costs.
Productivity: Productivity is measured by the remaining variance in profit, afte
f
r adjusting for the period-over-
period impact of volume and price, foreign exchange, and (inflation)/deflation as defined above. Improved or lower
period-over-period cost productivity is the result of cost effif ciencies or ineffif ciencies, such as cost decreasing or
increasing more than volume, or cost increasing or decreasing less than volume, or changes in sales mix among
segments. This also includes the period-over-period variance of transactional foreign exchange, aside from those
foreign currency devaluations that are reported separately for business evaluation purposes.
Orders and Remaining Performance Obligations
Summarized orders information for our segments are shown in the following table.
Year Ended December 31,
$ Change
2024
2023
2022
From 2023 to
2024
From 2022 to
2023
Orders:
Oilfield Services & Equipment
$
15,240 $
16,344 $
14,089 $
(1,104) $
2,255
Gas Technology Equipment
5,675
7,367
6,195
(1,692)
1,172
Gas Technology Services
3,141
3,004
2,961
137
43
Total Gas Technology
8,816
10,372
9,156
(1,555)
1,215
Industrial Products
2,079
2,069
1,833
10
237
Industrial Solutions
1,151
1,085
1,025
66
60
Controls (1)
—
66
241
(66)
(175)
Total Industrial Technology
3,230
3,220
3,099
10
121
Climate Technology Solutions (2)
954
586
425
367
161
Industrial & Energy Technology
13,000
14,178
12,680
(1,178)
1,498
Total
$
28,240 $
30,522 $
26,770 $
(2,282) $
3,752
(1)
The sale of our controls business was completed in April 2023.
(2)
For the years ended December 31, 2024, 2023 and 2022, total new energy orders incorporates CTS in IET of $1.0
billion, $0.6 billion, and $0.4 billion, respectively.
The RPO relate to the aggregate amount of the transaction price allocated to the unsatisfied (or partially
unsatisfied) perfor
f
mance obligations. As of December 31, 2024, RPO totaled $33.1 billion, of which OFSE totaled
$3.0 billion and IET totaled $30.1 billion.
Baker Hughes Company 2024 Form 10-K | 36

Fiscal Year 2024 to Fiscal Year 2023
Revenue increased $2,323 million, or 9%, to $27.8 billion. OFSE increased $268 million and IET increased
$2,055 million.
Selling, general and administrative cost decreased $153 million, or 6%, to $2,458 million, and our Corporate
costs, which are primarily reported within this financial measure, decreased $17 million, or 5%, to $363 million.
These decreases were driven primarily by a continued focus on cost optimization, partially offs
f et by inflationary
pressure.
Restructuring, impairment, and other charges were $301 million in 2024, primar y
ily related to streamlining of the
OFSE operating model. In 2023, restructuring, impairment, and other charges were $323 million reflecting costs to
al gign the business with the Comp
y
any's market outlook.
Operating income increased $763 million, or 33%, to $3,081 million, driven primarily by: increased volume
primar y
ily from h gigher proportionate growth in GTE and SSPS, favorable price, cost optimization, and, to a lesser
extent, FX, partially offs
f et by inflationary pressure.
We recorded other non-operating income of $382 million in 2024, which included a net gain of $367 million from
the change in fair value for certain equity investments. In 2023, we recorded $554 million of other non-operating
income. Included in this amount was a net gain of $555 million from the change in fair value for certain equity
investments.
Net interest expense incurred in 2024 was $198 million, which includes interest income of $93 million. Net
interest expense decreased $18 million compared to 2023, with higher interest income primarily driven by higher
average cash on deposit.
We recorded income taxes in 2024 and 2023 of $257 million and $685 million, respectively. The difference
between the U.S. statutory tax rate of 21% and the effe
f
ctive tax rate is primarily impacted
y
by the $664 million
reversal of a valuation allowance in 2024, with the rate in both years also reflecti g
ng income generated in
jurisdictions with tax rates higher than in the U.S. and losses with no tax benefit due to valuation allowances. The
valuation allowance on the associated deferred tax assets has been released as a result of the U.S. movi g
ng into a
cumulative three-year profit position, which is supported
y
by an increasing pattern of profitability, recent
demonstration of tax credit utilization, and the forecasted continuation of profitability in the U.S.
Baker Hughes Company 2024 Form 10-K | 37

Segment Revenues and Segment Operat
r
in
t
g Income
g
g
p
g
Oilfield Servic
v
es & Equipm
i
ent
Year Ended December 31,
$ Change
2024
2023
From 2023 to
2024
Revenue
Well Construction
$
4,145
$
4,387
$
(242)
Completions, Intervention, and Measurements
4,154
4,170
(16)
Production Solutions
3,860
3,854
6
Subsea & Surface Pressure Systems
3,470
2,950
520
Total
15,628
15,361
268
Cost of goods and services sold
12,448
12,282
166
Research and development
260
278
(18)
Selling, general and administrative
932
1,055
(123)
Operating income
$
1,988
$
1,746
$
242
Operating margin (1)
12.7 %
11.4 %
1.3pts
(1
(1)
Operating ma g
rgin is
f
defined as operating income divided
y
by revenue.
OFSE revenue of $15,628 million increased $268 million, or 2%, in 2024 compared to 2023, driven by SSPS.
From a geographical perspective, international revenue was $11,673 million, an increase of $428 million from 2023,
primarily driven by the Europe/CIS/Sub-Saharan Africa regions, partially offs
f et by the Latin America and Middle
East/Asia regions. North America revenue was $3,955 million in 2024, a decrease of $161 million from 2023.
OFSE segment operating income was $1,988 million in 2024 compared to $1,746 million in 2023. The improved
perfo
r
rmance in 2024 was a result of
of higher price, cost-out initiatives, and, to a lesser extent, volume with higher
proportionate growth in SSPS, partially offs
f et
y
by inflationary pressure.
Baker Hughes Company 2024 Form 10-K | 38

Industria
r
l & Energy
r
Technology
Year Ended December 31,
$ Change
2024
2023
From 2023 to
2024
Revenue
Gas Technology Equipment
$
5,693
$
4,232
$
1,461
Gas Technology Services
2,797
2,600
197
Total Gas Technology
8,490
6,832
1,658
Industrial Products
2,040
1,962
78
Industrial Solutions
1,065
983
81
Controls (1)
—
41
(41)
Total Industrial Technology
3,105
2,987
118
Climate Technology Solutions
605
326
279
Total
12,201
10,145
2,055
Cost of goods and services sold
8,738
7,220
1,518
Research and development
383
373
10
Selling, general and administrative
1,250
1,242
8
Operating income
$
1,830
$
1,310
$
520
Operating margin (2)
15.0 %
12.9 %
2.1pts
(1)
The sale of our controls business was completed in April 2023.
(2
(2)
Operating ma g
rgin is
f
defined as operating income divided
y
by revenue.
IET revenue of $12,201 million increased $2,055 million, or 20%, in 2024 compared to 2023. The increase was
primarily in GTE, and, to a lesser extent, in Gas Technology Services, CTS and Industrial Technology.
IET segment operating income was $1,830 million in 2024 compared to $1,310 million in 2023. The improved
perfor
f
mance in 2024 was driven by higher volume primarily from higher proportionate growth in GTE, price, and
cost-out initiatives, partially offs
f et by inflationary pressure.
Fiscal Year 2023 to Fiscal Year 2022
Revenue increased $4,350 million, or 21%, to $25.5 billion. OFSE increased $2,131 million and IET increased
$2,219 million.
Selling, general and administrative cost increased $101 million, or 4%, to $2,611 million, and our Corporate
costs, which are primarily reported within this financial measure, decreased $36 million, or 9%, to $380 million.
These decreases were driven primarily by cost optimization initiatives, partially offs
f et by inflationary pressure.
In 2023, restructuring, impairment, and other charges were $323 million reflecting costs to al gign the business
with the Comp
y
any's market outlook. In 2022, restructuring, impairment, and other charges were $705 million
primar y
ily associated with the discontinuation of our Russia operations, and costs to facilitate the reorganization into
two segments.
Operating income increased $1,133 million, or 96%, to $2,317 million, driven primarily by: increased volume
primar y
ily from h gigher proportionate growth in GTE and SS
SS S
PS, favorable price, and continued
f
benefit
f
of cost
optimization initiatives, partially
f
offs
f et by inflationary pressure.
We recorded other non-operating income of $554 million in 2023, which included a net gain of $555 million from
the change in fair value for certain equity investments. In 2022, we recorded $911 million of other non-operating
losses primarily due to the loss of $451 million from the sale of part of the OFSE business in Russia and a loss of
Baker Hughes Company 2024 Form 10-K | 39

$265 million from the change in fair value for certain equity investments. Additionally, in December 2022, the
Company, Baker Hughes Holdings, LLC ("BHH LLC") and GE entered into an agreement which resulted in the
termination of the Tax Matters Agreement, and as a result, we incurred a charge of $81 million.
Net interest expense incurred in 2023 was $216 million, which includes interest income of $84 million. Net
interest expense decreased $36 million compared to 2022, primarily driven by higher interest income.
We recorded income taxes in 2023 and 2022 of $685 million and $600 million, respectively. The difference
between the statutory tax rate and the effe
f
ctive tax rate in both years was impacted by income in jurisdictions with
tax rates higher than in the U.S. and losses with no tax benefit due to valuation allowances. In addition, the above
noted impact to the effe
f
ctive tax rate in 2023 was partially offs
f et by income subject to U.S. tax at an effe
f
ctive rate
less than 21% due to valuation allowances while the effe
f
ctive rate in 2022 was further impacted by restructuring
charges for which a majo
a rity had no tax benefit.
Segment Revenues and Segment Operat
r
in
t
g Income
g
g
p
g
Oilfield Servic
v
es & Equipm
i
ent
Year Ended December 31,
$ Change
2023
2022
From 2022 to
2023
Revenue
Well Construction
$
4,387
$
3,854
$
533
Completions, Intervention, and Measurements
4,170
3,559
611
Production Solutions
3,854
3,587
267
Subsea & Surface Pressure Systems
2,950
2,230
720
Total
15,361
13,229
2,131
Cost of goods and services sold
12,282
10,789
1,492
Research and development
278
228
50
Selling, general and administrative
1,055
1,011
45
Operating income
$
1,746
$
1,201
$
546
Operating margin (1)
11.4 %
9.1 %
2.3pts
(1
(1)
Operating ma g
rgin is
f
defined as operating income divided
y
by revenue.
OFSE revenue of $15,361 million increased $2,131 million, or 16%, in 2023 compared to 2022, as a result of
increased activity as evidenced by an increase in the global rig count. From a geographical perspective,
international revenue was $11,245 million, an increase of $1,779 million from 2022, primarily driven by the Middle
East/Asia and Latin America regions, partially offs
f et by lower volume due to the discontinuation of our Russia
operations that occurred in 2022. North America revenue was $4,116 million in 2023, an increase of $352 million
from 2022.
OFSE segment operating income was $1,746 million in 2023 compared to $1,201 million in 2022. The improved
perfo
r
rmance in 2023 was primar y
ily driven by higher volume, price and cost-out initiatives, partial yly offs
f et
y
by
inflationary pressure and lower cost productivity.
Baker Hughes Company 2024 Form 10-K | 40

Industria
r
l & Energy
r
Technology
Year Ended December 31,
$ Change
2023
2022
From 2022 to
2023
Revenue
Gas Technology Equipment
$
4,232
$
2,599
$
1,633
Gas Technology Services
2,600
2,440
160
Total Gas Technology
6,832
5,039
1,793
Industrial Products
1,962
1,697
265
Industrial Solutions
983
884
99
Controls (1)
41
208
(167)
Total Industrial Technology
2,987
2,789
198
Climate Technology Solutions
326
98
228
Total
10,145
7,926
2,219
Cost of goods and services sold
7,220
5,342
1,878
Research and development
373
307
66
Selling, general and administrative
1,242
1,142
100
Operating income
$
1,310
$
1,135
$
175
Operating margin (2)
12.9 %
14.3 %
-1.4pts
(1)
The sale of our controls business was completed in April 2023.
(2
(2)
Operating ma g
rgin is
f
defined as operating income divided
y
by revenue.
IET revenue of $10,145 million increased $2,219 million, or 28%, in 2023 compared to 2022. The increase was
primarily due to higher volume in Gas Technology Equipment and, to a lesser extent, in CTS, Industrial Technology
and Gas Technology Services.
IET segment operating income was $1,310 million in 2023 compared to $1,135 million in 2022. The improved
perfor
f
mance in 2023 was driven by higher volume primar y
ily from higher proportionate growth in GTE, price and
cost-out initiatives, partially offs
f et by unfavorable cost productivi yty, inflationary pressure, and higher research and
development costs related to new ene g
rgy investment .s
COMPLIANCE
In the conduct of all of our activities, we are committed to maintaining the core values of our Company, as well
as high safety, ethical, and quality standards as also reported in our Quality Management System. We believe such
a commitment is integral to running a sound, successful, and sustainable business. We devote significant resources
to maintain a comprehensive global ethics and compliance program ("Compliance Program") which is designed to
prevent, detect, and appropriately respond to any potential violations of the law, the Code of Conduct, and other
Company policies and procedures.
Highlights of our Compliance Program include the following:
•
Comprehensive internal policies over such areas as anti-bribery; travel, entertainment, gifts and charitable
donations to government offif cials and other parties; payments to commercial sales representatives; and, the
use of non-U.S. police or military organizations for security purposes. In addition, there are policies and
procedures to address customs requirements, visa processing risks, export and re-export controls,
economic sanctions, anti-money laundering and anti-boycott laws.
•
Global and independent structure of Chief Compliance Offif cer and other compliance professionals providing
compliance advice, customized training and governance, as well as investigating allegations across all
regions and countries where we do business.
Baker Hughes Company 2024 Form 10-K | 41

•
Comprehensive employee compliance training program that combines instructor-led and web-based
training modules tailored to the key risks that employees face on an ongoing basis.
•
Due diligence and monitoring procedures for third parties who conduct business on our behalf, including
channel partners (sales representatives, distributors, resellers), and administrative service providers.
•
Due diligence procedures for acquisition activities.
•
Specifically tailored compliance risk assessments and audits focused on country and third party risk.
•
Compliance Review Board comprised of senior offif cers of the Company that meets quarterly to monitor
effe
f
ctiveness of the Compliance Program, as well as segment compliance review boards that meet
quarterly.
•
Tec
T
hnology to monitor and report on compliance matters, including an internal investigations management
system, a conflict of interest reporting and management system, a web-based anti-boycott reporting tool,
global trade management systems and comprehensive watch list screening.
•
Data privacy compliance policies and procedures to ensure compliance with applicable data privacy
requirements.
•
A compliance program designed to create an "Open Reporting Environment" where employees are
encouraged to report any ethics or compliance matter without fear of retaliation, including a global network
of trained employee ombudspersons, and a worldwide, 24-hour business helpline operated by a third party
and available in approximately 200 languages.
•
Centralized finance organization with company-wide policies.
•
Anti-corruption audits of high-risk countries, as well as risk-based compliance audits of third parties.
•
We have region-specific processes and procedures for management of HR related issues, including pre-
hire screening of employees; a process to screen existing employees prior to promotion into select roles
where they may be exposed to finance and/or corruption-related risks; and implementation of a global new
hire training module which includes compliance training for all employees.
LIQUIDITY AND CAPITAL RESOURCES
Our objective in financing our business is to maintain sufficient liquidity, adequate financial resources, and
financial flexibility in order to fund the requirements of our business. We continue to maintain solid financial strength
and sufficient liquidity. At December 31, 2024, we had cash and cash equivalents of $3.4 billion compared to $2.6
billion at December 31, 2023.
In the U.S. we held cash and cash equivalents of approximately $0.6 billion as of December 31, 2024 and 2023,
and outside the U.S. of approximately $2.8 billion and $2.0 billion as of December 31, 2024 and 2023, respectively.
A substantial portion of the cash held outside the U.S. at December 31, 2024 has been reinvested in active non-
U.S. business operations. If we decide at a later date to repatriate certain cash to the U.S., we may incur other
additional taxes that would not be significant to the total tax provision.
We have a $3 billion committed unsecured revolving credit facility ("the Credit Agreement") with commercial
banks maturing in November 2028. The Credit Agreement contains certain representations and warranties, certain
affif rmative covenants and negative covenants, in each case we consider customary. No related events of default
have occurred. The Credit Agreement is fully and unconditionally guaranteed on a senior unsecured basis by Baker
Hughes. At December 31, 2024 and 2023, there were no borrowings under the Credit Agreement.
Certain Senior Notes contain covenants that restrict our ability to take certain actions. See "Note 9. Debt" of the
Notes to Consolidated Financial Statements in this Annual Report for further details. At December 31, 2024, we
were in compliance with all debt covenants. Our next debt maturity is December 2026.
We continuously review our liquidity and capital resources. If market conditions were to change, for instance
due to the uncertainty created by geopolitical events, a global pandemic, or a significant decline in oil and gas
Baker Hughes Company 2024 Form 10-K | 42

prices, and our revenue was reduced significantly or operating costs were to increase significantly, our cash flows
and liquidity could be negatively impacted. Additionally, it could cause the rating agencies to lower our credit ratings.
There are no ratings triggers that would accelerate the maturity of any borrowings under our committed credit
facility; however, a downgrade in our credit ratings could increase the cost of borrowings under the credit facility.
Should this occur, we could seek alternative sources of funding, including borrowing under the credit facility.
During the year ended December 31, 2024, we dispersed cash to fund a variety of activities including certain
working capital needs, capital expenditures, the payment of dividends, repayment of long-term debt, and
repurchases of our common stock.
Cash Flows
Cash flows provided by (used in) each type of activity were as follows for the years ended December 31:
(In millio
i
ns)
s
2024
2023
2022
Operating activities
$
3,332 $
3,062 $
1,888
Investing activities
(1,016)
(817)
(1,564)
Financing activities
(1,527)
(2,028)
(1,592)
Operating Activities
Cash flows provided by operating activities were $3,332 million, $3,062 million, and $1,888 million for the years
ended December 31, 2024, 2023, and 2022, respectively.
Our largest source of operating cash is payments from customers, of which the largest component is collecting
cash related to our sales of products and services, including advance payments or progress collections for work to
be perfor
f
med. The primary use of operating cash is to pay our suppliers, employees, tax authorities, and others for
a wide range of goods and services.
Cash from operating activities is primarily generated from net income or loss adjusted for certain noncash items
(including depreciation, amortization, gain or loss on equity securities, stock-based compensation cost, deferred tax
benefit or provision, and the impairment of certain assets).
In 2024, net working capital cash generation was $7 million, mainly due to progress collections mostly offs
f et by
an increase in receivables, inventory, and contract assets as the business continues to expand. Included in the cash
flows from operating activities in 2024 are payments of $217 million made primarily for employee severance as a
result of our restructuring activities.
In 2023, net working capital cash generation was $42 million, mainly due to strong progress collections on
equipment contracts, mostly offs
f et by an increase in receivables and inventory due to expansion of the business.
In 2022, net working capital cash generation was $122 million primarily due to strong progress collections on
equipment contracts and an increase in accounts payable, partially offs
f et by the increase in receivables and
inventory due to growth of the business.
Investing Activities
Cash flows used in investing activities were $1,016 million, $817 million, and $1,564 million for the years ended
December 31, 2024, 2023, and 2022, respectively.
Our principal recurring investing activity is the funding of capital expenditures including property, plant and
equipment ("PP&E") and software, to support and generate revenue from operations. Expenditures for capital
assets were $1,278 million, $1,224 million, and $989 million for 2024, 2023, and 2022, respectively, partially offs
f et
by cash flows from the disposal of PP&E of $203 million, $208 million, and $217 million in 2024, 2023, and 2022,
respectively. Proceeds from the disposal of assets are primarily related to equipment that was lost-in-hole,
predominantly in OFSE, and PP&E no longer used in operations that was sold throughout the period.
Baker Hughes Company 2024 Form 10-K | 43

We had proceeds from the sale of certain equity securities of $92 million, $372 million, and $26 million in 2024,
2023, and 2022, respectively.
In 2023, we completed the acquisition of businesses for total cash consideration of $301 million, net of cash
acquired, which consisted primarily of the acquisition of Altus Intervention in the OFSE segment. We also completed
the sale of businesses and received total cash consideration of $293 million, which consisted primarily of the sale of
our Nexus Controls business in the IET segment. In 2022, we completed the acquisition of businesses for total cash
consideration of $767 million, net of cash acquired, including BRUSH Power Generation, Quest Integrity,
AccessESP,
P and Mosaic Materials.
The Central Bank of Argentina maintains currency controls that limit our ability to access U.S. dollars and remit
cash from our Argentine operations. There is an indirect foreign exchange mechanism known as a Blue Chip Swap
that enables companies to transfer U.S. dollars out of and into Argentina, effe
f
ctively at a parallel U.S. dollar
exchange rate. In 2024 and 2023, we entered into transactions in order to remit cash from our Argentine operations
resulting in a net loss and a net cash outflow of $7 million and $66 million, respectively, which is included in other
investing activities.
Financing Activities
Cash flows used in financing activities were $1,527 million, $2,028 million, and $1,592 million for the years
ended December 31, 2024, 2023, and 2022, respectively.
In 2024, we repaid long-term debt of $143 million primarily related to debentures that matured in the second
quarter of 2024. In 2023, we repaid long-term debt of $651 million primarily related to certain senior notes that
matured in December of 2023. Additionally, we increased our quarterly dividend by one cent to $0.21 per share
during the first quarter of 2024. We paid dividends of $836 million, $786 million, and $726 million to our Class A
stockholders in 2024, 2023, and 2022, respectively.
We repurchased and canceled 15.2 million, 16.3 million, and 29.7 million shares of Class A common stock for a
total of $484 million, $538 million, and $828 million, for the years ended December 31, 2024, 2023, and 2022,
respectively.
Cash Requirements
We believe cash on hand, cash flows from operating activities, the available revolving credit facility, access to
our uncommitted lines of credit, and availability under our existing shelf registrations of debt will provide us with
sufficient capital resources and liquidity in the short-term and long-term to manage our working capital needs, meet
contractual obligations, fund capital expenditures and dividends, repay debt, repurchase our common stock, and
support the development of our short-term and long-term operating strategies.
Our capital expenditures can be adjusted and managed by us to match market demand and activity levels.
Based on current market conditions, capital expenditures in 2025 will be made at a rate that we estimate would
equal up to 5% of annual revenue. The expenditures are expected to be used primarily for normal, recurring items
necessary to support our business.
Based on our current outlook, we anticipate making income tax payments in the range of $1.0 billion to $1.1
billion in 2025.
Contractual Obligations and Commitments
Our material cash commitments from known contractual and other obligations consist primarily of obligations for
long-term debt and related interest, leases for property and equipment, and purchase obligations as part of normal
operations. Certain amounts included in our contractual obligations as of December 31, 2024 are based on our
estimates and assumptions about these obligations, including their duration, anticipated actions by third parties and
other factors.
Baker Hughes Company 2024 Form 10-K | 44

See "Note 9. Debt" of the Notes to Consolidated Financial Statements in Item 8 herein for information regarding
scheduled maturities of our long-term debt. See "Note 8. Leases" of the Notes to Consolidated Financial Statements
in Item 8 herein for information regarding scheduled maturities of our operating leases.
As of December 31, 2024, we had expected cash payments for estimated interest on our long-term debt and
finance lease obligations of $249 million payable within the next twelve months and $2,468 million payable
thereafte
f
r.
As of December 31, 2024, we had purchase obligations of $1,855 million payable within the next twelve months
and $679 million payable thereafte
f
r. Our purchase obligations include expenditures for capital assets for 2025 as
well as agreements to purchase goods or services or licenses that are enfor
f
ceable and legally binding and that
specifyf all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price
provisions; and the approximate timing of the transaction.
Due to the uncertainty with respect to the timing of potential future cash outflows associated with our uncertain
tax positions, we are unable to make reasonable estimates of the period of cash settlement, if any, to the respective
taxing authorities. Therefor
f
e, $602 million in uncertain tax positions, including interest and penalties, have been
excluded from the contractual obligations discussed above. See "Note 11. Income Taxes" of the Notes to
Consolidated Financial Statements in Item 8 herein for further information.
Other Factors Affe
f
cting Liquidity
Regist
i ra
t
tion Stat
t
ement: In December 2023, Baker Hughes, together with BHH LLC and Baker Hughes Co-
Obligor, Inc. filed a universal automatic shelf registration statement on Form S-3ASR with the SEC to have the
ability to sell various types of securities including debt securities, Class A common stock, preferred stock,
guarantees of debt securities, purchase contracts and units. The specific terms of any securities to be sold will be
described in supplemental filings with the SEC. There were no sales of such securities during the year ended
December 31, 2024. The registration statement will expire in December 2026.
Customer receivab
v
les: In line with industry practice, we may bill our customers for services provided in arrears
dependent upon contractual terms. In a challenging economic environment, we may experience delays in the
payment of our invoices due to customers' lower cash flow from operations or their more limited access to credit
markets. While historically there have not been material non-payment events, we attempt to mitigate this risk
through working with our customers to restructure their debts. With regard to our primary customer in Mexico, there
have not historically been any material losses due to uncollectible accounts receivable, nor are any such balances
currently in dispute. During 2024, the Company issued credit default swaps ("CDS") in the total of $553 million to
third-party financial institutions. The CDS relate to borrowings provided by these financial institutions to our primary
customer in Mexico who utilized these borrowings to pay certain of the Company's outstanding receivables. The
total notional amount remaining on the issued CDS was $412 million as of December 31, 2024, which will reduce
each month through September 2026 as the customer repays the borrowings. The fair value of these derivative
liabilities is not material.
A customer's failure or delay in payment could have a material adverse effe
f
ct on our short-term liquidity and
results of operations. As of December 31, 2024, 16% of our gross customer receivables were from customers in the
U.S. and 10% were from customers in Mexico. As of December 31, 2023, 19% of our gross customer receivables
were from customers in the U.S. and 11% were from customers in Mexico. No other country accounted for more
than 10% of our gross customer receivables at this date.
Internatio
t nal operat
r
io
t ns: Our cash that is held outside the U.S. is 82% of the total cash balance as of
December 31, 2024. Depending on the jurisdiction or country where this cash is held, we may not be able to use
this cash quickly and effif ciently due to exchange or cash controls that could make it challenging. As a result, our
cash balance may not represent our ability to quickly and effif ciently use this cash.
Baker Hughes Company 2024 Form 10-K | 45

Guarantor Financial Information
We guarantee various senior unsecured notes and senior unsecured debentures (collectively, the "Debt
Securities") outstanding with an aggregate principal amount of $5,797 million as of December 31, 2024, with
maturities ranging from 2026 to 2047. The Debt Securities constitute debt obligations of BHH LLC, an indirect,
100% owned subsidiary and the primary operating company of Baker Hughes, and Baker Hughes Co-Obligor, Inc, a
100% owned finance subsidiary of BHH LLC (together with BHH LLC, the "Issuers") that was incorporated for the
sole purpose of serving as a corporate co-obligor of debt securities. The Debt Securities are fully and
unconditionally guaranteed on a senior unsecured basis by the Company and rank equally in right of payment with
all of the Company's other senior and unsecured debt obligations. However, because these obligations are not
secured, they would be effe
f
ctively subordinated to any existing or future secured indebtedness of Baker Hughes
and the Issuers.
As required under SEC Rule 13-01, we have included summarized financial information for the Issuers because
the combined assets, liabilities, and results of operations of the Issuers are materially different than the
corresponding amounts in our consolidated financial statements due to the release of a valuation allowance for
certain deferred tax assets.
Year Ended
December 31,
Summarized Income Statement data (In millio
i
ns)
s
2024
Revenues
$
27,829
Costs and expenses
24,747
Net income
2,645
Net income attributable to Baker Hughes Company
2,615
December 31,
Summarized Balance Sheet data (In millio
i
ns)
s
2024
2023
Current assets
$
17,268 $
16,305
Noncurrent assets
20,912
20,716
Current liabilities
12,888
12,910
Noncurrent liabilities
8,317
8,445
CRITICAL ACCOUNTING ESTIMATES
An accounting policy is deemed to be critical if the nature of the estimate or assumption it incorporates is
subject to a material level of judgment related to matters that are highly uncertain and changes in those estimates
and assumptions are reasonably likely to materially impact our consolidated financial statements. These estimates
reflect our best judgment about current, and for some estimates, future, economic and market conditions and their
potential effe
f
cts based on information available as of the date of these financial statements. If these conditions
change from those expected, it is reasonably possible that the judgments and estimates described below could
change, which may result in future impairments of goodwill, or the establishment of valuation allowances on
deferred tax assets and increased tax liabilities, among other effe
f
cts. Also, see "Note 1. Summary of Significant
Accounting Policies" of the Notes to Consolidated Financial Statements in Item 8 herein, which discusses our most
significant accounting policies.
The Audit Committee of the Board has reviewed our critical accounting estimates and the disclosure presented
below. During the past three fiscal years, we have not made any material changes in the methodology used to
establish the critical accounting estimates, and we believe that the following are the critical accounting estimates
used in the preparation of our consolidated financial statements for the year ended December 31, 2024. There are
other items within our consolidated financial statements that require estimation and judgment, but they are not
deemed critical as defined above.
Baker Hughes Company 2024 Form 10-K | 46

Revenue Recognition on Long-Term Produc
r
t Servic
v es Agreementst
We have long-term service agreements with our customers, primarily within our IET segment. These
agreements typically require us to maintain assets sold to the customer over a defined contract term. These
agreements have an average contract term of greater than 10 years. From time to time, these contract terms may
be extended through contract modifications or amendments, which may result in revisions to future billing and cost
estimates. Revenue recognition on long-term product services agreements requires estimates of both customer
payments and the costs to perfo
r
rm required maintenance services over the contract term. We recognize revenue on
an over time basis using input methods to measure our progress toward completion at the estimated margin rate of
the contract.
To develop our billing estimates, we consider the number of billable events that will occur based on estimated
utilization of the asset under contract, over the life of the contract term. This estimated utilization will consider both
historical and market conditions, asset retirements and new product introductions, if applicable.
To develop our cost estimates, we consider the timing and extent of maintenance and overhaul events,
including the amount and cost of labor, spare parts and other resources required to perfo
r
rm the services. In
developing our cost estimates, we utilize a combination of our historical cost experience and expected cost
improvements. Cost improvements are only included in future cost estimates afte
f
r savings have been observe
r
d in
actual results or proven effe
f
ctive through an extensive regulatory or engineering approval process.
We routinely review the estimates used in our product services agreements and regularly revise them to adjust
for changes. These revisions are based on objectively verifiable information that is available at the time of the
review. We gain insight into expected future utilization and cost trends, as well as credit risk, through our knowledge
of the equipment installed and the close interaction with our customers through supplying critical services and parts
over extended periods.
Revisions to cost or billing estimates may affe
f
ct a product services agreement's total estimated profitability
resulting in an adjustment of earnings; such adjustments generated earnings of $(11) million, $15 million and $20
million for the three years ended December 31, 2024, 2023 and 2022, respectively. We provide for potential losses
on any of these agreements when it is probable that we will incur the loss. Cash billings collected on these contracts
were approximately $0.6 billion during the years ended December 31, 2024 and 2023. Our contracts (on average)
are approximately 11% complete based on costs incurred to date and our estimate of future costs.
Revenue Recognition on Sale of Customized Equipm
i
ent
We recognize revenue on agreements for sales of equipment manufactured to unique customer specifications
including long-term construction projects, on an over time basis utilizing cost inputs as the measurement criteria in
assessing the progress toward completion. Our estimation of the total costs required to fulfill our promise to a
customer is generally based on our history of manufacturing similar assets for customers. This estimation of cost is
critical to our revenue recognition process and is updated routinely to reflect changes in quantity or cost of the
inputs. In certain proje
o cts, the underlying technology or promise to the customer is unique to what we have
historically promised, and reliably estimating the total cost to fulfill the promise to the customer requires a significant
level of judgment. We provide for potential losses on any of these agreements when it is probable that we will incur
the loss. The total revenue recognized for the sale of equipment on an over time basis during the twelve months
ended December 31, 2024, 2023 and 2022 was $8.5 billion, $6.1 billion, and $4.2 billion, respectively.
Goodwill
w
and Other
t
Long-Lived Assets
We perfo
r
rm an annual impairment test of goodwill for each of our reporting units as of July 1, or more frequently
when circumstances indicate an impairment may exist at the reporting unit level. When perfo
r
rming the annual
impairment test, we have the option of first perfo
r
rming a qualitative assessment to determine the existence of
events and circumstances that would lead to a determination that it is more likely than not that the fair value of a
reporting unit is greater than its carrying amount. If, afte
f
r assessing the existence of events and circumstances, we
determine it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, there is
no need to perfo
r
rm any further testing. However, if we conclude otherwis
r
e, we would be required to perfo
r
rm a
quantitative impairment assessment of goodwill, which involves the use of significant estimates and assumptions
Baker Hughes Company 2024 Form 10-K | 47

and typically requires analysis of discounted cash flows and other market information, such as trading multiples, and
comparable transactions.
Other long-lived assets, including property, plant and equipment and identifiable finite-lived intangible assets,
are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may
not be recoverable, and at least annually for indefinite-lived intangible assets. When testing for impairment, we
group our long-lived assets with other assets and liabilities at the lowest level for which identifiable cash flows are
largely independent of the cash flows of other assets and liabilities. The determination of recoverability is made
based upon the estimated undiscounted future net cash flows, which involves significant estimates and judgments
on the part of management.
The determination of whether goodwill and other long-lived assets are impaired involves a significant level of
judgment and estimation, and changes in our forecasts, business strategy, government regulations, or economic or
market conditions, among other things, could significantly impact these judgments, potentially decreasing the fair
value of one or more reporting units or long-lived assets. Any resulting impairment charges could have a material
impact on our results of operations.
Income Taxes
Our effe
f
ctive tax rate is based on our income, statutory tax rates, and differences between tax laws and U.S.
GAAP
A
in various jurisdictions. Tax laws are complex and subject to different interpretations by the taxpayer and
respective governmental taxing authorities. Our rate may be further impacted by the repatriation of foreign earnings
that are considered indefinitely reinvested to the extent the repatriation would result in additional taxes such as
withholding and income taxes. Indefinite reinvestment is determined by management’s judgment and intentions
concerning the future operations of the Company. In cases where repatriation would otherwis
r
e incur significant
withholding or income taxes, these foreign earnings have been indefinitely reinvested in active non-U.S. business
operations. Computation of the potential deferred tax liability associated with these undistributed earnings and any
other basis differences is not practicable.
Deferred income tax assets represent amounts available to reduce income taxes payable in future years. We
routinely assess the recoverability of such assets, weighing available positive and negative evidence and recording
a valuation allowance when it is more likely than not that some portion or all of the assets will not be realized. In
undertaking such assessment, we first look to objective and verifiable evidence, the nature and severity of
cumulative pretax losses, if any, based on a rolling three-year period, recent earnings history and associated trends
or changes, and the nature of temporary differences, including predictability of reversal patterns and duration of
carryforward. We then also evaluate other evidence such as projected financial results, sensitivity of such results to
external factors or changes in assumptions, and prudent and readily available tax planning strategies that may alter
the timing of reversal of the temporary differences. While we consider all available positive and negative evidence,
certain obje
b ctively verifiable categories of evidence carry more weight in the analysis. For example, concluding that
a valuation allowance is not required is difficult when there is significant negative evidence that is objective and
verifiable, such as cumulative losses in recent years. While this would not be the sole determinate of the need for a
valuation allowance, it does carry greater weight within the broader assessment when alongside other, more
subjective evidence, including projections for future growth.
Our tax filings routinely are subject to audit by the tax authorities in the jurisdictions where we conduct business.
These audits may result in assessments of additional taxes that are resolved with the tax authorities or through the
courts. We have provided for the amounts we believe will ultimately result from these proceedings, but settlements
of issues raised in these audits may affe
f
ct our tax rate. We have $455 million of gross unrecognized tax benefits,
excluding interest and penalties, at December 31, 2024. We are not able to reasonably estimate in which future
periods these amounts ultimately will be settled.
Allo
l wance for Credi
r
t Losses
The estimation of anticipated credit losses that may be incurred as we work through the invoice collection
process with our customers requires us to make judgments and estimates regarding our customers' ability to pay
amounts due to us. We monitor our customers' payment history and current creditworthiness to determine that
collectability is reasonably assured. We also consider the overall business climate in which our customers operate.
Baker Hughes Company 2024 Form 10-K | 48

For accounts receivable, a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix
contemplates historical credit losses by age of receivables, adjusted for any forward-looking information and
management expectations. At December 31, 2024 and 2023, the allowance for credit losses totaled $232 million
and $350 million of total gross accounts receivable, respectively. We believe that our allowance for credit losses is
adequate to cover the anticipated credit losses under current conditions; however, uncertainties regarding changes
in the financial condition of our customers, either adverse or positive, could impact the amount and timing of any
additional credit losses that may be required.
NEW ACCOUNTING STANDARDS TO BE ADOPTED
See "Note 1. Summary of Significant Accounting Policies" of the Notes to Consolidated Financial Statements in
Item 8 herein for further discussion of accounting standards to be adopted.
RELATED PARTY TRANSACTIONS
See "Note 18. Related Party Transactions" of the Notes to Consolidated Financial Statements in Item 8 herein
for further discussion of related party transactions.
FORWARD-LOOKING STATEMENTS
This Form 10-K, including MD&A and certain statements in the Notes to Consolidated Financial Statements,
contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Exchange Act of 1934, as amended, (each a "for
f
wa
r
rd-looking statement"). All statements,
other than historical facts, including statements regarding the presentation of the Company's operations in future
reports and any assumptions underlying any of the foregoing, are forward-looking statements. Forward-looking
statements concern future circumstances and results and other statements that are not historical facts and are
sometimes identified by the words "may," "will," "should," "potential," "intend," "expect," "would," "seek," "anticipate,"
"estimate," "overestimate," "underestimate," "believe," "could," "proje
o ct," "predict," "continue," "target," "goal" or
other similar words or expressions. Forward-looking statements are based upon current plans, estimates and
expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from
those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be
regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that
could cause actual results to differ materially from such plans, estimates or expectations include, among others, the
risk factors identified in the "Risk Factors" section of Part 1 of Item 1A of this Form 10-K and those set forth from
time-to-time in other filings by the Company with the SEC. These documents are available through our website or
through the SEC's Electronic Data Gathering and Analysis Retrieval (EDGAR) system at http://w
/
ww.sec.gov.
Any forward-looking statements speak only as of this Annual Report. The Company does not undertake any
obligation to update any forward-looking statements, whether as a result of new information or developments, future
events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these
forward-looking statements.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We are exposed to certain market risks that are inherent in our financial instruments and arise from changes in
interest rates and foreign currency exchange rates. We may enter into derivative financial instrument transactions to
manage or reduce market risk, but do not enter into derivative financial instrument transactions for speculative
purposes. A discussion of our primary market risk exposure in financial instruments is presented below.
Baker Hughes Company 2024 Form 10-K | 49

INTEREST RATE RISK
All of our long-term debt is comprised of fixed rate instruments. We are subject to interest rate risk on our debt
and investment portfolio. As of December 31, 2024, we had interest rate swaps with a notional amount of $500
million that converted a portion of our $1,350 million aggregate principal amount of 3.337% fixed rate Senior Notes
due 2027 into a floating rate instrument with an interest rate based on a Secured Overnight Financing Rate index.
The interest rate swaps are designated and each qualifyf as a fair value hedging instrument. The interest rate swaps
are considered to be effective at achieving offs
f etting changes in the fair value of the hedged liability, and no
ineffe
f
ctiveness is recognized. The mark-to-market of this fair value hedge was recorded as a gain or loss in interest
expense and was equally offs
f et by the gain or loss of the underlying debt instrument, which also was recorded in
interest expense.
The following table sets forth our fixed rate long-term debt, excluding finance leases, and the related weighted
average interest rates by expected maturity dates.
(In millio
i
ns)
s
2025
2026
2027
2028
2029
Thereafte
f
r
Total (2)
As of December 31, 2024
Long-term debt (1)
$
—
$ 600
$ 1,350
$
—
$ 760
$
2,996
$ 5,706
Weighted average interest rates
—%
2.35%
5.36%
—%
3.45%
4.21%
4.18%
(1)
Fair market value of our fixed rate long-term debt, excluding finance leases, was $5.3 billion at December 31, 2024.
(2)
Amounts represent the principal value of our long-term debt outstanding and related weighted average interest rates at
the end of the respective period.
FOREIGN CURRENCY EXCHANGE RISK
We conduct our operations around the world in a number of different currencies, and we are exposed to market
risks resulting from fluctuations in foreign currency exchange rates. Many of our significant foreign subsidiaries have
designated the local currency as their functional currency. As such, future earnings are subject to change due to
fluctuations in foreign currency exchange rates when transactions are denominated in currencies other than our
functional currencies.
Additionally, we buy, manufacture and sell components and products across global markets. These activities
expose us to changes in foreign currency exchange rates, commodity prices and interest rates which can adversely
affe
f
ct revenue earned and costs of our operating businesses. When the currency in which equipment is sold differs
from the primary currency of the legal entity and the exchange rate fluctuates, it will affe
f
ct the revenue earned on
the sale. These sales and purchase transactions also create receivables and payables denominated in foreign
currencies and exposure to foreign currency gains and losses based on changes in exchange rates. Changes in the
price of raw materials used in manufacturing can affe
f
ct the cost of manufacturing. We use derivatives to mitigate or
eliminate these exposures, where appropriate.
We use cash flow hedging primarily to reduce or eliminate the effe
f
cts of foreign currency exchange rate
changes on purchase and sale contracts. Accordingly, most derivative activity in this category consists of currency
exchange contracts. We had outstanding foreign currency forward contracts with notional amounts aggregating $3.0
billion and $3.6 billion to hedge exposure to currency fluctuations in various foreign currencies at December 31,
2024 and 2023, respectively. The notional amounts of these derivative instruments do not generally represent cash
amounts exchanged by us and the counterparties, but rather the nominal amount upon which changes in the value
of the derivatives are measured.
As of December 31, 2024, the Company estimates that a 1% appreciation or depreciation in the U.S. dollar
would result in an impact of less than $15 million to our pre-tax earnings; however, the Company is generally able to
mitigate its foreign exchange exposure, where there are liquid financial markets, through use of foreign currency
derivative transactions. Also, see "Note 15. Financial Instruments" of the Notes to Consolidated Financial
Statements in Item 8 herein, which has additional details on our strategy.
Baker Hughes Company 2024 Form 10-K | 50

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Management's Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over our financial
reporting, as such term is defined in Exchange Act Rules 13a-15(f). Our internal control over financial reporting is a
process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles.
Under the supervi
r sion and with the participation of our management, including our principal executive offif cer
and principal financial offif cer, we assessed the effe
f
ctiveness of our internal control over financial reporting based on
the 2013 framework in Internal Contro
t
l - Integrat
r
ed Fram
r
ewor
w
k
r issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on our assessment, our principal executive offif cer and principal
financial offif cer concluded that our internal control over financial reporting was effe
f
ctive as of December 31, 2024.
This conclusion is based on the recognition that there are inherent limitations in all systems of internal control.
Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to error or fraud may not be prevented or
detected on a timely basis. Also, projections of any evaluation of effe
f
ctiveness to future periods are subject to the
risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with
the policies or procedures may deteriorate.
KPMG LLP, the Company's independent registered public accounting firm, has issued an attestation report on
the effe
f
ctiveness of the Company's internal control over financial reporting.
/s/ LORENZO SIMONELLI
Lorenzo Simonelli
Chairman, President and
Chief Executive Offf icer
/s/ NANCY BUESE
Nancy Buese
Executive Vice President and
Chief Financial Offif cer
/s/ REBECCA CHARLTO
L
N
Rebecca Charlton
Senior Vice President, Controller
and Chief Accounting Offif cer
Houston, Texas
February 4, 2025
Baker Hughes Company 2024 Form 10-K | 51

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors
Baker Hughes Company:
Opinion on the Consolid
l ated Financ
i
ial Stat
t
ementst
We have audited the accompanying consolidated statements of financial position of Baker Hughes Company and
subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income (loss),
comprehensive income (loss), changes in equity, and cash flows for each of the years in the three-year period ended
December 31, 2024, and the related notes (collectively, the consolidated financial statements). In our opinion, the
consolidated financial statements present fairly, in all material respects, the financial position of the Company as of
December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the years in the three-
year period ended December 31, 2024, in confor
f
mity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria
established in Internal Contro
t
l – Integrat
r
ed Fram
r
ewor
w
k
r (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission, and our report dated February 4, 2025 expressed an unqualified opinion on the
effe
f
ctiveness of the Company's internal control over financial reporting.
Basisi for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to
express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm
registered with the PCAOB and are required to be independent with respect to the Company in accordance with the
U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and
the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and
perfo
r
rm the audit to obtain reasonable assurance about whether the consolidated financial statements are free of
material misstatement, whether due to error or fraud. Our audits included perfo
r
rming procedures to assess the risks of
material misstatement of the consolidated financial statements, whether due to error or fraud, and perfo
r
rming
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the
amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting
principles used and significant estimates made by management, as well as evaluating the overall presentation of the
consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Crit
r ic
t al Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated
financial statements that was communicated or required to be communicated to the audit committee and that: (1)
relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our
especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter
in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating
the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or
disclosures to which it relates.
Revenue recognition on certai
t ni
agreem
r
entst for sales of equipm
i
ent manufac
f
tured to unique customer
specific
f atio
t ns
As discussed in Note 1 to the consolidated financial statements, the Company enters into agreements for
sales of equipment manufactured to unique customer specifications on an over time basis. Revenue from
these types of contracts is recognized to the extent of progress towards completion measured by actual costs
incurred relative to total expected costs. The Company provides for potential losses on these types of
contracts when it is probable that a loss will be incurred.
We identified revenue recognition for certain contracts from the sales of equipment manufactured to unique
customer specifications as a critical audit matter. Complex auditor judgment was required in evaluating the
Company's long-term estimates of the expected costs to be incurred in order to complete these contracts.
Baker Hughes Company 2024 Form 10-K | 52

The following are the primary procedures we perfo
r
rmed to address this critical audit matter. We evaluated the
design and tested the operating effe
f
ctiveness of certain internal controls related to the Company's revenue
recognition process for sales of equipment manufactured to unique customer specifications. This included
controls pertaining to the Company's estimation of costs expected to be incurred to complete contracts for
sales of equipment manufactured to unique customer specifications. We evaluated the Company's ability to
accurately estimate costs expected to be incurred to complete the contracts for sales of equipment
manufactured to unique customer specifications. We evaluated the estimated costs expected to be incurred to
complete the equipment manufactured to unique customer specifications for the contracts by:
– questioning the Company's finance and project managers regarding progress to date based on the
latest project reports and the costs expected to be incurred until completion;
– observi
r ng project review meetings perfo
r
rmed by the Company or inspecting relevant minutes of those
meetings to identifyf changes in the estimated costs expected to be incurred to complete the contract
and related contract margins;
– assessing the remaining estimated costs expected to be incurred by expenditure category by
comparing to the actual costs incurred during the current year for the selected project; and
– investigating changes to the contract margin when compared to the prior year's estimated contract
margin.
We have served as the Company's auditor since 2017.
/s/ KPMG LLP
Houston, Texas
February 4, 2025
Baker Hughes Company 2024 Form 10-K | 53

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors
Baker Hughes Company:
Opinion on Internal Contro
t
l Over
v
Fina
i
ncial
i
Reporti
r ng
i
We have audited Baker Hughes Company and subsidiaries' (the Company) internal control over financial reporting as
of December 31, 2024, based on criteria established in Internal Contro
t
l – Integrat
r
ed Fram
r
ewor
w
k
r (2013) issued by the
Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all
material respects, effe
f
ctive internal control over financial reporting as of December 31, 2024, based on criteria
established in Internal Contro
t
l – Integrat
r
ed Fram
r
ewor
w
k
r (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States) (PCAOB), the consolidated statements of financial position of the Company as of December 31, 2024 and
2023, the related consolidated statements of income (loss), comprehensive income (loss), changes in equity, and
cash flows for each of the years in the three-year period ended December 31, 2024, and the related notes
(collectively, the consolidated financial statements), and our report dated February 4, 2025 expressed an unqualified
opinion on those consolidated financial statements.
Basisi for Opinion
The Company's management is responsible for maintaining effe
f
ctive internal control over financial reporting and for its
assessment of the effe
f
ctiveness of internal control over financial reporting, included in the accompanying
Management's Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the
Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with
the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and
perfo
r
rm the audit to obtain reasonable assurance about whether effe
f
ctive internal control over financial reporting was
maintained in all material respects. Our audit of internal control over financial reporting included obtaining an
understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effe
f
ctiveness of internal control based on the assessed risk. Our audit
also included perfor
f
ming such other procedures as we considered necessary in the circumstances. We believe that
our audit provides a reasonable basis for our opinion.
Defini
i tion and Limi
i
tations of Internal Contro
t
l Over
v
Financ
i
ial Reporti
r ng
i
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A company's internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that
could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effe
f
ctiveness to future periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
/s/ KPMG LLP
Houston, Texas
February 4, 2025
Baker Hughes Company 2024 Form 10-K | 54

BAKER HUGHES COMPANY
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
Year Ended December 31,
(In millio
i
ns, except per share
r
amounts)
t
2024
2023
2022
Revenue:
Sales of goods
$
17,810 $
15,617 $
12,236
Sales of services
10,019
9,889
8,920
Total revenue
27,829
25,506
21,156
Costs and expenses:
Cost of goods sold
14,792
13,309
10,445
Cost of services sold
7,197
6,946
6,311
Selling, general and administrative
2,458
2,611
2,510
Restructuring, impairment and other
301
323
705
Total costs and expenses
24,748
23,189
19,971
Operating income
3,081
2,317
1,185
Other non-operating income (loss), net
382
554
(911)
Interest expense, net
(198)
(216)
(252)
Income before income taxes
3,265
2,655
22
Provision for income taxes
(257)
(685)
(600)
Net income (loss)
3,008
1,970
(578)
Less: Net income attributable to noncontrolling interests
29
27
23
Net income (loss) attributable to Baker Hughes Company
$
2,979 $
1,943 $
(601)
Per share amounts:
Basic income (loss) per Class A common share
$
3.00 $
1.93 $
(0.61)
Diluted income (loss) per Class A common share
$
2.98 $
1.91 $
(0.61)
Cash dividend per Class A common share
$
0.84 $
0.78 $
0.73
See accompanying Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 55

BAKER HUGHES COMPANY
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Year Ended December 31,
(In millio
i
ns)
s
2024
2023
2022
Net income (loss)
$
3,008 $
1,970 $
(578)
Less: Net income attributable to noncontrolling interests
29
27
23
Net income (loss) attributable to Baker Hughes Company
2,979
1,943
(601)
Other comprehensive income (loss):
Foreign currency translation adjustments
(350)
153
(269)
Cash flow hedges
(1)
3
2
Benefit plans
(14)
19
(14)
Other comprehensive income (loss)
(365)
175
(281)
Less: Other comprehensive loss attributable to noncontrolling interests
—
—
(3)
Other comprehensive income (loss) attributable to Baker Hughes Company
(365)
175
(278)
Comprehensive income (loss)
2,643
2,145
(859)
Less: Comprehensive income attributable to noncontrolling interests
29
27
20
Comprehensive income (loss) attributable to Baker Hughes Company
$
2,614 $
2,118 $
(879)
See accompanying Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 56

BAKER HUGHES COMPANY
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31,
(In millio
i
ns, except par value)
2024
2023
ASSETS
Current Assets:
Cash and cash equivalents
$
3,364 $
2,646
Current receivables, net
7,122
7,075
Inventories, net
4,954
5,094
All other current assets
1,771
1,486
Total current assets
17,211
16,301
Property, plant and equipment, less accumulated depreciation
5,127
4,893
Goodwill
6,078
6,137
Other intangible assets, net
3,951
4,093
Contract and other deferred assets
1,730
1,756
Deferred income tax assets
1,284
722
All other assets
2,982
3,043
Total assets
$
38,363 $
36,945
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable
$
4,542 $
4,471
Short-term and current portion of long-term debt
53
148
Progress collections and deferred income
5,672
5,542
All other current liabilities
2,724
2,830
Total current liabilities
12,991
12,991
Long-term debt
5,970
5,872
Liabilities for pensions and other postretirement benefits
988
978
Deferred income tax liabilities
83
176
All other liabilities
1,276
1,409
Equity:
Class A common stock, $0.0001 par value - 2,000 authorized, 990 and 998
issued and outstanding as of December 31, 2024 and 2023, respectively
—
—
Class B common stock, $0.0001 par value - 1,250 authorized, nil issued and
outstanding as of December 31, 2024 and 2023
—
—
Capital in excess of par value
25,896
26,983
Retained loss
(5,840)
(8,819)
Accumulated other comprehensive loss
(3,161)
(2,796)
Baker Hughes Company equity
16,895
15,368
Noncontrolling interests
160
151
Total equity
17,055
15,519
Total liabilities and equity
$
38,363 $
36,945
See accompanying Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 57

BAKER HUGHES COMPANY
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(In millio
i
ns, except per share
r
amounts)
t
Class A and
Class B
Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
(Loss)
Accumulated
Other
Comprehensive
Loss
Non-
controlling
Interests
Total
Balance at December 31, 2021
— $27,375 $(10,160) $
(2,385) $
1,916 $16,746
Comprehensive loss:
Net income (loss)
(601)
23
(578)
Other comprehensive loss
(278)
(3)
(281)
Dividends on Class A Common Stock ($0.73 per share)
(726)
(726)
Effe
f
ct of exchange of Class B common stock and associated
BHH LLC Units for Class A common stock
2,060
(309)
(1,751)
—
Repurchase and cancellation of Class A common stock
(823)
1
(6)
(828)
Stock-based compensation cost
207
207
Other
33
(48)
(15)
Balance at December 31, 2022
—
28,126
(10,761)
(2,971)
131
14,525
Comprehensive income (loss):
Net income
1,943
27
1,970
Other comprehensive income
175
175
Dividends on Class A Common Stock ($0.78 per share)
(786)
(786)
Repurchase and cancellation of Class A common stock
(538)
(538)
Stock-based compensation cost
197
197
Other
(16)
(1)
(7)
(24)
Balance at December 31, 2023
—
26,983
(8,819)
(2,796)
151
15,519
Comprehensive income (loss):
Net income
2,979
29
3,008
Other comprehensive loss
(365)
(365)
Dividends on Class A Common Stock ($0.84 per share)
(836)
(836)
Repurchase and cancellation of Class A common stock
(484)
(484)
Stock-based compensation cost
202
202
Other
31
(20)
11
Balance at December 31, 2024
— $25,896 $ (5,840) $
(3,161) $
160 $17,055
See accompanying Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 58

BAKER HUGHES COMPANY
CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31,
(In millio
i
ns)
s
2024
2023
2022
Cash flows from operating activities:
Net income (loss)
$
3,008 $
1,970 $
(578)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization
1,136
1,087
1,061
(Benefit) provision for deferred income taxes
(671)
(59)
105
(Gain) loss on equity securities
(367)
(555)
265
Stock-based compensation cost
202
197
207
Property, plant and equipment impairment, net
77
(1)
166
(Gain) loss on business dispositions
—
(40)
451
Changes in operating assets and liabilities:
Current receivables
(159)
(986)
(625)
Inventories
(102)
(461)
(885)
Accounts payable
91
61
605
Progress collections and deferred income
273
1,639
1,103
Contract and other deferred assets
(96)
(211)
(76)
Other operating items, net
(60)
421
89
Net cash flows provided by operating activities
3,332
3,062
1,888
Cash flows from investing activities:
Expenditures for capital assets
(1,278)
(1,224)
(989)
Proceeds from disposal of assets
203
208
217
Proceeds from sale of equity securities
92
372
26
Proceeds from business dispositions
—
293
—
Net cash paid for acquisitions
—
(301)
(767)
Other investing items, net
(33)
(165)
(51)
Net cash flows used in investing activities
(1,016)
(817)
(1,564)
Cash flows from financing activities:
Repayment of long-term debt
(143)
(651)
—
Dividends paid
(836)
(786)
(726)
Repurchase of Class A common stock
(484)
(538)
(828)
Other financing items, net
(64)
(53)
(38)
Net cash flows used in financing activities
(1,527)
(2,028)
(1,592)
Effe
f
ct of currency exchange rate changes on cash and cash equivalents
(71)
(59)
(97)
Increase (decrease) in cash and cash equivalents
718
158
(1,365)
Cash and cash equivalents, beginning of period
2,646
2,488
3,853
Cash and cash equivalents, end of period
$
3,364 $
2,646 $
2,488
Supplemental cash flows disclosures:
Income taxes paid, net of refunds
$
1,040 $
595 $
498
Interest paid
$
298 $
309 $
291
See accompanying Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 59

NOTE 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
DESCRIPTION OF THE BUSINESS
Baker Hughes Company ("Baker Hughes," "the Company," "we," "us," or "our") is an energy technology
company with a diversified portfolio of technologies and services that span the energy and industrial value chain.
BASIS OF PRESENTATION
The accompanying consolidated financial statements of the Company have been prepared in accordance with
accounting principles generally accepted in the United States of America ("U.S." and such principles, "U.S. GAAP"
A
)
and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for annual financial
information. The consolidated financial statements include the accounts of Baker Hughes and all of its subsidiaries
and affif liates which it controls or variable interest entities for which the Company has determined it is the primary
beneficiary. All intercompany accounts and transactions have been eliminated.
In the Company's consolidated financial statements and notes, certain amounts have been reclassified to
confor
f
m with the current year presentation. In the notes to the consolidated financial statements, all dollar and share
amounts in tabulations are in millions of dollars and shares, respectively, unless otherwis
r
e indicated. Certain
columns and rows in the financial statements and notes thereto may not add due to the use of rounded numbers.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates
The preparation of financial statements in confor
f
mity with U.S. GAAP
A
requires management to make estimates
and judgments that affect the reported amounts of assets and liabilities, disclosure of any contingent assets or
liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the
reporting period. The Company bases its estimates and judgments on historical experience and on various other
assumptions and information that it believes to be reasonable under the circumstances. Estimates and assumptions
about future events and their effe
f
cts cannot be perceived with certainty, and accordingly, these estimates may
change as new events occur, as more experience is acquired, as additional information is obtained and as the
Company's operating environment changes. While the Company believes that the estimates and assumptions used
in the preparation of the consolidated financial statements are appropriate, actual results could differ from those
estimates. Estimates are used for, but are not limited to, determining the following: allowance for credit losses and
inventory valuation reserves; recoverability of long-lived assets; revenue recognition on long-term contracts;
valuation of goodwill; useful lives used in depreciation and amortization; income taxes and related valuation
allowances; accruals for contingencies; actuarial assumptions to determine costs and liabilities related to employee
benefit plans; stock-based compensation expense; valuation of derivatives; and the fair value of assets acquired
and liabilities assumed in acquisitions.
Foreign Currency
Assets and liabilities of non-U.S. operations with a functional currency other than the U.S. dollar have been
translated into U.S. dollars using the Company's period-end exchange rates, and revenue, expenses, and cash
flows have been translated at average rates for the respective periods. Any resulting translation gains and losses
are included in other comprehensive income (loss). The impact of remeasurement of monetary assets and liabilities
denominated in currencies other than the functional currency of the Company or its subsidiaries is included in the
consolidated statements of income (loss).
Revenue from Sale of Equipment
Perfor
f
ma
r
nce Obliga
i
tions Satisf
i
ie
f
d Over
v
Time
i
The Company recognizes revenue on agreements for sales of equipment manufactured to unique customer
specifications including long-term construction projects, on an over time basis, utilizing cost inputs as the
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 60

measurement criteria in assessing the progress toward completion. The Company's estimate of costs to be incurred
to fulfill its promise to a customer is based on the Company's history of manufacturing similar assets for customers
and is updated routinely to reflect changes in quantity or pricing of the inputs. The Company begins to recognize
revenue on these contracts when the contract specific inventory becomes customized for a customer, which is
reflective of its initial transfer of control of the incurred costs. The Company provides for potential losses on any of
these agreements when it is probable that it will incur the loss.
The Company's billing terms for these over time contracts vary, but are generally based on achieving specified
milestones. The differences between the timing of the Company's revenue recognized (based on costs incurred)
and customer billings (based on contractual terms) results in changes to its contract asset or contract liability
positions.
Perfor
f
ma
r
nce Obliga
i
tions Satisf
i
ie
f
d at a Point In Time
i
The Company recognizes revenue for non-customized equipment at the point in time that the customer obtains
control of the good. Equipment for which the Company recognizes revenue at a point in time includes equipment
manufactured on a standardized basis for sale to the market. The Company uses proof of delivery for certain large
equipment with more complex logistics associated with the shipment, whereas the delivery of other equipment is
generally determined based on historical data of transit times between regions.
On occasion the Company sells equipment with a right of return. The Company uses its accumulated
experience to estimate and provide for such returns when it records the sale. In situations where arrangements
include customer acceptance provisions based on seller or customer-specified objective criteria, the Company
recognizes revenue when it has concluded that the customer has control of the equipment and that acceptance has
or is likely to occur.
The Company's billing terms for these point in time equipment contracts vary, but are generally based on
shipment of the equipment to the customer.
Revenue from Sale of Services
Perfor
f
ma
r
nce Obliga
i
tions Satisf
i
ie
f
d Over
v
Time
i
The Company sells product services under long-term product maintenance or extended warranty agreements in
the Industrial & Energy Technology ("IET") segment. These agreements require the Company to maintain the
customers' assets over the service agreement contract terms, which generally range from 10 to 20 years. In
general, these are contractual arrangements to provide services, repairs, and maintenance of a covered unit (gas
turbines for mechanical drive or power generation, primarily on liquefied natural gas ("LNG") applications). These
services are perfo
r
rmed at various times during the life of the contract, thus the costs of perfo
r
rming services are
incurred on an other than straight-line basis. The Company recognizes related sales based on the extent of its
progress toward completion measured by actual costs incurred in relation to total expected costs. The Company
provides for any loss that it expects to incur on any of these agreements when that loss becomes probable. The
Company utilizes historical customer data, prior product perfor
f
mance data, statistical analysis, third-party data, and
internal management estimates to calculate contract-specific margins. In certain contracts, the total transaction
price is variable based on customer utilization, which is excluded from the contract margin until the period that the
customer has utilized to appropriately reflect the revenue activity in the period earned. In addition, revenue for
certain oilfield services is recognized on an over time basis as perfo
r
rmed.
The Company's billing terms for these contracts are generally based on asset utilization (i.e. usage per hour) or
the occurrence of a majo
a r maintenance event within the contract. The differences between the timing of the
Company's revenue recognized (based on costs incurred) and customer billings (based on contractual terms)
results in changes to its contract asset or contract liability positions.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 61

Perfor
f
ma
r
nce Obliga
i
tions Satisf
i
ie
f
d at a Point In Time
i
The Company sells certain tangible products, largely spare equipment, through its services business. The
Company recognizes revenue for this equipment at the point in time that the customer obtains control of the good,
which is at the point in time the Company delivers the spare part to the customer. The Company's billing terms for
these point in time service contracts vary, but are generally based on shipment of the equipment to the customer.
Research and Development
Research and development costs are expensed as incurred and relate to the research and development of new
products and services. Research and development costs were $643 million, $651 million, and $552 million for the
years ended December 31, 2024, 2023 and 2022, respectively, net of related funding received from third parties.
Research and development expenses are reported in "Cost of goods sold" and "Cost of services sold" in the
consolidated statements of income (loss).
Cash and Cash Equivalents
Short-term investments with original maturities of three months or less are included in cash equivalents unless
designated as available-for
f
-sale and classified as investment securities.
Allowance for Credit Losses
The Company monitors its customers' payment history and current creditworthiness to determine that
collectability of the related financial assets is reasonably assured. The Company also considers the overall business
climate in which its customers operate. The Company does not generally require collateral in support of its current
receivables, but it may require payment in advance or security in the form of a letter of credit or a bank guarantee.
For accounts receivable, a loss allowance matrix is utilized to measure lifetime expected credit losses. The matrix
contemplates historical credit losses by age of receivables, adjusted for any forward-looking information and
management expectations.
Inventories
All inventories are stated at the lower of cost or net realizable values and they are measured on a first-in, first-
out ("FIFO") basis or average cost basis. As necessary, the Company records provisions and maintains reserves for
excess, slow moving and obsolete inventory. To determine these reserve amounts, the Company regularly reviews
inventory quantities on hand and compares them to estimates of future product demand, market conditions,
production requirements and technological developments.
Property, Plant and Equipment
Property, plant and equipment ("PP&E") is initially stated at cost and is depreciated over its estimated economic
life. Subsequently, PP&E is measured at cost less accumulated depreciation, which is generally provided by using
the straight-line method over the estimated economic lives of the individual assets, and impairment losses. The
Company manufactures a substantial portion of its tools and equipment in the Oilfield Services & Equipment
("OFSE") segment and the cost of these items, which includes direct and indirect manufacturing costs, is capitalized
in inventory and subsequently moved to PP&E.
Goodwill and Other Long-Lived Assets
The Company perfo
r
rms an annual impairment test of goodwill on a qualitative or quantitative basis for each of
the reporting units as of July 1, in conjunction with its annual strategic planning process, or more frequently when
circumstances indicate an impairment may exist at the reporting unit level. When perfo
r
rming the annual impairment
test, the Company has the option of first perfor
f
ming a qualitative assessment to determine the existence of events
and circumstances that would lead to a determination that it is more likely than not that the fair value of a reporting
unit is less than its carrying amount. If such a conclusion is reached, the Company would then be required to
perfo
r
rm a quantitative impairment assessment of goodwill. However, if the assessment leads to a determination that
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 62

it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, then no further
assessments are required. A quantitative assessment for the determination of impairment is made by comparing the
carrying amount of each reporting unit with its fair value, which is generally calculated using a combination of
market, comparable transactions and discounted cash flow approaches. Potential impairment indicators include, but
are not limited to, (i) the results of the Company's most recent annual or interim impairment testing, in particular the
magnitude of the excess of fair value over carrying value observe
r
d; (ii) downward revisions to internal forecasts,
and the magnitude thereof, if any; and (iii) declines in the Company's market capitalization below its book value, and
the magnitude and duration of those declines, if any.
The Company amortizes the cost of other intangible assets over their estimated useful lives unless such lives
are deemed indefinite. The cost of intangible assets is generally amortized on a straight-line basis over the asset's
estimated economic life.
The Company reviews PP&E, intangible assets and certain other long-lived assets for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable, and at least annually
for indefinite-lived intangible assets. When testing for impairment, the Company groups its long-lived assets with
other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash
flows of other assets and liabilities (or asset group). The determination of recoverability is made based upon the
estimated undiscounted future net cash flows. The amount of impairment loss, if any, is determined by comparing
the fair value, as determined by a discounted cash flow analysis, with the carrying value of the related assets.
Leases
The Company enters into various contractual arrangements for the right to use facilities and equipment. At
contract inception, management evaluates whether each of these arrangements contains a lease and classifies all
identified leases as either operating or finance. If the arrangement is subsequently modified, the classification is re-
evaluated. Upon commencement of the lease, management recognizes a lease liability and corresponding right-of-
use ("ROU") asset. Lease assets are tested for impairment in the same manner as other long-lived assets.
Financial Instruments
The Company's financial instruments include cash and equivalents, current receivables, investments, accounts
payables, short and long-term debt, and derivative financial instruments.
The Company monitors its exposure to various business risks including commodity prices, interest rates, and
foreign currency exchange rates, and it regularly uses derivative financial instruments to manage these risks. At the
inception of a new derivative, the Company designates the derivative as a hedge, or it determines the derivative to
be undesignated as a hedging instrument. The Company documents the relationships between the hedging
instruments and the hedged items, as well as its risk management objectives and strategy for undertaking various
hedge transactions. The Company assesses whether the derivatives that are used in hedging transactions are
highly effe
f
ctive in offs
f etting changes in cash flows of the hedged item at both the inception of the hedge and on an
ongoing basis.
The Company records all derivatives as of the end of its reporting period in the consolidated statements of
financial position at fair value. For the forward contracts held as undesignated hedging instruments, the Company
records the changes in fair value in the consolidated statements of income (loss) along with the change in the fair
value, related to foreign exchange movements, of the hedged item. Changes in the fair value of forward contracts
designated as cash flow hedging instruments are recognized in other comprehensive income until the hedged item
is recognized in earnings.
Fair Value Measurements
For financial assets and liabilities measured at fair value on a recurring basis, fair value is the price the
Company would receive to sell an asset or pay to transfer a liability in an orderly transaction with a market
participant at the measurement date. In the absence of active markets for the identical assets or liabilities, such
measurements involve developing assumptions based on market observa
r
ble data and, in the absence of such data,
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 63

internal information that is consistent with what market participants would use in a hypothetical transaction that
occurs at the measurement date.
Observable inputs reflect market data obtained from independent sources, while unobserva
r
ble inputs reflect our
market assumptions. Preference is given to observa
r
ble inputs and the Company maintains policies and procedures
to identify,
f
monitor and assess the reasonableness of these inputs to the valuation. These two types of inputs create
the following fair value hierarchy:
•
Level 1 - Quoted prices for identical instruments in active markets.
•
Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar
instruments in markets that are not active; and model-derived valuations whose inputs are observa
r
ble or
whose significant value drivers are observa
r
ble.
•
Level 3 - Significant inputs to the valuation model are unobservable.
Recurring Fair Value Measurements
Derivatives
When the Company has Level 1 derivatives, which are traded either on exchanges or liquid markets, the
Company uses closing prices for valuation. The majo
a rity of the Company's derivatives are valued using internal
models and are included in Level 2. These internal models maximize the use of market observa
r
ble inputs including
interest rate curves and both forward and spot prices for currencies and commodities. Derivative assets and
liabilities included in Level 2 primarily represent foreign currency and commodity forward contracts for the Company.
Investme
t
ntst in Debt and Equity Securities
When available, the Company uses quoted market prices to determine the fair value of investment securities,
and they are included in Level 1. Level 1 securities primarily include publicly traded equity securities.
For investment securities for which market prices are observa
r
ble for identical or similar investment securities
but not readily accessible for each of those investments individually (that is, it is difficult to obtain pricing information
for each individual investment security at the measurement date), the Company uses pricing models and
observa
r
ble inputs that are consistent with what other market participants would use and these are included in Level
2. The inputs and assumptions to the models are derived from market observa
r
ble sources, including: benchmark
yields, reported trades, broker/d
r
ealer quotes, issuer spreads, benchmark securities, bids, offe
f
rs, and other market-
related data. When the Company uses valuations that are based on significant unobserva
r
ble inputs, it classifies the
investment securities in Level 3.
Non-Recurring Fair Value Measurements
Certain assets are measured at fair value on a non-recurring basis and are subject to fair value adjustments
only in certain circumstances. These assets can include long-lived assets that have been reduced to fair value when
they are held for sale, equity securities without readily determinable fair value, equity method investments and long-
lived assets that are written down to fair value when they are impaired, and the remeasurement of retained
investments in formerly consolidated subsidiaries upon a change in control that results in a deconsolidation of a
subsidiary, if the Company sells a controlling interest and retains a noncontrolling stake in the entity.
Investments in Equity Securities
Investments in equity securities (in which the Company does not have a controlling financial interest or
significant influence, most ofte
f
n because it holds a voting interest of 0% to 20%) with readily determinable fair
values are measured at fair value with changes recognized in earnings and reported in "Other non-operating income
(loss), net" in the consolidated statements of income (loss). Equity securities that do not have readily determinable
fair values are recorded at cost minus impairment, if any, plus or minus changes resulting from observa
r
ble price
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 64

changes in orderly transactions for identical or similar equity securities of the same issuer. These changes are
recorded in "Other non-operating income (loss), net" in the consolidated statements of income (loss).
Equity method investments are equity holdings in entities in which the Company does not have a controlling
financial interest, but over which it has significant influence, most ofte
f
n because it holds a voting interest of 20% to
50%. At December 31, 2024 and 2023, the aggregate carrying amount of the Company's equity method investments
was $1,080 million and $979 million, respectively. The results of the Company's equity method investments are
presented in the consolidated statements of income (loss) as follows: (i) if the investment is integral to the
Company's operations, their results are included in "Selling, general and administrative," and (ii) if the investment is
not integral to the Company's operations, their results are included in "Other non-operating income (loss), net."
Investments in, and advances to, equity method investments are presented on a one-line basis in "All other assets"
in the consolidated statements of financial position.
Income Taxes
The Company files U.S. federal and state income tax returns which primarily includes its distributive share of
items of income, gain, loss, and deduction of Baker Hughes Holdings LLC ("BHH LLC"), its primary operating
company and a wholly owned subsidiary of the Company since December 2022, which was treated as a partnership
for U.S. tax purposes until December 30, 2023. Effe
f
ctive December 30, 2023, the Company and various
subsidiaries completed a reorganization that resulted in BHH LLC no longer being treated as a partnership for U.S.
tax purposes. As a partnership, BHH LLC was not subject to U.S. federal income tax under current U.S. tax laws.
However, as of December 31, 2023, BHH LLC is included and taxed as part of the Company's consolidated U.S. tax
return. Non-U.S. current and deferred income taxes owed by the subsidiaries of BHH LLC are reflected in the
Company's financial statements.
The Company accounts for taxes under the asset and liability method. Under this method, deferred income
taxes are recognized for temporary differences between the financial statement and the tax base of assets and
liabilities based on enacted tax rates expected to be in effe
f
ct when taxes are actually paid or recovered, as well as
for net operating losses and tax credit carryforwards. The effe
f
ct of a change in tax laws or rates on deferred tax
assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are
recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is
established for any portion of a deferred tax asset that management believes is not more likely than not to be
realized.
Significant judgment is required in determining the Company's tax expense and in evaluating its tax positions,
including evaluating uncertainties. The Company's tax filings are subject to audit by the tax authorities in the
jurisdictions where it conducts business. These audits may result in assessments of additional taxes that are
resolved with the tax authorities or through the courts. The Company has provided for the amounts that it believes
will ultimately result from these proceedings. The Company recognizes uncertain tax positions that are "more likely
than not" to be sustained if the relevant tax authority were to audit the position with full knowledge of all the relevant
facts and other information. For those tax positions that meet this threshold, the Company measures the amount of
tax benefit based on the largest amount of tax benefit that has a greater than 50% chance of being realized in a final
settlement with the relevant authority. The Company classifies interest and penalties associated with uncertain tax
positions as income tax expense. The effe
f
cts of tax adjustments and settlements from taxing authorities are
presented in the financial statements in the period they are finalized.
Supply Chain Finance Programs
Under the supply chain finance ("SCF") programs, administered by a third party, the Company's suppliers are
given the opportunity to sell receivables from the Company to participating financial institutions at their sole
discretion at a rate that leverages the Company's credit rating and thus might be more beneficial to the Company's
suppliers. The Company's responsibility is limited to making payment on the terms originally negotiated with the
Company's supplier, regardless of whether the supplier sells its receivable to a financial institution. The range of
payment terms the Company negotiates with its suppliers is consistent, irrespective of whether a supplier
participates in the program.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 65

As of December 31, 2024 and 2023, $411 million and $332 million of SCF program liabilities are recorded in
"Accounts payable" in the consolidated statements of financial position, respectively, and reflected in net cash flows
from operating activities in the consolidated statements of cash flows when settled. See "Note 22. Supplementary
Information" for further information on the changes in the Company's SCF program liabilities.
NEW ACCOUNTING STANDARDS ADOPTED
The Company has adopted ASU 2023-07, "Segment Reporting (Topi
T
c 280): Improvements to Reportable
Segment Disclosures" ("ASU 2023-07"), effe
f
ctive retrospectively for the fiscal year ended December 31, 2024. ASU
2023-07 enhances the disclosures required for operating segments in the Company's annual and interim
consolidated financial statements. As a result of this adoption, the Company's segment disclosure now includes
significant expense categories. The Company's primary segment measure remains unchanged. See "Note 17.
Segment Information" for the enhanced disclosures associated with the adoption of ASU 2023-07.
NEW ACCOUNTING STANDARDS TO BE ADOPTED
In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—
Expense Disaggregation Disclosures" ("ASU 2024-03"), which enhances the disclosures required for certain
expense captions in the Company's annual and interim consolidated financial statements. ASU 2024-03 is effe
f
ctive
prospectively or retrospectively for fiscal years beginning afte
f
r December 15, 2026 and for interim periods beginning
afte
f
r December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this
standard on its disclosures.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topi
T
c 740): Improvements to Income Tax
Disclosures" ("ASU 2023-09"), which is intended to enhance the transparency and decision usefulness of income
tax disclosures. The amendments in ASU 2023-09 provide for enhanced income tax information primarily through
changes to the rate reconciliation and income taxes paid information. ASU 2023-09, which allows for early adoption,
is effe
f
ctive for the Company prospectively to all annual periods beginning afte
f
r December 15, 2024. The Company
continues to evaluate the impact of this standard on its disclosures.
All other new accounting pronouncements that have been issued, but not yet effe
f
ctive are currently being
evaluated and at this time are not expected to have a material impact on the Company's financial position or results
of operations.
NOTE 2. CURRENT RECEIVABLES
Current receivables consist of the following at December 31:
2024
2023
Customer receivables
$
5,945 $
6,033
Other
1,409
1,392
Total current receivables
7,354
7,425
Less: Allowance for credit losses
(232)
(350)
Total current receivables, net
$
7,122 $
7,075
Customer receivables are recorded at the invoiced amount. The "Other" category consists primarily of advance
payments to suppliers and indirect taxes.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 66

The Company's customer receivables are spread over a broad and diverse group of customers across many
countries. As of December 31, 2024, 16% of our gross customer receivables were from customers in the U.S. and
10% were from customers in Mexico. As of December 31, 2023, 19% of our gross customer receivables were from
customers in the U.S. and 11% were from customers in Mexico. No other country accounted for more than 10% of
our gross customer receivables at this date.
See "Note 22. Supplementary Information" for further information on the changes in the allowance for credit
losses.
NOTE 3. INVENTORIES
Inventories, net of reserves of $390 million and $389 million in 2024 and 2023, respectively, consist of the
following at December 31:
2024
2023
Finished goods
$
2,494 $
2,626
Work in process and raw materials
2,460
2,468
Total inventories, net
$
4,954 $
5,094
For the years ended December 31, 2024 and 2023, the Company recorded inventory impairments of $73 million
and $35 million, respectively, primarily in the OFSE segment. See "Note 20. Restructuring, Impairment and Other"
for further information.
NOTE 4. PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consist of the following at December 31:
Useful Life
2024
2023
Land and improvements
8 - 10 years (1)
$
297 $
332
Buildings, structures and related equipment
5 - 40 years
2,347
2,264
Machinery, equipment and other
1 - 20 years
8,539
7,974
Total cost
11,183
10,570
Less: Accumulated depreciation
(6,056)
(5,678)
Property, plant and equipment, less accumulated depreciation
$
5,127 $
4,893
(1)
Useful life excludes land.
Depreciation expense relating to property, plant and equipment was $870 million, $830 million and $839 million
for the years ended December 31, 2024, 2023 and 2022, respectively. See "Note 20. Restructuring, Impairment and
Other" for additional information on property, plant and equipment impairments.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 67

NOTE 5. GOODWILL AND INTANGIBLE ASSETS
GOODWILL
The changes in the carrying value of goodwill are detailed below by segment:
Oilfield Services
& Equipment
Industrial & Energy
Technology
Total
Balance at December 31, 2022, gross
$
19,708 $
4,752 $
24,460
Accumulated impairment at December 31, 2022
(18,276)
(254)
(18,530)
Balance at December 31, 2022
1,432
4,498
5,930
Acquisitions
95
43
138
Currency exchange and other
14
55
69
Balance at December 31, 2023
1,541
4,596
6,137
Currency exchange and other
6
(65)
(59)
Balance at December 31, 2024
$
1,547 $
4,531 $
6,078
As a result of the Company's goodwill impairment assessment perfo
r
rmed in the year ended December 31,
2024, there were no goodwill impairments deemed necessary.
OTHER INTANGIBLE ASSETS
Intangible assets consist of the following at December 31:
2024
2023
Gross
Carrying
Amount
Accumulated
Amortization
Net
Gross
Carrying
Amount
Accumulated
Amortization
Net
Customer relationships
$
1,921 $
(883) $
1,038 $
1,945 $
(818) $
1,127
Technology
1,248
(981)
267
1,253
(899)
354
Trade names and trademarks
290
(196)
94
290
(186)
104
Capitalized software
1,522
(1,172)
350
1,413
(1,107)
306
Finite-lived intangible assets
4,981
(3,232)
1,749
4,901
(3,010)
1,891
Indefinite-lived intangible assets
2,202
—
2,202
2,202
—
2,202
Total intangible assets
$
7,183 $
(3,232) $
3,951 $
7,103 $
(3,010) $
4,093
Finite-lived intangible assets are generally amortized on a straight-line basis with estimated useful lives ranging
from 1 to 35 years. Amortization expense was $266 million, $257 million and $222 million for the years ended
December 31, 2024, 2023 and 2022, respectively. No impairment for indefinite-lived intangible assets were
recorded in 2024.
Estimated amortization expense for each of the subsequent five fiscal years is expected to be as follows:
Year
Estimated
Amortization
Expense
2025
$
235
2026
192
2027
171
2028
148
2029
122
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 68

NOTE 6. CONTRACT AND OTHER DEFERRED ASSETS
Contract assets reflect revenue earned in excess of billings on long-term contracts to construct technically
complex equipment, provide long-term product service and maintenance or extended warranty arrangements and
other deferred contract related costs. The Company's long-term product service agreements are provided by the
IET segment. The Company's long-term equipment contracts are provided by both the IET and OFSE segments.
Contract assets consist of the following at December 31:
2024
2023
Long-term product service agreements
$
346 $
418
Long-term equipment contracts and certain other service agreements
1,247
1,184
Contract assets (total revenue in excess of billings)
1,593
1,602
Deferred inventory costs
124
126
Other costs to fulfill or obtain a contract
13
28
Contract and other deferred assets
$
1,730 $
1,756
Revenue recognized during the years ended December 31, 2024 and 2023 from perfo
r
rmance obligations
satisfied (or partially satisfied) in previous years related to long-term service agreements was $(11) million and $15
million, respectively. This includes revenue recognized from revisions to cost or billing estimates that may affe
f
ct a
contract's total estimated profitability.
NOTE 7. PROGRESS COLLECTIONS AND DEFERRED INCOME
Contract liabilities include progress collections, which reflects billings in excess of revenue, and deferred income
on long-term contracts to construct technically complex equipment, long-term product maintenance or extended
warranty arrangements. Contract liabilities consist of the following at December 31:
2024
2023
Progress collections
$
5,550 $
5,405
Deferred income
122
137
Progress collections and deferred income (contract liabilities)
$
5,672 $
5,542
Revenue recognized during the years ended December 31, 2024 and 2023 that was included in the contract
liabilities at the beginning of the year was $4,398 million and $2,999 million, respectively.
NOTE 8. LEASES
The Company's leasing activities primarily consist of operating leases for service centers, manufacturing
facilities, sales and administrative offif ces, and certain equipment.
The following table presents operating lease expense:
Operating Lease Expense
2024
2023
2022
Long-term fixed lease
$
292 $
276 $
254
Long-term variable lease
76
73
48
Short-term lease
511
503
477
Total operating lease expense
$
879 $
852 $
779
Cash flows used in operating activities for operating leases approximate lease expense for the years ended
December 31, 2024, 2023 and 2022.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 69

As of December 31, 2024, maturities of operating lease liabilities are as follows:
Year
Operating
Leases
2025
$
221
2026
147
2027
99
2028
72
2029
54
Thereafte
f
r
210
Total lease payments
803
Less: imputed interest
130
Total
$
673
Amounts recognized in the consolidated statements of financial position for operating leases consist of the
following:
2024
2023
All other current liabilities
$
198 $
220
All other liabilities
475
549
Total
$
673 $
769
Right-of-use assets of $678 million and $769 million as of December 31, 2024 and 2023, respectively, are
included in "All other assets" in the consolidated statements of financial position. The weighted-average remaining
lease term for the Company's operating leases was approximately seven years for the years ended December 31,
2024 and 2023. The weighted-average discount rate used to determine the operating lease liability as of
December 31, 2024 and 2023 was 4.3% and 3.9%, respectively.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 70

NOTE 9. DEBT
The carrying value of the Company's short-term and long-term debt consists of the following at December 31:
2024
2023
Amount
Effe
f
ctive
Interest
Rate (1)
Amount
Effe
f
ctive
Interest
Rate (1)
Short-term and current portion of long-term debt
8.55% Debentures due June 2024 (2)
$
—
— % $
109
4.1 %
Other debt
53
4.6 %
39
4.9 %
Total short-term and current portion of long-term debt
53
148
Long-term debt
2.061% Senior Notes due December 2026
599
2.4 %
598
2.4 %
3.337% Senior Notes due December 2027
1,302
5.4 %
1,294
5.3 %
6.875% Notes due January 2029 (2)
262
3.9 %
268
3.9 %
3.138% Senior Notes due November 2029
523
3.2 %
523
3.2 %
4.486% Senior Notes due May 2030
498
4.6 %
498
4.6 %
5.125% Senior Notes due September 2040 (2)
1,275
4.2 %
1,281
4.2 %
4.080% Senior Notes due December 2047
1,338
4.1 %
1,338
4.1 %
Other long-term debt
173
4.2 %
73
6.3 %
Total long-term debt
5,970
5,872
Total debt
$
6,023
$
6,020
(1)
Effe
f
ctive interest rate is based on the carrying value including issuance costs, interest rate swaps, and step-up
adjustments from the Baker Hughes Incorporated ("BHI") acquisition recorded for certain Senior Notes and Debentures.
(2)
Represents long-term fixed rate debt obligations assumed in connection with the acquisition of BHI.
The carrying value of short-term and long-term debt includes issuance costs, changes in fair value of the debt
instrument hedged by interest rate swaps, and step-up adjustments for the BHI acquisition. At December 31, 2024
and 2023, these adjustments resulted in a net increase to the carrying value of the Company's debt totaling $91
million and $95 million, respectively. The estimated fair value of total debt at December 31, 2024 and 2023 was
$5,409 million and $5,571 million, respectively. For a majo
a rity of the Company's debt, the fair value was determined
using quoted period-end market prices. Where market prices are not available, the Company estimates fair values
based on valuation methodologies using current market interest rate data adjusted for non-perfo
r
rmance risk.
Maturities of debt for each of the five years in the period ending December 31, 2029, and in the aggregate
thereafte
f
r, are listed in the table below:
2025
2026
2027
2028
2029
Thereafte
f
r
Total debt
$
53 $
607 $
1,310 $
— $
885 $
3,169
The Company has a $3.0 billion committed unsecured revolving credit facility ("the Credit Agreement") with
commercial banks maturing in November 2028. The Credit Agreement contains certain representations and
warranties, certain affif rmative covenants and negative covenants, in each case considered customary. No related
events of default have occurred. The Credit Agreement is fully and unconditionally guaranteed on a senior
unsecured basis by Baker Hughes. At December 31, 2024 and 2023, there were no borrowings under the Credit
Agreement.
Baker Hughes Co-Obligor, Inc. is a co-obligor, jointly and severally with BHH LLC on the Company's long-term
debt securities. This co-obligor is a 100%-owned finance subsidiary of BHH LLC that was incorporated for the sole
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 71

purpose of serving as a corporate co-obligor of long-term debt securities and has no assets or operations other than
those related to its sole purpose. As of December 31, 2024, Baker Hughes Co-Obligor, Inc. is a co-obligor of certain
debt securities totaling $5.8 billion.
Certain Senior Notes contain covenants that restrict the Company's ability to take certain actions, including, but
not limited to, the creation of certain liens securing debt, the entry into certain sale-leaseback transactions, and
engaging in certain merger, consolidation and asset sale transactions in excess of specified limits. At December 31,
2024, the Company was in compliance with all debt covenants.
NOTE 10. EMPLOYEE BENEFIT PLANS
DEFINED BENEFIT PLANS
The Company maintains Company sponsored pension plans for certain of its employees. The Company also
maintains unfunded end-of-s
f
ervi
r ce benefit plans that are mandated in certain countries in which it operates. The
Company's primary plans disclosed in 2024 included three U.S. plans and eight non-U.S. plans, primarily in the
United Kingdom and Germany, all with plan assets or obligations greater than $20 million. These defined benefit
plans generally provide benefits to employees based on formulas recognizing length of service and earnings;
however, the majo
a rity of these plans are either frozen or closed to new entrants. The Company also provides certain
postretirement health care benefits, through unfunded plans, to a closed group of U.S. employees who retire and
meet certain age and service requirements. The accumulated postretirement benefit obligation related to these
plans was $28 million and $33 million at December 31, 2024 and 2023, respectively.
Funded Status
The funded status position represents the difference between the benefit obligation and the plan assets. The
Company's primary plans consist of six funded plans and five unfunded plans. The projected benefit obligation
("PBO") for pension benefits represents the actuarial present value of benefits attributed to employee services and
compensation and includes an assumption about future compensation levels. The accumulated benefit obligation
("ABO") is the actuarial present value of pension benefits attributed to employee service to date at present
compensation levels. The ABO differs from the PBO in that the ABO does not include any assumptions about future
compensation levels.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 72

Below is the reconciliation of the beginning and ending balances of benefit obligations, fair value of plan assets,
and the funded status of the Company's defined benefit plans ("Pension Benefits").
Pension Benefits
2024
2023
Change in benefit obligation:
Benefit obligation at beginning of year
$
2,443 $
2,634
Service cost
16
15
Interest cost
107
116
Actuarial gain (1)
(148)
(4)
Benefits paid
(92)
(126)
Settlements
(227)
(4)
Settlement due to plan termination (2)
—
(246)
Foreign currency translation adjustments
(15)
58
Benefit obligation at end of year
2,084
2,443
Change in plan assets:
Fair value of plan assets at beginning of year
2,080
2,266
Actual return on plan assets
(73)
121
Employer contributions
66
18
Benefits paid
(92)
(126)
Settlements
(227)
(4)
Settlement due to plan termination (2)
—
(246)
Other
(39)
—
Foreign currency translation adjustments
(7)
51
Fair value of plan assets at end of year
1,708
2,080
Funded status - underfunded at end of year
$
(376) $
(363)
Accumulated benefit obligation
$
2,039 $
2,399
(1)
The actuarial gain in 2024 was primarily related to a change in the discount rate used to measure the benefit obligation
for the Company's plans.
(2)
Plan termination relates to the termination of one of the Company's fully funded frozen U.S. defined benefit plans that
was initiated in April 2022.
The amounts recognized in the consolidated statements of financial position consist of the following at
December 31:
Pension Benefits
2024
2023
Noncurrent assets
$
43 $
78
Current liabilities
(28)
(17)
Noncurrent liabilities
(391)
(424)
Net amount recognized
$
(376) $
(363)
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 73

Information for the plans with ABOs and PBOs in excess of plan assets consist of the following at December 31:
Pension Benefits
2024
2023
Projected benefit obligation
$
1,180 $
1,410
Accumulated benefit obligation
$
1,135 $
1,366
Fair value of plan assets
$
761 $
968
The Company has a U.S. non-qualified supplemental pension plan ("BH SPP") for certain employees which is
included in the benefit obligations and funded status in the tables above. In order to meet a portion of the
Company's obligations of the BH SPP, the Company established a trust comprised primarily of mutual fund assets.
The value of these assets was $36 million as of December 31, 2024 and 2023, respectively. These assets are not
included as plan assets or in the funded status amounts in the tables above and below.
Net Periodic Cost
The components of net periodic cost consist of the following:
Pension Benefits
2024
2023
2022
Service cost
$
16 $
15 $
23
Interest cost
107
116
78
Expected return on plan assets
(118)
(102)
(114)
Amortization of prior service credit
1
1
1
Amortization of net actuarial loss
18
19
27
Curtailment / settlement loss
20
(16)
2
Net periodic cost
$
44 $
33 $
17
The service cost component of the net periodic cost is included in "Operating income (loss)" and all other
components are included in "Other non-operating income (loss), net" in the consolidated statements of income
(loss).
Assumptions Used in Benefit Calculations
Accounting requirements necessitate the use of assumptions to reflect the uncertainties and the length of time
over which the pension obligations will be paid. The actual amount of future benefit payments will depend upon
when participants retire, the amount of their benefit at retirement, and how long they live. To reflect the obligation in
today's dollars, the Company discounts the future payments using a rate that matches the time frame over which
the payments are expected to be made. The Company also needs to assume a long-term rate of return that will be
earned on investments used to fund these payments.
Another assumption used is the interest crediting rate for the Company's U.S. qualified cash balance plan.
Under the provisions of this pension plan, a hypothetical cash balance account has been established for each
participant. Such accounts receive quarterly interest credits based on a prescribed formula.
Weighted average assumptions used to determine benefit obligations for these plans are as follows:
Pension Benefits
2024
2023
Discount rate
5.22 %
4.54 %
Rate of compensation increase
3.31 %
3.26 %
Interest crediting rate
4.46 %
3.98 %
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 74

Weighted average assumptions used to determine net periodic cost for these plans are as follows:
Pension Benefits
2024
2023
2022
Discount rate
4.54 %
4.89 %
2.15 %
Expected long-term return on plan assets
5.97 %
5.05 %
3.85 %
Interest crediting rate
3.98 %
4.31 %
2.60 %
The Company determines the discount rate using a bond matching model, whereby the weighted average yields
on high-quality fixed-income securities have maturities consistent with the timing of benefit payments. Lower
discount rates increase the size of the benefit obligations while higher discount rates reduce the size of the benefit
obligation. The compensation assumption is used in the Company's active plans to estimate the annual rate at
which the pay for plan participants will grow. If the rate of growth assumed increases, the size of the pension
obligations will increase.
The expected return on plan assets is the estimated long-term rate of return that will be earned on the
investments used to fund the pension obligations. To determine this rate, the Company considers the current and
target composition of plan investments, our historical returns earned, and our expectations about the future.
Accumulated Other Comprehensive Loss
The amount recorded befor
f
e-tax in accumulated other comprehensive loss related to the Company's defined
benefit plans consists of the following at December 31:
Pension Benefits
2024
2023
Net actuarial loss
$
338 $
333
Net prior service cost
14
15
Total
$
352 $
348
Plan Assets
The Company has an investment committee that meets regularly to review portfol
f io returns and to determine
asset-mix targets based on asset/liability studies. Third-party investment consultants assist the committee in
developing asset allocation strategies to determine the Company's expected rates of return and expected risk for
various investment portfolios. The investment committee considered these strategies in the formal establishment of
the current asset-mix targets based on the projected risk and return levels for all majo
a r asset classes.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 75

The table below presents the fair value of the plan assets at December 31:
2024
2023
Debt securities
Fixed income and cash investment funds
$
1,253 $
1,122
Equity securities
Global equity securities (1)
73
227
U.S. equity securities (1)
107
157
Insurance contracts
92
103
Real estate
3
34
Private equities
45
35
Other investments (2)
135
402
Total plan assets
$
1,708 $
2,080
(1)
Include direct investments and investment funds.
(2)
Consists primarily of asset allocation fund investments.
Plan assets valued using Net Asset Value ("NAV"
A
) as a practical expedient amounted to $1,557 million and
$1,967 million as of December 31, 2024 and 2023, respectively. The percentages of plan assets valued using NAV
A
by investment fund type for equity securities, fixed income and cash, and alternative investments were 12%, 80%,
and 8% as of December 31, 2024, respectively, and 20%, 57%, and 23% as of December 31, 2023, respectively.
Those investments that were measured at fair value using NAV
A
as a practical expedient were excluded from the fair
value hierarchy. The practical expedient was not applied for investments with a fair value of $151 million and $113
million as of December 31, 2024 and 2023, respectively. There were investments classified within Level 3 of $92
million and $103 million for non U.S. insurance contracts as of December 31, 2024 and 2023, respectively.
Other
In March 2024, the Company initiated the termination of one of its frozen U.S. defined benefit pension plans (the
"Plan"), which would result in the full settlement of the Company's Plan obligations, which at December 31, 2024
was $131 million. The distribution of Plan assets from the pension trust fund pursuant to the termination will not be
made until the Plan termination satisfies all regulatory requirements, which the Company currently expects to occur
by the end of 2025. The Company does not expect the termination to have a material impact on its financial
condition, results of operations, or cash flows.
Funding Policy
The funding policy for the Company's Pension Benefits is to contribute amounts sufficient to meet minimum
funding requirements as set forth in employee benefit and tax laws plus such additional amounts as it may
determine to be appropriate. In 2024, the Company contributed approximately $66 million, which includes benefit
payments made directly to the employee for its unfunded plans. The Company anticipates it will contribute between
approximately $25 million to $30 million to its pension plans in 2025.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 76

The following table presents the expected benefit payments for Pension Benefits over the next 10 years. For
funded Company sponsored plans, the benefit payments are made by the respective pension trust funds.
Year
Pension
Benefits
2025
$
249
2026
120
2027
121
2028
123
2029
128
2030-2034
636
DEFINED CONTRIBUTION PLANS
The Company's primary defined contribution plan during 2024 was the Company-sponsored U.S. 401(k) plan
("401(k) Plan"). The 401(k) Plan allows eligible employees to contribute portions of their eligible compensation to an
investment trust. The Company matches employee contributions at the rate of $1.00 per $1.00 employee
contribution for the first 5% of the employee's eligible compensation, and such contributions vest immediately. In
addition, the Company makes cash contributions for all eligible employees of 4% of their eligible compensation and
such contributions are fully vested after three years of employment. The 401(k) Plan provides several investment
options, for which the employee has sole investment discretion; however, the 401(k) Plan does not offe
f
r the
Company's common stock as an investment option. The Company's costs for the 401(k) Plan and several other
U.S. and non-U.S. defined contribution plans amounted to $180 million and $217 million in 2024 and 2023,
respectively.
The Company has two non-qualified defined contribution plans that are invested through trusts. The assets and
corresponding liabilities were $300 million and $281 million at December 31, 2024 and 2023, respectively, and are
included in "All other assets" and "Liabilities for pensions and other postretirement benefits," respectively, in the
consolidated statements of financial position.
NOTE 11. INCOME TAXES
The provision for income taxes consists of the following:
2024
2023
2022
Current:
U.S.
$
39 $
33 $
6
Foreign
889
711
489
Total current
928
744
495
Deferred:
U.S.
(556)
(27)
40
Foreign
(115)
(32)
65
Total deferred
(671)
(59)
105
Provision for income taxes
$
257 $
685 $
600
On August 16, 2022, the U.S. enacted The Inflation Reduction Act which included a number of additional credits
and deductions for businesses and individuals. The Inflation Reduction Act also included the adoption of the
Corporate Alternative Minimum Tax in 2023, which is based on financial statement book income of large
corporations. In 2024, the Company is not subject to the Corporate Alternative Minimum Tax.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 77

The geographic sources of income befor
f
e income taxes consist of the following:
2024
2023
2022
U.S.
$
1,099 $
882 $
(698)
Foreign
2,166
1,773
720
Income before income taxes
$
3,265 $
2,655 $
22
The provision for income taxes differs from the amount computed by applying the U.S. statutory income tax rate
to the income before income taxes for the reasons set forth below for the years ended December 31:
2024
2023
2022
Income before income taxes
$
3,265
$
2,655
$
22
Taxes at the U.S. federal statutory income tax rate
686
558
5
Effe
f
ct of foreign operations (2)
269
112
338
Tax impact of partnership structure
(40)
(103)
6
Change in valuation allowances (1)
(625)
53
164
Tax expense (benefit) due to unrecognized tax benefits
38
(5)
(7)
Other - net
(71)
70
94
Provision for income taxes
$
257
$
685
$
600
Actual income tax rate
7.9 %
25.8 %
2,727.3 %
(1)
For December 31, 2024 and 2023, this amount was reduced by $664 million and $81 million, respectively, that is related
to the release of a valuation allowance for certain deferred tax assets.
(2)
For December 31, 2022, $140 million of this amount relates to the charges associated with the sale and suspension of
the Company's Russia operations.
Deferred income taxes reflect the net tax effe
f
cts of temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as
operating loss and tax credit carryforwards.
As a result of an internal reorganization completed on December 30, 2023, BHH LLC became a single member
LLC thereby terminating the partnership for U.S. income tax purposes. From December 31, 2023, U.S. deferred tax
assets and liabilities are recorded based on the inside book basis versus tax basis difference and are no longer
recorded based on the Company's outside basis difference in the BHH LLC partnership. As a result, in 2023 the
deferred tax asset related to the investment in partnership has been adjusted accordingly and other deferred tax
assets and liabilities, including PP&E, intangible assets, and lower tier investment in partnerships & subsidiaries,
have been increased to reflect the tax effe
f
ct of the inside basis difference of those respective assets and liabilities.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 78

The tax effe
f
cts of diffe
f
rences that give rise to significant portions of the deferred income tax assets and deferred
income tax liabilities as of December 31 consist of the following:
2024
2023
Deferred tax assets:
Operating & capital loss carryforwards
$
3,442 $
3,332
Tax credit & other carryfor
f
wa
r
rds
772
936
Investment in partnerships & subsidiaries
276
286
Property, plant and equipment
250
168
Employee benefits
278
241
Goodwill and other intangible assets
198
137
Receivables
150
111
Inventory
150
73
Other
376
352
Total deferred income tax asset
5,892
5,636
Valuation allowances
(3,908)
(4,416)
Total deferred income tax asset afte
f
r valuation allowance
1,984
1,220
Deferred tax liabilities:
Indefinite-lived intangible assets
(377)
(380)
Fair value of derivative financial instruments
(166)
(90)
Other
(240)
(204)
Total deferred income tax liability
(783)
(674)
Net deferred tax asset
$
1,201 $
546
At December 31, 2024, the Company had approximately $404 million of non-U.S. tax credits and other
carryforwards which may be carried forward indefinitely under applicable foreign law, $230 million of U.S. foreign tax
credits and $138 million of other U.S. Federal and state tax credits and other carryforwards, the majo
a rity of which
have expiration dates after tax year 2027 under U.S. Federal and state tax law. Additionally, the Company had
$3,413 million of net operating loss carryforwards ("NOLs"), of which approximately $329 million have expiration
dates within five years, $1,988 million have expiration dates between six years and 20 years, and the remainder can
be carried forward indefinitely. Lastly, the Company had $29 million of capital loss carryforwards, the majo
a rity of
which can be carried forward indefinitely.
The Company routinely assesses the recoverability of its deferred tax assets, giving consideration to a range of
factors including, but not limited to the pattern of historical taxable income generation, current perfo
r
rmance,
including active contractual arrangements and the forecasted business outlook across operating jurisdictions. The
ultimate realization of the deferred tax assets depends on a number of factors including the ability to generate
sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions. A
valuation allowance is recorded (or maintained) when it is more likely than not that some portion or all of the
deferred tax assets will not be realized. As of December 31, 2024, the Company assessed both positive and
negative evidence, with significant weight given to objective and verifiable factors such as recent taxable income
levels and credit utilization. Based on this evaluation, including consideration of our projected future taxable
earnings, the Company concluded that it is more likely than not that its U.S. deferred tax assets are recoverable.
Accordingly, the Company released the associated valuation allowance, resulting in a tax benefit of $664 million
(20% impact to the effe
f
ctive tax rate) in 2024.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 79

At December 31, 2024, $3,908 million of valuation allowances are recorded against various deferred tax assets,
primarily related to foreign operating and capital losses of $3,161 million and non-U.S. tax credit carryforwards of
$401 million. The following table presents the change in the valuation allowances during the year:
2024
2023
Balance at the beginning of the year
$
4,416 $
4,090
Release in the U.S., net of current year non-U.S. activity
(625)
53
Other
117
273
Balance at end of year
$
3,908 $
4,416
Indefinite reinvestment is determined by management's intentions concerning the future operations of the
Company. In cases where repatriation would otherwis
r
e incur significant withholding or income taxes, these earnings
have been indefinitely reinvested in the Company's active non-U.S. business operations. As of December 31, 2024,
the cumulative amount of undistributed foreign earnings is approximately $4,659 million. Computation of the
potential deferred tax liability associated with these undistributed earnings and any other basis differences is not
practicable.
At December 31, 2024, the Company had $455 million of tax liabilities for total gross unrecognized tax benefits
related to uncertain tax positions. In addition to these uncertain tax positions, the Company had $81 million and $66
million related to interest and penalties, respectively, for total liabilities of $602 million for uncertain positions. If the
Company were to prevail on all uncertain positions, the net effe
f
ct would result in an income tax benefit of
approximately $534 million. The remaining $68 million is comprised of $42 million for deferred tax assets that
represent tax benefits that would be received in different taxing jurisdictions or in a different character and $26
million increased valuation allowances.
The following table presents the changes in the Company's gross unrecognized tax benefits included in the
consolidated statements of financial position.
Asset / (Liability)
2024
2023
Balance at beginning of year
$
(467) $
(496)
Additions for tax positions of the current year
(17)
(15)
Additions for tax positions of prior years
(51)
(50)
Reductions for tax positions of prior years
28
32
Settlements with tax authorities
24
26
Lapse of statute of limitations
28
36
Balance at end of year
$
(455) $
(467)
It is expected that the amount of unrecognized tax benefits will change in the next twelve months due to expiring
statutes, audit activity, tax payments, and competent authority proceedings related to transfer pricing or final
decisions in matters that are the subject of litigation in various taxing jurisdictions in which the Company operates.
At December 31, 2024, the Company had approximately $110 million of tax liabilities related to uncertain tax
positions, each of which are individually insignificant, and each of which are reasonably possible of being settled
within the next twelve months.
The Company conducts business in more than 120 countries and is subject to income taxes in most taxing
jurisdictions in which it operates, each of which may have multiple open years subject to examination. All Internal
Revenue Service examinations have been completed and closed through 2015 for the most significant U.S. returns.
The Company believes that it has made adequate provision for all income tax uncertainties in all jurisdictions.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 80

NOTE 12. STOCK-BASED COMPENSATION
The Company has the Long-Term Incentive Plan ("LTI Plan") under which it may grant restricted stock units
("RSU"), perfo
r
rmance share units ("PSU"), stock options and other equity-based awards to employees and non-
employee directors providing services to the Company and its subsidiaries. The Company also provides an
Employee Stock Purchase Plan for eligible employees. A total of up to 29.5 million shares of Class A common stock
are reserved and available for issuance pursuant to awards granted under the LTI Plan over its term which expires
on the date of the annual meeting of the Company in 2031. A total of 19.2 million shares of Class A common stock
are available for issuance as of December 31, 2024.
Stock-based compensation cost was $202 million, $197 million and $207 million for the years ended December
31, 2024, 2023 and 2022, respectively. Stock-based compensation cost is measured at the date of grant based on
the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of
the equity grant. The compensation cost is determined based on awards ultimately expected to vest; therefor
f
e, the
Company has reduced the cost for estimated forfeitures based on historical forfeiture rates. Forfeitures are
estimated at the time of grant and revised, if necessary, in subsequent periods to reflect actual forfeitures. There
were no stock-based compensation costs capitalized as the amounts were not material.
Restricted Stock
The Company may grant to its offif cers, directors, and key employees RSUs, where each unit represents the
right to receive, at the end of a stipulated period, one unrestricted share of stock with no exercise price. Certain
RSUs are subject to clifff or graded vesting, generally ranging over a period of three years. Non-employee directors
are granted RSUs that immediately vest on the grant date. Cash dividend equivalents are accumulated on RSUs
and are payable upon vesting of the awards. The Company determines the fair value of RSUs based on the market
price of its common stock on the date of grant.
The following table presents the changes in RSUs outstanding and related information (in thousands, except
per unit prices):
Number of
Units
Weighted Average
Grant Date Fair
Value Per Unit
Unvested balance at December 31, 2023
12,113 $
27.70
Granted
6,724
28.78
Vested
(6,175)
26.15
Forfeited
(1,168)
29.21
Unvested balance at December 31, 2024
11,494 $
29.02
In 2024, the total intrinsic value of RSUs vested (defined as the value of shares awarded based on the price of
the Company's common stock at vesting date) was $188 million and unvested RSUs was $471 million. The total
grant date fair value of RSUs vested in 2024 was $161 million. As of December 31, 2024, there was $179 million of
total unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a
weighted average period of 1.81 years.
Performance Share Units
The Company may grant PSUs to certain offif cers and key employees. The PSUs are stock-based awards tied
to predefined company metrics and contain a payout modifier based on total shareholder return ("TSR"). PSUs
generally clifff vest afte
f
r a service period of three years. Cash dividend equivalents are accumulated on PSUs and
are payable upon vesting of the awards. The fair value of the awards determined for the predefined company
metrics are based on the market price of the Company's common stock on the date of grant. The fair value of the
PSU awards is determined based on a Monte Carlo simulation method.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 81

The following table presents the changes in PSUs outstanding and related information (in thousands, except per
unit prices):
Number of
Units
Weighted Average
Grant Date Fair
Value Per Unit
Unvested balance at December 31, 2023
2,828 $
28.70
Granted
869
29.73
Vested
(984)
34.09
Forfeited
(171)
31.26
Unvested balance at December 31, 2024
2,542 $
31.17
The total intrinsic value of PSUs vested and unvested, (defined as the value of the shares awarded at the year-
end market price) was $31 million and $104 million, respectively, as of December 31, 2024. The total grant date fair
value of PSUs vested in 2024 was $34 million. Total unrecognized compensation cost related to unvested PSUs,
which is expected to be recognized over a weighted average period of 1.72 year ,s was $38 million as of
December 31, 2024.
Stock Options
The Company previously granted stock options to its offif cers, directors and key employees. Stock options
generally vest in equal amounts over a vesting period of three years provided that the employee has remained
continuously employed by the Company through such vesting date. The Company has not granted stock options to
offif cers, directors, or key employees since 2019.
The following table presents the changes in stock options outstanding and related information (in thousands,
except per option prices):
Number of
Options
Weighted Average
Exercise Price
Per Option
Outstanding at December 31, 2023
2,241 $
33.92
Exercised
(391)
33.21
Expired
(425)
41.10
Outstanding and exercisable at December 31, 2024
1,425 $
31.99
The weighted average remaining contractual term for options outstanding and options exercisable at
December 31, 2024 was 3.1 years. The maximum contractual term of options outstanding is 4.1 years.
The total intrinsic value of stock options exercised (defined as the amount by which the market price of the
Company's common stock on the date of exercise exceeds the exercise price of the option) in 2024 was $3 million.
The total intrinsic value of stock options outstanding and options exercisable at December 31, 2024 was $13 million.
The intrinsic value of stock options outstanding is calculated as the amount by which the quoted price of $41.02 of
the Company's common stock as of the end of 2024 exceeds the exercise price of the options.
Employee Stock Purchase Plan
The employee stock purchase plan provides for eligible employees to purchase shares of Class A common
stock quarterly on an after-tax basis in an amount between 1% and 20% of their annual pay at a 15% discount of
the fair market value of the Company's Class A common stock at the end of each quarterly offe
f
ring period. An
employee may not purchase more than $3,000 in any of the three-month measurement periods described above
or $12,000 annually.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 82

A total of 21.5 million shares of Class A common stock are authorized for issuance, and at December 31, 2024,
there were 6.9 million shares of Class A common stock reserved for future issuance.
NOTE 13. EQUITY
COMMON STOCK
The Company is authorized to issue 2 billion shares of Class A common stock, 1.25 billion shares of Class B
common stock and 50 million shares of preferred stock, each of which has a par value of $0.0001 per share. As of
December 31, 2024 and 2023, there were no shares of Class B common stock issued and outstanding. The
Company has not issued any preferred stock.
The Company has a share repurchase program which it expects to fund from cash generated from operations,
and it expects to make share repurchases from time to time subject to the Company's capital plan, market
conditions, and other factors, including regulatory restrictions. The repurchase program may be suspended or
discontinued at any time and does not have a specified expiration date. In 2024 and 2023, the Company
repurchased and canceled 15.2 million and 16.3 million shares of Class A common stock, each for $484 million and
$538 million, representing an average price per share of $31.78 and $33.09, respectively. As of December 31, 2024,
the Company had authorization remaining to repurchase up to approximately $1.7 billion of its Class A common
stock.
The following table presents the changes in the number of shares outstanding (in thousands):
Class A
Common Stock
2024
2023
Balance at beginning of year
997,709
1,005,960
Issue of shares upon vesting of restricted stock units (1)
4,975
5,738
Issue of shares on exercise of stock options (1)
389
434
Issue of shares for employee stock purchase plan
1,814
1,846
Repurchase and cancellation of Class A common stock
(15,241)
(16,269)
Balance at end of year
989,646
997,709
(1)
Share amounts reflected above are net of shares withheld to satisfyf the employee's tax withholding obligation.
During 2024 and 2023, the Company declared and paid aggregate regular dividends of $0.84 and $0.78 per
share, respectively, to holders of record of the Company's Class A common stock.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 83

ACCUMULATED OTHER COMPREHENSIVE LOSS
The following tables present the changes in accumulated other comprehensive loss, net of tax:
Foreign
Currency
Translation
Adjustments
Cash Flow
Hedges
Benefit
Plans
Accumulated
Other
Comprehensive
Loss
Balance at December 31, 2022
$
(2,666) $
(9) $
(296) $
(2,971)
Other comprehensive income (loss) before
reclassifications
153
12
(14)
151
Amounts reclassified from accumulated other
comprehensive loss
—
(8)
28
20
Deferred taxes
—
(1)
5
4
Other comprehensive income
153
3
19
175
Balance at December 31, 2023
(2,513)
(6)
(277)
(2,796)
Other comprehensive income (loss) before
reclassifications
(350)
9
(46)
(387)
Amounts reclassified from accumulated other
comprehensive loss
—
(11)
32
21
Deferred taxes
—
1
—
1
Other comprehensive income (loss)
(350)
(1)
(14)
(365)
Balance at December 31, 2024
$
(2,863) $
(7) $
(291) $
(3,161)
The amounts reclassified from accumulated other comprehensive loss during the years ended December 31,
2024 and 2023 represent (i) gains (losses) reclassified on cash flow hedges when the hedged transaction occurs,
and (ii) the amortization of net actuarial gain (loss), prior service credit, settlements, and curtailments which are
included in the computation of net periodic pension cost (see "Note 10. Employee Benefit Plans" for additional
details).
NOTE 14. EARNINGS PER SHARE
Basic and diluted net income (loss) per share of Class A common stock is presented below:
(In millio
i
ns, except per share
r
amounts)
t
2024
2023
2022
Net income (loss)
$
3,008 $
1,970 $
(578)
Less: Net income attributable to noncontrolling interests
29
27
23
Net income (loss) attributable to Baker Hughes Company
$
2,979 $
1,943 $
(601)
Weighted average shares outstanding:
Class A basic
994
1,008
987
Class A diluted
1,001
1,015
987
Net income (loss) per share attributable to common stockholders:
Class A basic
$
3.00 $
1.93 $
(0.61)
Class A diluted
$
2.98 $
1.91 $
(0.61)
For the years ended December 31, 2024 and 2023, Class A diluted shares include the dilutive impact of equity
awards except for approximately 1 million and 2 million options, respectively, that were excluded because the
exercise price exceeded the average market price of the Company's Class A common stock and is therefor
f
e
antidilutive. For the year ended December 31, 2022, the Company excluded all outstanding equity awards from the
computation of diluted net loss per share because their effe
f
ct is antidilutive.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 84

NOTE 15. FINANCIAL INSTRUMENTS
RECURRING FAIR VALUE MEASUREMENTS
The Company's assets and liabilities measured at fair value on a recurring basis consist of derivative
instruments and investment securities.
2024
2023
Level 1
Level 2
Level 3
Net
Balance
Level 1
Level 2
Level 3
Net
Balance
Assets
Derivatives
$
— $
11 $
— $
11 $
— $
34 $
— $
34
Investment securities
1,282
—
2
1,284
1,040
—
2
1,042
Total assets
1,282
11
2
1,295
1,040
34
2
1,076
Liabilities
Derivatives
—
(64)
—
(64)
—
(76)
—
(76)
Total liabilities
$
— $
(64) $
— $
(64) $
— $
(76) $
— $
(76)
2024
2023
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Estimated
Fair Value
Investment securities (1)
Non-U.S. debt securities (2)
$
3 $
— $
— $
3 $
66 $
1 $
— $
67
Equity securities
544
737
—
1,281
527
451
(3)
975
Total
$
547 $
737 $
— $
1,284 $
593 $
452 $
(3) $
1,042
(1)
(1)
Net gains (losses) recorded to earnings related to these securities were $341 million, $405 million and $(271) million for
the years ended December 31, 2024, 2023, and 2022, respectively.
(2)
As of December 31, 2024, the Company's non-U.S. debt securities are classified as available for sale securities and
mature in approximately one year.
As of December 31, 2024 and 2023, the balance of the Company's equity securities with readily determinable
fair values is $1,281 million and $975 million, respectively, and is comprised mainly of the Company's investment in
Abu Dhabi National Oil Company Drilling, and is recorded primarily in "All other current assets" in the consolidated
statements of financial position. The Company measured its investments at fair value based on quoted prices in
active markets.
Net gains (losses) recorded to earnings for the Company's equity securities with readily determinable fair values
were $366 million, $435 million, and $(264) million for the years ended December 31, 2024, 2023 and 2022,
respectively. Gains (losses) related to the Company's equity securities with readily determinable fair values are
reported in "Other non-operating income (loss), net" in the consolidated statements of income (loss).
OTHER EQUITY INVESTMENTS
During 2024, no observa
r
ble transactions occurred on the Company's equity securities without a readily
determinable fair value. During 2023, certain equity securities without a readily determinable fair value were
remeasured as of the date that an observa
r
ble transaction occurred, which resulted in the Company recording a gain
of $118 million. Gains (losses) related to the Company's equity securities without readily determinable fair values
are reported in "Other non-operating income (loss), net" in the consolidated statements of income (loss).
FAIR VALUE DISCLOSURE OF FINANCIAL INSTRUMENTS
The Company's financial instruments include cash and cash equivalents, receivables, certain investments,
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 85

accounts payable, short and long-term debt, and derivative financial instruments. Except for long-term debt, the
estimated fair value of these financial instruments at December 31, 2024 and 2023 approximates their carrying
value as reflected in the consolidated financial statements. For further information on the fair value of the
Company's debt, see "Note 9. Debt."
DERIVATIVES AND HEDGING
The Company uses derivatives to manage its risks and does not use derivatives for speculation. The table
below summarizes the fair value of all derivatives, including hedging instruments and embedded derivatives.
2024
2023
Assets
(Liabilities)
Assets
(Liabilities)
Derivatives accounted for as hedges
Currency exchange contracts
$
2 $
(2) $
10 $
(3)
Interest rate swap contracts
—
(45)
—
(52)
Derivatives not accounted for as hedges
Currency exchange contracts and other
9
(17)
24
(21)
Total derivatives
$
11 $
(64) $
34 $
(76)
Derivatives are classified in the consolidated statements of financial position depending on their respective
maturity date. As of December 31, 2024 and 2023, $9 million and $31 million of derivative assets are recorded in
"All other current assets" and $3 million and $3 million are recorded in "All other assets" in the consolidated
statements of financial position, respectively. As of December 31, 2024 and 2023, $16 million and $23 million of
derivative liabilities are recorded in "All other current liabilities" and $50 million and $53 million are recorded in "All
other liabilities" in the consolidated statements of financial position, respectively.
During 2024, the Company issued credit default swaps ("CDS") in the total of $553 million to third-party financial
institutions. The CDS relate to borrowings provided by these financial institutions to a customer in Mexico who
utilized these borrowings to pay certain of the Company's outstanding receivables. The total notional amount
remaining on the issued CDS was $412 million as of December 31, 2024, which will reduce each month through
September 2026 as the customer repays the borrowings. The fair value of these derivative liabilities is not material.
FORMS OF HEDGING
Cash Flow Hedges
The Company uses cash flow hedging primarily to mitigate the effe
f
cts of foreign exchange rate changes on
purchase and sale contracts. Accordingly, the vast majo
a rity of derivative activity in this category consists of currency
exchange contracts. In addition, the Company is exposed to interest rate risk fluctuations in connection with long-
term debt that it issues from time to time to fund its operations. Changes in the fair value of cash flow hedges are
recorded in a separate component of equity (referred to as "Accumulated Other Comprehensive Income" or "AOCI")
and are recorded in earnings in the period in which the hedged transaction occurs. See "Note 13. Equity" for further
information on activity in AOCI for cash flow hedges. The maximum term of cash flow hedges that hedge forecasted
transactions was approximately one year and two years at December 31, 2024 and 2023, respectively.
Fair Value Hedges
All of the Company's long-term debt is comprised of fixed rate instruments. The Company is subject to interest
rate risk on its debt portfol
f io and may use interest rate swaps to manage the economic effe
f
ct of fixed rate
obligations associated with certain debt. Under these arrangements, the Company agrees to exchange, at specified
intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon
notional principal amount.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 86

As of December 31, 2024 and 2023, the Company had interest rate swaps with a notional amount of $500
million that converted a portion of its $1,350 million aggregate principal amount of 3.337% fixed rate Senior Notes
due 2027 into a floating rate instrument with an interest rate based on a Secured Overnight Financing Rate index.
The Company concluded that the interest rate swap met the criteria necessary to qualifyf for hedge accounting, and
as such, the changes in this fair value hedge are recorded as gains or losses in interest expense and are equally
offs
f et by the gains or losses of the underlying debt instrument, which are also recorded in interest expense.
NOTIONAL AMOUNT OF DERIVATIVES
The notional amount of a derivative is used to determine, along with the other terms of the derivative, the
amounts to be exchanged between the counterparties. The Company discloses the derivative notional amounts on
a gross basis to indicate the total counterparty risk but it does not generally represent amounts exchanged by the
Company and the counterparties. A substantial majo
a rity of the outstanding notional amount of $4.0 billion and $4.2
billion at December 31, 2024 and 2023, respectively, is related to hedges of anticipated sales and purchases in
foreign currency, commodity purchases, changes in interest rates, and contractual terms in contracts that are
considered embedded derivatives and for intercompany borrowings in foreign currencies.
COUNTERPARTY CREDIT RISK
Fair values of the Company's derivatives can change significantly from period to period based on, among other
factors, market movements and changes in the Company's positions. The Company manages counterparty credit
risk (the risk that counterparties will default and not make payments according to the terms of the agreements) on
an individual counterparty basis.
NOTE 16. REVENUE RELATED TO CONTRACTS WITH CUSTOMERS
DISAGGREGATED REVENUE
The Company disaggregates its revenue from contracts with customers by product line for both the OFSE and
IET segments, as the Comp
y
any believes this best depicts how the nature, amount, timi g
ng, and uncertain yty of its
revenue and cash flows are affe
f
cted
y
by economic factors. In addition, ma
g
nagement views revenue from contracts
with customers for OFSE
y
by geogra
y
phy based on the location to where the product is shipped or the services are
perfor
f
med.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 87

The series of tables below present the Comp
y
any's revenue disagg
ggr g
egated
y
by these categories.
Total Revenue
2024
2023
2022
Well Construction
$
4,145 $
4,387 $
3,854
Completions, Intervention, and Measurements
4,154
4,170
3,559
Production Solutions
3,860
3,854
3,587
Subsea & Surface Pressure Systems
3,470
2,950
2,230
Oilfield Services & Equipment
15,628
15,361
13,229
Gas Technology Equipment
5,693
4,232
2,599
Gas Technology Services
2,797
2,600
2,440
Total Gas Technology
8,490
6,832
5,039
Industrial Products
2,040
1,962
1,697
Industrial Solutions
1,065
983
884
Controls (1)
—
41
208
Total Industrial Technology
3,105
2,987
2,789
Climate Technology Solutions
605
326
98
Industrial & Energy Technology
12,201
10,145
7,926
Total
$
27,829 $
25,506 $
21,156
(1)
The sale of the Company's controls business was completed in April 2023.
Oilfield Services & Equipment Geographic Revenue
2024
2023
2022
North America
$
3,955 $
4,116 $
3,764
Latin America
2,609
2,761
2,099
Europe/CIS/Sub-Saharan Africa
3,250
2,655
2,483
Middle East/Asia
5,814
5,829
4,883
Oilfield Services & Equipment
$
15,628 $
15,361 $
13,229
REMAINING PERFORMANCE OBLIGATIONS
As of December 31, 2024, the aggregate amount of the transaction price allocated to the unsatisfied (or
partially unsatisfied) perfo
r
rmance obligations was $33.1 billion. As of December 31, 2024, the Company expects to
recognize revenue of approximately 60%, 74% and 91% of the total remaining perfo
r
rmance obligations within 2, 5,
and 15 years, respectively, and the remaining thereafte
f
r. Contract modifications could affe
f
ct both the timing to
complete as well as the amount to be received as the Company fulfills the related remaining perfo
r
rmance
obligations.
NOTE 17. SEGMENT INFORMATION
The Company's segments are determined as those operations whose results are reviewed regularly by the chief
operating decision maker ("CODM"), who is the Company's Chief Executive Offif cer, in deciding how to allocate
resources and assess perfo
r
rmance. The Company reports its operating results through two operating segments,
OFSE and IET. Each segment is organized and managed based upon the nature of the Company's markets and
customers and consists of similar products and services. These products and services operate across upstream oil
and gas and broader energy and industrial markets. The following is a description of each segment's business
operations:
Oilfie
f
ld Servic
v
es & Equipm
i
ent provides products and services for onshore and offs
f hore oilfield operations
across the lifecycle of a well, ranging from exploration, appraisal, and development, to production, reju
e venation, and
decommissioning. OFSE is organized into four product lines: Well Construc
r
tion, which encompasses drilling
services, drill bits, and drilling & completions fluids; Completions, Intervent
v
io
t n, and Measurem
r
entst , which
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 88

encompasses well completions, pressure pumping, and wireline services; Produc
r
tion Solutions, which spans
artificial liftf systems and oilfield & industrial chemicals; and Subsea & Surfac
f
e Pres
r
sure Syst
y ems, which
encompasses subsea projects and services, surface pressure control, and flexible pipe systems. Beyond its
traditional oilfield concentration, OFSE is expanding its capabilities and technology portfol
f io to meet the challenges
of a net-zero future. These effo
f
rts include expanding into new energy areas such as geothermal and carbon
capture, utilization and storage ("CCUS"), strengthening its digital architecture and addressing key energy market
themes.
Industria
r
l & Energy
r
Technology provides technology solutions and services for mechanical-drive,
compression and power-generation applications across the energy industry, including oil and gas, LNG operations,
downstream refining, and petrochemical markets, as well as lower carbon solutions to broader energy and industrial
sectors. IET also provides equipment, software, and services that serve a wide range of industries including
petrochemical and refining, nuclear, aviation, automotive, mining, cement, metals, pulp and paper, and food and
beverage. IET is organized into five product lines - Gas Technol
y
ogy Equipm
i
ent,t Gas Technol
y
ogy Servic
v es,
Industria
r l Produc
r
ts, Industria
r l Solutions, and Clim
l
ate Technol
y
ogy Solutions.
Revenue and operating income for each segment are used by the CODM to assess the perfo
r
rmance of each
segment in a financial period. The perfo
r
rmance of the operating segments is evaluated based on segment operating
income (loss), which is defined as income (loss) befor
f
e income taxes befor
f
e the following: net interest expense, net
other non-operating income (loss), unallocated corporate expenses, significant restructuring plans, impairment and
other charges, inventory impairments, and certain gains and losses not allocated to the operating segments. The
CODM uses segment operating income (loss) as the measure to make resource (including financial or capital
resources) allocation decisions for each segment, predominantly in the annual budget and forecasting process. The
CODM considers budget-to-actual variances on a quarterly basis when evaluating perfo
r
rmance for each segment
and making decisions about capital allocation. Accounting policies have been applied consistently by all segments
within the Company for all reporting periods. Intercompany revenue and expense amounts have been eliminated
within each segment to report on the basis that management uses internally for evaluating segment perfo
r
rmance.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 89

Summarized financial information for the Company's segments is shown in the following tables.
2024
OFSE
IET
Total
Revenue
$
15,628 $
12,201 $
27,829
Cost of goods and services sold
(12,448)
(8,738)
(21,186)
Research and development
(260)
(383)
(643)
Selling, general and administrative
(932)
(1,250)
(2,182)
Segment operating income
$
1,988 $
1,830 $
3,818
2023
OFSE
IET
Total
Revenue
$
15,361 $
10,145 $
25,506
Cost of goods and services sold
(12,282)
(7,220)
(19,502)
Research and development
(278)
(373)
(651)
Selling, general and administrative
(1,055)
(1,242)
(2,297)
Segment operating income
$
1,746 $
1,310 $
3,055
2022
OFSE
IET
Total
Revenue
$
13,229 $
7,926 $
21,156
Cost of goods and services sold
(10,789)
(5,342)
(16,131)
Research and development
(228)
(307)
(535)
Selling, general and administrative
(1,011)
(1,142)
(2,153)
Segment operating income
$
1,201 $
1,135 $
2,336
Reconciliation of segment operating
i
income to income
before income taxes:
2024
2023
2022
OFSE
$
1,988 $
1,746 $
1,201
IET
1,830
1,310
1,135
Total segment
3,818
3,055
2,336
Corporate costs (1)
(363)
(380)
(416)
Inventory impairment (2)
(73)
(35)
(31)
Restructuring, impairment and other
(301)
(323)
(705)
Other non-operating income (loss), net
382
554
(911)
Interest expense, net
(198)
(216)
(252)
Income before income taxes
$
3,265 $
2,655 $
22
(1)
Corporate costs of $274 million, $313 million, and $357 million are reported in "Selling, general and administrative"
related to general and administrative costs not allocated to the segments in the consolidated statements of income
(loss) for the years ended December 31, 2024, 2023 and 2022, respectively. Corporate costs of $89 million, $67 million,
and $59 million are reported in "Cost of goods and services sold" primarily related to licensing costs not allocated to the
segments in the consolidated statements of income (loss) for the years ended December 31, 2024, 2023 and 2022,
respectively.
(2)
Charges for inventory impairments are reported in "Cost of goods sold" in the consolidated statements of income (loss).
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 90

The following table presents total assets at December 31:
Assets
2024
2023
OFSE
$
18,781 $
17,925
IET
13,838
13,781
Total segment
32,619
31,706
Corporate and eliminations (1)
5,744
5,239
Total
$
38,363 $
36,945
(1)
The assets in Corporate and eliminations consist primarily of the Baker Hughes trade name, cash, and tax assets. It
also includes adjustments to eliminate intercompany investments and receivables reflected within the total assets of
each of the reportable segments.
The following table presents depreciation and amortization for the year ended December 31:
Depreciation and amortization
2024
2023
2022
OFSE
$
893 $
849 $
845
IET
220
217
197
Total segment
1,113
1,066
1,042
Corporate
23
21
19
Total
$
1,136 $
1,087 $
1,061
The following table presents capital expenditures for the year ended December 31:
Capital expenditures
2024
2023
2022
OFSE
$
954 $
960 $
791
IET
284
229
183
Total segment
1,238
1,189
974
Corporate
40
35
15
Total
$
1,278 $
1,224 $
989
The following table presents consolidated revenue based on the location to where the product is shipped or the
services are perfor
f
med. Other than the U.S., no other country accounted for more than 10% of the Company's
consolidated revenue during the periods presented.
Revenue
2024
2023
2022
U.S.
$
7,383 $
6,557 $
4,942
Non-U.S.
20,446
18,949
16,214
Total
$
27,829 $
25,506 $
21,156
The following table presents net property, plant and equipment by its geographic location at December 31:
Property, plant and equipment - net
2024
2023
U.S.
$
1,794 $
1,579
Non-U.S.
3,333
3,314
Total
$
5,127 $
4,893
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 91

NOTE 18. RELATED PARTY TRANSACTIONS
The Company has an aeroderivative joint venture ("Aero JV") it formed with General Electric Company ("GE") in
2019. As of December 31, 2024, the Aero JV was jointly controlled by GE Vernova (NYSE: GEV) and the Company,
each with ownership interest of 50%, and therefor
f
e, the Company does not consolidate the Aero JV. As a result of
GE's spin-off of GE Vernova, GE transferred its interest in the Aero JV to GE Vernova in the second quarter of 2024.
The Company had purchases from the Aero JV of $698 million, $517 million, and $528 million during the years
ended December 31, 2024, 2023 and 2022, respectively. The Company has $117 million and $71 million of amounts
due at December 31, 2024 and 2023, respectively, for products and services provided by the Aero JV in the ordinary
course of business.
During the second quarter of 2022, GE's ownership interest in the Company and BHH LLC was reduced to less
than 5%. As a result, considering all aspects of the Company's relationship with GE, as of June 30, 2022, the
Company no longer considered GE a related party. The Company had purchases with GE and its affif liates of $293
million during the six months ended June 30, 2022. In addition, the Company sold products and services to GE and
its affif liates for $83 million during the six months ended June 30, 2022.
NOTE 19. COMMITMENTS AND CONTINGENCIES
LITIGATION
The Company is subject to legal proceedings arising in the ordinary course of business. Because legal
proceedings are inherently uncertain, management is unable to predict the ultimate outcome of such matters. The
Company records a liability for those contingencies where the incurrence of a loss is probable and the amount can
be reasonably estimated. Based on the opinion of management, the Company does not expect the ultimate
outcome of currently pending legal proceedings to have a material adverse effe
f
ct on its results of operations,
financial position, or cash flows. However, there can be no assurance as to the ultimate outcome of these matters.
On July 31, 2018, International Engineering & Construction S.A. ("IEC") initiated arbitration proceedings in New
York administered by the International Center for Dispute Resolution ("ICDR") against the Company and its
subsidiaries arising out of a series of sales and service contracts entered between IEC and the Company's
subsidiaries for the sale and installation of LNG plants and related power generation equipment in Nigeria
("Contracts"). Prior to the filing of the IEC Arbitration, the Company's subsidiaries made demands for payment due
under the Contracts. On August 15, 2018, the Company's subsidiaries initiated a separate demand for ICDR
arbitration against IEC for claims of additional costs and amounts due under the Contracts. On October 10, 2018,
IEC filed a Petition to Compel Arbitration in the United States District Court for the Southern District of New York
against the Company seeking to compel non-signatory Baker Hughes entities to participate in the arbitration filed by
IEC. The complaint is captioned International Engineering & Construction S.A. et al. v. Baker Hughes, a GE
company, LLC, et al. No. 18-cv-09241 ("S.D.N.Y 2018"); this action was dismissed by the Court on August 13, 2019.
In the arbitration, IEC alleges breach of contract and other claims against the Company and its subsidiaries and
seeks recovery of alleged compensatory damages, in addition to reasonable attorneys' fees, expenses and
arbitration costs. On March 15, 2019, IEC amended its request for arbitration to alleged damages of $591 million of
lost profits plus unspecified additional costs based on alleged non-perfo
r
rmance of the contracts in dispute. The
arbitration hearing was held from December 9, 2019 to December 20, 2019. On March 3, 2020, IEC amended their
damages claim to $700 million of alleged loss cash flow or, in the alternative, $244.9 million of lost profits and
various costs based on alleged non-perfo
r
rmance of the contracts in dispute, and in addition $4.8 million of
liquidated damages, $58.6 million in take-or-pay costs of feed gas, and unspecified additional costs of rectification
and take-or-pay future obligations, plus unspecified interest and attorneys' fees. On May 3, 2020, the arbitration
panel dismissed IEC's request for take-or-pay damages. On May 29, 2020, IEC quantified their claim for legal fees
at $14.2 million and reduced their alternative claim from $244.9 million to approximately $235 million. The Company
and its subsidiaries have contested IEC's claims and are pursuing claims for compensation under the contracts. On
October 31, 2020, the ICDR notified the arbitration panel's final award, which dismissed the majo
a rity of IEC's claims
and awarded a portion of the Company's claims. On January 27, 2021, IEC filed a petition to vacate the arbitral
award in the Supreme Court of New York, County of New York. On March 5, 2021, the Company filed a petition to
confirm the arbitral award, and on March 8, 2021, the Company removed the matter to the United States District
Court for the Southern District of New York. On November 16, 2021, the court granted the Company's petition to
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 92

confirm the award and denied IEC's petition to vacate. During the second quarter of 2022, IEC paid the amounts
owed under the arbitration award, which had an immaterial impact on the Company's financial statements. On
February 3, 2022, IEC initiated another arbitration proceeding in New York administered by the ICDR against certain
of the Company's subsidiaries arising out of the same project which formed the basis of the first arbitration. On
March 25, 2022, the Company's subsidiaries initiated a separate demand for ICDR arbitration against IEC for claims
of additional costs and amounts due; such claims against IEC have now been resolved, with any consideration
having an immaterial impact on the Company's financial statements. At this time, the Company is not able to predict
the outcome of the proceeding which is pending against the Company's subsidiaries.
On or around February 15, 2023, the lead plaintifff and three additional named plaintiffs
f
in a putative securities
class action styled The Reckstin
t
Family
i
Trus
r
t, et al., v. C3.ai, Inc., et al., No. 4:22-cv-01413-HSG, filed an amended
class action complaint (the "Amended Complaint") in the United States District Court for the Northern District of
California. The Amended Complaint names the following as defendants: (i) C3.ai., Inc. ("C3 AI"), (ii) certain of C3
AI's current and/or former offif cers and directors, (iii) certain underwr
r
iters for the C3 AI initial public offe
f
ring (the
"IPO"), and (iv) the Company, and its President and CEO (who formerly served as a director on the board of C3 AI).
The Amended Complaint alleges violations of the Securities Act of 1933 ("the Securities Act") and the Securities
Exchange Act of 1934 (the "Exchange Act") in connection with the IPO and the subsequent period between
December 9, 2020 and December 2, 2021, during which BHH LLC held equity investments in C3 AI. The action
seeks unspecified damages and the award of costs and expenses, including reasonable attorneys' fees. On
February 22, 2024, the Court dismissed the claims against the Company. However, on April 4, 2024, the plaintiffs
f
filed an amended complaint, reasserting their claims against the Company under the Securities Act and the
Exchange Act. At this time, the Company is not able to predict the outcome of these proceedings.
The Company insures against risks arising from its business to the extent deemed prudent by management and
to the extent insurance is available, but no assurance can be given that the nature and amount of that insurance will
be sufficient to fully indemnify the Company against liabilities arising out of pending or future legal proceedings or
other claims. Most of the Company's insurance policies contain deductibles or self-i
f nsured retentions in amounts
management deems prudent and for which the Company is responsible for payment. In determining the amount of
self-i
f nsurance, it is the Company's policy to self-i
f nsure those losses that are predictable, measurable and recurring
in nature, such as claims for automobile liability, general liability and workers compensation.
ENVIRONMENTAL MATTERS
Item 103 of SEC Regulation S-K requires disclosure of certain environmental matters when a governmental
authority is a party to the proceedings and such proceedings involve potential monetary sanctions that the Company
reasonably believes will exceed a specified threshold. The Company uses a threshold of $1 million for such
proceedings. Applying this threshold, there are no environmental matters to disclose for this period.
Estimated remediation costs are accrued using currently available facts, existing environmental permits,
technology and enacted laws and regulations. The Company's cost estimates are developed based on internal
evaluations and are not discounted. Accruals are recorded when it is probable that the Company will be obligated to
pay for environmental site evaluation, remediation or related activities, and such costs can be reasonably estimated.
As additional information becomes available, accruals are adjusted to reflect current cost estimates. The Company's
total accrual for environmental remediation was $54 million and $58 million at December 31, 2024 and 2023,
respectively.
OTHER
In the normal course of business with customers, vendors and others, the Company has entered into off-
f
balance sheet arrangements, such as surety bonds for perfo
r
rmance, letters of credit, and other bank issued
guarantees. The Company also provides a guarantee to GE Vernova on behalf of a customer who entered into a
financing arrangement with GE Vernova. Total off-
f balance sheet arrangements were approximately $5.6 billion at
December 31, 2024. It is not practicable to estimate the fair value of these financial instruments. As of
December 31, 2024, none of the off-
f balance sheet arrangements either has, or is likely to have, a material effe
f
ct on
the Company's financial position, results of operations or cash flows. The Company also had commitments
outstanding for purchase obligations for each of the five years in the period ending December 31, 2029 of $1,855
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 93

million, $308 million, $240 million, $95 million and $7 million, respectively, and $29 million in the aggregate
thereafte
f
r.
The Company sometimes enters into a joint and several liability consortium or similar arrangements for certain
projects. Under such arrangements, each party is responsible for perfo
r
rming a certain scope of work within the total
scope of the contracted work, and the obligations expire when all contractual obligations are completed. The failure
or inability, financially or otherwis
r
e, of any of the parties to perfo
r
rm their obligations could impose additional costs
and obligations on the Company. These factors could result in unanticipated costs to complete the project,
liquidated damages or contract disputes.
NOTE 20. RESTRUCTURING, IMPAIRMENT AND OTHER
The Company recorded restructuring, impairment and other charges of $301 million, $323 million, and
$705 million during the years ended December 31, 2024, 2023 and 2022, respectively.
RESTRUCTURING AND ASSOCIATED IMPAIRMENT CHARGES
In 2024, the Company recorded restructuring and associated impairment charges of $260 million. The Company
has initiated a streamlining of the OFSE operating model which will also reduce its facility footprint resulting in
employee termination expenses and associated impairment of PP&E. These actions also resulted in inventory
impairments of $73 million in 2024, recorded in "Cost of goods sold" in the consolidated statements of income
(loss).
In 2023, the Company recorded restructuring and associated impairment charges of $313 million. Restructuring
charges for 2023 include the finalization of the Company's corporate restructuring plan announced in 2022 (the
"2022 Plan"), but are primarily costs recognized under a new plan (the "2023 Plan") for employee termination
expenses related to exit activities at specific locations in the Company's segments to align with the Company's
market outlook, rationalize the Company's manufacturing supply chain footprint and facilitate further cost effif ciency.
These actions also resulted in inventory impairments of $35 million in 2023, recorded in "Cost of goods sold" in the
consolidated statements of income (loss).
In 2022, the Company recorded restructuring and associated impairment charges of $196 million. The charges
related to the Company's 2022 Plan were primarily for employee termination expenses to facilitate the
reorganization of the Company into two segments and corporate restructuring. In addition, PP&E impairments and
other costs were recorded related to exit activities at specific locations in the OFSE segment.
The following table presents the restructuring and associated impairment charges by the impacted segment:
2024
2023
2022
Oilfield Services & Equipment
$
206 $
148 $
121
Industrial & Energy Technology (1)
13
98
36
Corporate
41
67
39
Total
$
260 $
313 $
196
(1)
For the year ended December 31, 2024, $6 million of additional restructuring charges are included within segment
operating income and reported in "Selling, general and administrative" in the consolidated statements of income (loss).
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 94

The following table presents restructuring and associated impairment charges by type, and includes gains on
the dispositions of certain property, plant and equipment as a consequence of exit activities:
2024
2023
2022
Property, plant and equipment
$
77 $
(2) $
58
Employee-related termination expenses
153
270
121
Asset relocation costs
—
5
3
Contract termination fees
2
1
1
Other incremental costs
34
39
13
Total
$
266 $
313 $
196
OTHER CHARGES
Other charges included in "Restructuring, impairment and other" in the consolidated statements of income (loss)
were $41 million, $10 million, and $509 million for the years ended December 31, 2024, 2023 and 2022,
respectively.
In 2022, other charges were primarily associated with the discontinuation of the Company's Russia operations.
As a result of the conflict between Russia and Ukraine, the Company took actions to suspend substantially all
operational activities related to Russia. These actions resulted in other charges of $334 million recorded in the
second quarter of 2022 primarily associated with the suspension of contracts including all IET LNG contracts, and
the impairment of assets consisting primarily of contract assets, PP&E and reserve for accounts receivable. In
addition to these charges, the Company recorded inventory impairments of $31 million primarily in IET as a result of
suspending the Company's Russia operations, which are reported in "Cost of goods sold" in the consolidated
statements of income (loss).
In 2022, the Company also recorded other charges of $84 million in the OFSE segment primarily related to the
impairment of PP&E and intangibles for the subsea production systems business due to a decrease in the
estimated future cash flows driven by a decline in the Company's long-term market outlook for this business, and
$68 million in the IET segment primarily related to a write-offf of an equity method investment and the release of
foreign currency translation adjustments. The charges in 2022 also include separation related costs.
NOTE 21. BUSINESS DISPOSITIONS AND ACQUISITIONS
The Company had no business acquisitions or dispositions for the year ended December 31, 2024.
DISPOSITIONS
The Company completed several business dispositions during 2023 and 2022 as described below. Any gain or
loss on a business disposition is reported in "Other non-operating income (loss), net" in the consolidated statements
of income (loss).
During 2023, the Company completed the sale of businesses and received total cash consideration of
$293 million. The dispositions consisted primarily of the sale of the Nexus Controls business in the IET segment to
GE in April 2023, which resulted in an immaterial gain. Nexus Controls specializes in scalable industrial controls
systems, safety systems, hardware, and software cybersecurity solutions and services.
During 2022, the Company sold part of the OFSE Russia business to local management for a nominal amount,
which resulted in a loss befor
f
e income taxes of $451 million.
ACQUISITIONS
During 2023, the Company completed the acquisition of businesses for total cash consideration of $301 million,
net of cash acquired, which consisted primarily of the acquisition of Altus Intervention in the OFSE segment in April
2023. Altus Intervention is a leading international provider of well intervention services and downhole technology.
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 95

The assets acquired and liabilities assumed in these acquisitions were recorded based on preliminary estimates of
their fair values as of the acquisition date. As a result of these acquisitions, the Company recorded $138 million of
goodwill and $58 million of intangible assets, subject to final fair value adjustments. Pro forma results of operations
for these acquisitions have not been presented because the effe
f
cts of these acquisitions were not material to the
Company's consolidated financial statements.
During 2022, the Company completed several acquisitions for total cash consideration of $767 million, net of
cash acquired of $50 million, subject to the finalization of post-closing working capital adjustments. The transactions
have been accounted for using the acquisition method of accounting and accordingly, assets acquired and liabilities
assumed were recorded at their fair values as of the acquisition date. As a result of these acquisitions, the Company
recorded $458 million of goodwill and $211 million of intangible assets. Pro forma results of operations for these
acquisitions have not been presented because the effe
f
cts of these acquisitions were not material to the Company's
consolidated financial statements.
NOTE 22. SUPPLEMENTARY INFORMATION
ALL OTHER CURRENT LIABILITIES
All other current liabilities as of December 31, 2024 and 2023 include $1,237 million and $1,346 million,
respectively, of employee related liabilities.
ALLOWANCE FOR CREDIT LOSSES
The following table presents the change in allowance for credit losses:
2024
2023
Balance at beginning of year
$
350 $
341
Provision
77
79
Write-offs
f
(153)
(26)
Prior year recoveries
(35)
(31)
Other
(7)
(13)
Balance at end of year
$
232 $
350
SUPPLY CHAIN FINANCE PROGRAMS
The following table presents the change in SCF program liabilities:
2024
Balance at beginning of year
$
332
Purchases
1,484
Payments
(1,405)
Balance at end of year
$
411
Baker Hughes Company
Notes to Consolidated Financial Statements
Baker Hughes Company 2024 Form 10-K | 96

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Evaluation of disclosure controls and procedures
Our management, with the participation of our Chief Executive Offif cer and Chief Financial Offif cer, has evaluated
the effe
f
ctiveness of the design and operation of our disclosure controls and procedures (as defined in Rule
15d-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation,
the Chief Executive Offf icer and Chief Financial Offif cer have concluded that, as of December 31, 2024, our
disclosure controls and procedures (as defined in Rule 15d-15(e) of the Exchange Act) were effe
f
ctive at a
reasonable assurance level.
There has been no change in our internal controls over financial reporting during the year ended December 31,
2024, that has materially affe
f
cted, or is reasonably likely to materially affe
f
ct, our internal controls over financial
reporting.
ITEM 9B. OTHER INFORMATION
Rule 10b5-1 and Non-Rule 10b5-1 Tradi
r
ng
i
Arra
r
ngementst
During the three months ended December 31, 2024, certain of our offif cers or directors listed below adopted or
terminated trading arrangements for the sale of shares of our Class A common stock in amounts and prices
determined in accordance with a formula set forth in each such plan:
Plans
Name and Title
Action
Date
Rule
10b5-1 (1)
Non-
Rule
10b5-1 (2)
Number
of Shares
to be Sold
Expiration
Nancy Buese,
Executive Vice President
and Chief Financial Offif cer
Adoption
November 21,
2024
X
80,000
Earlier of when all shares under
plan are sold and March 13, 2026
James E. Apostolides,
Senior Vice President,
Enterprise Operational
Excellence
Adoption
November 12,
2024
X
22,357
Earlier of when all shares under
plan are sold and October 31, 2025
(1)
Intended to satisfyf the affif rmative defense conditions of Rule 10b5-1(c)
(2)
Not intended to satisfyf the affif rmative defense conditions of Rule 10b5-1(c)
ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
None.
Baker Hughes Company 2024 Form 10-K | 97

PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Information regarding our Code of Conduct and the Code of Ethical Conduct Certifications for our principal
executive offif cer, principal financial offif cer and principal accounting offif cer are described in Item 1. Business of this
Annual Report on Form 10-K. Information concerning our directors is set forth in the sections entitled "Proposal
No. 1, Election of Directors - Board Nominees for Directors," and "Corporate Governance - Committees of the
Board" in our Definitive Proxy Statement for the 2025 Annual Meeting of Shareholders to be filed with the SEC
pursuant to the Exchange Act within 120 days of the end of our fiscal year on December 31, 2024 ("Proxy
Statement"), which sections are incorporated herein by reference. For information regarding our executive offif cers,
see "Item 1. Business - Executive Offf icers of Baker Hughes" in this Annual Report on Form 10-K.
We have adopted an Insider Trading Policy that governs the purchase, sale, and/or other dispositions of our
securities by our directors, offif cers, and employees that is designed to promote compliance with insider trading
laws, rules, and regulations, and any listing standards applicable to us. A copy of our Insider Trading Policy, as
amended to date, is filed as Exhibit 19.1 to this Annual Report.
ITEM 11. EXECUTIVE COMPENSATION
Information for this item is set forth in the following section of our Proxy Statement, which section is
incorporated herein by reference: "Executive Compensation."
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS
Information concerning security ownership of certain beneficial owners and our management is set forth in the
sections entitled "Stock Ownership of Certain Beneficial Owners" and "Stock Ownership of Section 16(a) Director
and Executive Offif cers" in our Proxy Statement, which sections are incorporated herein by reference.
We permit our employees, offif cers and directors to enter into written trading plans complying with Rule 10b5-1
under the Exchange Act. Rule 10b5-1 provides criteria under which such an individual may establish a prearranged
plan to buy or sell a specified number of shares of a company's stock over a set period of time. Persons using such
plan must act in good faith with respect to the contract with the broker executing the trades, trading instructions and
the trading plan as a whole. Such plan must be established at a time when the individual is not in possession of
material, nonpublic information and will be subject to a cooling offf period to the initial trade thereunder. If an
individual establishes a plan satisfyi
f ng the requirements of Rule 10b5-1, such individual's subsequent receipt of
material, nonpublic information will not prevent transactions under the plan from being executed. Certain of our
offif cers have advised us that they have and may enter into stock sales plans for the sale of shares of our Class A
common stock which are intended to comply with the requirements of Rule 10b5-1 of the Exchange Act. In addition,
the Company has and may in the future enter into repurchases of our Class A common stock under a plan that
complies with Rule 10b5-1 or Rule 10b-18 of the Exchange Act.
Baker Hughes Company 2024 Form 10-K | 98

Equity Compensation Plan Information
The information in the following table is presented as of December 31, 2024 with respect to shares of our Class
A common stock that may be issued under our current and prior LTI Plans (in millions, except per share prices).
Equity Compensation Plan
Category
Number of
Securities to be
Issued Upon
Exercise of
Outstanding
Options, Warrants
and Rights
Weighted Average
Exercise Price of
Outstanding
Options, Warrants
and Rights
Number of Securities
Remaining Available
for Future Issuance
Under Equity
Compensation Plans
(excluding securities
reflected in the first
column)
Shareholder-approved plans
1.4
$ 31.99
19.2
Nonshareholder-approved plans
—
—
—
Subtotal (except for weighted average exercise price)
1.4
31.99
19.2
Employee stock purchase plan
—
—
6.9 (1)
Total
1.4
$ 31.99
26.0
(1)
Employee stock purchase plan shares of 0.4 million will be issued in the first quarter of 2025 that relate to the three
months ended December 31, 2024 purchase period. The remaining 6.5 million shares are available for future issuance.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
Information for this item is set forth in the sections entitled "Corporate Governance-Director Independence" and
"Certain Relationships and Related Party Transactions" in our Proxy Statement, which sections are incorporated
herein by reference.
ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
Our independent registered public accounting firm is KPMG LLP,
P Houston, Texas, Auditor Firm ID: 185.
Information concerning principal accountant fees and services is set forth in the section entitled "Fees Paid to
KPMG LLP" in our Proxy Statement, which section is incorporated herein by reference.
Baker Hughes Company 2024 Form 10-K | 99

PART IV
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) List of Documents filed as part of this Annual Report.
(1) Financial Statements
All financial statements of the Company as set forth under Item 8 of this Annual Report on Form 10-K.
(2) Financial Statement Schedules
The schedules listed in Reg. 210.5-04 have been omitted because they are not applicable or the required
information is shown in the consolidated financial statements or notes thereto.
(3) Exhibits
Each exhibit identified below is filed as a part of this Annual Report. Exhibits designated with an "*" are filed as
an exhibit to this Annual Report on Form 10-K and exhibits designated with an "**" are furnished as an exhibit to this
Annual Report on Form 10-K. Exhibits designated with a "+" are identified as management contracts or
compensatory plans or arrangements. Exhibits designated with ∞indicate that portions of this exhibit have been
redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. Exhibits previously filed are incorporated by reference.
Exhibit
Number
Exhibit Description
p
3.1
Fourth Amended and Restated Certificate of Incorporation of Baker Hughes Company dated May 13,
2024.
3.2
Sixth Amended and Restated Bylaws of Baker Hughes Company dated February 1, 2024.
4.1
Indenture, dated October 28, 2008, between Baker Hughes Incorporated (as predecessor to Baker
Hughes Holdings LLC) and The Bank of New York Mellon Trust Company, N.A., as trustee.
4.2
Second Supplemental Indenture, dated July 3, 2017, to the Indenture dated as of October 28, 2008,
among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and The Bank of New York Mellon
Trust Company, N.A., as trustee.
4.3
Third Supplemental Indenture, dated December 11, 2017, to the Indenture dated as of October 28,
2008, among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and The Bank of New York
Mellon Trust Company, N.A., as trustee.
4.4
Fourth Supplemental Indenture, dated November 7, 2019, to the Indenture dated as of October 28,
2008, among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and the Bank of New York
Mellon Trust Company, N.A., as Trustee.
4.5
Fifth Supplemental Indenture, dated May 1, 2020 to the Indenture dated as of October 28, 2008,
among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and The Bank of New York Mellon
Trust Company, N.A., as Trustee.
4.6
Sixth Supplemental Indenture, dated December 9, 2021 to the Indenture dated as of October 28, 2008,
among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and The Bank of New York Mellon
Trust Company, N.A., as Trustee.
4.7
Seventh Supplemental Indenture dated December 31, 2023, to the Indenture dated as of October 28,
2008, among Baker Hughes Holdings LLC and Baker Hughes Co-Obligor, Inc., as Existing Obligors,
Baker Hughes Company, as Parent Guarantor, and the Bank of New York Mellon Trust Company, N.A.,
as Trustee.
4.8
Indenture, dated May 15, 1994, between Western Atlas Inc. and The Bank of New York Mellon, as
Trustee.
4.9
First Supplemental Indenture dated July 3, 2017, to the Indenture dated as of May 15, 1994, by and
among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc., Baker Hughes Oilfield
Operations, LLC and Baker Hughes International Branches, LLC, as New Obligors, and The Bank of
New York Mellon Trust Company, N.A., as Trustee.
4.10
Second Supplemental Indenture, dated December 31, 2023, to the Indenture dated as of May 15,
1994, by and among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc., Baker Hughes
Oilfield Operations, LLC and Baker Hughes International Branches, LLC, as Existing Obligors, Baker
Hughes Company, as Parent Guarantor, and The Bank of New York Mellon Trust Company, N.A., as
Trustee.
Baker Hughes Company 2024 Form 10-K | 100

4.11
First Supplemental Indenture, dated as of July 3, 2017, to the Indenture dated as of May 15, 1991,
among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and The Bank of New York Mellon
Trust Company, N.A., as trustee.
4.12
Second Supplemental Indenture, dated as of December 31, 2023, to the Indenture dated as of May 15,
1991, among Baker Hughes Holdings LLC and Baker Hughes Co-Obligor, Inc., as Existing Obligors,
Baker Hughes Company, as Parent Guarantor, and the Bank of New York Mellon Trust Company, N.A.,
as Trustee.
4.13
Description of Securities Registered pursuant to Section 12 of the Securities Exchange Act of 1934.
4.14
Form of Stock Certificate for Class A Common Stock of Baker Hughes Company under the Laws of the
State of Delaware.
10.1
Transaction Agreement, dated as of February 28, 2019, between Baker Hughes Holdings LLC, General
Electric Company and GE Aero Power LLC.
10.2
STDA Side Agreement, dated as of July 31, 2019, between Baker Hughes Holdings LLC and General
Electric Company.
10.3*∞
Second Amended and Restated Supply and Technology Development Agreement, dated as of
December 29, 2024, between Baker Hughes Holdings LLC and General Electric Company.
10.4
Umbrella Aero-Derivatives IP Agreement, dated as of November 13, 2018, between General Electric
Company and Baker Hughes Holdings LLC.
10.5
TMA Master Settlement Agreement as of February 13, 2023 among General Electric Company, Baker
Hughes Company, EHHC Newco, LLC and Baker Hughes Holdings LLC to settle disputes under the
Tax Matters Agreement.
10.6
Credit Agreement, dated as of November 21, 2023, among Baker Hughes Holdings LLC, as the
borrower, Baker Hughes Company, as the parent guarantor, the lenders party thereto, and JPMorgan
Chase Bank, N.A., as Administrative Agent.
10.7+
Baker Hughes Company 2017 Long-Term Incentive Plan.
10.8+
Baker Hughes Company 2021 Long-Term Incentive Plan.
10.9+
Baker Hughes Company Executive Offif cer Short Term Incentive Compensation Plan as Amended and
Restated.
10.10+
Baker Hughes Company Non-Employee Director Deferral Plan as Amended and Restated.
10.11+
Baker Hughes Company Form of Director Deferred Stock Unit Award Agreement dated May 2024.
10.12+
Amendment to the Baker Hughes Company Benefits Plans including the Baker Hughes Company 2017
Long-Term Incentive Plan.
10.13+
Baker Hughes Company Executive Severance Program.
10.14+
First Amendment to the Baker Hughes Company Executive Severance Program effe
f
ctive January 1,
2020.
10.15+
Baker Hughes Company Executive Change in Control Severance Plan.
10.16+
Baker Hughes Company Employee Stock Purchase Plan as Amended and Restated.
10.17+
Baker Hughes Company Supplementary Pension Plan as Amended and Restated Effe
f
ctive as of
December 31, 2018.
10.18+
Amendment to the Baker Hughes Holdings LLC Sponsored Benefit Plans including the Baker Hughes
Company Supplementary Pension Plan.
10.19+
Baker Hughes Company Supplemental Retirement Plan, as amended and restated effe
f
ctive as of
January 1, 2020.
10.20+
Baker Hughes Company Form of Indemnification Agreement dated July 2017.
10.21+
Baker Hughes Company Form of Director and Offif cer Indemnification Agreement dated March 18,
2020.
10.22+
Baker Hughes Company Form of Stock Option Award Agreement dated July 2017.
10.23+
Baker Hughes Company Form of Senior Executive Stock Option Award Agreement dated July 2017.
10.24+
Baker Hughes Company Form of Stock Option Award Agreement dated January 2018.
10.25+
Offe
f
r Letter between Baker Hughes Company and Lorenzo Simonelli, dated as of August 1, 2017.
10.26+
Restricted Stock Unit Award Agreement between Baker Hughes Company and Lorenzo Simonelli dated
as of June 1, 2018.
10.27+
Baker Hughes Company Form of Stock Option Award Agreement dated January 2019.
10.28+
Baker Hughes Company Form of Restricted Stock Unit Award Agreement (three year ratable vest)
dated January 2020.
Baker Hughes Company 2024 Form 10-K | 101

10.29+
Baker Hughes Company Form of Restricted Stock Unit Award Agreement (three year clifff vest) dated
January 2020.
10.30+
Baker Hughes Company Form of ROIC Perfor
f
mance Share Unit Award Agreement dated January
2020.
10.31+
Baker Hughes Company Form of TSR Perfor
f
mance Share Unit Award Agreement dated January 2020.
10.32+
Baker Hughes Company Form of Stock Option Award Agreement dated January 2020.
10.33+
Baker Hughes Company Form of Restricted Stock Unit Award Agreement (three year clifff vest) dated
January 2021.
10.34+
Baker Hughes Company Form of Restricted Stock Unit Award Agreement (three year ratable vest)
dated January 2021.
10.35+
Baker Hughes Company Form of Perfor
f
mance Share Unit Award Agreement dated January 2021.
10.36+
Form of Transfor
f
mation Incentive Award Agreement dated January 2021.
10.37+
Baker Hughes Company Form of Executive Offif cer Restricted Stock Unit Award Agreement (three year
ratable vest) dated January 2022.
10.38+
Baker Hughes Company Form of Executive Offif cer Restricted Stock Unit Award Agreement (three year
clifff vest) dated January 2022.
10.39+
Baker Hughes Company Form of Executive Offif cer Perfor
f
mance Share Unit Award Agreement dated
January 2022.
10.40+
Baker Hughes Company Form of Director Stock Unit Award Agreement dated March 2022.
10.41+
Baker Hughes Company Form of Executive Offif cer Perfor
f
mance Share Unit Award Agreement dated
January 2023.
10.42+
Baker Hughes Company Form of Restricted Stock Unit Award Agreement (2-year clifff vest for new
hires) dated January 2023.
10.43+
Baker Hughes Company Form of Restricted Stock Unit Award Agreement (2-year ratable vest for new
hires) dated January 2023.
10.44
Plea Agreement between Baker Hughes Services International, Inc. and the United States Department
of Justice filed on April 26, 2007, with the United States District Court of Texas, Houston Division.
10.45+
Baker Hughes Company Form of Executive Offif cer Perfor
f
mance Share Unit Award Agreement dated
February 2024.
19*
Insider Trading Policy.
21*
Subsidiaries of the Company.
22.1
List of Subsidiary Guarantors of Guaranteed Securities.
23.1*
Consent of KPMG LLP.
31.1*
Certification of Lorenzo Simonelli, President and Chief Executive Offif cer, pursuant to Rule 13a-14(a) of
the Securities Exchange Act of 1934, as amended.
31.2*
Certification of Nancy Buese, Executive Vice President and Chief Financial Offif cer, pursuant to Rule
13a-14(a) of the Securities Exchange Act of 1934, as amended.
32**
Certification of Lorenzo Simonelli, President and Chief Executive Offif cer, and Nancy Buese, Executive
Vice President and Chief Financial Offif cer, pursuant to Rule 13a-14(b) of the Securities Exchange Act
of 1934, as amended.
95*
Mine Safety Disclosures.
97
Recoupment of Compensation Policy.
101.INS*
XBRL Instance Document - the instance document does not appear in the Interactive Data File
because its XBRL tags are embedded within the Inline XBRL document.
101.SCH* XBRL Schema Document.
101.CAL* XBRL Calculation Linkbase Document.
101.LAB* XBRL Label Linkbase Document.
101.PRE* XBRL Presentation Linkbase Document.
101.DEF* XBRL Definition Linkbase Document.
104*
Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit
101).
ITEM 16. FORM 10-K SUMMARY
None.
Baker Hughes Company 2024 Form 10-K | 102

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BAKER HUGHES COMPANY
Date: February 4, 2025
/s/ LORENZO SIMONELLI
Lorenzo Simonelli
Chairman, President and Chief
Executive Offif cer
KNOWN ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes
and appoints Lorenzo Simonelli, Nancy Buese and Georgia Magno, each of whom may act without joinder of the
other, as their true and lawful attorneys-in-fact and agents, each with full power of substitution and resubstitution, for
such person and in his or her name, place and stead, in any and all capacities, to sign any and all amendments to
this Annual Report on Form 10-K, and to file the same, with all exhibits thereto and other documents in connection
therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power
and authority to do and perfo
r
rm each and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all
that said attorneys-in-fact and agents, or their substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed
below by the following persons on behalf of the registrant and in the capacities indicated on this 4th day of February
2025.
Signature
Title
/s/ LORENZO SIMONELLI
Chairman, President and Chief Executive Offif cer
(Lorenzo Simonelli)
(principal executive offif cer)
/S/ NANCY BUESE
Executive Vice President and Chief Financial Offif cer
(Nancy Buese)
(principal financial offif cer)
/S/ REBECCA CHARLTO
L
N
Senior Vice President, Controller and Chief Accounting Offif cer
(Rebecca Charlton)
(principal accounting offif cer)
Baker Hughes Company 2024 Form 10-K | 103

Signature
Title
/s/ ABDULAZIZ M. AL GUDAIMI
Director
(Abdulaziz M. Al Gudaimi)
/s/ W. GEOFFREY BEATTIE
Director
(W. Geoffr
f ey Beattie)
/s/ GREGORY
R
D. BRENNEMAN
Director
(Gregory D. Brenneman)
/s/ CYNTHIA B. CARROLL
Director
(Cynthia B. Carroll)
/s/ MICHAEL R. DUMAIS
Director
(Michael R. Dumais)
/s/ SHIRLEY EDWARDS
Director
(Shirley Edwards)
/s/ LYNN L. ELSENHANS
Director
(Lynn L. Elsenhans)
/s/ JOHN G. RICE
Director
(John G. Rice)
/s/ MOHSEN M. SOHI
Director
(Mohsen M. Sohi)
Baker Hughes Company 2024 Form 10-K | 104

Reconciliation of GAAP to Non-GAAP Financial Measures*
Baker Hughes Company presents its financial results in accordance with U.S. GAAP. However, management
believes that additional non-GAAP
A
measures are widely accepted financial indicators used by investors and
analysts to analyze and compare companies on the basis of operating perfo
r
rmance and liquidity, and that these
measures may be used by investors to make informed investment decisions. The following tables reconcile our
GAAP
A
financial information with non-GAAP
A
financial information used in this Annual Report for
f
the year ended
December 31, 2024.
The reconciliations of net income attributable to Baker Hughes Company (GAAP) to earnings before, interest,
taxes, depreciation and amortization ("EBITDA") (non-GAAP)
A
, adjusted EBITDA (non-GAAP)
A
, and adjusted EBITDA
margin (non-GAAP
A
) for
f
the years ended December 31, 2024 and 2023 are as fol
f lows:
Year Ended December 31
(in m
i
illions)
2024
2023
Revenue
$
27,829 $
25,506
Net income attributable to Baker Hughes Company (GAAP)
$
2,979 $
1,943
Net income attributable to noncontrolling interests
29
27
Provision for
f
income taxes
257
685
Interest expense, net
198
216
Other non-operating income, net
(382)
(554)
Operating income (GAAP
A
)
3,081
2,317
Depreciation & amortization
1,136
1,087
EBITDA (non-GAAP
A
)
4,216
3,405
Restructuring, impairment and other
301
323
Inventory impairment
73
35
Total operating income adjustments
375
358
Adjusted EBITDA (non-GAAP)
A
$
4,591 $
3,763
Adjusted EBITDA margin (non-GAAP)
A
(1)
16.5%
14.8%
(1) Adjusted EBITDA margin (non-GAAP)
A
is defined as Adjusted EBITDA (non-GAAP)
A
divided by revenue.

The reconciliations of net income attributable to Baker Hughes Company (GAAP) to adjusted net income (non-
GAAP)
A
for the years ended December 31, 2024 and 2023 are as fol
f lows:
Year Ended December 31
(in m
i
illions, except per share a
r
mounts)
t
2024
2023
Net income attributable to Baker Hughes Company (GAAP)
$
2,979 $
1,943
Total operating income adjustments
375
358
Other adjustments (non-operating)
(335)
(554)
Tax adjustments
(663)
(124)
Total adjustments, net of income tax
(623)
(320)
Less: adjustments attributable to noncontrolling interests
—
—
Adjustments attributable to Baker Hughes Company
(623)
(320)
Adjusted net income attributable to Baker Hughes Company (non-
GAAP)
A
$
2,356 $
1,622
Denominator:
Weighted-average shares of Class A common stock outstanding
diluted
1,001
1,015
Adjusted earnings per share - diluted (non-GAAP)
A
$
2.35 $
1.60
The reconciliation of net cash flows from operating activities (GAAP)
A
to free cash flow (non-GAAP)
A
for the years
ended December 31, 2024 and 2023 is as follows:
Year Ended December 31
(in m
i
illions)
2024
2023
Net cash flows from operating activities (GAAP
A
)
$
3,332 $
3,062
Less: Cash used for capital expenditures, net of proceeds from
disposal of assets
(1,075)
(1,016)
Free cash flow (non-GAAP
A
)
$
2,257 $
2,045
*Certain columns may not sum up due to the use of rounded numbers.

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