2Q 2023 Results

July 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.

2Q 2023 RESULTS

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2Q 2023 Highlights

Strong order momentum in IET maintained … third straight quarter of orders exceeding $3B, including $900M in LNG equipment orders led by 17.6 MTPA Rio Grande project

Continued offshore strength drives major award for SSPS

  • booked order for the Baleine field offshore Ivory Coast

Raised FY IET orders guidance … now expect between

$11.5B - $12.5B with potential to exceed the high end of the range

Operational results at the high end of guidance range...

solid operational performance in both OFSE & IET

Booked ~$150M in New Energy orders in 2Q23, ~$440M YTD

  • led by hydrogen & ammonia plant equipment orders

Strong free cash flow of $623 million… executed ~$99M of share repurchases

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

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Energy fundamentals remain solid despite macro uncertainty

Despite oil and gas price volatility, we maintain a constructive outlook for global upstream spending in 2023 ... supportive of double-digitupstream spending growth in 2023

Softness in North America … to be offset by strength in international and offshore markets, particularly in the Middle East and Latin America

LNG outlook remains positive … LNG demand continues to grow led by Europe and Asia … continued strength in signed offtake agreements supporting project sanctioning

Growing optimism on multi-year FID outlook … 53 MTPA of FIDs year-to-date and still expect to exceed 65 MTPA of LNG FIDs in 2023 … could see roughly similar levels in 2024

UNIQUE AND

EXTENDED

CYCLE UNFOLDING

Upstream spending more

durable than previous cycles … supported by

strong balance sheets

and disciplined spending

Continued production

discipline by large

producers

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Baker Hughes Company published this content on 19 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 July 2023 13:00:06 UTC.