Represents a major milestone in Baker Hughes’ ongoing portfolio management strategy to become a higher-value, leading industrialized energy solutions company

Baker Hughes has secured a multi-year contract with Kuwait Oil Company to accelerate technology innovation in Kuwait's upstream energy sector. The agreement positions Baker Hughes as a key technology partner in KOC's Ahmadi Innovation Valley, an in-country research and innovation hub. The collaboration will focus on developing scalable solutions to optimise production and flow assurance, utilising Baker Hughes' digital and AI automation technologies. These solutions aim to increase recovery from existing wells, lower operating costs, reduce water production and minimise power consumption. Baker Hughes will establish a dedicated research and technology development centre at Ahmadi Innovation Valley to support continuous evaluation of new solutions and build local expertise. The company has operated in Kuwait for over four decades.

Baker Hughes exceeded Wall Street expectations in its second quarter despite a modest revenue decline. The company reported revenue of $6.74 billion, beating analyst estimates of $6.50 billion, though down 2.4% year-on-year. Adjusted earnings per share reached $0.64, significantly surpassing the $0.49 forecast. CEO Lorenzo Simonelli highlighted strong order momentum in the Industrial & Energy Technology segment and successful navigation of Middle East headwinds. The company's diversified portfolio helped it outperform amid global energy market volatility. During the earnings call, analysts focused on power systems capacity expansion, with management noting expected payback periods below two years. Questions also addressed commercial synergies from the Chart acquisition, particularly opportunities in data centres and gas infrastructure. Management expressed confidence in margin expansion through pricing strength and disciplined execution.