4Q & FY 2022 Results
January 23, 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, 2021 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
4Q & FY 2022 RESULTS | 4 |
4Q & FY 2022 Highlights
Continued OFSE margin improvement … legacy
OFS margins achieved 20% EBITDA target
Record IET orders of $4.3 billion in 4Q driven by
LNG, Onshore/Offshore, and New Energy
Initiated reorganization of Baker Hughes into
two leaner and more focused business segments
Increased the dividend to $0.19 per share and repurchased ~$100 million of common stock
Booked over $400M in New Energy orders, showing 50+% growth versus 2021
Copyright 2023 Baker Hughes Company. All rights reserved.
Note: EBITDA is a non-GAAP measure - see earnings release and/or appendix for GAAP to non-GAAP reconciliations
MACRO OUTLOOK
Positive energy outlook for 2023, despite macro headwinds
Global economy likely weighed down by inflation and tightening monetary conditions
Global oil and gas spare capacity near historical lows… double digit upstream spending growth still anticipated in 2023
China reopening + need to refill Europe's gas storage will keep LNG markets tight … supporting continued wave of project sanctions
Inflation Reduction Act and potential new EU legislation to support significant growth in New Energy investment
Copyright 2023 Baker Hughes Company. All rights reserved.
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Early stages of multi-
year growth cycle in
energy … supported by underlying economics, security concerns and decarbonization goals
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Baker Hughes Company published this content on 22 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 January 2023 14:57:04 UTC.