1Q 2023 Results

April 19, 2023

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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, 2022 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 2023 Baker Hughes Company. All rights reserved.

Lorenzo Simonelli

Chairman & Chief Executive Officer

3 Copyright 2023 Baker Hughes Company. All rights reserved.

1Q 2023 RESULTS

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1Q 2023 Highlights

Continued strength in IET orders led by LNG … booked

almost $1.4 billion in LNG orders in 1Q23, led by orders for Port Arthur & North Field South projects

Record orders for SSPS … largest SSPS orders since company was formed, led by subsea award for the Agogo field offshore Angola

Strong operational performance ... delivered results at the

high end of guidance range for both business segments … generating $197M of free cash flow

Executing on New Energy and digital strategic initiatives ...

Booked ~$300M in New Energy orders and launched new digital offerings in OFSE and IET

Copyright 2023 Baker Hughes Company. All rights reserved.

Note: Free Cash Flow (FCF) is a non-GAAP measures - see earnings release and/or appendix for GAAP to non-GAAP reconciliations.

MACRO OUTLOOK

Optimistic outlook for energy in 2023

maintained despite uncertain macro backdrop

Despite elevated recession risks for major economies, energy

outlook remains constructive and largely unchanged ... supportive

of double-digit upstream spending growth in 2023

Oil markets expected to gradually tighten as China's economy

recovers, non-OECD growth continues and OPEC+ proactively manages supply

Natural gas increasingly recognized as playing crucial role in energy transition … driving shift in investment towards natural

gas exploration and development

LNG sanctioning activity off to strong start with FID activity of 20 MTPA so far in 2023 and other projects soon to follow … continue to

expect 65-115 MTPA of LNG FIDs in 2023

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UNIQUE AND EXTENDED

CYCLE UNFOLDING

  • Upstream spending expected to be more durable than previous cycles
  • Aided by strong balance sheets & capital discipline
  • IOCs/NOCs balancing modest production growth with investments in New Energy

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Baker Hughes Company published this content on 19 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2023 11:09:02 UTC.