Page 101 - Baker Hughes REPORT - FEBRUARY 2024

• Growing Orders: The company's order intake surged, driven by a
significant increase in demand for its LNG and oilfield services.
• Increased Adjusted EBITDA: Baker Hughes reported impressive

growth in its adjusted EBITDA, reflecting the company's operational
efficiency and financial strength.
• Strong Free Cash Flow: The company's free cash flow remained
robust, providing it with the necessary resources to invest in future
growth opportunities.

Expansion and Diversification

Baker Hughes' Oilfield Services and Equipment segment witnessed
remarkable market growth internationally, with a strong presence in the Middle

East and expansion into other regions. The acquisition of Altus Intervention in
2023 further bolstered the company's portfolio, providing it with key
differentiators in well intervention services—a critical growth driver for the
industry.

As part of our ongoing efforts to diversify our offerings and create value for our
stakeholders, we are continuously exploring new opportunities and investing

in cutting-edge technologies," said Simonelli. "The acquisition of Altus
Intervention is a strategic move that will enable us to provide our customers
with a more comprehensive suite of services and solutions."

In the U.S., the rig count, as reported by Baker Hughes, saw an increase from
the previous week, with 623 rigs engaged in the exploration and production of

oil and natural gas. The oil rig count remained unchanged at 499, while the
natural gas rig count rose to 121. The most prolific basin, Permian, recorded a
weekly oil rig count of 307.

Despite favorable commodity pricing, there has been a slowdown in drilling
activities, as upstream players prioritize stockholder returns. However, energy

stocks such as SM Energy Company and Matador Resources Company are
still recommended for medium to long-term gains.

As we look ahead to the future, Baker Hughes remains steadfast in its
commitment to driving sustainable energy production and consumption, while

https://bnnbreaking.com/finance-nav/baker-hughes-hits-record-backlog-in-2023-a-leap-towards-
sustainable-energy