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Inventing Smarter Ways INVENTING SMARTER WAYS 2018 Annual Report Inventing Smarter Ways to Bring Energy to the World For our shareholders, for our customers, for our employees and the community. We are BHGE Only Baker Hughes, a GE company (BHGE) has fullstream capabilities: the portfolio, the people and the reach to deliver across the entire oil and gas value chain. 120+ Countries in which we operate $23B 2018 Revenue ~66,000 Employees $700M 2018 Research & Development spend Contents 01 Chairman’s Letter to 09 Businesses Shareholders 13 Technology & Innovation 05 Financial Performance 14 People, Planet and Principles 06 Strategy in Action 16 Executive Leadership 08 Portfolio Form 10-K On the cover: BHGE employee Michela Vanni, Production Supervision Specialist in Florence, Italy. CHAIRMAN’S LETTER TO SHAREHOLDERS We Are Taking Energy Forward Dear Fellow Shareholders, Our industry and society are changing faster We believe this journey starts with innovation, integration than ever. Populations continue to grow and and collaboration across the energy value chain. Less require access to more efficient and cleaner energy. than two years ago, we created BHGE with the purpose of Technology and innovation are disrupting existing “inventing smarter ways to bring energy to the world.” Built markets and increasing competitiveness of global on a fullstream portfolio, we are uniquely positioned to deliver a step-change in productivity for ourselves and for energy sources. our customers. These trends, coupled with a complex geopolitical In 2018, we introduced a comprehensive growth strategy to and macro environment, are accelerating change increase our competitiveness by reducing the cost of doing across the energy landscape. business, drive efficiencies with integrated solutions, and deliver industrial yield through partnerships and innovative Oil and gas will continue to be essential components commercial models. of the energy mix for many years to come, but we need to make structural changes to adapt This strategy is a critical enabler for our financial priorities and prepare for the future. Regardless of the of growing market share, expanding operating margins commodity price, our industry must deliver higher and generating strong free cash flow conversion for our shareholders. productivity solutions, better returns on capital and a smaller carbon footprint. “Built on a fullstream portfolio, we are uniquely positioned to deliver a step-change in productivity for ourselves and for our customers.” – Lorenzo Simonelli Chairman, President and Chief Executive Officer BHGE 2018 Annual Report 1 CHAIRMAN’S LETTER TO SHAREHOLDERS 2018: Building a Better BHGE A sincere thank you goes to all of our talented, hard-working and inventive employees. Without them, none of the progress 2018 was a year of change, transition and progress for us. we have achieved in 2018 would have been possible. We moved beyond the initial integration phase into the next chapter for BHGE. We continued our efforts to strengthen Delivering Strong Financial Performance* our execution and improve operations. We are running BHGE better and striving to be the most customer-centric Company Amid the changes in the environment, we executed we can be. consistently throughout 2018 and achieved strong results. 2018 reminded us of the volatility in our industry, marking the During the year, orders were $23.9 billion, up 10% from 2017. first time since 2015 that oil prices ended the year lower than Revenue was $22.9 billion, up 5% year-over-year. We focused at the beginning of the year. Oil prices declined by nearly 40% on getting closer to our customers, growing market share and in the fourth quarter, reinforcing the need for our industry to re-building our equipment backlog. remain agile and deliver sustainable productivity. Adjusted operating income was $1.4 billion, up 62% from 2017, with an adjusted operating margin of 6.1%. By lowering 2018 Oil and Gas Prices costs, managing our assets more efficiently and delivering on ($) our synergy targets, we expanded our operating margin by 220 basis points year-over-year. We achieved approximately 80 5.0 $800 million of cost and revenue synergies, ahead of 4.5 70 our target. 4.0 60 3.5 In 2018, we returned $3.3 billion to 3.0 50 shareholders through dividends 2.5 and buybacks. 40 2.0 Jan 1 WTI Henry Hub Dec 31 Source: Energy Intelligence Agency We delivered $1.2 billion of free cash flow in 2018. Our performance was driven by our working capital optimization Also in the fourth quarter, our majority shareholder, GE, initiatives and disciplined capital allocation. We have set took the first step in reducing its stake in our Company, the foundation to deliver on our target of 90% free cash flow decreasing its ownership from 62.5% to approximately 50.4%. conversion over time. As part of this process, we reached important commercial We also returned $3.3 billion to shareholders through and technology agreements in areas where we work closely dividends and share buybacks. with GE. We will continue collaborating on critical rotating equipment, software solutions and a number of other areas important to our customers. We are very pleased with these steps. They position our Company for the future and enhance our fullstream offering. * The variances versus 2017 throughout this letter are on a combined business basis, which is a non-GAAP measure. Adjusted Operating Income and Free Cash Flow are also non-GAAP measures. Please refer to the GAAP to non-GAAP measures table at the end of this document for a reconciliation. 2 BHGE Inventing Smarter Ways CHAIRMAN’S LETTER TO SHAREHOLDERS BHGE employee measuring petrophysical properties in a core holder to better understand the reservoir and optimize well placement for maximum returns. Winning in the Market Investing in Innovation In 2018, we secured key wins across our businesses. Leading technology is one of our key differentiators, with We continued to enhance our fullstream offering and gained unmatched technical capabilities across our broad portfolio. traction with our integrated solutions. We have adopted a disciplined approach to product development to continue our technology leadership and drive In Oilfield Services (OFS), we increased our presence returns on our investments. globally. Our teams won a number of major awards and launched unique partnerships with customers. OFS outpaced ~2,700 global patents issued the rig count in North America, growing revenue by 17% in 100+ new product launches 2018 versus rig count growth of 13%. Internationally, we saw revenue growth of 9% versus rig count growth of 4% for In 2018, we increased our research and development (R&D) the year. investment by 10% to $700 million, introduced more than In Oilfield Equipment (OFE), we re-built the equipment 100 new products and received approximately 2,700 patents backlog and strengthened our competitive offering. We globally. We also launched our Energy Innovation Center introduced Subsea Connect, a new approach to subsea in Oklahoma, U.S., a fully functional R&D center focused developments. Subsea Connect improves offshore economics on commercializing new technology through a network and has the potential to lower economic development costs of start-ups and incubators. Our teams have adopted an by an average of 30%. We grew orders by 23% compared to agile approach to develop, test and commercialize new 2017 and won 77 subsea trees in 2018, the highest total in technologies with speed. three years. In Turbomachinery & Process Solutions (TPS), orders Enhancing Our Culture and Our Values increased by 12%. We are at the forefront of technology for We are one BHGE team and have built our own, unique critical applications in the upstream, midstream and liquefied culture that guides everything we do. We have focused on natural gas (LNG) sectors. In 2018, we saw the re-emergence integrating our teams, fostering an inclusive environment of the LNG market with the first major project sanctioned in and strengthening our learning and development programs. several years. Our outlook for LNG projects to receive positive In 2018, we established clear criteria within our executive final investment decisions (FID) in 2019 remains strong. We incentive compensation plan for how we measure and assess are well positioned for future growth. our leaders on performance, culture, and diversity and In Digital Solutions (DS), we grew revenues by 3%. We inclusion. We also launched recruiting campaigns to attract gained traction with our hardware and software offerings. a more diverse workforce. We launched partnerships to advance artificial intelligence and computing in the oil and gas industry, and expanded our We achieved 153 Perfect HSE Days. predictive corrosion management offering. Our culture is built on safety, compliance and integrity, and quality. We believe in doing the right thing every time. And we strive to make every day one without injuries, accidents, illness or harm to the environment. We call it the “Perfect Health, Safety and Environment (HSE) Day.” In 2018, we achieved 153 Perfect HSE Days, a 20% improvement compared to 2017. BHGE 2018 Annual Report 3 CHAIRMAN’S LETTER TO SHAREHOLDERS Building Market Leading Product Companies Taking Energy Forward 50 50% improvement in core competitiveness Our 2018 results provide a strong foundation for our Company, as we prepare for a future that will be shaped by We are reducing our product and service costs by driving best- three themes: in-class efficiency in our internal processes and eliminating unnecessary complexity and design variations. We are also Demand for More Efficient Energy Systems. Growing building efficiencies through innovative new technologies, populations and an expanding middle class globally are new materials and processes, such as additive manufacturing, creating the need for more energy. New social and geopolitical and new supply chain solutions to reduce cycle time. dynamics are requiring more from energy. These changes are Developing Integrated Service Modules creating new challenges and opportunities, but it is clear that 50 energy must become cheaper, cleaner and more efficient.
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