Investor Overview

May 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.

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.comor 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.

Baker Hughes is a differentiated energy technology company

A diverse portfolio across the energy landscape, industrials & new energy frontiers

OFS technology leader … ~70% international & ~35% production- weighted

Strategy focused on leading the energy transition … ~$250M in new energy orders in 2021 ~50% of revenue industrial in nature with strong aftermarket service entitlement

Leading driver & compression technology for LNG & new energy frontiers

Strong balance sheet … A3/A-rating, $3.2B cash* & additional liquidity, net capex ~3% of revenue

~$15.9B aftermarket service backlog* across TPS, OFE, DS

Peer leading shareholder returns … ~130% of FCF returned '18-'21 … $2B buyback authorization in 2021

Copyright 2022 Baker Hughes Company. All rights reserved. Note: all financials as of December 31, 2021 unless indicated.

*As of 1Q'22

5-year transformation positions BKR for profitable growth

Positioned to capitalize on current tailwinds … focused on maximizing shareholder value

2017-2021 Transformation Milestones

+375bps$4.7B

Margin expansion - adj op. income accretion despite volume down 6%FCF generation '18-'21 (43% conversion on adj. EBITDA basis)

~160MTPA LNG Orders Booked* - market~$1B~$1B

$7.1B

leading position maintained

Asset sales - simplified portfolio - exited low return & non-core activities

Tuck-in M&A & investments - positioned to compete today and tomorrowShareholder returns - maintained dividend & repurchased $3.6B of stock

Copyright 2022 Baker Hughes Company. All rights reserved.

*As of 1Q'22

2022 & beyond

  • • Maintain technology leadership

  • • Market backdrop likely to support strong revenue growth and margin expansion outlook

  • • Positioned to capitalize on multi-year growth in LNG & new energy

  • • Exciting portfolio of emerging energy transition technologies and solutions

  • • Best-in-class balance sheet

  • • > 50% FCF/EBITDA conversion rate

  • • Maintain strong commitment to return cash to shareholders while investing in energy transition

Portfolio Overview

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Baker Hughes Company published this content on 09 May 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2022 13:11:05 UTC.