SUBSCRIBE
PROFILE

Baker Hughes reports record orders for IET despite a drop in cash flow

Baker Hughes posted strong quarterly results, driven by a 9% increase in orders for its Industrial & Energy Technology division, despite a 50% drop in cash flow during the same period.

Share:

Comprehensive energy news coverage, updated nonstop

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access • Archives included • Professional invoice

SUBSCRIBE - 99$/year

OTHER ACCESS OPTIONS

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

FREE ACCOUNT

3 articles offered per month

FREE

*Prices are excluding VAT, which may vary depending on your location or professional status

Since 2021: 35,000 articles • 150+ analyses per week

The US-UK group Baker Hughes Company reported stable revenue of $6.43bn for the first quarter of 2025, with orders amounting to $6.46bn. Its Industrial & Energy Technology (IET) division achieved a record order intake of $3.18bn, supported by growth in gas equipment and services, particularly in liquefied natural gas (LNG) projects and energy solutions for data centres.

Increased investments in gas infrastructure

The company strengthened its position in the LNG market with new contracts in North America, including the supply of LM6000+ gas turbines and refrigerant compressors for a liquefaction unit awarded by Bechtel. Strategic agreements were also signed to support the Rio Grande LNG projects of NextDecade and Argent LNG in Louisiana, incorporating NMBL™ modular solutions and digital platforms such as iCenter™ and Cordant™.

Orders for NovaLT™ turbines for data centres exceeded 350 MW, including a partnership with Frontier Infrastructure to develop carbon capture and storage (CCS) and power generation solutions in the United States.

Pressure on profitability despite IET performance

Net income attributable to Baker Hughes amounted to $402mn, down 12% year-on-year. Adjusted EBITDA increased by 10% to $1.04bn, driven by productivity improvements and volume growth in the IET division. However, cash flows from operating activities fell by 40% to $709mn, and free cash flow dropped by 49% to $454mn.

In the Oilfield Services & Equipment (OFSE) sector, performance was mixed. Revenue decreased by 8% year-on-year to $3.5bn, while EBITDA declined by 3% to $623mn. Activity was nevertheless supported by major contracts with ExxonMobil in Guyana, Petrobras in Brazil, and Dubai Petroleum Establishment in the United Arab Emirates.

Geographic breakdown and cautious outlook

Revenue in North America fell by 5% to $922mn, while international markets saw an 11% decline, particularly affected in Europe and Sub-Saharan Africa. Management remains cautious about the outlook, citing persistent uncertainty related to trade policies and macroeconomic conditions.

Baker Hughes’ Chairman and CEO, Lorenzo Simonelli, praised operational optimization efforts, stating that these initiatives “create a solid foundation for improving margins and increasing returns.”

  • Popular on energynews.pro
Woodside signs nine-year LNG supply deal with Turkish company BOTAŞ
Condor raises $13.65mn to accelerate gas drilling programme in Uzbekistan
Stardust Power raises $15mn to launch its lithium refinery in Oklahoma
CNOOC launches ninth offshore project in 2025 in the South China Sea
Global wind industry suffers historic downturn in 2025 despite Chinese resilience
Canberra imposes mandatory gas reserve to secure domestic supply
The Australian government will require up to 25% of gas extracted on the east coast to be reserved for the domestic market from 2027, in response to supply tensions and soaring prices.
Baker Hughes to supply six LM9000 turbines for Commonwealth LNG terminal
Baker Hughes will deliver six gas refrigeration trains for Commonwealth LNG’s 9.5 mtpa export project in Louisiana, under a contract with Technip Energies.
Shanghai Electric launches 625 MW upgrade to strengthen Iraq’s power grid
Shanghai Electric begins a combined-cycle expansion project across four Iraqi provinces, aiming to boost energy efficiency by 50% without additional fuel consumption.
Zefiro completes $1.5mn gas project in Pennsylvania and prepares $5mn operation in Louisiana
Zefiro Methane, through its subsidiary Plants & Goodwin, completes an energy conversion project in Pennsylvania and plans a new well decommissioning operation in Louisiana, expanding its presence to eight US states.
France: the Council of State bans coalbed methane exploitation in Lorraine
The Council of State has cancelled the authorisation to exploit coalbed methane in Lorraine, citing risks to the region's main aquifer and bringing an end to a legal battle that began over a decade ago.
JERA signs seven-year LNG supply deal with Hokkaido Gas
Japanese power producer JERA will deliver up to 200,000 tonnes of liquefied natural gas annually to Hokkaido Gas starting in 2027 under a newly signed long-term sale agreement.
Israel seals a €30 billion gas contract with Egypt
An agreement announced on December 17, 2025 provides for twenty years of deliveries through 2040. The package amounts to 112 billion new Israeli shekels (Israeli shekels) (NIS), with flows intended to support Egyptian gas supply and Israeli public revenues.
ADNOC raises up to $11bn to finance the Hail and Ghasha offshore gas project
Abu Dhabi’s national oil company has secured a landmark structured financing to accelerate the development of the Hail and Ghasha gas project, while maintaining strategic control over its infrastructure.
Sawgrass LNG marks eight years of liquefied natural gas deliveries to The Bahamas
U.S.-based Sawgrass LNG & Power celebrates eight consecutive years of LNG exports to The Bahamas, reinforcing its position in regional energy trade.
Kinder Morgan restores EPNG capacity at Lordsburg earlier than expected
Kinder Morgan restored the EPNG pipeline capacity at Lordsburg on December 13, ending a constraint that had driven Waha prices negative. The move highlights the Permian’s fragile balance, operating near the limits of its gas evacuation infrastructure.
ENGIE commissions 875 MW of flexible capacity to support Belgian grid
ENGIE activates key projects in Belgium, including an 875 MW gas-fired plant in Flémalle and a battery storage system in Vilvoorde, to strengthen electricity supply security and grid flexibility.
Hungary signs five-year gas deal with Chevron despite ties to Moscow
Hungary has signed a contract with US company Chevron to import 400mn m³ of LNG per year, while maintaining a structural dependence on Russian gas through a long-term agreement with Gazprom.
Subsea7 secures $300mn contract for Gorgon Stage 3 project in Australia
Chevron Australia awards Subsea7 a major contract for subsea installation on the Gorgon Stage 3 project, with offshore operations scheduled for 2028 at 1,350 metres depth.
Ovintiv signs 12-year deal for access to Cedar LNG liquefaction capacity
Ovintiv has entered into an agreement with Pembina Pipeline Corporation to secure 0.5 million tonnes per annum of LNG liquefaction capacity over 12 years, strengthening its export outlook to Asian markets.
TotalEnergies sells 9.998% stake in Malaysia’s SK408 block to PTTEP
TotalEnergies has completed the sale of a minority stake in a Malaysian offshore gas block to PTTEP, while retaining its operator role and a majority share.
Brussels eases methane stance to secure gas imports
The European Union will apply its methane emissions rules more flexibly to secure liquefied natural gas supplies from 2027.
Caracas ends gas trade with Trinidad and Tobago after tanker seizure
Venezuela has ended all energy cooperation with Trinidad and Tobago after the seizure of an oil tanker carrying crude by the United States, accusing the archipelago of participating in the military operation in the Caribbean.
National Fuel raises $350mn through private placement to fund strategic acquisition
National Fuel has secured $350mn in a private placement of common stock with accredited investors to support the acquisition of CenterPoint’s regulated gas business in Ohio.
François Michel appointed CEO of GTT after record year
GTT appoints François Michel as CEO starting January 5, separating governance roles after strong revenue and profit growth in 2024.
Washington demands methane exemption until 2035 to protect its LNG exports
The United States is requesting a derogation from EU methane rules, citing the Union’s energy security needs and the technical limits of its liquefied natural gas export model.

All the latest energy news, all the time

Annual subscription

8.25$/month*

*billed annually at 99$/year for the first year then 149,00$/year ​

Unlimited access - Archives included - Pro invoice

START - 99$/year

Monthly subscription

Unlimited access • Archives included

5.2$/month*
then 14.90$ per month thereafter

*Prices shown are exclusive of VAT, which may vary according to your location or professional status.

Since 2021: 30,000 articles - +150 analyses/week.