Our strategic framework continues to allow Baker Hughes to deliver sustainable value for our shareholders and stakeholders. In 2023, our three strategic pillars each had strong examples of differentiated value creation:
Transform our core
The Altus Intervention acquisition strengthened OFSE’s existing portfolio of intervention solutions and enhanced the business’ life-of-well capabilities. As operators look for ways to increase efficiency, decarbonize operations and prolong the life of their assets, intervention and production enhancement are seen as critical long-term growth drivers for the industry. In IET, Gas Technology Services saw parallel growth alongside record-breaking Gas Tech Equipment orders and will continue to enjoy productive returns. IET’s structural growth has become a key differentiator for Baker Hughes with continuing visibility through the latter part of the decade.
Invest for growth
We unveiled new digital solutions for more intelligent operations and cleaner energy – OFSE’s Leucipa™ and Cordant™ in IET. Leucipa™ is an automated field production software solution designed to help oil and gas operators proactively manage production and reduce carbon emissions, and Cordant™ is an integrated suite of solutions supporting industrial asset performance management and process optimization.
Position for new energy frontiers
We continued to make progress in strategic investments in emerging energy technologies and expanded the reach of our solutions with an agreement to develop a lower-carbon energy solution for the airline industry. Our momentum in new energy orders is growing, and 2023 marked our largest volume booked to date ($750 million). This confirms not only that Baker Hughes is a leader in the energy transition but that the desire to transform the industry and solve for emissions remains strong.
