Welcome to our dedicated page for Baker Hughes news (Ticker: BKR), a resource for investors and traders seeking the latest updates and insights on Baker Hughes stock.
Baker Hughes Company reports developments tied to its role as an energy technology company serving energy and industrial customers worldwide. Recurring updates cover oilfield services and equipment, industrial and energy technology, financial results, dividends, governance matters and customer orders for turbomachinery, gas compression, power generation and lifecycle services.
Company news also includes project awards involving NovaLT™ gas turbines, LM-series aeroderivative turbines, centrifugal compressors, remote monitoring and diagnostic services, and inspection technologies through Waygate Technologies. These announcements reflect Baker Hughes' exposure to LNG, pipeline, offshore production, refinery and industrial inspection markets, alongside regular capital-return and earnings communications.
NextDecade (NASDAQ: NEXT) and Baker Hughes (NASDAQ: BKR) have entered into a framework agreement for the Rio Grande LNG Facility expansion. Baker Hughes will provide gas turbine and refrigerant compressor technology, along with maintenance services for Trains 4 through 8.
NextDecade is advancing the commercialization of Trains 4 and 5, with plans to make final investment decisions pending governmental approvals, EPC contracts, commercial arrangements, and adequate financing. The company is also initiating the permitting process for Trains 6 through 8, which are expected to increase total liquefaction capacity by approximately 18 million tonnes per annum.
Baker Hughes (NASDAQ: BKR) and Woodside Energy have announced a joint initiative to develop a lower-carbon power generation technology solution using the Net Power platform. The collaboration, formalized through a Technology Development Agreement (TDA), builds upon their 2022 MoU and aims to create solutions specifically for oil and gas, LNG, and heavy industries.
The Net Power platform utilizes natural gas to generate affordable power while capturing nearly all CO2 emissions. Baker Hughes, as the exclusive provider of the small-scale application, will leverage development and testing from Net Power's La Porte facility and planned utility-scale power plant near Midland, Texas.
The partnership focuses on assessing feasibility and industrial market scalability, with plans to bring additional development partners to tailor the concept for different power generation segments.
Baker Hughes (NASDAQ: BKR) and Frontier Infrastructure announced a partnership to accelerate carbon capture and storage (CCS) and power solutions in the U.S. Frontier's Sweetwater Carbon Storage Hub (SCS Hub) spans nearly 100,000 acres in Wyoming, providing open-access CO₂ storage for industrial emitters and ethanol producers.
Baker Hughes will supply CCS and power generation technologies, including CO₂ compression, well design, and NovaLT™ gas turbines, enhancing project efficiency and resource allocation.
Frontier has three Class VI permits and has started drilling, with first injection expected by year-end 2025. The partnership aims to optimize project execution, expand infrastructure, and meet rising energy demands with 256 MW of new gas-fired generation capacity.
Baker Hughes anticipates orders as projects progress, leveraging its expertise in turbine technology and CCS innovation to support decarbonization efforts.
Baker Hughes (NASDAQ: BKR) has appointed Ahmed Moghal as its new Chief Financial Officer, effective immediately. Moghal, who currently serves as CFO of the Industrial & Energy Technology (IET) business, succeeds Nancy Buese. The change comes as Baker Hughes progresses in its strategic transformation, having achieved record results last year.
The company reaffirmed its 2025 outlook, projecting solid EBITDA growth, targeting 20% EBITDA margin for OFSE segment in 2025 and IET segment in 2026. Baker Hughes remains committed to returning 60-80% of free cash flow to shareholders.
Moghal brings over two decades of experience and has been with Baker Hughes since 2017, starting after the merger with GE Oil & Gas. Buese will transition to a strategic adviser role before departing on April 30, 2025.
Baker Hughes (NASDAQ: BKR) has been selected by Argent LNG as the technology provider for its proposed LNG export facility in Port Fourchon, Louisiana. The facility aims to produce approximately 24 million tonnes per annum (MTPA) of LNG.
Baker Hughes will provide liquefaction solutions, power generation equipment, and gas compression systems, featuring their NMBL™ modularized LNG solution powered by LM9000 gas turbines. The project will integrate iCenter™ digital solutions powered by Cordant™ to optimize operational efficiency.
The project's Phase 1 construction is scheduled to begin in 2026, with commercial operations expected by 2030. Phase 2 is progressing through critical milestones, including FERC approvals and gas supply agreements. Baker Hughes anticipates receiving orders as the project advances toward Final Investment Decision.
Baker Hughes (NASDAQ: BKR) has partnered with Hanwha Power Systems and Hanwha Ocean through a Joint Development and Collaboration Agreement (JDCA) to develop small-size turbines for ammonia applications. The partnership combines Baker Hughes' gas turbine technology with Hanwha's ammonia combustion system.
The new ammonia turbine (~16MW power range) will be suitable for marine, onshore, and offshore applications, including electric generation and mechanical drive. Hanwha Ocean will be the primary beneficiary, implementing the solution in future vessels. Hanwha has successfully tested a proof-of-concept combustor using 100% ammonia fuel, while Baker Hughes completed initial turbine feasibility studies in 2024.
The companies aim to complete full engine testing with ammonia by end-2027, after which the turbine will be commercially available. This development follows Baker Hughes' January 2024 announcement of successful testing of the world's first 100% hydrogen turbine.
Hanwha Power Systems and Hanwha Ocean have signed a Joint Development and Collaboration Agreement with Baker Hughes (NASDAQ: BKR) to design and produce low carbon ammonia gas turbines. The collaboration aims to develop turbines capable of 100% ammonia combustion and dual fuel operation with natural gas-ammonia blend.
The project builds on Baker Hughes' proven small-size turbine technology and PSM's newly-developed ammonia combustion system. Hanwha Group plans to complete the development of LNG carriers and container ships using this ammonia gas turbine propulsion system by 2028. In September 2023, the companies received approval in principle from ABS for applying ammonia gas turbines to LNG carriers.
PSM completed initial high-pressure ammonia combustion testing and Baker Hughes finished turbine feasibility studies in 2024. The initiative supports Hanwha Group's vision, announced at Davos Forum, to create the world's first fossil fuel-free ship.
Baker Hughes (NASDAQ: BKR) has secured a major multi-year contract from ExxonMobil Guyana to supply specialty chemicals and related services for the Uaru and Whiptail offshore developments in Guyana's Stabroek Block. The contract covers topsides, subsea, water injection, and utility chemicals for the Errea Wittu and Jaguar FPSO vessels, set to begin production in 2026 and 2027.
The developments will include up to 20 drill centers and 92 production and injection wells. Each FPSO will have a capacity of 250,000 barrels per day, contributing to Guyana's total daily production capacity of approximately 1.3 million barrels. Baker Hughes, which operates a multimodal supercenter in Georgetown, will leverage its local supply chains and expertise in oilfield and industrial chemicals to support these complex FPSO operations.
Baker Hughes (BKR) reported strong Q4 and full-year 2024 results, with notable achievements in both quarters. Q4 highlights include orders of $7.5 billion, revenue of $7.4 billion (up 8% YoY), and adjusted EBITDA of $1,310 million (up 20% YoY). The company achieved GAAP diluted EPS of $1.18 and adjusted diluted EPS of $0.70.
Full-year 2024 performance showed revenue of $27.8 billion (up 9% YoY), attributable net income of $2,979 million, and adjusted EBITDA of $4,591 million (up 22% YoY). The company returned $1,320 million to shareholders, including $484 million in share repurchases.
Baker Hughes announced a 10% increase in quarterly dividend to $0.23. The Industrial & Energy Technology (IET) segment secured significant LNG and gas infrastructure contracts, while Oilfield Services & Equipment (OFSE) gained notable contracts in Europe and the Middle East.
Baker Hughes (NASDAQ: BKR) has announced a quarterly cash dividend increase of 10% to $0.23 per share of Class A common stock, representing a $0.02 increase compared to the same quarter last year. The dividend will be payable on February 21, 2025, to shareholders of record as of February 11, 2025. The company plans to fund this dividend payment through cash generated from operations.