UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 19, 2023
(Exact name of registrant as specified in charter)
| (State of Incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) | (State of Incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (713 ) 439-8600
(former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01 Other Events.
In the third quarter of 2023, Baker Hughes Company (“Baker Hughes”, “the Company”, “we”, or “our”) and its main operating subsidiary, Baker Hughes Holdings LLC (“BHH LLC”), announced a realignment of product lines within our Industrial & Energy Technology (“IET”) segment.
Effective October 1, 2023, IET began operating through five product lines - Gas Technology Equipment, which will now include the Pumps business; Gas Technology Services; Industrial Solutions, which brings together the Condition Monitoring and PSI businesses, along with IET Digital initiatives; Industrial Products, which brings together the Inspection business with the Valves and Gears businesses; and a newly formed product line, Climate Technology Solutions (“CTS”), which will focus on serving the energy transition, combining our CCUS, hydrogen, clean power and emissions abatement capabilities, that were previously reported in each of the individual IET product lines. This revised view of our IET product lines will be included in our disclosures starting in the fourth quarter of 2023.
Baker Hughes and BHH LLC have prepared unaudited historical consolidated financial information (“Financial Supplement”) based on the new IET product line alignment. Such information is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information in this Current Report on Form 8-K should be read in conjunction with Baker Hughes’ and BHH LLC’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and their Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2023, June 30, 2023, and September 30, 2023. Baker Hughes and BHH LLC are both Securities and Exchange Commission registrants with separate filing requirements.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| BAKER HUGHES COMPANY | ||||||||||||||
Dated: December 19, 2023 | By: | /s/ Fernando Contreras | ||||||||||||
| Fernando Contreras Vice President, Legal Governance and Corporate Secretary | ||||||||||||||
| BAKER HUGHES HOLDINGS LLC | ||||||||||||||
Dated: December 19, 2023 | By: | /s/ Fernando Contreras | ||||||||||||
| Fernando Contreras Vice President, Legal Governance and Corporate Secretary | ||||||||||||||
Financial Supplement - Baker Hughes and Baker Hughes Holdings LLC (unaudited) Exhibit 99.1 Copyright 2023 Baker Hughes Company. All rights reserved. IET Recast Oilfield Services & Equipment1 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 Well Construction $ 3,301 $ 883 $ 936 $ 991 $ 1,043 $ 3,854 $ 1,061 $ 1,076 $ 1,128 Completions, Intervention & Measurements 3,106 781 886 920 972 3,559 909 1,090 1,085 Production Solutions 3,135 825 866 931 965 3,587 938 959 967 Subsea & Surface Pressure Systems 2,486 528 541 561 599 2,230 670 752 770 Total Oilfield Services & Equipment 12,028 3,017 3,230 3,403 3,579 13,229 3,577 3,877 3,951 Industrial & Energy Technology1 Gas Technology Equipment 3,039 575 554 614 856 2,599 831 968 1,227 Gas Technology Services 2,696 580 542 629 689 2,440 591 658 637 Total Gas Technology 5,735 1,155 1,097 1,242 1,545 5,039 1,422 1,626 1,865 Industrial Products 1,598 394 427 429 447 1,697 423 506 520 Industrial Solutions 880 216 210 214 244 884 222 242 243 Controls2 217 43 54 53 58 208 40 1 — Total Industrial Technology 2,695 653 691 696 750 2,789 685 749 763 Climate Technology Solutions 43 11 29 29 30 98 31 62 63 Total Industrial & Energy Technology 8,473 1,818 1,816 1,967 2,325 7,926 2,138 2,438 2,691 Total Revenue $ 20,502 $ 4,835 $ 5,047 $ 5,369 $ 5,905 $ 21,156 $ 5,716 $ 6,315 $ 6,641 Table 1. Consolidated Revenue by Reporting Segment and Product Line ($ in millions) Note: certain columns and rows may not add up due to the use of rounded numbers. 1 Reporting segment 2 Sale of Nexus Controls business completed in April 2023
Financial Supplement - Baker Hughes and Baker Hughes Holdings LLC (unaudited) Copyright 2023 Baker Hughes Company. All rights reserved. IET Recast Oilfield Services & Equipment1 FY 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 FY 2022 1Q 2023 2Q 2023 3Q 2023 Total Oilfield Services & Equipment $ 11,798 $ 3,270 $ 3,392 $ 3,707 $ 3,721 $ 14,089 $ 4,100 $ 4,192 $ 4,178 Industrial & Energy Technology1 Gas Technology Equipment 3,832 2,086 833 822 2,455 6,195 1,709 1,547 2,813 Gas Technology Services 2,898 671 787 713 791 2,961 696 776 724 Total Gas Technology 6,730 2,756 1,620 1,535 3,245 9,156 2,405 2,324 3,537 Industrial Products 1,730 486 453 423 471 1,833 528 550 477 Industrial Solutions 989 232 270 262 262 1,025 271 255 271 Controls2 206 43 57 49 92 241 66 — — Total Industrial Technology 2,925 762 779 734 824 3,099 865 806 748 Climate Technology Solutions 215 49 69 89 219 425 263 152 49 Total Industrial & Energy Technology 9,870 3,567 2,467 2,357 4,289 12,680 3,533 3,282 4,334 Total Orders $ 21,668 $ 6,837 $ 5,860 $ 6,063 $ 8,009 $ 26,770 $ 7,632 $ 7,474 $ 8,512 Table 2. Orders ($ in millions) Note: certain columns and rows may not add up due to the use of rounded numbers. Exhibit 99.1 1 Reporting segment 2 Sale of Nexus Controls business completed in April 2023