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Energy Forward Rethink. Redefine. Renew

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Energy Forward Rethink. Redefine. Renew Energy Forward Rethink. Redefine. Renew. 2020 Annual Report We are an energy technology company. We take energy forward, making it safer, cleaner, and more efficient for people and the planet. About Baker Hughes Our Values Lead employees55,000 Care countries120+ in operation Grow Collaborate in$20.7B 2020 revenue 2020 Annual Report Lorenzo Simonelli Chairman, President, and Chief Executive Officer Dear fellow shareholders, 2020 was an incredibly challenging year for our focus on building a unique energy technology Baker Hughes and the entire global community. company — a company that can provide As the COVID-19 pandemic and oil price volatility decarbonization solutions to multiple industries unfolded in 2020, we moved quickly to mitigate and develop technologies for a new frontier of the impact of these events through a series lower-carbon solutions. of financial, operational, and safety actions, guided by our strategy and core values. Overall, Our broad and diverse technological capabilities we maintained solid financial and operational were never more necessary — or on display — performance while navigating a turbulent than in 2020. Throughout the year, we positioned environment. our portfolio to compete across the energy value chain and deliver innovative solutions for In addition to transforming our business into our customers. We remain optimistic about the a structurally leaner organization, we also long-term economics of the industry, and we are accelerated the execution of our strategy to lead well positioned to evolve with the overall energy the energy transition. As the world’s focus on landscape. climate change accelerated in 2020, so too did Our 2020 performance Despite the challenges of the pandemic-induced and the industry downturn. We secured a major downturn, Baker Hughes delivered operationally and liquefied natural gas (LNG) order with longtime partner commercially. For the full year 2020, we generated Qatar Petroleum to supply multiple main refrigerant $518 million in free cash flow*, booked $6.4 billion in compressors and power generation equipment for TPS orders, and executed on our substantial cost-out Qatar Petroleum’s North Field East (NFE) project. As part and restructuring programs, predominantly in Oilfield of Baker Hughes’ commitment to support customers in Services (OFS). We were also able to deliver for our decarbonizing their operations, the latest compression customers during a challenging year, with a number of technology for the NFE project is expected to reduce important commercial awards. emissions by ~5% versus previous technologies. In OFS, we executed 73% of global drilling services jobs TPS was also awarded a major contract by South Gas remotely across 30 countries, compared to 50% in Company in Iraq for the design, manufacture, and 2019. OFS remote operations have led to consistently construction of an integrated natural gas processing better outcomes for customers. After establishing and production facility. The facility is expected to a successful remote drilling track record in North have a capacity of 200 million standard cubic feet America, the North Sea, and China, we expanded our of natural gas per day and utilize previously flared capabilities in 2020 to improve efficiencies and lower natural gas from the Nassiriya and Gharraf oil fields, costs for customers around the world. reducing emissions by an estimated 6+ million tons of carbon dioxide annually. In Oilfield Equipment (OFE), despite a difficult offshore environment, we secured several key awards during In Digital Solutions (DS), we won a major three-year the year. Flexible Pipe Systems (FPS) was the most framework agreement with Petrobras for our Bently resilient product line in OFE, and won a contract Nevada, Nexus Controls, and Panametrics product for high-temperature subsea flexible jumpers and lines to enhance the customer’s operations through associated equipment in China. We were pleased to risk mitigation and performance improvements. We see continued traction in our onshore FPS and non- also won an important contract with Petrobras to metallic materials product offerings. provide a suite of digital solutions and services to optimize productivity, reduce operational and safety In Turbomachinery & Process Solutions (TPS), our team risks, and lower carbon emissions across Petrobras achieved another successful year commercially after sites in Brazil. Petrobras will accelerate its digital a record 2019, despite headwinds from the pandemic transformation, adopting the latest Bently Nevada * Free cash flow is a non-GAAP measure. Please refer to the GAAP to non-GAAP measures table at the end of this document for a reconciliation. 2020 Annual Report Our strategy Transform the core Invest for growth Position for new frontiers Improving margins and Driving growth in high- Making strategic investments cash flow through cost potential segments like to drive the decarbonization of improvements, portfolio industrial power and process energy and industry with carbon rationalization, and new technology, industrial asset capture, utilization and storage business models. management, non-metallics (CCUS), hydrogen, and materials, and chemicals. energy storage. condition monitoring and protection platform, as well as remote monitoring and diagnostics capability. Transform the core Transforming the core represents our focus on Given the challenging macro-environment in 2020, improving margins and cash flow across our our goal throughout the year was to maintain a strong businesses through cost improvements, portfolio balance sheet and remain disciplined in our capital rationalization, and new business models. allocation, while advancing our strategy. Overall, we were successful in achieving our goals and believe we As part of this strategy, we have divested non-core are well positioned going forward. businesses like rod lift, surface pressure control flow, and specialty polymers, and shut down low-return and non-core product lines in multiple geographies. Our strategy We also drove significant operational improvements During 2020 we accelerated our strategy with a goal of during the year by integrating systems and processes, building an energy technology company that provides and began rationalizing our global facilities footprint. decarbonization solutions across multiple industries. We made the difficult decision to reduce our workforce We remain committed to leading the energy transition to both adjust for market realities and lower our and focusing on areas that are highly differentiated, structural costs, with many of these reductions in OFS. in order to generate better returns and more stable As a result of these actions, we have already seen earnings and cash flow. significant financial and operational benefits that will Our customers expect new models and outcome- ultimately strengthen our competitive position. based solutions to deliver sustainable productivity Another pillar of our transformation is the expanded improvements, leverage economies of scale, and use of remote operations, which we view as a key lower their carbon footprint. Our strategy is focused driver of greater cost productivity and performance on improving our core competitiveness and delivering for the oilfield services industry. Through digital higher productivity solutions today, while positioning enablement and automation, we see the possibility for for the future. lower costs and reduced HSE risk. In order to drive our strategy forward, we developed We also utilized digital and remote technology to run a three-pronged approach to guide our execution, virtual string and gas turbine tests in our TPS business. which consists of transforming our core, investing for Our iCenters in Florence, Houston, and Kuala Lumpur growth, and positioning for new frontiers in the monitor more than 900 customer assets, and have energy space. accumulated more than 15 million hours of equipment data. This enabled us to deliver a wide range of We believe the non-metallic materials segment remote support for field activities, including during provides significant opportunity for growth, due to installation, outage and upgrade activities, and remote its lower carbon footprint and synergies with our combustion system optimization. upstream and chemicals businesses. In 2020 we formed a joint venture — Novel — with Saudi Aramco to The advancement of digital technology and artificial develop and commercialize a broad range of non- intelligence (AI) complements our efforts in cost metallic products for applications in the energy sector. productivity and remote operations. We believe AI We also expanded our manufacturing capabilities for can be the next frontier in unlocking energy industry onshore flexible composite pipe with a state-of-the- productivity. art facility in Houston. Through BakerHughesC3.ai (BHC3), our partnership In chemicals, we see opportunities to grow with C3 AI, we have launched two software solutions internationally in the midstream and downstream — BHC3 Reliability and BHC3 Production Optimization. segments, and potentially into adjacent specialty They were designed to help our customers add AI- chemicals markets. We invested in new plants in derived insights to their risk management practices Saudi Arabia and Singapore to position our chemicals and operations. We view our partnership with C3 AI as business for further growth across the Middle East and a key differentiator to drive digital transformation for Southeast Asia. ourselves and our customers.
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