Q1 2026 Baker Hughes Co Earnings Call Transcript
Key Points
- Baker Hughes Co (BKR) reported a strong first quarter with adjusted EBITDA totaling $1.16 billion, exceeding guidance and reflecting disciplined execution.
- IET delivered record bookings of $4.9 billion, marking the third consecutive quarter above $4 billion, highlighting strength in energy infrastructure.
- The company generated free cash flow of $210 million, demonstrating the robustness of its portfolio despite regional disruptions.
- Baker Hughes Co (BKR) announced the divestiture of Waygate Technologies, expecting to generate approximately $3 billion in gross proceeds in 2026, strengthening its balance sheet.
- The company secured significant contracts in Power Systems, LNG, and gas infrastructure, reinforcing its position in energy infrastructure markets.
- The ongoing conflict in the Middle East has introduced significant macro uncertainty, impacting over 10% of global oil volumes and tightening global oil and LNG balances.
- Middle East disruptions have affected Baker Hughes Co (BKR)'s OFSE business, with revenue impacted by approximately 2% compared to the previous quarter.
- The company anticipates a significant impact on Middle East operations in the second quarter, with potential revenue declines of more than 20% sequentially.
- Baker Hughes Co (BKR) expects global upstream spending to be modestly below prior outlooks due to reduced Middle East activity.
- The conflict has heightened inflationary pressures, presenting downside risks to global economic growth if it persists over an extended period.
Good day, ladies and gentlemen, and welcome to the Baker Hughes Company first-quarter 2026 earnings call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to introduce your host for today's call, Mr. Chase Mulvehill, Vice President of Investor Relations. Sir, you may begin.
Thank you. Good morning, everyone, and welcome to the Baker Hughes first-quarter earnings conference call. Here with me are our Chairman and CEO, Lorenzo Simonelli; and our CFO, Ahmed Moghal. The earnings release we issued yesterday evening can be found on our website at bakerhughes.com. We will also be using a presentation with our prepared remarks during this webcast, which can be found on our Investor website.
As a reminder, we will provide forward-looking statements during this conference call. These statements are not guarantees of future performance and involve a number of risks and assumptions. Please review our SEC filings and website for the factors that
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