Baker Hughes : Fourth Quarter 2022 Earnings Conference Call Slides

4Q & FY 2022 Results

January 23, 2023

Copyright 2023 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 2023 Baker Hughes Company. All rights reserved.

Lorenzo Simonelli

Chairman & Chief Executive Officer

4Q & FY 2022 RESULTS	4

4Q & FY 2022 Highlights

Continued OFSE margin improvement … legacy

OFS margins achieved 20% EBITDA target

Record IET orders of $4.3 billion in 4Q driven by

LNG, Onshore/Offshore, and New Energy

Initiated reorganization of Baker Hughes into

two leaner and more focused business segments

Increased the dividend to $0.19 per share and repurchased ~$100 million of common stock

Booked over $400M in New Energy orders, showing 50+% growth versus 2021

Copyright 2023 Baker Hughes Company. All rights reserved.

Note: EBITDA is a non-GAAP measure - see earnings release and/or appendix for GAAP to non-GAAP reconciliations

MACRO OUTLOOK

Positive energy outlook for 2023, despite macro headwinds

Global economy likely weighed down by inflation and tightening monetary conditions

Global oil and gas spare capacity near historical lows… double digit upstream spending growth still anticipated in 2023

China reopening + need to refill Europe's gas storage will keep LNG markets tight … supporting continued wave of project sanctions

Inflation Reduction Act and potential new EU legislation to support significant growth in New Energy investment

Copyright 2023 Baker Hughes Company. All rights reserved.

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Early stages of multi-

year growth cycle in

energy … supported by underlying economics, security concerns and decarbonization goals