How Baker Hughes is Shaping Sustainability Through Energy

Share
Allyson Anderson Book, Chief Sustainability Officer at Baker Hughes
In its Q4 and full-year 2024 report, Baker Hughes has shared its 2024 successes and how this foundation will shape energy in 2025 and beyond

Baker Hughes is huge within the energy technology landscape, wielding significant influence and leadership.

The company capitalises on its extensive expertise to spur innovations in clean energy technologies, notably benefitting both clients and the broader environmental agenda.

This dual focus not only enhances client operations, but also aligns with Baker Hughes' commitment to shrinking its own carbon footprint.

In its Q4 and full-year 2024 report, the company disclosed its successes, showcasing its leadership position in a variety of energy markets including gas infrastructure, LNG technology, turbomachinery services, climate technology solutions and oilfield services.

A remarkable year in retrospect

“For more than a century, our inventions have revolutionised energy,” Baker Hughes says.

“We harness the power of engineering, data and science to redefine what's possible.”

Addressing the company’s growth in 2024, Lorenzo Simonelli, Baker Hughes’ Chairman and CEO, says: “2024 proved to be a momentous year for Baker Hughes

“Looking forward, we will continue our journey to transform the company, and we expect 2025 to demonstrate another strong year of EBITDA (earnings before interest, taxes, depreciation and amortisation) growth, led by our IET segment.

Lorenzo Simonelli, Chairman and CEO of Baker Hughes

“IET booked US$3.8bn of orders in the fourth quarter, supported by strong LNG orders and another gas infrastructure award. Including this strong end to the year, 2024 orders totalled US$13bn, the second highest order year ever. 

“This order performance highlights the end-market diversity and versatility of our portfolio.”

Key highlights from the report

The report’s key findings include:

  • Q4 revenue increased 8% year-on-year to US$7.4bn
  • Adjusted EBITDA increased 20% year-on-year to US$1.3bn in Q4, with full-year adjusted EBITDA increasing 22% year-on-year to US$4.6bn
  • Industrial and Energy Technology (IET) segment revenue grew 21% year-on-year, driven by strong gas infrastructure and LNG orders 
  • Oilfield Services & Equipment (OFSE) segment maintained stable performance with 19.5% EBITDA margins 
  • Full-year revenue rose 9% year-on-year to US$27.8bn 
Youtube Placeholder

"As reflected in our strong 2024 results and our exceptional margin improvement, Baker Hughes has evolved into a more profitable energy and industrial technology company,” Lorenzo adds.

“Company results are benefiting from strong execution, sharpened commercial focus and improved productivity gains.”

Baker Hughes and sustainability

Allyson Anderson Book, who has been serving as Baker Hughes’ Chief Sustainability Officer (CSO) since 2022, is at the forefront of steering the company’s sustainability strategy.

Her efforts are pivotal in aligning the company's business operations with sustainable outcomes that reinforce Baker Hughes' commercial strategies.

She joined Sustainability Magazine at Sustainability LIVE: Climate Week in New York City to highlight the company's commitment to sustainable energy and its strategies to support the global transition to net zero.

“We're the company that has the solutions versus a company with the challenges,” Allyson says.

Youtube Placeholder

“An energy transition isn't meant to be abrupt. It's not an on-and-off switch

“So we’ve got to be very reasonable on how we think about transitioning.”

Among Baker Hughes’ services are critical technologies for hydrogen, geothermal and carbon capture applications — all tools that play a pivotal role in the clean energy transition.

“Baker Hughes invented the very first compressor to compress hydrogen over 100 years ago,” Allyson says.

This expertise and longstanding history positions Baker Hughes as a key player in developing scalable solutions for carbon-intensive industries.


Explore the latest edition of Sustainability Magazine and be part of the conversation at our global conference series, Sustainability LIVE

Discover all our upcoming events and secure your tickets today.


Sustainability Magazine is a BizClik brand

Share

Featured Articles

How Workiva is Transforming ESG Reporting Strategies

Corporate reporting platform Workiva's latest study reveals 97% of executives see sustainability data integration as key to business growth by 2026

This Week's Top Five Stories in Sustainability

This week's top stories include a forecast for DEI across 2025, missed UN NDC deadlines, energy revolution in the Baltics, Starbucks' legal case & AI laws

McKinsey Will ‘Boldy Pursue’ DEI in Face of Storm

Reports say McKinsey has doubled down on DEI initiatives despite other high-profile firms and businesses retreating from pledges after US executive orders

Apple, IBM & GM Amongst Those Set For DEI Showdowns in 2025

Diversity & Inclusion (D&I)

Which 10 Nations Met the UN's Deadline for NDC Targets?

Net Zero

What Next as Baltic States Switch off Russian Energy Supply?

Renewable Energy