Barclays CEO Energy Power Conference

Lorenzo Simonelli, Chairman & CEO

September 6, 2022

Copyright 2022 Baker Hughes Company. All rights reserved. The information contained in this document is company confidential and proprietary property of Baker Hughes and its affiliates. It is to be used only for the benefit of Baker Hughes and may not be distributed, transmitted, reproduced, altered, or used for any purpose without the express written consent of Baker Hughes.

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This presentation (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"). The words "anticipate," "believe," "ensure," "expect," "if," "intend," "estimate," "project," "foresee," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "potential," "would," "may," "probable," "likely," and similar expressions, and the negative thereof, are intended to identify forward-looking statements. 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 period ended December 31, 2021 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 ("EDGAR") system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement.

The Company presents its financial results in accordance with GAAP; however, management believes that using additional non-GAAP measures will enhance the evaluation of the profitability of the Company and its ongoing operations. See the Appendix of this presentation for a reconciliation of GAAP to non-GAAP financial measures.

Copyright 2022 Baker Hughes Company. All rights reserved.

KEY MESSAGE

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Sharpening our

focus on building a differentiated Energy Technology

Company

Copyright 2022 Baker Hughes Company. All rights reserved.

OUR PATH FORWARD

Uniquely positioned to capitalize on cyclical commodity tailwinds and structural growth of energy transition

Improving margins and investing in leading industrial and energy transition technologies

Streamlining our corporate structure to deliver strategic and operational benefits

Enhancing returns, generating strong free cash flow, delivering more value to shareholders

MACRO OUTLOOK

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Baker Hughes is positioned to capitalize on the evolving energy landscape

ENERGY NEEDS TO BE:

Sustainable

The

Energy

Trilemma

Affordable Secure

KEY MACRO THEMES

  • Recent geopolitical events havere-drawnthe global energy map, significantly changing the macro-outlook
  • Governments arere-balancing their priorities between sustainability, security, and affordability
  • "Net Zero" ambitions remain urgent … energy crisis changing perceptions … influencing amore balanced approach
  • The need forincreased investmentin all forms of energy becoming more apparent to all parties

Well positioned to help address the Energy Trilemma … key driver of near-term

upstream & LNG spend, and growth in new energy technology investments

Copyright 2022 Baker Hughes Company. All rights reserved.

OUR JOURNEY

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Our strategy evolution continues

Successfully executing across all three pillars of our strategy to lead the energy transition

Transform the core

Margin expansion - 210 bps margin

expansion '17-'21 despite volume down 6%

Enhanced FCF4conversion- from 43% of adj. EBITDA5in '18 to 68% in '21

Portfolio rationalization- $1.3B1of dispositions

Adj. EBITDA %

13.1%

11.0%

20172021

Invest for growth

Tuck-inM&A- $2.1B2of strategic acquisitions & investments

Disciplined approach- Recycling disposal proceeds in acquisitions and investments

Targeting select technologies-Investing for growth across upstream & industrial sectors

IAMOFS

InspectionIndustrial

Power

Generation

Position

for new frontiers

Clean technology acquisition - Over 10

new technologies acquired

Developing broad portfolio- Deploying capital across CCUS, hydrogen, CPS3& geothermal

Early commercial success- $350+M new energy orders over the last 18 months

CCUSHydrogen

CPSGeothermal

Re-investing in growth opportunities while returning almost $8B of capital since 2017

Copyright 2022 Baker Hughes Company. All rights reserved.

1. Includes announced divestiture of Nexus Controls

5. Adj. EBITDAis a non-GAAP measure - see appendix and latest financial disclosures for non-GAAP to GAAP reconciliations

  1. Includes announced acquisitions of Altus Intervention, AccessESP, BRUSH Group Power Generation and Quest Integrity
  2. CPS - Clean Power Solutions
  3. Free Cash Flow is anon-GAAP measure - see appendix and latest financial disclosures for non-GAAP to GAAP reconciliations

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Baker Hughes Company published this content on 06 September 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 September 2022 12:59:09 UTC.