EX-99.1 2 earningsreleaseex991093020.htm EX-99.1 Document
                                                


展示99.1



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ベーカーヒューズカンパニーは2024年第3四半期の業績を発表しました
三半期のハイライト
•67億ドルの受注額には、29億ドルのIEt受注額が含まれています。
•334億ドルのRPOを含む、史上最高の302億ドルのIEt RPO。
•売上高は69億ドルで、前年比4%増。
•76600万ドルの当期純利益。
•GAAP希薄化後epsは$0.77で、調整後希薄化後eps*は$0.67です。
•調整後のEBITDA*は12億2080万ドルで、前年比で23%増加しました。
•営業活動によるキャッシュフローは101000万ドルで、フリーキャッシュフロー*は75400万ドルです。
•シェアホルダーに36100万ドルの配当金を支払い、そのうち15200万ドルは株の買い戻しに充てられました。
ヒューストン＆ ロンドン (2024年10月22日) – ベーカーヒューズカンパニー (ナスダック: BKR) (「ベーカーヒューズ」または「会社」と呼ばれる) は、2024年第3四半期の結果を本日発表しました。
"私たちは、両セグメントで優れた運用性能が目立つ記録的なEBITDAをもう1四半期達成しました。当社のマージンは引き続き加速度的に改善し、全社EBITDAマージンは17.5%に増加しました。これは当社が設立されて以来、最も高いマージン四半期を記録しています。堅調な第3四半期の結果と安定した見通しを背景に、私たちはフルイヤーのEBITDAガイダンスの中間点達成に自信を持っています」とベーカーヒューズカンパニーの会長兼最高経営責任者、ロレンゾ・シモネッリ氏は述べています。
注文は堅調な水準を維持しており、IEtの注文額が29億ドルとなり、これらの水準に達するかそれ以上の水準を8四半期連続で記録しています。IEtは、ガスインフラ関連およびFPSOsの強力な注文モーメンタムを示し続け、マルガムガス貯蔵施設のためのダブイ石油公社からの史上最大のICLコンプレッサー受注を獲得し、別々の沖合運営会社から二つのFPSO受注も獲得しました。
「全体的に、当社のセグメントは20％のEBITDAマージンに向けた取り組みで強力な進展を続けており、両セグメントとも四半期中に高いティーンのマージンを達成しています。当社の運営の厳格さと厳格さは引き続き影響力を得ています。」
「私たちのサービス提供のライフサイクルの属性とポートフォリオの幅広さからも利益を上げています。継続的なIEtサービス収益、強力な生産関連事業、未開拓の市場機会、改善されたコスト構造を持ち、我々はよりサイクルに左右されにくく、サイクル全体で耐久性のある収益とフリーキャッシュフローを生成する能力を持つようになっています。」
"私たちは戦略を成功裏に実行しており、これは私たちの人々の力と、私たちが築いている文化の証である。」とSimonelliは結論づけました。

米国財務会計基準（"GAAP"）に従って決定された本四半期の営業利益は、83300万ドルでした。営業利益は、前期比18000万ドル増加し、前年同期比31900万ドル増加しました。セグメントの総営業利益は、2024年第2四半期において93500万ドルで、前期比24%増、前年同期比28%増となりました。
1

ベーカーヒューズカンパニーニュースリリース
ベーカーヒューズカンパニーは2024年第3四半期の業績を発表しました
3 か月が終了差異
（1株あたりの金額を除く百万単位）
2024年9月30日2024年6月30日に2023年9月30日シーケンシャル前年比
注文$6,676 $7,526 $8,512 (11 %)(22 %)
収入6,908 7,139 6,641 (3 %)4 %
ベーカー・ヒューズに帰属する純利益
766 579 518 32 %48 %
ベーカー・ヒューズに帰属する調整後純利益*
666 568 427 17 %56 %
営業利益
930 833 714 12 %30 %
調整後営業利益*
930 847 716 10 %30 %
調整後EBITDA*
1,208 1,130 983 7 %23 %
希薄化後の1株当たり利益（EPS）0.77 0.58 0.51 33 %51 %
調整後の希薄化EPS*
0.67 0.57 0.42 18 %59 %
営業活動によるキャッシュフロー
1,010 348 811 F25 %
フリーキャッシュフロー*
754 106 592 F27 %
* 非GAAP指標。GAAPから非GAAP財務指標への調整は、「GAAPから非GAAP財務指標への調整」セクションを参照してください。
変化率が100％を超える場合、「F」を使用します。また、変化率が（100％）未満の場合は、「U」が使用されます。
弊社の表と財務諸表の特定の列や行が、丸め数字を使用しているため合計しない場合があります。
四半期のハイライト
産業およびエネルギーテクノロジー（"IET"）は、その統合コンプレッサーライン（"ICL"）技術において力強い四半期を経験しました。これまでで最大のICL受賞の一環として、およびクライメイトテクノロジーソリューションズ（"CTS"）の下で予約されたベーカーヒューズカンパニーは、マルガムガス貯蔵施設に10台のユニットを供給します。これらのICLユニットは、天然ガスとソーラー電源の間を切り替えるシステムの安定性を高め、ドバイのエネルギー供給に安定性をもたらすガスインフラストラクチャをサポートします。
IETのガステクノロジー機器（"GTE"）も、アンゴラのTotalEnergiesの全電気式Kaminho Floating Production Storage and Offloading（"FPSO"）プロジェクトに先進の圧縮ソリューションを供給するための重要な契約を獲得しました。ベーカーヒューズカンパニーの遠心分離型BCLコンプレッサーとICLテクノロジーは、温室ガス排出を最小限に抑え、関連ガスを貯蔵用に垂直再射入する能力があるため選ばれました。別個に、IEtは、ラテンアメリカのFPSOプロジェクト用の電動モーター駆動プロセス圧縮機の提供を受けることが選択されました。
IETのgasテクノロジーサービス（"GTS"）は、中東のLNG施設のための数十年にわたる契約を確保しました。その範囲には、ベーカーヒューズカンパニーのiCenter™リモート監視および診断能力を活用した包括的なメンテナンスサービスとデジタルソリューションが含まれています。
オイルフィールドサービス＆機器（「OFSE」）は、ブラジルのサントス盆地で43マイルのフレキシブルパイプシステムを供給する契約を締結し、ペトロブラスとの関係を強化しました。これらのライザーとフローラインの大部分は、ベーカーヒューズカンパニーのニテロイ工場で国内製造されます。公募によって受注されたこれらの契約には、プロジェクトの寿命を通じてメンテナンス活動を支援するための長期契約が含まれており、ベーカーヒューズカンパニーがペトロブラスが事業拡大を達成するための戦略計画を実現するのに重要な機器とサービスを提供するという献身を示しています。
OFSEにおいて、成熟した資産ソリューション（"MAS"）は強力な注文四半期を遂げ、生産と総回収を加速させる会社の完全なワークフローとソリューションに対する信懇智能を示しています。OFSEは、オーストラリアのサントスエネルギーの戦略的かつ歴史的なクーパーベイシン開発に、ドリリングフルードとワイヤラインサービスを供給するMAS賞を受賞し、ベーカーヒューズカンパニーのベイシンへの復帰を示しました。さらに、OFSEは中東の顧客との複数年契約延長をサインしました。これは完了およびウェルインターベンションに関するものです。
2

ベーカーヒューズカンパニーニュースリリース
ベーカーヒューズカンパニーは2024年第3四半期の業績を発表しました
ベーカーヒューズカンパニーは、エンタープライズの知的自動化フィールドプロダクションデジタルソリューションであるLeucipa™の採用が増加していることを確認しました。重要なグローバルオペレーターがPermian Basinの複数のフィールドでLeucipaの利用を拡大し、顧客がリアルタイムのフィールドオーケストレーションを通じてローカーボン、新規売サイクルのバレルを生成し、生産を最適化することができるようにしました。さらに、Leucipaの主要な顧客であるRepsolとは、第4四半期初めに新たな戦略的協力関係を築き、このデジタルソリューションの次世代の人工知能機能の開発と展開を行うことになりました。両社は知識と専門知識を共有し、Repsolのグローバルポートフォリオ全体で生産を最適化し向上させながら、ベーカーヒューズに新たな商業機会を創出します。
Baker Hughes continues to innovate new digital technologies to support customers on their decarbonization journey. The Company launched CarbonEdge™, powered by Cordant™, an end-to-end, risk-based digital solution that delivers precise, real-time data and alerts on carbon dioxide (CO2) flows across CCUS infrastructure from subsurface to surface. This solution enables operators to mitigate risk, improve decision-making, enhance operational efficiency, and simplify regulatory reporting across the entire project lifecycle.
Consolidated Revenue and Operating Income by Reporting Segment
(in millions)Three Months EndedVariance
September 30, 2024June 30, 2024September 30, 2023SequentialYear-over-year
Oilfield Services & Equipment$3,963 $4,011 $3,951 (1 %)— %
Industrial & Energy Technology 2,945 3,128 2,691 (6 %)9 %
Segment revenue
6,908 7,139 6,641 (3 %)4 %
Oilfield Services & Equipment547 493 465 11 %18 %
Industrial & Energy Technology474 442 346 7 %37 %
Corporate (1)
(91)(88)(95)(3 %)4 %
Restructuring, impairment & other— (14)(2)FF
Operating income
930 833 714 12 %30 %
Adjusted operating income*
930 847 716 10 %30 %
Depreciation & amortization278 283 267 (2 %)4 %
Adjusted EBITDA*$1,208 $1,130 $983 7 %23 %
* Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."
"F" is used when variance is above 100%. Additionally, "U" is used when variance is below (100)%.
(1)Corporate costs are primarily reported in "Selling, general and administrative" in the condensed consolidated statements of income (loss).
Revenue for the quarter was $6,908 million, a decrease of 3% sequentially and an increase of 4% year-over-year. The increase in revenue year-over-year was driven by IET.
The Company's total book-to-bill ratio in the quarter was 1.0; the IET book-to-bill ratio in the quarter was also 1.0.
Operating income as determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"), for the third quarter of 2024 was $930 million. Operating income increased $97 million sequentially and increased $216 million year-over-year.
Adjusted operating income (a non-GAAP financial measure) for the third quarter of 2024 was $930 million. There were no adjustments to operating income in the third quarter. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1a in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Adjusted operating income for the third quarter of 2024 was up 10% sequentially and up 30% year-over-year.
3

Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2024 Results
Depreciation and amortization for the third quarter of 2024 was $278 million.
Adjusted EBITDA (a non-GAAP financial measure) for the third quarter of 2024 was $1,208 million. There were no adjustments to EBITDA in the third quarter. See Table 1b in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." Adjusted EBITDA for the third quarter was up 7% sequentially and up 23% year-over-year.
The sequential increase in adjusted operating income and adjusted EBITDA was driven by higher pricing in both segments and structural cost-out initiatives, partially offset by lower volume in both segments. The year-over-year increase in adjusted operating income and adjusted EBITDA was driven by higher pricing in both segments, higher volume in IET, and structural cost-out initiatives, partially offset by cost inflation in IET and unfavorable business mix in both segments.
Other Financial Items
Remaining Performance Obligations ("RPO") in the third quarter ended at $33.4 billion, a decrease of $0.1 billion from the second quarter of 2024. OFSE RPO was $3.2 billion, down 5% sequentially, while IET RPO was $30.2 billion, up $44 million sequentially. Within IET RPO, GTE RPO was $11.9 billion and GTS RPO was $14.8 billion.
Income tax expense in the third quarter of 2024 was $235 million.
Other non-operating income in the third quarter of 2024 was $134 million. Included in other non-operating income were net mark-to-market gains in fair value for certain equity investments of $99 million.
GAAP diluted earnings per share was $0.77. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.67. Excluded from adjusted diluted earnings per share were all items listed in Table 1c in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."
Cash flow from operating activities was $1,010 million for the third quarter of 2024. Free cash flow (a non-GAAP financial measure) for the quarter was $754 million. A reconciliation from GAAP has been provided in Table 1d in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures."
Capital expenditures, net of proceeds from disposal of assets, were $256 million for the third quarter of 2024, of which $182 million for OFSE and $62 million for IET.
4

Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2024 Results
Results by Reporting Segment
The following segment discussions and variance explanations are intended to reflect management's view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.
Oilfield Services & Equipment
(in millions)Three Months EndedVariance
Segment resultsSeptember 30, 2024June 30, 2024September 30, 2023SequentialYear-over-year
Orders$3,807 $4,068 $4,178 (6 %)(9 %)
Revenue$3,963 $4,011 $3,951 (1 %)— %
Operating income$547 $493 $465 11 %18 %
Operating margin
13.8 %12.3 %11.8 %1.5pts2pts
Depreciation & amortization$218 $223 $206 (2 %)6 %
EBITDA*$765 $716 $670 7 %14 %
EBITDA margin*19.3 %17.8 %17.0 %1.5pts2.3pts
(in millions)Three Months EndedVariance
Revenue by Product LineSeptember 30, 2024June 30, 2024September 30, 2023SequentialYear-over-year
Well Construction$1,050 $1,090 $1,128 (4 %)(7 %)
Completions, Intervention & Measurements1,009 1,118 1,085 (10 %)(7 %)
Production Solutions983 958 967 3 %2 %
Subsea & Surface Pressure Systems921 845 770 9 %20 %
Total Revenue$3,963 $4,011 $3,951 (1 %)— %
(in millions)Three Months EndedVariance
Revenue by Geographic RegionSeptember 30, 2024June 30, 2024September 30, 2023SequentialYear-over-year
North America$971 $1,023 $1,064 (5 %)(9 %)
Latin America648 663 695 (2 %)(7 %)
Europe/CIS/Sub-Saharan Africa933 827 695 13 %34 %
Middle East/Asia1,411 1,498 1,497 (6 %)(6 %)
Total Revenue$3,963 $4,011 $3,951 (1 %)— %
North America$971 $1,023 $1,064 (5 %)(9 %)
International2,992 2,988 2,887 — %4 %
* Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." EBITDA margin is defined as EBITDA divided by revenue.
OFSE orders of $3,807 million for the third quarter decreased by $261 million sequentially. Subsea and Surface Pressure Systems orders were $776 million, down 13% sequentially, and down 23% year-over-year.
OFSE revenue of $3,963 million for the third quarter was down 1% sequentially, and up $12 million year-over-year.
5

Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2024 Results
North America revenue was $971 million, down 5% sequentially. International revenue was $2,992 million, an increase of $4 million sequentially, driven by growth in Europe/CIS/Sub-Saharan Africa regions partially offset by decline in Middle East/Asia.
Segment operating income for the third quarter was $547 million, an increase of $54 million, or 11%, sequentially. Segment EBITDA for the third quarter was $765 million, an increase of $49 million, or 7% sequentially. The sequential increase in segment operating income and EBITDA was driven by positive price and productivity, partially offset by pressure from negative business mix and lower volume.
6

Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2024 Results
Industrial & Energy Technology
(in millions)Three Months EndedVariance
Segment resultsSeptember 30, 2024June 30, 2024September 30, 2023SequentialYear-over-year
Orders$2,868 $3,458 $4,334 (17 %)(34 %)
Revenue$2,945 $3,128 $2,691 (6 %)9 %
Operating income$474 $442 $346 7 %37 %
Operating margin
16.1 %14.1 %12.9 %2pts3.2pts
Depreciation & amortization$54 $55 $57 (2 %)(6 %)
EBITDA*$528 $497 $403 6 %31 %
EBITDA margin*17.9 %15.9 %15.0 %2pts2.9pts
(in millions)Three Months EndedVariance
Orders by Product LineSeptember 30, 2024June 30, 2024September 30, 2023SequentialYear-over-year
Gas Technology Equipment
$1,088 $1,493 $2,813 (27 %)(61 %)
Gas Technology Services
778 769 724 1 %7 %
Total Gas Technology1,866 2,261 3,537 (17 %)(47 %)
Industrial Products
494 524 477 (6 %)4 %
Industrial Solutions293 281 271 4 %8 %
Total Industrial Technology787 805 748 (2 %)5 %
Climate Technology Solutions
215 392 49 (45 %)F
Total Orders$2,868 $3,458 $4,334 (17 %)(34 %)
(in millions)Three Months EndedVariance
Revenue by Product LineSeptember 30, 2024June 30, 2024September 30, 2023SequentialYear-over-year
Gas Technology Equipment
$1,281 $1,539 $1,227 (17 %)4 %
Gas Technology Services
697 691 637 1 %9 %
Total Gas Technology1,978 2,230 1,865 (11 %)6 %
Industrial Products
520 509 520 2 %— %
Industrial Solutions257 262 243 (2 %)6 %
Total Industrial Technology777 770 763 1 %2 %
Climate Technology Solutions
191 128 63 49 %F
Total Revenue$2,945 $3,128 $2,691 (6 %)9 %
* Non-GAAP measure. See reconciliations in the section titled "Reconciliation of GAAP to non-GAAP Financial Measures." EBITDA margin is defined as EBITDA divided by revenue.
"F" is used when variance is above 100%. Additionally, "U" is used when variance is below (100)%.
7

Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2024 Results
IET orders of $2,868 million for the third quarter decreased by $1,465 million, or 34% year-over-year. The decrease was driven primarily by GTE orders which were down $1,725 million or 61% year-over-year.
IET revenue of $2,945 million for the quarter increased $254 million, or 9% year-over-year. The increase was driven primarily by Climate Technology Solutions, up favorably year-over-year, and by Gas Technology, up 6% year-over-year.
Segment operating income for the quarter was $474 million, up 37% year-over-year. Segment EBITDA for the quarter was $528 million, up $125 million, or 31% year-over-year. The year-over-year increase in segment operating income and EBITDA was primarily driven by higher volume, pricing and productivity, partially offset by cost inflation.















8

Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2024 Results
Reconciliation of GAAP to non-GAAP Financial Measures
Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted operating income; EBITDA; EBITDA margin; adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.
Table 1a. Reconciliation of GAAP and Adjusted Operating Income
Three Months Ended
(in millions)September 30, 2024June 30, 2024September 30, 2023
Operating income (GAAP)
$930 $833 $714 
Restructuring, impairment & other— 14 2 
Total operating income adjustments— 14 2 
Adjusted operating income (non-GAAP)
$930 $847 $716 
Table 1a reconciles operating income, which is the directly comparable financial result determined in accordance with GAAP, to adjusted operating income. Adjusted operating income excludes the impact of certain identified items.
Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to EBITDA and Adjusted EBITDA
Three Months Ended
(in millions)September 30, 2024June 30, 2024September 30, 2023
Net income attributable to Baker Hughes (GAAP)
$766 $579 $518 
Net income attributable to noncontrolling interests8 2 6 
Provision for income taxes235 243 235 
Interest expense, net55 47 49 
Other non-operating income, net
(134)(38)(94)
Operating income (GAAP)
930 833 714 
Depreciation & amortization278 283 267 
EBITDA (non-GAAP)1,208 1,116 981 
Total operating income adjustments (1)
— 14 2 
Adjusted EBITDA (non-GAAP)$1,208 $1,130 $983 
(1)See Table 1a for the identified adjustments to operating income.
Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to EBITDA. Adjusted EBITDA excludes the impact of certain identified items.
9

Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2024 Results
Table 1c. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes
Three Months Ended
(in millions, except per share amounts)September 30, 2024June 30, 2024September 30, 2023
Net income attributable to Baker Hughes (GAAP)
$766 $579 $518 
Total operating income adjustments (1)
— 14 2 
Other adjustments (non-operating) (2)
(99)(19)(95)
Tax adjustments (3)
(1)(6)2 
Total adjustments, net of income tax(100)(11)(91)
Less: adjustments attributable to noncontrolling interests— — — 
Adjustments attributable to Baker Hughes(100)(11)(91)
Adjusted net income attributable to Baker Hughes (non-GAAP)$666 $568 $427 
Denominator:
Weighted-average shares of Class A common stock outstanding diluted999 1,001 1,017 
Adjusted earnings per share - diluted (non-GAAP)
$0.67 $0.57 $0.42 
(1)See Table 1a for the identified adjustments to operating income.
(2)All periods primarily reflect the net gain or loss on changes in fair value for certain equity investments.
(3)All periods reflect the tax associated with the other operating and non-operating adjustments.
Table 1c reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.
Table 1d. Reconciliation of Net Cash Flows From Operating Activities to Free Cash Flow
Three Months Ended
(in millions)September 30, 2024June 30, 2024September 30, 2023
Net cash flows from operating activities (GAAP)
$1,010 $348 $811 
Add: cash used for capital expenditures, net of proceeds from disposal of assets
(256)(242)(219)
Free cash flow (non-GAAP)$754 $106 $592 
Table 1d reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.



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Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2024 Results
Financial Tables (GAAP)
Condensed Consolidated Statements of Income (Loss)
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(In millions, except per share amounts)2024202320242023
Revenue$6,908 $6,641 $20,465 $18,671 
Costs and expenses:
Cost of revenue5,366 5,298 16,155 14,867 
Selling, general and administrative612 627 1,873 1,977 
Restructuring, impairment and other— 2 21 161 
Total costs and expenses5,978 5,927 18,049 17,005 
Operating income930 714 2,416 1,666 
Other non-operating income, net
134 94 200 638 
Interest expense, net(55)(49)(143)(171)
Income before income taxes
1,009 759 2,473 2,133 
Provision for income taxes(235)(235)(656)(614)
Net income
774 524 1,817 1,519 
Less: Net income attributable to noncontrolling interests8 6 17 16 
Net income attributable to Baker Hughes Company
$766 $518 $1,800 $1,503 
Per share amounts:
Basic income per Class A common stock
$0.77 $0.51 $1.81 $1.49 
Diluted income per Class A common stock
$0.77 $0.51 $1.80 $1.48 
Weighted average shares:
Class A basic993 1,009 996 1,010 
Class A diluted999 1,017 1,001 1,016 
Cash dividend per Class A common stock$0.21 $0.20 $0.63 $0.58 
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Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2024 Results
Condensed Consolidated Statements of Financial Position
(Unaudited)
(In millions)
September 30, 2024December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents$2,664 $2,646 
Current receivables, net6,920 7,075 
Inventories, net5,254 5,094 
All other current assets1,730 1,486 
Total current assets16,568 16,301 
Property, plant and equipment, less accumulated depreciation5,150 4,893 
Goodwill6,167 6,137 
Other intangible assets, net3,995 4,093 
Contract and other deferred assets1,904 1,756 
All other assets3,746 3,765 
Total assets$37,530 $36,945 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$4,431 $4,471 
Short-term and current portion of long-term debt52 148 
Progress collections and deferred income5,685 5,542 
All other current liabilities2,622 2,830 
Total current liabilities12,790 12,991 
Long-term debt5,984 5,872 
Liabilities for pensions and other postretirement benefits991 978 
All other liabilities1,422 1,585 
Equity16,343 15,519 
Total liabilities and equity$37,530 $36,945 
Outstanding Baker Hughes Company shares:
Class A common stock989 998 









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Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2024 Results
Condensed Consolidated Statements of Cash Flows
(Unaudited)
Three Months
Ended
September 30,
Nine Months Ended
September 30,
(In millions)202420242023
Cash flows from operating activities:
Net income
$774 $1,817 $1,519 
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization278 844 813 
Stock-based compensation cost53 154 148 
Gain on equity securities
(99)(171)(639)
Provision for deferred income taxes
2 35 68 
Other asset impairments— — 43 
Working capital(21)(57)19 
Other operating items, net23 (480)159 
Net cash flows provided by operating activities
1,010 2,142 2,130 
Cash flows from investing activities:
Expenditures for capital assets(300)(925)(868)
Proceeds from disposal of assets44 145 150 
Proceeds from sale of equity securities
— 21 372 
Proceeds from business dispositions— — 293 
Net cash paid for acquisitions— — (301)
Other investing items, net(13)(40)(149)
Net cash flows used in investing activities(269)(799)(503)
Cash flows from financing activities:
Repayment of long-term debt
(9)(134)— 
Dividends paid(209)(628)(586)
Repurchase of Class A common stock(152)(476)(219)
Other financing items, net6 (55)(56)
Net cash flows used in financing activities(364)(1,293)(861)
Effect of currency exchange rate changes on cash and cash equivalents3 (32)(53)
Increase in cash and cash equivalents
380 18 713 
Cash and cash equivalents, beginning of period2,284 2,646 2,488 
Cash and cash equivalents, end of period$2,664 $2,664 $3,201 
Supplemental cash flows disclosures:
Income taxes paid, net of refunds$397 $733 $463 
Interest paid$49 $199 $205 
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Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2024 Results
Supplemental Financial Information
Supplemental financial information can be found on the Company's website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.
Conference Call and Webcast
The Company has scheduled an investor conference call to discuss management's outlook and the results reported in today's earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, October 23, 2024, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company's website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.
Forward-Looking Statements
This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a "forward-looking statement"). 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," "project," "predict," "continue," "target", "goal" or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company's annual report on Form 10-K for the annual period ended December 31, 2023 and those set forth from time to time in other filings with the Securities and Exchange Commission ("SEC"). The documents are available through the Company's website at: www.investors.bakerhughes.com or through the SEC's Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.
Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.
These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:
•Economic and political conditions - the impact of worldwide economic conditions and rising inflation; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
•Orders and RPO - our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
•Oil and gas market conditions - the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries ("OPEC") policy and the adherence by OPEC nations to their OPEC production quotas.
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Baker Hughes Company News Release
Baker Hughes Company Announces Third-Quarter 2024 Results
•Terrorism and geopolitical risks - war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.
About Baker Hughes:
Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions for energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward - making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com

# # #

For more information, please contact:

Investor Relations

Chase Mulvehill
+1 346-297-2561
investor.relations@bakerhughes.com

Media Relations

Adrienne Lynch
+1 713-906-8407
adrienne.lynch@bakerhughes.com
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