Baker Hughes (BKR) 10-K risk factor changes: FY2024 vs FY2023

[removed: If we are unable to continue to develop and produce competitive and innovative technology or deliver it to our clients in a timely and cost-competitive manner in] response to changes in the market, customer requirements, competitive pressures, or as a result of the energy transition to lower carbon emitting technology, or if competing technology accelerates the obsolescence of any of our products or services, any competitive advantage that we may hold, and in turn, our business, financial condition, results of operations and cash flows could be materially and adversely affected.

There is increased focus by governments and our customers, investors and other stakeholders on [removed: a] climate change, sustainability, and energy transition matters.

Transitioning to a [removed: low-carbon] [added: lower-carbon] economy will likely require extensive policy, legal, technology, and market changes.

These changes may result in the enactment of climate change-related regulations, [added: judicial or administrative opinions, orders,] policies and initiatives (at the government, regulator, corporate and/or investor community levels); technological advances with respect to the generation, transmission, storage and consumption of energy; increased availability of, and increased demand from consumers and industry for, energy sources other than oil and natural gas and development of, and increased demand from consumers and industry for, lower-emission products and services as well as more efficient products and services.

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | 14

[removed: As a result of these or any other factors, our ability to execute our operations on a timely basis, including our ability to meet our manufacturing plans] and revenue goals, control costs, and avoid shortages or over-supply of raw materials and component parts, could be adversely affected.

The partial or complete loss of GE [added: Vernova or GE Aerospace] as [removed: a supplier,] [added: suppliers,] as well as contracts with our aeroderivative joint venture (the "Aero JV") with GE [added: Vernova] may adversely affect our business, financial condition, results of operations and cash flows.

We currently have [removed: an] extensive commercial [removed: relationship] [added: relationships] with [removed: GE.][added: GE Vernova and GE Aerospace.]

Although we have [removed: a] long-term contractual [removed: framework] [added: frameworks] in place with [removed: GE,] [added: both GE Vernova and GE Aerospace,] if [added: either] GE [added: Vernova or GE Aerospace] were to discontinue or reduce [removed: its] [added: their] business with the Company, fail to perform [removed: its] [added: their] obligations under existing [removed: contracts, such] [added: contracts (such] as our long-term supply agreement for heavy-duty gas turbines, [added: the Second Amended and Restated Supply and Technology Development Agreement] or [removed: experience significant disruptions, including under] the [added: related] intellectual property [removed: related] agreements with [removed: GE,] [added: GE Aerospace) or experience disruptions,] our business, financial condition, results of operations and cash flows may be adversely affected.

In addition to our contracts and arrangements with GE [added: Aerospace and GE Vernova] as [removed: a] direct [removed: supplier,] [added: suppliers,] we [added: also have exposure to GE Aerospace] and GE [removed: formed] [added: Vernova through] the Aero [removed: JV in 2019.][added: JV.]

The Aero JV is jointly controlled by GE [added: Vernova] and us, and as a result, realizing the benefits of this joint venture depends on the continued cooperation between the parties.

In addition, the business and financial performance of the Aero JV may be adversely affected if GE [removed: were to fail] [added: Aerospace fails] to perform its obligations under its contracts with the Aero JV.

We in turn use certain products [added: and services] purchased through the Aero JV for the manufacture [added: and maintenance] of various end products, and therefore, failure of the Aero JV to perform for any reason could prevent us from fulfilling our contractual obligations, which may adversely affect our business, financial condition, results of operations and cash flows.

People are a key resource to developing, manufacturing, and delivering our products and providing technical services and [added: solutions to our customers around the world.]

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | 15

There can be no assurance that the restructuring plan will [removed: result in cost savings or will] materially increase our profitability.

Such risks include, but are not limited to, adverse effects on regional and global macroeconomic conditions; increased volatility in the price and demand of oil and natural gas, increased exposure to [removed: cyber attacks;] [added: cyber-attacks;] limitations in our ability to implement and execute our business strategy; risks to employees and contractors that we have in the region; disruptions in global supply chains; exposure to foreign currency fluctuations; potential nationalizations and assets seizures; constraints or disruption in the capital markets and our sources of liquidity; our potential inability to service our remaining performance obligations and potential contractual breaches and litigation.

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | 16

[removed: The physical risks of climate change can include extreme variability in weather patterns such as increased frequency and severity of significant weather events (e.g. flooding,] hurricanes and tropical storms), natural hazards (e.g., increased wildfire risk), rising mean temperature and sea levels, and long-term changes in precipitation patterns (e.g. drought, desertification, or poor water quality).

While we evaluate and incorporate potential ranges of physical risks, it is difficult to predict with certainty the timing, frequency or severity of such events, any of which could have a material adverse effect on our financial condition, results of operations and cash [removed: flows.][added: flow.]

Our business has [added: previously] and may [removed: continue to] [added: in the future again] be adversely affected by a public health emergency or outbreak of a contagious disease or virus.

If demand for our products and services decline as a result of a public health emergency, the utilization of our assets and the prices we are able to charge our customers for our products and services could [added: decline.]

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | 17

We cannot provide assurance that our products, including products supplied through joint ventures, will be able to satisfy the specifications [added: necessary in all scenarios] or [added: under all operating conditions, nor] that we will be able to perform the full-scale testing [removed: necessary] [added: required] to prove that the product specifications are satisfied in future [removed: contract bids or under existing contracts, or that the costs of modifications to our products to satisfy the specifications and testing will not adversely affect our results of operations.]

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | 18

Our [removed: remaining performance obligation ("RPO")] [added: RPO] is comprised of [removed: unfilled] [added: unfulfilled] customer orders for products and product services (expected life of contract sales for product services).

The total dollar amount of the Company's RPO as of December 31, [removed: 2023] [added: 2024] was [removed: $33.5] [added: $33.1] billion.

Our customers' activity levels and spending for our products and services and ability to pay amounts owed us could be impacted by the reduction of their cash [removed: flow] [added: flow, financial condition] and the ability of our customers to access equity or credit markets.

In addition, a reduction of cash flow resulting from declines in commodity prices, a reduction in borrowing bases under reserve-based credit facilities or the lack of available debt or equity financing may impact the ability of our customers to pay amounts owed to us and could cause us to increase our reserve for credit [removed: losses.][added: losses or resulting in us collecting substantially less, or none, of the amounts owed to us by such customer.]

In particular, goods, services, data, finances, [added: people,] and technology that cross international borders subjects us to extensive trade laws and regulations.

Compliance-related issues could limit our ability to do business in certain countries, impact our [removed: earnings,] [added: earnings and cash flows,] bring reputational harm, or result in governmental investigations leading to fines, penalties or other remedial measures.

Changes that could impact the legal environment include new legislation, new regulations, new policies, investigations, and legal proceedings and new interpretations of existing legal rules and regulations, in particular, changes in export control laws or exchange control laws, [added: currency conversion, repatriation of income or capital,] additional restrictions on doing business in countries subject to sanctions, and changes in laws in countries where we operate.

In addition, changes and uncertainty in the political environments in which our businesses [removed: operate] [added: operate, including changes in administration,] can have a material effect on the laws, rules, and regulations that affect our [removed: operations.][added: operations and liquidity.]

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | 19

[added: The continued] success of our global business and operations depends, in part, on our ability to continue to anticipate and effectively manage these and other political, legal and regulatory risks.

Given the highly dynamic nature of these restrictions and the unprecedented nature of these changes in [removed: the last two] [added: recent] years, and the uncertainty in the political landscape and unrest in certain areas of the world, our future success depends on the ability of our organization to react to such changes rapidly and appropriately to assure compliance as we continue to conduct business globally.

Changes [removed: in] [added: to] tax [removed: laws,] [added: laws and associated positions (including] tax [removed: rates, tariffs,] [added: rate and] adverse positions taken by taxing [removed: authorities,] [added: authorities)] and [removed: tax audits] [added: international trade policy (including the imposition of tariffs and other import and export regulations)] in the countries where we operate could have a material adverse impact on our results of operations.

We are subject to changes in tax laws, rates, treaties, [removed: regulations,] and [removed: tariffs] [added: regulations] in the various jurisdictions where we operate, any of which, including in the interpretation [removed: there of,] [added: thereof,] could have a material adverse impact on our tax [removed: expense and] [added: expense,] results of [removed: operations.][added: operations and cash flows.]

The technical complexities of our operations expose us to a wide range of significant health, safety and environmental risks and we are from time to time subject to litigation in the U.S. and in foreign countries, for example claims involving services or equipment such as personal injury or loss of life, product failure (including as a result of a [removed: cyber attack)] [added: cyber-attack)] or damage to or destruction of property, employment and labor, customer privacy, or regulatory risks.

If a license to resolve a claim were not available, we might not be able to continue providing a [added: particular service or product, which could adversely affect our financial condition, results of operations and cash flows.]

If we are unable to continue to develop and produce competitive and innovative technology or deliver it to our clients in a timely and cost-competitive manner in

As a result of these or any other factors, our ability to execute our operations on a timely basis, including our ability to meet our manufacturing plans

From time to time the Company will embark upon restructuring activities, whether in response to business operating cycles or for more significant programs of strategic significance (for example the corporate realignment in 2022 which resulted in a focus on our two operating segments).

Further, the physical risks of climate change can include extreme variability in weather patterns such as increased frequency and severity of significant weather events (e.g. flooding,

contract bids or under existing contracts, or that the costs of modifications to our products to satisfy the specifications and testing will not adversely affect our results of operations.

Gross receivables related to our primary customer in Mexico were 7%, 9%, and 10% for 2024, 2023 and 2022, respectively.

In addition to the potential risk of credit loss related to collection of accounts receivable with this customer, we have and may in the future, issue credit default swaps ("CDS") to third-party institutions related to borrowings to this customer who utilizes these funds to repay certain of our receivables.

In the event of default by our customer to the financial institution, we would be required to pay the notional amount outstanding under the CDS, which may adversely impact our results of operations, short-term liquidity position, and cash flows.

In addition, we are subject to changes to the U.S. and foreign country tariffs, international trade agreements and policies.

outcomes with respect to sites where we have been named as a potentially responsible party ("PRP"), (including Superfund sites, the allocation of PRP liability at other sites, or discovery of additional issues at existing sites) where additional expenditures may be required to comply with environmental legal obligations; and the accidental, unauthorized discharge of hazardous materials.

These regulations will require the reporting of sustainability data, including greenhouse gas emissions.

The EPA released a final rule expanding the scope of the reporting rule, effective January 1, 2025, which in turn may impact (and include) data from our equipment or operations to the extent it remains in effect under the new administration.

Newly enacted GHG emissions requirements have been subject to ongoing legal challenges in the U.S. which may delay the implementation or enforcement of such rules.

Although a reduction in GHG reporting obligations in the U.S. may be possible at the federal level in the short-term with changing administrations, long-term regulatory trends suggest that federal regulation of GHG emissions is likely to increase over time.

While the Supreme Court's decision in *Loper Bright Enterprises v.

Raimondo* to overrule *Chevron U.S.A. Inc. v.

Natural Resources Defense Council, Inc.*, which ended the concept of general deference to regulatory agency interpretations of laws, introduces new complexity for federal agencies and administration of climate change policy and regulatory programs, many of these initiatives may continue.

Consequently, legislation and regulatory programs to address climate change or reduce emissions of GHGs could have an adverse effect on our business, financial condition and results of operations.

Certain state laws may be more stringent or broader in scope, or offer greater

Our applications for intellectual property rights may not be granted entirely, as to key features, or at all.

Any investigation of a cyber-attack or other security incident would be inherently

Our digital technologies and services, as well as third-party products, services and technologies on which we rely (including emerging technologies, such as artificial intelligence programs), are subject to the risk of cyberattacks.

Despite our and our service providers' efforts to protect our data and information, there can be no assurance that the systems we have designed to prevent or limit the effects of cyber incidents or attacks will be sufficient to prevent or detect material consequences arising from such incidents or attacks, or to avoid a material adverse impact on our systems after such incidents or attacks occur.

Cyberattacks are expected to accelerate on a global basis in both frequency and magnitude as threat actors become increasingly sophisticated in techniques and tools (including artificial intelligence) that circumvent controls, evade detection and even remove forensic evidence of the infiltration.

Baker Hughes Company 2024 Form 10-K | 26

solutions to our customers around the world.

In the second half of 2022, we announced a plan to undertake certain corporate realignments and restructure our four operating segments to focus on two operating segments, OFSE and IET, in order to simplify and streamline our organizational structure, and create better flexibility and economies of scale across the two operating segments.

The potential physical risks posed by climate change could adversely affect our operations and those of our customers.

See also "Seasonal and weather conditions, including severe weather associated with climate change, could adversely affect demand for our services and operations."

decline.

The continued

For example, the EU Corporate Sustainability Reporting Directive became effective in 2023 and applies to both EU and certain non-EU entities.

In October 2023, California enacted the Climate Corporate Data Accountability Act and the Climate Related Financial Risk Act that will require large public and private companies that do business within the state to disclose their Scopes 1, 2 and 3 greenhouse gas ("GHG") emissions, with third party assurance of GHG emissions information for certain entities, and issue public

reports on their climate-related financial risk and related mitigation measures.

In 2023, California also enacted the Voluntary Carbon Market Disclosures Act, which requires companies that operate within the state and make certain climate-related claims to provide enhanced disclosures around the achievement of such claims.

contractual obligations or customer-imposed controls in the jurisdictions in which we operate.

suppliers.

During [removed: 2023,] [added: 2024,] Baker Hughes [removed: built strong momentum across the Company with] [added: continued to deliver] significant improvement [added: across the company and] in our financial results over [removed: 2022.][added: 2023.]

Continued discipline from the world's largest producers and the pace of oil demand growth [removed: in the face of economic uncertainty,] will remain important factors to [removed: monitor as we look into 2024.][added: monitor.]

We [removed: also] remain optimistic on the LNG outlook, [removed: seeing a continued] [added: supporting the] shift towards the development of natural gas and LNG.

As a result, the [added: global] LNG project pipeline remains [removed: strong, both in the U.S. and internationally.][added: strong.]

In [removed: 2023,] [added: 2024,] the Company generated [removed: revenue] [added: revenues] of [removed: $25.5] [added: $27.8] billion, compared to [removed: $21.2] [added: $25.5] billion in [removed: 2022,] [added: 2023,] increasing [removed: $4.4] [added: $2.3] billion or [removed: 21%.][added: 9%.]

The increase [removed: in revenue] was primarily [removed: driven by] [added: due to] higher volume in [removed: IET on] Gas Technology Equipment [removed: project backlog execution and stronger activity] [added: and, to a lesser extent,] in [removed: OFSE.][added: CTS, Industrial Technology and Gas Technology Services.]

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 32][added: 33]

The business has undertaken significant structural [removed: changes,] [added: changes] and we see the [removed: cost-out performance] [added: operating benefits] coming through [removed: our operating results.][added: in the margin performance.]

We increased our quarterly dividend in the [removed: third] [added: first] quarter of [removed: 2023] [added: 2024] by one cent to [removed: $0.20] [added: $0.21] per share.

For the full year of [removed: 2023,] [added: 2024,] we returned a total of $1.3 billion to shareholders in the form of dividends and share repurchases.

[removed: We also completed the] [added: (1)The] sale of [removed: the Nexus Controls] [added: our controls] business [added: was completed] in April 2023.

- OFSE International activity: We expect spending outside of North America to [removed: experience moderate growth] [added: be at similar or slightly lower levels] in [removed: 2024, as] [added: 2025] compared to [removed: 2023.][added: 2024.]

We also have businesses within our portfolio that are exposed to new energy solutions, specifically focused around reducing carbon emissions of the energy and broader industry, [removed: including hydrogen, geothermal, CCUS,] [added: including: hydrogen; geothermal; CCUS;] energy [removed: storage,] [added: storage;] clean [removed: power] [added: power;] and emissions abatement solutions.

We expect to see continued growth in these [added: global] businesses as new energy solutions become a more prevalent part of the broader energy mix.

The following discussion and analysis [removed: summarizes] [added: summarize] the significant factors affecting our results of operations, financial condition and liquidity position as of and for the years ended December 31, [removed: 2023] [added: 2024, 2023,] and 2022, and should be read in conjunction with [removed: the] [added: our] consolidated financial statements and related [removed: notes of the Company.][added: notes.]

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 33][added: 34]

| | | | [added: 2024 | | |] 2023 | | | 2022 | | |

| Brent oil prices ($/Bbl) (1) | | | $ | [added: 80.52 | | $ |] 82.49 | | $ | 100.93 | |

| WTI oil prices ($/Bbl) (2) | | | [added: 76.63 | | |] 77.58 | | | 94.90 | | |

| Natural gas prices ($/mmBtu) (3) | | | [added: 2.19 | | |] 2.53 | | | 6.45 | | |

[removed: Baker Hughes Rig] [added: Rig] Count

[removed: The Baker Hughes rig] [added: Rig] counts are an important business barometer for the drilling industry and its suppliers.

[removed: The] [added: Therefore, rig] counts may [added: act as a leading indicator of market activity and] reflect the relative strength [removed: and stability] of energy prices [removed: and overall market activity;] however, these counts should not be solely relied on as other specific and pervasive conditions may exist that affect overall energy prices and market activity.

Published international rig counts do not include rigs drilling in certain [removed: locations,] [added: locations] such as onshore China because this information is not readily available.

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 34][added: 35]

| North America | | | [added: 787 | | |] 864 | | | 898 | | |

| International | | | [added: 947 | | |] 948 | | | 851 | | |

| Worldwide | | | [added: 1,734 | | |] 1,812 | | | 1,749 | | |

[removed: 2023 Compared to 2022][added: | | | | 2024 | | | 2023 | | | 2022 | | |]

The performance of our operating segments is primarily evaluated based on segment operating income (loss), which is defined as income (loss) before income taxes and before the following: net interest expense, net other non-operating income (loss), [added: unallocated] corporate expenses, [removed: restructuring,] [added: significant restructuring plans,] impairment and other charges, inventory impairments, and certain gains and losses not allocated to the operating segments.

In evaluating the [removed: segment] performance, [removed: the Company] [added: we] primarily [removed: uses] [added: use] the following:

Productivity: Productivity is measured by the remaining variance in profit, after adjusting for the period-over-period impact of volume and price, foreign [removed: exchange] [added: exchange,] and (inflation)/deflation as defined above.

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 35][added: 36]

Our consolidated statements of income (loss) displays sales and costs of sales in accordance with SEC regulations under which "goods" is required to include all sales of tangible products and "services" must include all other sales, including other [removed: services] [added: service] activities.

For the amounts shown below, we distinguish between "equipment" and "product services," where product services [removed: refers] [added: refer] to sales under product services agreements, including sales of both goods (such as spare parts and equipment upgrades) and related services (such as monitoring, maintenance and repairs), which is an important part of our operations.

[removed: References to] [added: (2)For the years ended December 31, 2024, 2023 and 2022,] total new energy orders incorporates CTS in IET of [added: $1.0 billion,] $0.6 [removed: billion] [added: billion,] and [removed: OFSE of $0.2 billion.][added: $0.4 billion, respectively.]

[removed: Remaining Performance Obligations ("RPO"): As of December 31, 2023,] [added: The RPO relate to] the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance [removed: obligations was $33.5 billion.][added: obligations.]

[removed: Revenue] [added: Segment Revenues] and [added: Segment] Operating Income

Summarized [removed: financial] [added: orders] information for [removed: the Company's] [added: our] segments [removed: is] [added: are] shown in the following [removed: tables.][added: table.]

| [removed: Revenue:] [added: Revenue] | | | | | | | | | | | |

Market Conditions

We capitalized on market tailwinds to deliver substantial IET revenue growth, navigated an uneven market to deliver modest OFSE revenue growth, and realized widening benefits from our transformation efforts across the company.

We also maintained strong order momentum in IET, led by significant growth in new energy and non-LNG equipment orders.

As we look to 2025, we see a muted outlook for global upstream spending due to recent oil price volatility and an oil market that looks well supplied in the near term, which might affect activity across our OFSE portfolio.

Geopolitics remain another element of uncertainty across the oil and gas markets affecting macroeconomic conditions and upstream spending.

We are seeing customer spending trends shift more towards natural gas and low-carbon solutions, and we expect this trend to continue in 2025, which will continue to support strength across our IET portfolio.

Additionally, robust orders over the past few years are set to drive significant growth in our equipment installed base, which will underpin steady growth in Gas Technology Service over the coming years.

Continued signs of tightness in the aeroderivative supply chain will remain an important factor to monitor.

Financial Results and Key Company Initiatives

The increase in revenue was driven principally by IET.

IET revenue increased $2.1 billion, primarily driven by Gas Technology Equipment revenue.

OFSE revenue increased $0.3 billion driven by international revenue.

Operating income was $3.1 billion compared to $2.3 billion in 2023, increasing $0.8 billion.

The increase to operating income was driven by higher volume primarily from higher proportionate growth in Gas Technology Equipment ("GTE") and Subsea & Surface Pressure Systems ("SSPS") and price in both segments, and structural cost-out initiatives across the company, partially offset by cost inflation.

As our journey of transformation continues, we have made progress in our efforts to improve efficiencies and modernize how the business operates.

- OFSE North America activity: In 2025, we expect a second consecutive year of lower E&P spending due to recent commodity price volatility and E&P consolidation.

- IET outlook: We see continued strength in LNG, Floating Production Storage and Offloading ("FPSO"), gas infrastructure, and new energy, as well as increasing opportunities to leverage our versatile portfolio to enhance IET's position across industrial and distributed power markets.

In North America, customer spending is influenced by WTI oil prices and natural gas prices are measured by the Henry Hub Natural Gas Spot Price.

| | | | 2024 | | | 2023 | | | 2022 | | | From 2023 to 2024 | | | From 2022 to 2023 | | |

| Orders: | | | | | | | | | | | | | | | | | |

| Oilfield Services & Equipment | | | $ | 15,240 | | $ | 16,344 | | $ | 14,089 | | $ | (1,104) | | $ | 2,255 | |

| Gas Technology Equipment | | | 5,675 | | | 7,367 | | | 6,195 | | | (1,692) | | | 1,172 | | |

| Gas Technology Services | | | 3,141 | | | 3,004 | | | 2,961 | | | 137 | | | 43 | | |

| Total Gas Technology | | | 8,816 | | | 10,372 | | | 9,156 | | | (1,555) | | | 1,215 | | |

| Industrial Products | | | 2,079 | | | 2,069 | | | 1,833 | | | 10 | | | 237 | | |

| Industrial Solutions | | | 1,151 | | | 1,085 | | | 1,025 | | | 66 | | | 60 | | |

| Controls (1) | | | — | | | 66 | | | 241 | | | (66) | | | (175) | | |

| Total Industrial Technology | | | 3,230 | | | 3,220 | | | 3,099 | | | 10 | | | 121 | | |

| Climate Technology Solutions (2) | | | 954 | | | 586 | | | 425 | | | 367 | | | 161 | | |

| Industrial & Energy Technology | | | 13,000 | | | 14,178 | | | 12,680 | | | (1,178) | | | 1,498 | | |

| Total | | | $ | 28,240 | | $ | 30,522 | | $ | 26,770 | | $ | (2,282) | | $ | 3,752 | |

As of December 31, 2024, RPO totaled $33.1 billion, of which OFSE totaled $3.0 billion and IET totaled $30.1 billion.

Fiscal Year 2024 to Fiscal Year 2023

Revenue increased $2,323 million, or 9%, to $27.8 billion.

OFSE increased $268 million and IET increased $2,055 million.

Selling, general and administrative cost decreased $153 million, or 6%, to $2,458 million, and our Corporate costs, which are primarily reported within this financial measure, decreased $17 million, or 5%, to $363 million.

These decreases were driven primarily by a continued focus on cost optimization, partially offset by inflationary pressure.

Restructuring, impairment, and other charges were $301 million in 2024, primarily related to streamlining of the OFSE operating model.

In 2023, restructuring, impairment, and other charges were $323 million reflecting costs to align the business with the Company's market outlook.

Operating income increased $763 million, or 33%, to $3,081 million, driven primarily by: increased volume primarily from higher proportionate growth in GTE and SSPS, favorable price, cost optimization, and, to a lesser extent, FX, partially offset by inflationary pressure.

For management's discussion and analysis of our financial condition and results of operations for fiscal year 2022 as compared to fiscal year 2021 please refer to Part II, Item 7.

"Management's discussion and analysis of financial condition and results of operations" on Form 10-K for our fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission ("SEC") on February 14, 2023.

In OFSE, we saw key commercial successes and solid margin improvements, and in IET, we benefited from robust growth in LNG orders, driving RPO to levels that provides meaningful revenue visibility.

Overall, we capitalized on market tailwinds to deliver strong revenue growth across both segments, began realizing the full benefits of our cost-out initiatives, and continued to transform how we operate.

We also achieved significant growth in new energy orders compared to 2022 as we continue to experience growing demand for decarbonization solutions across the Company's IET and OFSE portfolios.

As we look to 2024, we remain balanced on the oil and gas outlook but continue to see areas of strength across our portfolio despite persisting economic uncertainty.

We continue to believe in a multiyear upstream spending cycle, which, we believe, will be more durable and less sensitive to commodity price swings relative to prior cycles and led by international and offshore markets.

Oil and gas prices have experienced volatility in the fourth quarter of 2023 and beginning of 2024, and this will likely have some influence on upstream development plans, particularly for shorter-cycle spending budgets.

Additionally, the conflict in the Middle East has added another element of uncertainty across the oil and gas markets.

While this conflict has not had a material impact on our operations, a further escalation in geopolitical tensions across the region could impact the Company.

We will continue to monitor and assess the impact of the conflict in the Middle East on our business.

Furthermore, in IET, the aeroderivative supply chain continues to show signs of tightness, which we will continue to manage operationally.

As the world increasingly recognizes the crucial role natural gas is expected to play in the energy transition, serving as both a transition and destination fuel, we believe it will be fundamental in satisfying the world's energy needs for many decades to come.

Financial Results

Income before tax was $2,655 million in 2023 compared to $22 million in 2022, increasing $2,633 million.

The increase in income before tax was driven by higher volume and price in both segments and structural cost-out initiatives, positive effect from the change in fair value on certain equity securities, and lower restructuring and impairment charges.

Our journey of transformation continues.

We have made significant progress; however, there is still more work to do to further identify areas to simplify and create efficiencies and modernize how the business operates, including actions launched in OFSE to remove duplication and further streamline the business.

We continue to invest in the Baker Hughes portfolio through strategic acquisitions.

In 2023, we completed the acquisition of Altus Intervention, a leading international provider of well intervention services and downhole technology, which significantly enhances OFSE's existing portfolio.

- OFSE North America activity: After trending lower most of 2023 due to lower activity from private exploration & production operators and in gas basins, North American activity has recently stabilized.

However, we see a slow start to 2024 and anticipate only a modest recovery in activity during the second half of 2024.

- IET LNG projects: We remain optimistic on the LNG market long-term and view natural gas as a transition and destination fuel.

We continue to view the long-term economics of the LNG industry as positive.

We remain optimistic about the long-term economics of the oil and gas industry, but we are continuing to operate with flexibility.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

The average Brent oil prices decreased to $82.49/Bbl in 2023 from $100.93/Bbl in 2022 and ranged from a low of $71.03/Bbl in March 2023, to a high of $97.10/Bbl in September 2023.

In North America, customer spending is influenced by WTI oil prices, which similarly to Brent oil prices, on average decreased to $77.58/Bbl in 2023 from $94.90/Bbl in 2022, and ranged from a low of $66.61/Bbl in March 2023, to a high of $93.67/Bbl in September 2023.

In North America, natural gas prices, as measured by the Henry Hub Natural Gas Spot Price, averaged $2.53/mmBtu in 2023, representing a 61% decrease over the prior year.

Throughout the year, Henry Hub Natural Gas Spot Prices ranged from a high of $3.78/mmBtu in January 2023, to a low of $1.74/mmBtu in June 2023.

According to the U.S. Department of Energy, working natural gas in storage at the end of 2023 was 3,476 billion cubic feet ("Bcf"), which was 20%, or 585 Bcf, below the corresponding week in 2022.

Rig count trends are driven by the exploration and development spending by oil and natural gas companies, which in turn is influenced by current and future price expectations for oil and natural gas.

We have been providing rig counts to the public since 1944.

We gather all relevant data through our field service personnel, who obtain the necessary data from routine visits to the various rigs, customers, contractors and other outside sources as necessary.

We base the classification of a well as either oil or natural gas primarily upon filings made by operators in the relevant jurisdiction.

This data is then compiled and distributed to various wire services and trade associations and is published on our website.

We believe the counting process and resulting data is reliable; however, it is subject to our ability to obtain accurate and timely information.

Rigs in the U.S. and Canada are counted as active if, on the day the count is taken, the well being drilled has been started but drilling has not been completed and the well is anticipated to be of sufficient depth to be a potential consumer of our drill bits.

In international areas, rigs are counted on a weekly basis and deemed active if drilling activities occurred during the majority of the week.

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 46][added: 49]

As of December 31, [removed: 2023,] [added: 2024,] we had interest rate swaps with a notional amount of $500 million that converted a portion of our $1,350 million aggregate principal amount of 3.337% fixed rate Senior Notes due 2027 into a floating rate instrument with an interest rate based on a [removed: LIBOR index as a hedge of its exposure to changes in fair value that are attributable to interest rate risk.][added: Secured Overnight Financing Rate index.]

| *(In millions)* | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2026] [added: 2027] | | | | | | [removed: 2027] [added: 2028] | | | | | | [removed: 2028] [added: 2029] | | | | | | Thereafter | | | | | | Total (2) | | |

| Long-term debt (1) | | | $ | [removed: 107] [added: —] | | | | | $ | [removed: —] [added: 600] | | | | | $ | [removed: 600] [added: 1,350] | | | | | $ | [removed: 1,350] [added: —] | | | | | $ | [removed: —] [added: 760] | | | | | $ | [removed: 3,756] [added: 2,996] | | | | | $ | [removed: 5,813] [added: 5,706] | |

(1)Fair market value of our fixed rate long-term debt, excluding finance leases, was [removed: $5.5] [added: $5.3] billion at December 31, [removed: 2023.][added: 2024.]

We had outstanding foreign currency forward contracts with notional amounts aggregating [removed: $3.6] [added: $3.0] billion and [removed: $3] [added: $3.6] billion to hedge exposure to currency fluctuations in various foreign currencies at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

As of December 31, [removed: 2023,] [added: 2024,] the Company estimates that a 1% appreciation or depreciation in the U.S. dollar would result in an impact of less than [removed: $10] [added: $15] million to our pre-tax earnings; however, the Company is generally able to mitigate its foreign exchange exposure, where there are liquid financial markets, through use of foreign currency derivative transactions.

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 47][added: 50]

| As of December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Weighted average interest rates | | | — | | % | | | | 2.35 | | % | | | | 5.36 | | % | | | | — | | % | | | | 3.45 | | % | | | | 4.21 | | % | | | | 4.18 | | % |

As of July 1, 2023, the interest rate changed to be based on a Secured Overnight Financing Rate index.

| As of December 31, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Weighted average interest rates | | | 4.08 | | % | | | | — | | % | | | | 2.35 | | % | | | | 5.29 | | % | | | | — | | % | | | | 4.06 | | % | | | | 4.16 | | % |

With [removed: the breadth of] our [added: diverse] portfolio, leading technology, and unique partnership models, we are positioned to deliver outcome-based solutions across the energy and industrial markets.

While we believe [removed: that] the [removed: world's reliance on hydrocarbons] [added: world] will [removed: not disappear,] [added: need hydrocarbons for many decades to come -] and [added: therefore] oil and gas will continue to remain relevant in meeting global energy [removed: demand,] [added: demand -] we also acknowledge the need to transition to new energy sources.

Over the last several years, this transition has [removed: been progressing,] [added: progressed,] with governments and society focused on a long-term goal of net-zero emissions while trying to balance the "energy trilemma" - energy security, sustainability, and affordability.

There is a growing consensus [removed: that] the energy transition will likely take longer than many expected due to [removed: the energy trilemma.][added: its inherent complexity overcoming technology, economics, politics, and regulatory challenges.]

[removed: We believe the industry is going through a transformation that requires a change in how we work with our] [added: Our] existing and new customers [removed: expecting] [added: require] new [removed: partnerships and] [added: partnerships,] commercial models and [removed: new] technology solutions to deliver sustainable productivity improvements and leverage economies of scale, with a lower carbon footprint.

Our unique [added: and diversified] portfolio is expected to benefit regardless of how quickly the energy transition develops.

- [removed: Invest for] [added: Driving profitable] growth: We are driving organic and inorganic growth [added: to build our businesses] in high potential markets where we have a strong position, including [removed: industrial power and processes, industrial asset management, non-metallics,] [added: integrated solutions, mature assets solutions,] and [removed: chemicals.][added: enhanced digital solutions.]

- [removed: Position for] [added: Delivering results in] new [removed: energy frontiers:] [added: energy:] We are making strategic investments to drive lower carbon emissions in the energy and industrial sectors, including hydrogen; [removed: geothermal;] carbon capture, utilization and storage ("CCUS"); [added: geothermal;] and clean power [removed: solutions.][added: solutions ("clean power" refers to lower carbon intensity, lower lifecycle emissions, and lower quantity of greenhouse gas emissions resulting directly from fuel combustion, relative to conventional power sources derived from fossil fuels).]

Our products, services, and expertise serve the upstream, midstream/liquefied natural gas ("LNG") and downstream sectors of the oil and gas industry, as well as broader chemical and industrial [removed: segments.][added: segments across a variety of verticals.]

Technology remains a differentiator for [removed: us,] [added: us] and a key enabler to drive the efficiency and productivity gains our customers [removed: need.][added: require, as well as paving the way for longer term sustainable energy development.]

We also have a range of technologies that support our customers' [removed: efforts to reduce their carbon footprint.]

We remain committed to investing in our products and services to maintain our leadership position across our offerings, including [removed: $658] [added: $643] million research and development ("R&D") spend and being granted more than [removed: 2,000] [added: 1,600] patents worldwide in [removed: 2023.][added: 2024.]

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | 1

- Energy transition solutions: We are positioned to support our customers' efforts to reduce their carbon footprint with a range of emissions-abatement products and services, which we refer to as "new energy." This includes [removed: more efficient power generation and compression technology, as well as sensor technology that reduces flaring and overall carbon emissions, technology] [added: turnkey solutions] for [added: flare reduction,] CCUS, hydrogen production, transportation, storage and distribution, [removed: and] geothermal [added: and clean power] solutions.

Over the past several years, we have made progress in strategic investments and acquisitions in emerging energy technologies to advance CCUS, hydrogen, clean power and [removed: e-fuels] [added: e-fuels, as well as established strategic long-term partnerships] with companies such as [removed: Mosaic, Nemesys,] HIF Global, [added: Air Products] and NET Power, among others.

We also continue to expand our low to zero-carbon solutions capabilities, helping customers to detect, quantify, and reduce emissions more efficiently and accurately, and complementing our existing [removed: solutions available today.][added: solutions.]

- Digital capabilities: We expect to benefit from the emerging demand for [added: more] intelligent operations and [added: the adoption of] artificial intelligence ("AI") based solutions as part of our customers' digital transformation initiatives.

Our two operating segments are organized based on the nature of our markets and [removed: customers and consist of similar products and services and growth profiles.][added: customers.]

The OFSE segment designs and manufactures products and provides related services [added: and integrated solutions] for onshore and offshore oilfield operations across the [removed: lifecycle] [added: life cycle] of an asset, ranging from exploration, appraisal, and development to production, rejuvenation, and decommissioning.

- Completions, Intervention, [removed: &] [added: and] Measurements encompasses completions (wellbore construction, upper and lower completions, unconventional multistage completions, intelligent production systems, workover systems, and fishing and through-tubing services), pressure pumping (cementing, production enhancement, coiled tubing, and tubular running services), and wireline services (openhole logging services, cased-hole logging services, and perforating and drill stem-testing services).

- Subsea & Surface Pressure Systems includes subsea projects and services (subsea trees, controls, manifolds, wellheads, premium casing connectors, installation and commissioning, repairs and [added: maintenance, well intervention, life-of-field solutions, and plug and abandonment), flexible pipe systems]

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | 2

[removed: maintenance, well intervention, life-of-field solutions, and plug and abandonment), flexible pipe systems] (subsea risers, subsea flowlines and jumpers, onshore reinforced thermoplastic pipe, and rehabilitation), and surface pressure control systems (surface trees and wellheads).

These product lines are supported by an OFSE digital group, which combines [removed: the segment's] [added: OFSE's] domain expertise with a deep understanding of digital technology to improve operational safety, performance, and sustainability.

Together, these capabilities provide customers with a greater understanding of the subsurface, enabling smoother, faster drilling and precise wellbore placement that can lead to improved recovery and project [added: execution driving enhanced] economics.

OFSE believes that its principal competitive differentiators in the industries and markets it serves are the [added: technology,] quality, efficiency, reliability, and availability of its products and services.

While OFSE may have contracts that include multiple well projects and that may extend over a [removed: period ranging from two to four years,] [added: multi-year period,] its services and products are generally provided on a well-by-well basis.

The IET segment combines a broad array of domain expertise, technologies, software, and services for energy [added: and industrial] customers including [removed: on-and] [added: on- and] offshore, LNG, pipeline and gas storage, refining, petrochemical, distributed gas, nuclear, hydrogen, carbon capture, utilization and storage, clean [removed: power] [added: power, geothermal] and renewables.

It also provides cutting edge technology for consumers of energy and/or organizations who are reliant on infrastructure [removed: integrity.][added: integrity across a broad variety of verticals including pulp & paper, food & beverage, industrial heating, automotive and aerospace.]

IET solutions unlock the ability to transform, transfer, and transport energy efficiently, while capturing and cutting [removed: emissions, addressing a fundamental challenge behind the energy trilemma: reducing environmental impact, while maximizing efficiency, safety, productivity, reliability and availability.][added: emissions.]

- Gas Technology Equipment delivers highly efficient mechanical and [removed: electric drive] [added: electric-drive] compression and power generation technology for projects across the natural gas value chain.

- [removed: Drivers] [added: Drivers, which] include aero-derivative gas turbines, heavy-duty gas turbines, small- to medium-sized industrial gas turbines, steam turbines, [removed: and] hot gas and [removed: turboexpanders.][added: turboexpanders, and electric motors.]

- Driven [removed: equipment] [added: equipment, which] includes [removed: generators and] [added: synchronous condensers, generators,] reciprocating, centrifugal, [added: and] integrated [removed: zero emission] compressors, and centrifugal pumps.

- Turnkey [removed: solutions includes] [added: solutions, which include] power generation and gas compression modules, waste heat/energy/pressure recovery, energy storage, modularized small and large liquefaction plants, CO2 compression, and storage/use solutions.

- Gas Technology Services provides advanced aftermarket support and uptime availability in critical environments and through every stage of our customers' equipment and plant [removed: lifecycle.][added: life cycle.]

The product [removed: line's] [added: line] portfolio includes:

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | 3

- Designing, manufacturing, maintaining, [added: and] upgrading rotating equipment [added: and] combining sophisticated hardware technologies with enterprise-class software products.

- Process & Pipeline Services, which comprises pre-commissioning and maintenance services to improve throughput and asset integrity for process facilities and [removed: pipelines] [added: pipelines,] as well as inline inspection solutions to support pipeline integrity.

- Industrial Solutions offers a unique suite of hardware, software, and edge device solutions that enable asset [added: health,] performance and process optimization.

We believe the industry is going through a transformation that requires a change in how work gets done to enable sustainable energy development.

efforts to reduce their carbon footprint.

In 2024, we launched CarbonEdgeTM, powered by CordantTM, an end-to-end digital solution for CCUS operations.

We also signed an agreement with Repsol to collaboratively develop and deploy next-generation AI capabilities through our Leucipa™ automated field production solution.

OFSE competitors include SLB, Halliburton, NOV, Weatherford, and TechnipFMC.

The IET segment is organized into five product lines.

The product line's portfolio includes a number of product brands including:

IET main competitors include Siemens Energy, Solar (a Caterpillar company), Mitsubishi Heavy Industry, Chart, Sulzer, Flowserve, and Emerson.

We also conduct business in a number of industrial

be other important components of the portfolio of capabilities and assets supporting our ability to compete.

If we are not able to protect our IP or if those rights are invalidated or circumvented, our business may be adversely affected.

We may be subject to litigation and infringement claims, which could cause us to incur significant expenses or prevent us from selling our products or services.

Sustainability

This reduction was primarily due to implementing energy efficiency initiatives, facility consolidation, increasing

At our core, we believe that unique ideas and diverse perspectives are the driving forces behind innovation.

Our differences make us stronger.

These elements are critical to our business success and our mission of advancing energy solutions for our customers and the industry.

Our Diversity, Inclusion and Belonging strategic framework empowers us to recruit and retain the best talent, foster an inclusive culture, and strengthen our partnerships with customers and communities.

As we continue to prioritize attracting, retaining and developing the best talent, we are dedicated to making meaningful progress across our organization, with a particular focus on inclusivity and belonging.

Together, we are building a stronger, more innovative future.

We are also enabling and expecting fair and respectful treatment for all to ensure we are living out our Baker Hughes values and behaviors.

At the beginning of 2024, Baker Hughes launched a rebranded Employee Value Proposition that captures the essence of our company – how it is unique and what it aspires to accomplish, balancing our current strength and the goals to be an employer of choice.

Learn more at https://careers.bakerhughes.com/global/en.

We take a risk-based approach with

Employees are required to complete recurring HSE training to bring awareness to potential hazards, regulatory obligations and performing activities safely.

We provided resources and tools to our employees and will continue to annually host numerous events with Baker Hughes leaders and external experts.

Our Finance Committee provides oversight of our financial and investment policies and of the Company's principal finance, banking, and treasury matters, including the Company's capital structure (both equity and debt) and the principal terms of related financing transactions and requirements.

local regulation.

| Amerino Gatti | | | | | | 54 | | | | | | Executive Vice President, Oilfield Services and Equipment Amerino Gatti is the Executive Vice President, Oilfield Services and Equipment of the Company. Prior to joining the Company in September 2024, Mr. Gatti served as Chief Executive Officer and Chairman of the Board of TEAM, Inc., a provider of integrated specialty industrial services with operations in over 20 countries, from January 2018 to January 2022. Prior to joining TEAM, Inc. he spent 25 years with oilfield services firm Schlumberger and held various leadership positions, including Executive Officer and President of the Production Group for North America, Vice President and General Manager for Qatar and Yemen, Global Vice President for Sand Management Services and Vice President Marketing for North America. His earlier experience includes field operations, engineering and human resources across North America, South Asia and the Middle East. He earned a degree in mechanical engineering from the University of Alberta, Canada. | | |

| | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Name | | | | | | Age | | | | | | Position and Background | | |

We have also made strategic acquisitions to strengthen our core technology portfolio, including Altus Intervention which adds significant well intervention capabilities to our OFSE segment.

In 2023, we launched several key digital solutions across our portfolio for existing customers, including Cordant™ for industrial and energy customers and the Leucipa™ automated field production solution for oilfield customers.

We also continued our investments in digital partners, including Corva.

In addition to enhancing our technology portfolio with new AI applications, we are embedding digital elements in our core OFSE product lines, helping them to deliver efficiency, predictability, and a better experience for our customers and ourselves.

OFSE competitors include SLB and Halliburton (Well Construction; Completions, Intervention, & Measurements; Production Solutions; Subsea & Surface Pressure Systems); ChampionX (Production Solutions); and TechnipFMC, Aker Solutions, and NOV (Subsea & Surface Pressure Systems).

Effective October 1, 2023, IET re-aligned its product lines and began operating through five product lines - *Gas Technology Equipment, Gas Technology Services, Industrial Products, Industrial Solutions, and Climate Technology Solutions*.

The product line's portfolio includes drivers, driven equipment, flow control, and turnkey solutions:

IET believes that its principal competitive factors in the industries and markets it serves are product range coverage, product technology, efficiency, product reliability and quality, availability, project execution and service capabilities, emissions, and price.

IET competitors for Gas Technology Equipment product line includes Siemens Energy, Solar (a Caterpillar company), and MAN Energy Solutions.

Our Gas Technology Services product line competes with

independent service providers such as Masaood John Brown, EthosEnergy, and Sulzer.

IET competitors for the Industrial Products product line include Emerson, Flowserve, and Metso Outotec.

Competitors for the Industrial Solutions product line include Emerson, Honeywell Process Solutions, and ABB.

CTS competitors are varied across application.

For CCUS, competitors include Aker Carbon Capture, Svante, and SLB.

For hydrogen, competitors include Siemens Energy, Howden (a Chart Industries company), and Burckhardt.

assignment agreements to protect our IP rights.

Environmental

We believe unique ideas and perspectives fuel innovation and our differences make us stronger.

We believe that our DEI strategic framework and our commitment to DEI will enable us to continue to recruit and retain a diverse workforce, promote an inclusive culture, expand our supplier diversity, and be a stronger partner to our customers and our community.

As we continue to prioritize DEI, we are focused on progressing on diversity, equity and inclusion across our organization, with a particular emphasis on supporting gender representation.

of the business.

We have conducted training on unconscious bias and have launched pilot projects on blind resumes and debiasing job descriptions, interview templates, and assessments as well as expanded our talent acquisition focus to include executive search services and initiatives with universities to expand our new talent pipeline.

The DEI Community of Practice facilitates sharing best practices across the enterprise.

Our DEI Knowledge Center, located on the Baker Hughes intranet, enables us to provide our workforce with tools, resources, and learning opportunities that raise awareness, foster inclusive behaviors, and build cross-cultural competences.

Our employees are required to complete recurring HSE training.

In 2023, we achieved 199 Perfect HSE Days, down 8% versus 2022.

We hosted numerous events with Baker Hughes leaders and external experts, further embedded mental well-being into leadership engagements, and provided resources and tools to employees.

Our Governance and Corporate Responsibility Committee provides oversight of the

FOR THE FISCAL YEAR ENDED DECEMBER 31, [removed: 2023][added: 2024]

The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant as of the last business day of the registrant’s most recently completed second fiscal quarter (based on the closing price on June 30, [removed: 2023] [added: 2024] reported by the Nasdaq Stock Market LLC) was [removed: $31,860,362,416.][added: $34,880,320,572.]

As of January [removed: 26, 2024,] [added: 22, 2025,] the registrant had outstanding [removed: 1,000,881,406] [added: 990,111,854] shares of Class A Common Stock, $0.0001 par value per share.

Portions of Registrant's Definitive Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.

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| | | | [Management's Report on Internal Control Over Financial [removed: Reporting](#i61bac42cd006476a9aa6adb47d4b62a1_121)] [added: Reporting](#ibb971aef80184ffcb7e593d69c97a15b_124)] | | | [removed: [48](#i61bac42cd006476a9aa6adb47d4b62a1_121)] [added: [51](#ibb971aef80184ffcb7e593d69c97a15b_124)] | | |

| | | | [Report of Independent Registered Public Accounting [removed: Firm](#i61bac42cd006476a9aa6adb47d4b62a1_124)] [added: Firm](#ibb971aef80184ffcb7e593d69c97a15b_127)] | | | [removed: [49](#i61bac42cd006476a9aa6adb47d4b62a1_124)] [added: [52](#ibb971aef80184ffcb7e593d69c97a15b_127)] | | |

| | | | [Consolidated Statements of Income [removed: (Loss)](#i61bac42cd006476a9aa6adb47d4b62a1_127)] [added: (Loss)](#ibb971aef80184ffcb7e593d69c97a15b_130)] | | | [removed: [52](#i61bac42cd006476a9aa6adb47d4b62a1_127)] [added: [55](#ibb971aef80184ffcb7e593d69c97a15b_130)] | | |

| | | | [Consolidated Statements of Comprehensive Income [removed: (Loss)](#i61bac42cd006476a9aa6adb47d4b62a1_130)] [added: (Loss)](#ibb971aef80184ffcb7e593d69c97a15b_133)] | | | [removed: [53](#i61bac42cd006476a9aa6adb47d4b62a1_130)] [added: [56](#ibb971aef80184ffcb7e593d69c97a15b_133)] | | |

| | | | [Consolidated Statements of Financial [removed: Position](#i61bac42cd006476a9aa6adb47d4b62a1_133)] [added: Position](#ibb971aef80184ffcb7e593d69c97a15b_136)] | | | [removed: [54](#i61bac42cd006476a9aa6adb47d4b62a1_133)] [added: [57](#ibb971aef80184ffcb7e593d69c97a15b_136)] | | |

| | | | [Consolidated Statements of Changes in [removed: Equity](#i61bac42cd006476a9aa6adb47d4b62a1_136)] [added: Equity](#ibb971aef80184ffcb7e593d69c97a15b_139)] | | | [removed: [55](#i61bac42cd006476a9aa6adb47d4b62a1_136)] [added: [58](#ibb971aef80184ffcb7e593d69c97a15b_139)] | | |

| | | | [Consolidated Statements of Cash [removed: Flows](#i61bac42cd006476a9aa6adb47d4b62a1_139)] [added: Flows](#ibb971aef80184ffcb7e593d69c97a15b_142)] | | | [removed: [56](#i61bac42cd006476a9aa6adb47d4b62a1_139)] [added: [59](#ibb971aef80184ffcb7e593d69c97a15b_142)] | | |

| | | | [Notes to Consolidated Financial [removed: Statements](#i61bac42cd006476a9aa6adb47d4b62a1_142)] [added: Statements](#ibb971aef80184ffcb7e593d69c97a15b_145)] | | | [removed: [57](#i61bac42cd006476a9aa6adb47d4b62a1_142)] [added: [60](#ibb971aef80184ffcb7e593d69c97a15b_145)] | | |

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Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | i

| 5.125% Senior Notes due 2040 of Baker Hughes Holdings LLC and Baker Hughes Co-Obligor, Inc. | | | BKR40 | | | The Nasdaq Stock Market LLC | | |

| | | | [Part I](#ibb971aef80184ffcb7e593d69c97a15b_10) | | | | | |

| | | | [Part II](#ibb971aef80184ffcb7e593d69c97a15b_88) | | | | | |

| | | | [Part III](#ibb971aef80184ffcb7e593d69c97a15b_229) | | | | | |

| | | | [Part IV](#ibb971aef80184ffcb7e593d69c97a15b_247) | | | | | |

| | | | [Signatures](#ibb971aef80184ffcb7e593d69c97a15b_256) | | | [103](#ibb971aef80184ffcb7e593d69c97a15b_256) | | |

| | | | | | | | | |

| | | | [Part I](#i61bac42cd006476a9aa6adb47d4b62a1_10) | | | | | |

| | | | [Part II](#i61bac42cd006476a9aa6adb47d4b62a1_85) | | | | | |

| | | | [Part III](#i61bac42cd006476a9aa6adb47d4b62a1_223) | | | | | |

| | | | [Part IV](#i61bac42cd006476a9aa6adb47d4b62a1_241) | | | | | |

| | | | [Signatures](#i61bac42cd006476a9aa6adb47d4b62a1_250) | | | [99](#i61bac42cd006476a9aa6adb47d4b62a1_250) | | |

As part of our cybersecurity management program, we operate a [removed: Cyber Fusion Center ("CFC")] [added: CFC] to monitor both internal and external cybersecurity threats, conduct initial assessment of severity, coordinate incident response resources, reduce incident response time, and [added: shift toward a proactive cyber-defense model, which includes a dedicated threat intelligence program that leverages custom intelligence]

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 26][added: 27]

[removed: shift toward a proactive cyber-defense model, which includes a dedicated threat intelligence program that leverages custom intelligence] platforms as well as industry specific professional associations and ongoing threat hunting.

We have established policies and procedures, including our Incident Response Plan ("IRP"), for assessing, identifying, managing, and responding to [removed: cybersecurity and privacy threats and incidents,] [added: events that may jeopardize the company digital information or systems,] including protocols for assessing potential material impact from cybersecurity threats and incidents, escalating to executive leadership and the Board, engaging external stakeholders, and reporting incidents based on applicable legal requirements.

Our IRP provides guidance in the event of a cybersecurity incident, including processes with assigned roles and responsibilities to triage, assess severity, escalate, contain, investigate, and remediate incidents, as well as to comply with [removed: potentially] applicable legal obligations and mitigate brand and reputational damage.

We conduct regular [removed: cybersecurity] tabletop exercises to test established policies and procedures for responding to cybersecurity threats and incidents.

In addition, our third-party experts work with us to conduct [removed: cybersecurity] tabletop exercises and internal phishing awareness campaigns.

Baker Hughes utilizes a third-party risk management ("TPRM") program to identify, assess, monitor, and mitigate risks associated with [removed: third-party relationships,] [added: suppliers and vendors,] including cybersecurity risks.

We leverage external partners to assist with the regular assessment of our top priority [added: suppliers and third-party service providers to identify, review and address risks, including deeper reviews of their]

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 27][added: 28]

We have not experienced a material cybersecurity incident and although we are subject to ongoing and evolving cybersecurity threats, we are not aware of any material risks from cybersecurity threats that have materially affected [removed: or are reasonably likely to materially affect] the [removed: Company, including our business strategy, results of operations or financial condition.][added: Company.]

Oversight responsibilities for our cybersecurity and digital [removed: trust compliance] [added: security] programs and risks lie with the Audit Committee of the Board.

The Board is actively engaged in the oversight of our cybersecurity [removed: program] and [added: digital security programs and] oversees all operational, financial, strategic, and reputational risks with oversight of specific risks undertaken with the committee structure including risks related to cybersecurity, [removed: privacy,] [added: data security,] and technology.

The Audit Committee receives reports on the Company's cybersecurity program and developments from our Chief Information Officer ("CIO"), who reports to the Chief Executive Officer, and our CISO, who reports to the CIO, at each of our regular meetings, which occur [removed: five] [added: at least four] times [removed: a] [added: per] year.

Our senior executive leadership is actively engaged in the oversight and strategic direction of our cybersecurity and digital [removed: trust compliance] [added: data protection] programs.

The senior executive leadership members include the CIO, Chief Legal Officer, Chief Financial Officer, Chief Compliance Officer, and Senior Vice [removed: President of Operations] [added: President, Enterprise Operational] Excellence.

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 28][added: 29]

cybersecurity controls.

suppliers and third-party service providers to identify, review and address risks, including deeper reviews of their cybersecurity controls.

The following sets forth the location of our principal owned or leased facilities for our business segments as of December 31, [removed: 2023:][added: 2024:]

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 29][added: 30]

As of January [removed: 26, 2024,] [added: 22, 2025,] there were approximately [removed: 5,663] [added: 5,404] stockholders of record.

The following table contains information about our purchases of Class A common stock equity securities during the fourth quarter of [removed: 2023.][added: 2024.]

| Period | | | Total Number of Shares Purchased (1) | | | | | | Average Price Paid Per Share (2) | | | | | | Total Number of Shares Purchased as Part of a Publicly [removed: Announced Plan or Programs] [added: Announced Program] (3) (4) | | | | | | [removed: Maximum] [added: Approximate] Dollar Value of Shares that May Yet Be Purchased Under the [removed: Plan or Programs] [added: Program] (3) (4) | | |

[removed: (3)In] [added: (3)On] July [added: 30] 2021, the Board authorized the Company to repurchase up to $2 billion of its Class A common stock.

[removed: In] [added: On] October [added: 27,] 2022, the Board authorized an increase to our repurchase program of $2 billion of additional Class A common stock, increasing its existing repurchase authorization of $2 billion to $4 billion.

During the three months ended December 31, [removed: 2023,] [added: 2024,] our agents repurchased a number of our Class A common stock that complied with Rule 10b-18 of the Exchange Act.

(4)During the three months ended December 31, [removed: 2023,] [added: 2024,] we repurchased [removed: and subsequently canceled 8.6] [added: 0.2] million shares of Class A common stock at an average price of [removed: $34.23] [added: $39.91] per share for a total of [removed: $296] [added: $9] million.

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 30][added: 31]

[removed: ][added: ]

| | | | [removed: 2018] [added: 2019] | | | | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | |

| S&P 500 Oil and Gas Equipment and Services Index | | | 100.00 | | | | | | [removed: 110.54] [added: 63.77] | | | | | | [removed: 70.49] [added: 81.35] | | | | | | [removed: 89.93] [added: 134.08] | | | | | | [removed: 148.98] [added: 136.52] | | | | | | [removed: 152.38] [added: 119.25] | | |

The comparison of total return on investment (change in year-end stock price plus reinvested dividends) assumes that $100 was invested on December 31, [removed: 2018] [added: 2019] in Baker Hughes common stock, the S&P 500 Index, the S&P 500 Oil and Gas Equipment and Services Index, and the OSX.

| October 1-31, 2024 | | | 4,340 | | | | | | $ | 37.00 | | | | | — | | | | | | $ | 1,741,865,699 | |

| November 1-30, 2024 | | | 28,480 | | | | | | 38.44 | | | | | | — | | | | | | $ | 1,741,865,699 | |

| December 1-31, 2024 | | | 231,605 | | | | | | 39.97 | | | | | | 221,371 | | | | | | $ | 1,733,029,749 | |

| Total | | | 264,425 | | | | | | $ | 39.76 | | | | | 221,371 | | | | | | | | |

| Baker Hughes Company ("BKR") | | | $ | 100.00 | | | | | $ | 84.87 | | | | | $ | 100.98 | | | | | $ | 127.13 | | | | | $ | 150.74 | | | | | $ | 185.53 | |

| S&P 500 Stock Index | | | 100.00 | | | | | | 118.39 | | | | | | 152.34 | | | | | | 124.73 | | | | | | 157.48 | | | | | | 196.85 | | |

| Philadelphia Oil Service Index ("OSX") | | | 100.00 | | | | | | 57.92 | | | | | | 69.94 | | | | | | 112.94 | | | | | | 115.10 | | | | | | 101.68 | | |

| October 1-31, 2023 | | | 1,504,251 | | | | | | $ | 34.84 | | | | | 1,494,491 | | | | | | $ | 2,461,020,155 | |

| November 1-30, 2023 | | | 6,396,260 | | | | | | 34.39 | | | | | | 6,356,047 | | | | | | $ | 2,242,451,793 | |

| December 1-31, 2023 | | | 790,967 | | | | | | 31.77 | | | | | | 788,251 | | | | | | $ | 2,217,416,302 | |

| Total | | | 8,691,478 | | | | | | $ | 34.23 | | | | | 8,638,789 | | | | | | | | |

| Baker Hughes Company ("BKR") | | | $ | 100.00 | | | | | $ | 122.94 | | | | | $ | 104.35 | | | | | $ | 124.14 | | | | | $ | 156.30 | | | | | $ | 185.32 | |

| S&P 500 Stock Index | | | 100.00 | | | | | | 131.47 | | | | | | 155.65 | | | | | | 200.29 | | | | | | 163.98 | | | | | | 207.04 | | |

| Philadelphia Oil Service Index ("OSX") | | | 100.00 | | | | | | 99.45 | | | | | | 57.60 | | | | | | 69.55 | | | | | | 112.31 | | | | | | 114.47 | | |

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 31][added: 32]

Based on our assessment, our principal executive officer and principal financial officer concluded that our internal control over financial reporting was effective as of December 31, [removed: 2023.][added: 2024.]

| /s/ LORENZO SIMONELLI Lorenzo Simonelli Chairman, President and Chief Executive Officer | | | | | | /s/ NANCY BUESE Nancy Buese [added: Executive Vice President and] Chief Financial Officer | | | | | | /s/ REBECCA CHARLTON Rebecca Charlton Senior Vice President, Controller and Chief Accounting Officer | | |

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 48][added: 51]

We have audited the accompanying consolidated statements of financial position of Baker Hughes Company and subsidiaries (the Company) as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of income (loss), comprehensive income (loss), changes in equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] and the related notes (collectively, the consolidated financial statements).

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February [removed: 5, 2024] [added: 4, 2025] expressed an unqualified opinion on the effectiveness of the [removed: Company’s] [added: Company's] internal control over financial reporting.

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 49][added: 52]

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 50][added: 53]

REPORT OF [removed: THE] INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We have audited Baker Hughes Company and subsidiaries' (the Company) internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2023,] [added: 2024,] based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the related consolidated statements of income (loss), comprehensive income (loss), changes in equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2023,] [added: 2024,] and the related notes (collectively, the consolidated financial statements), and our report dated February [removed: 5, 2024] [added: 4, 2025] expressed an unqualified opinion on those consolidated financial statements.

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 51][added: 54]

| *(In millions, except per share amounts)* | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | | [removed: 2021] [added: 2022] | | |

| Sales of goods | | | $ | [removed: 15,617] [added: 17,810] | | $ | [removed: 12,236] [added: 15,617] | | $ | [removed: 12,248] [added: 12,236] | |

| Sales of services | | | [removed: 9,889] [added: 10,019] | | | [removed: 8,920] [added: 9,889] | | | [removed: 8,254] [added: 8,920] | | |

| Total revenue | | | [removed: 25,506] [added: 27,829] | | | [removed: 21,156] [added: 25,506] | | | [removed: 20,502] [added: 21,156] | | |

| Cost of goods sold | | | [removed: 13,309] [added: 14,792] | | | [removed: 10,445] [added: 13,309] | | | [removed: 10,458] [added: 10,445] | | |

| Cost of services sold | | | [removed: 6,946] [added: 7,197] | | | [removed: 6,311] [added: 6,946] | | | [removed: 5,995] [added: 6,311] | | |

| Selling, general and administrative | | | [removed: 2,611] [added: 2,458] | | | [removed: 2,510] [added: 2,611] | | | [removed: 2,470] [added: 2,510] | | |

| Restructuring, impairment and other | | | [removed: 323] [added: 301] | | | [removed: 705] [added: 323] | | | [removed: 269] [added: 705] | | |

| Total costs and expenses | | | [removed: 23,189] [added: 24,748] | | | [removed: 19,971] [added: 23,189] | | | [removed: 19,192] [added: 19,971] | | |

| Operating income | | | [removed: 2,317] [added: 3,081] | | | [removed: 1,185] [added: 2,317] | | | [removed: 1,310] [added: 1,185] | | |

| Other non-operating income (loss), net | | | [removed: 554] [added: 382] | | | [removed: (911)] [added: 554] | | | [removed: (583)] [added: (911)] | | |

| Interest expense, net | | | [removed: (216)] [added: (198)] | | | [removed: (252)] [added: (216)] | | | [removed: (299)] [added: (252)] | | |

| Income before income taxes | | | [removed: 2,655] [added: 3,265] | | | [removed: 22] [added: 2,655] | | | [removed: 428] [added: 22] | | |

| Provision for income taxes | | | [removed: (685)] [added: (257)] | | | [removed: (600)] [added: (685)] | | | [removed: (758)] [added: (600)] | | |

| Net income (loss) | | | [removed: 1,970] [added: 3,008] | | | [removed: (578)] [added: 1,970] | | | [removed: (330)] [added: (578)] | | |

| Less: Net income [removed: (loss)] attributable to noncontrolling interests | | | [removed: 27] [added: 29] | | | [removed: 23] [added: 27] | | | [removed: (111)] [added: 23] | | |

| Net income (loss) attributable to Baker Hughes Company | | | $ | [removed: 1,943] [added: 2,979] | | $ | [removed: (601)] [added: 1,943] | | $ | [removed: (219)] [added: (601)] | |

| Basic income (loss) per Class A common share | | | $ | [removed: 1.93] [added: 3.00] | | $ | [removed: (0.61)] [added: 1.93] | | $ | [removed: (0.27)] [added: (0.61)] | |

| Diluted income (loss) per Class A common share | | | $ | [removed: 1.91] [added: 2.98] | | $ | [removed: (0.61)] [added: 1.91] | | $ | [removed: (0.27)] [added: (0.61)] | |

| Cash dividend per Class A common share | | | $ | [removed: 0.78] [added: 0.84] | | $ | [removed: 0.73] [added: 0.78] | | $ | [removed: 0.72] [added: 0.73] | |

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 52][added: 55]

| *(In millions)* | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | | [removed: 2021] [added: 2022] | | |

| Net income (loss) | | | $ | [removed: 1,970] [added: 3,008] | | $ | [removed: (578)] [added: 1,970] | | $ | [removed: (330)] [added: (578)] | |

| Net income (loss) attributable to Baker Hughes Company | | | [removed: 1,943] [added: 2,979] | | | [removed: (601)] [added: 1,943] | | | [removed: (219)] [added: (601)] | | |

| Foreign currency translation adjustments | | | [removed: 153] [added: (350)] | | | [removed: (269)] [added: 153] | | | [removed: (305)] [added: (269)] | | |

| Cash flow hedges | | | [removed: 3] [added: (1)] | | | [removed: 2] [added: 3] | | | [removed: (16)] [added: 2] | | |

| Benefit plans | | | [removed: 19] [added: (14)] | | | [removed: (14)] [added: 19] | | | [removed: 170] [added: (14)] | | |

February 4, 2025

February 4, 2025

February 4, 2025

| Deferred income tax assets | | | 1,284 | | | 722 | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| Net income | | | | | | | | | | | | 2,979 | | | | | | 29 | | | 3,008 | | |

| Balance at December 31, 2024 | | | — | | | $ | 25,896 | | | | | $ | (5,840) | | $ | (3,161) | | $ | 160 | | $ | 17,055 | |

| Net income (loss) | | | $ | 3,008 | | $ | 1,970 | | $ | (578) | |

The differences between the timing of the Company's revenue recognized (based on costs incurred) and customer billings (based on contractual terms) results in changes to its contract asset or contract liability positions.

Research and development costs were $643 million, $651 million, and $552 million for the years ended December 31, 2024, 2023 and 2022, respectively, net of related funding received from third parties.

However, if the assessment leads to a determination that

Leases

The Company enters into various contractual arrangements for the right to use facilities and equipment.

At contract inception, management evaluates whether each of these arrangements contains a lease and classifies all identified leases as either operating or finance.

If the arrangement is subsequently modified, the classification is re-evaluated.

Upon commencement of the lease, management recognizes a lease liability and corresponding right-of-use ("ROU") asset.

Lease assets are tested for impairment in the same manner as other long-lived assets.

internal information that is consistent with what market participants would use in a hypothetical transaction that occurs at the measurement date.

Preference is given to observable inputs and the Company maintains policies and procedures to identify, monitor and assess the reasonableness of these inputs to the valuation.

changes in orderly transactions for identical or similar equity securities of the same issuer.

Supplementary Information" for further information on the changes in the Company's SCF program liabilities.

NEW ACCOUNTING STANDARDS ADOPTED

The Company has adopted ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures" ("ASU 2023-07"), effective retrospectively for the fiscal year ended December 31, 2024.

As a result of this adoption, the Company's segment disclosure now includes significant expense categories.

The Company's primary segment measure remains unchanged.

Segment Information" for the enhanced disclosures associated with the adoption of ASU 2023-07.

In November 2024, the FASB issued ASU 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures" ("ASU 2024-03"), which enhances the disclosures required for certain expense captions in the Company's annual and interim consolidated financial statements.

The Company continues to evaluate the impact of this standard on its disclosures.

| | | | 2024 | | | 2023 | | |

As of December 31, 2024, 16% of our gross customer receivables were from customers in the U.S. and 10% were from customers in Mexico.

As of December 31, 2023, 19% of our gross customer receivables were from customers in the U.S. and 11% were from customers in Mexico.

No other country accounted for more than 10% of our gross customer receivables at this date.

See "Note 22.

Supplementary Information" for further information on the changes in the allowance for credit losses.

| | | | 2024 | | | 2023 | | |

| Balance at December 31, 2022, gross | | | $ | 19,708 | | $ | 4,752 | | $ | 24,460 | |

| Balance at December 31, 2024 | | | $ | 1,547 | | $ | 4,531 | | $ | 6,078 | |

| | | | 2024 | | | | | | | | | 2023 | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

February 5, 2024

| | | | | | | | | |

| Balance at December 31, 2020 | | | — | | | $ | 24,613 | | | | | $ | (9,942) | | $ | (1,778) | | $ | 5,349 | | $ | 18,242 | |

| Net loss | | | | | | | | | | | | (219) | | | | | | (111) | | | (330) | | |

| Distributions to GE | | | | | | | | | | | | | | | | | | (157) | | | (157) | | |

| Effect of exchange of Class B common stock and associated BHH LLC Units for Class A common stock | | | | | | 3,584 | | | | | | | | | (477) | | | (3,107) | | | — | | |

| Distributions to GE | | | | | | | | | | | | | | | | | | (17) | | | (17) | | |

| Proceeds from the issuance of long-term debt | | | — | | | — | | | 1,250 | | |

| Repayment of commercial paper | | | — | | | — | | | (832) | | |

| Distributions to GE | | | — | | | (17) | | | (157) | | |

Supplementary Information" for additional cash flow disclosures

Concentration of Credit Risk

We grant credit to our customers and perform periodic credit evaluations of our customers' financial conditions, including monitoring our customers' payment history and current credit worthiness to manage this risk.

In these circumstances, they are tested for impairment based on undiscounted cash flows and, if impaired, written down to fair value based on either discounted cash flows or appraised values.

Intangible assets with indefinite lives are tested annually for impairment and written down to fair value as required.

Impairment of Goodwill and Other Long-lived Assets

We review PP&E, intangible assets and certain other long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable and at least annually for indefinite-lived intangible assets.

Preference is given to observable inputs.

We maintain policies and procedures to value instruments using the best and most relevant data available.

In addition, we perform reviews to assess the reasonableness of the valuations.

With regard to Level 3 valuations (including instruments valued by third parties), we perform a variety of procedures to assess the reasonableness of the valuations.

Such reviews include an evaluation of instruments whose fair value change exceeds predefined thresholds (and/or does not change) and consider the current interest rate, currency and credit environment, as well as other published data, such as rating agency market reports and current appraisals.

consolidated statements of income (loss).

On January 1, 2023, we adopted Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. ASU 2022-04, Liabilities – Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations, which enhances the transparency of supplier finance programs and requires certain disclosures for a buyer in a supplier finance program.

to a financial institution.

Early adoption is permitted.

For the year ended December 31, 2022, we recorded inventory

impairments of $31 million, primarily in our Industrial & Energy Technology ("IET") segment.

| Balance at December 31, 2021, gross | | | $ | 19,825 | | $ | 4,661 | | $ | 24,486 | |

| Balance at December 31, 2021 | | | 1,552 | | | 4,407 | | | 5,959 | | |

| Disposition | | | (161) | | | — | | | (161) | | |

| Acquisitions | | | 41 | | | 417 | | | 458 | | |

| Total | | | 1,432 | | | 4,728 | | | 6,160 | | |

| Classified as held for sale (1) | | | — | | | (230) | | | (230) | | |

(1)The reduction in IET goodwill reflects a transfer of goodwill to business held for sale related to our Nexus Controls business.

Business Dispositions and Acquisitions" for further information.

| | | | | | |

| 2024 | | | $ | 243 | |

| 2025 | | | 201 | | |

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, [removed: 2023,] [added: 2024,] our disclosure controls and procedures (as defined in Rule 15d-15(e) of the Exchange Act) were effective at a reasonable assurance level.

There has been no change in our internal controls over financial reporting during the year ended December 31, [removed: 2023,] [added: 2024,] that has materially affected, or is reasonably likely to materially affect, our internal controls over financial reporting.

During the three months ended December 31, [removed: 2023,] [added: 2024,] certain of our officers or directors listed below adopted or terminated trading arrangements for the sale of shares of our Class A common stock in amounts and prices determined in accordance with a formula set forth in each such plan:

| James E. Apostolides, Senior Vice President, Enterprise Operational Excellence | | | Adoption | | | November [removed: 22, 2023] [added: 12, 2024] | | | X | | | | | | [removed: 15,000] [added: 22,357] | | | Earlier of when all shares under plan are sold and [removed: April 8, 2024] [added: October 31, 2025] | | |

| Nancy Buese, Executive Vice President and Chief Financial Officer | | | Adoption | | | November 21, 2024 | | | X | | | | | | 80,000 | | | Earlier of when all shares under plan are sold and March 13, 2026 | | |

| | | | | | | | | | | | | | | | | | | | | |

*Sixth Amended and Restated Bylaws*

On February 1, 2024, the Board of Directors adopted the sixth amended and restated bylaws of the Company (the “Sixth Amended and Restated Bylaws”), effective February 1, 2024, to remove references to GE and otherwise make conforming changes to reflect GE’s exit from its investment in the Company.

The foregoing description of the amendments made in the Sixth Amended and Restated Bylaws does not purport to be complete and is qualified by reference to the Sixth Amended and Restated Bylaws, a copy of which is attached hereto as Exhibit 3.2 to this Annual Report on Form 10-K and is incorporated herein by reference.

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 93][added: 97]

Information regarding our Code of Conduct and the Code of Ethical Conduct [removed: Certificates] [added: Certifications] for our principal executive officer, principal financial officer and principal accounting officer are described in Item 1.

Information concerning our directors is set forth in the sections entitled "Proposal No. 1, Election of Directors - Board Nominees for Directors," and "Corporate Governance - Committees of the Board" in our Definitive Proxy Statement for the [removed: 2024] [added: 2025] Annual Meeting of Shareholders to be filed with the SEC pursuant to the Exchange Act within 120 days of the end of our fiscal year on December 31, [removed: 2023] [added: 2024] ("Proxy Statement"), which sections are incorporated herein by reference.

We have adopted an Insider Trading Policy that governs the purchase, sale, and/or other dispositions of our securities by our directors, officers, and employees that is designed to promote compliance with insider trading laws, rules, and regulations, and any listing standards applicable to us.

A copy of our Insider Trading Policy, as amended to date, is filed as Exhibit 19.1 to this Annual Report.

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 94][added: 98]

The information in the following table is presented as of December 31, [removed: 2023] [added: 2024] with respect to shares of our Class A common stock that may be issued under our current and prior LTI Plans (in millions, except per share prices).

| Subtotal (except for weighted average exercise price) | | | | | | [removed: 2.2] [added: 1.4] | | | | | | | | | | | | [removed: 33.92] [added: 31.99] | | | | | | | | | | | | [removed: 25.1] [added: 19.2] | | | | | |

| Employee stock purchase plan | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | [removed: 8.7(1)] [added: 6.9 (1)] | | | | | |

(1)Employee stock purchase plan shares of [removed: 0.5] [added: 0.4] million will be issued in the first quarter of [removed: 2024] [added: 2025] that relate to the three months ended December 31, [removed: 2023] [added: 2024] purchase period.

The remaining [removed: 8.2] [added: 6.5] million shares are available for future issuance.

| Shareholder-approved plans | | | | | | 1.4 | | | | | | | | | | | | $ | 31.99 | | | | | | | | | | | 19.2 | | | | | |

| Total | | | | | | 1.4 | | | | | | | | | | | | $ | 31.99 | | | | | | | | | | | 26.0 | | | | | |

| Shareholder-approved plans | | | | | | 2.2 | | | | | | | | | | | | $ | 33.92 | | | | | | | | | | | 25.1 | | | | | |

| Total | | | | | | 2.2 | | | | | | | | | | | | $ | 33.92 | | | | | | | | | | | 33.8 | | | | | |

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 95][added: 99]

| [removed: [3.1](http://www.sec.gov/Archives/edgar/data/1701605/000095010319013957/dp114144_ex0301.htm)] [added: [3.1](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex31fourthamendedandrestat.htm)] | | | [removed: [Second] [added: [Fourth] Amended and Restated Certificate of Incorporation of Baker Hughes Company [removed: dated October 17, 2019.](http://www.sec.gov/Archives/edgar/data/1701605/000095010319013957/dp114144_ex0301.htm)] [added: dated](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex31fourthamendedandrestat.htm) [May](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex31fourthamendedandrestat.htm) [1](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex31fourthamendedandrestat.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex31fourthamendedandrestat.htm)[, 20](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex31fourthamendedandrestat.htm)[24](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex31fourthamendedandrestat.htm)[.](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex31fourthamendedandrestat.htm)] | | |

| [removed: [3.2*](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000033/fy23form10-kexhibit32a.htm)] [added: [3.2](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000033/fy23form10-kexhibit32a.htm)] | | | [Sixth Amended and Restated Bylaws of Baker Hughes Company dated February 1, 2024.](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000033/fy23form10-kexhibit32a.htm) | | |

| [removed: [4.1](http://www.sec.gov/Archives/edgar/data/808362/000095013408018616/h64661exv4w1.htm)] [added: [4.1](https://www.sec.gov/Archives/edgar/data/808362/000095013408018616/h64661exv4w1.htm)] | | | [Indenture, dated October 28, 2008, between Baker Hughes Incorporated (as predecessor to Baker Hughes Holdings LLC) and The Bank of New York Mellon Trust Company, N.A., as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/808362/000095013408018616/h64661exv4w1.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/808362/000095013408018616/h64661exv4w1.htm)] | | |

| [removed: [4.2](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex41.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex41.htm)] | | | [Second Supplemental Indenture, dated July 3, 2017, to the Indenture dated as of October 28, 2008, among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and The Bank of New York Mellon Trust Company, N.A., as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex41.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex41.htm)] | | |

| [removed: [4.3](http://www.sec.gov/Archives/edgar/data/808362/000094787117001003/ss71530_ex0403.htm)] [added: [4.3](https://www.sec.gov/Archives/edgar/data/808362/000094787117001003/ss71530_ex0403.htm)] | | | [Third Supplemental Indenture, dated December 11, 2017, to the Indenture dated as of October 28, 2008, among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and The Bank of New York Mellon Trust Company, N.A., as [removed: trustee.](http://www.sec.gov/Archives/edgar/data/808362/000094787117001003/ss71530_ex0403.htm)] [added: trustee.](https://www.sec.gov/Archives/edgar/data/808362/000094787117001003/ss71530_ex0403.htm)] | | |

| [removed: [4.4](http://www.sec.gov/Archives/edgar/data/808362/000095010319015278/dp115699_ex0401.htm)] [added: [4.4](https://www.sec.gov/Archives/edgar/data/808362/000095010319015278/dp115699_ex0401.htm)] | | | [Fourth Supplemental Indenture, dated November 7, 2019, to the Indenture dated as of October 28, 2008, among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and the Bank of New York Mellon Trust Company, N.A., as [removed: Trustee.](http://www.sec.gov/Archives/edgar/data/808362/000095010319015278/dp115699_ex0401.htm)] [added: Trustee.](https://www.sec.gov/Archives/edgar/data/808362/000095010319015278/dp115699_ex0401.htm)] | | |

| [removed: [4.5](http://www.sec.gov/Archives/edgar/data/808362/000119312520131042/d925583dex41.htm)] [added: [4.5](https://www.sec.gov/Archives/edgar/data/808362/000119312520131042/d925583dex41.htm)] | | | [Fifth Supplemental Indenture, dated May 1, 2020 to the Indenture dated as of October 28, 2008, among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and The Bank of New York Mellon Trust Company, N.A., as Trustee.](https://www.sec.gov/Archives/edgar/data/808362/000119312520131042/d925583dex41.htm) | | |

| [removed: [4.6](http://www.sec.gov/Archives/edgar/data/808362/000119312521352669/d269561dex41.htm)] [added: [4.6](https://www.sec.gov/Archives/edgar/data/808362/000119312521352669/d269561dex41.htm)] | | | [Sixth Supplemental Indenture, dated December 9, 2021 to the Indenture dated as of October 28, 2008, [removed: am](https://www.sec.gov/Archives/edgar/data/808362/000119312521352669/d269561dex41.htm)[ong] [added: among] Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and The Bank of New York Mellon Trust Company, N.A., [removed: as](https://www.sec.gov/Archives/edgar/data/808362/000119312521352669/d269561dex41.htm) [T](https://www.sec.gov/Archives/edgar/data/808362/000119312521352669/d269561dex41.htm)[rustee.](https://www.sec.gov/Archives/edgar/data/808362/000119312521352669/d269561dex41.htm)] [added: as Trustee.](https://www.sec.gov/Archives/edgar/data/808362/000119312521352669/d269561dex41.htm)] | | |

| [4.7](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex41.htm) | | | [removed: [S](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex41.htm)[eventh] [added: [Seventh] Supplemental Indenture dated December 31, 2023, to the Indenture dated as of October 28, 2008, among Baker [removed: Hughes](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex41.htm) [Holdings] [added: Hughes Holdings] LLC and Baker Hughes Co-Obligor, Inc., as Existing [removed: Obligors](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex41.htm)[,](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex41.htm) [Baker] [added: Obligors, Baker] Hughes Company, as Parent Guarantor, and the Bank of New York Mellon Trust Company, N.A., as Trustee.](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex41.htm) | | |

| [4.8](https://www.sec.gov/Archives/edgar/data/808362/000095012905001852/h21636exv4w4.txt) | | | [Indenture, dated May 15, 1994, between Western Atlas Inc. and The Bank of New York Mellon, [removed: as](https://www.sec.gov/Archives/edgar/data/808362/000095012905001852/h21636exv4w4.txt) [T](https://www.sec.gov/Archives/edgar/data/808362/000095012905001852/h21636exv4w4.txt)[rustee.](https://www.sec.gov/Archives/edgar/data/808362/000095012905001852/h21636exv4w4.txt)] [added: as Trustee.](https://www.sec.gov/Archives/edgar/data/808362/000095012905001852/h21636exv4w4.txt)] | | |

| [removed: [4.9](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex44.htm)] [added: [4.9](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex44.htm)] | | | [First Supplemental Indenture dated July 3, 2017, to the Indenture dated as of May 15, [removed: 1994,](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex44.htm) [by and](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex44.htm) [among] [added: 1994, by and among] Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, [removed: Inc.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex44.htm)[,] [added: Inc.,] Baker Hughes Oilfield Operations, LLC and Baker Hughes International Branches, [removed: LLC](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex44.htm)[,](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex44.htm) [as] [added: LLC, as] New [removed: Obligors,](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex44.htm) [and] [added: Obligors, and] The Bank of New York Mellon Trust Company, N.A., [removed: as](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex44.htm) [T](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex44.htm)[rustee.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex44.htm)] [added: as Trustee.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex44.htm)] | | |

| [removed: [4.1](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm)[0](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm)] [added: [4.10](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm)] | | | [Second Supplemental Indenture, dated December 31, 2023, to the Indenture dated as of May 15, 1994, by and among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc., Baker Hughes Oilfield Operations, LLC and [removed: Baker](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm) [H](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm)[ughes] [added: Baker Hughes] International Branches, [removed: LLC](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm)[,](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm) [as] [added: LLC, as] Existing Obligors, Baker [removed: Hughes](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm) [](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm)[Company,] [added: Hughes Company,] as Parent Guarantor, and [removed: The](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm) [B](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm)[ank] [added: The Bank] of New York [removed: Mellon](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm) [](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm)[Trust] [added: Mellon Trust] Company, N.A., [removed: as](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm) [T](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm)[rustee.](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm)] [added: as Trustee.](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex42.htm)] | | |

| [removed: [4.11](http://www.sec.gov/Archives/edgar/data/808362/000119312517220863/d343454dex42.htm)] [added: [4.11](https://www.sec.gov/Archives/edgar/data/808362/000119312517220863/d343454dex42.htm)] | | | [First Supplemental Indenture, dated as of July 3, 2017, to the Indenture dated as of May 15, 1991, among Baker Hughes Holdings LLC, Baker Hughes Co-Obligor, Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee.](https://www.sec.gov/Archives/edgar/data/808362/000119312517220863/d343454dex42.htm) | | |

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 96][added: 100]

| [4.12](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex43.htm) | | | [Second Supplemental [removed: Indenture](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex43.htm)[,] [added: Indenture,] dated as of December 31, 2023, to the Indenture dated as of May 15, 1991, among Baker Hughes Holdings LLC and Baker Hughes Co-Obligor, Inc., as Existing Obligors, Baker Hughes Company, as Parent Guarantor, and the Bank of New York Mellon Trust Company, N.A., [removed: as](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex43.htm) [T](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex43.htm)[rustee.](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex43.htm)] [added: as Trustee.](https://www.sec.gov/Archives/edgar/data/808362/000119312524003365/d10294dex43.htm)] | | |

| [removed: [4.1](https://www.sec.gov/Archives/edgar/data/1701605/000170160523000044/fy22form10-kexhibit410.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000170160523000044/fy22form10-kexhibit410.htm)] [added: [4.13](https://www.sec.gov/Archives/edgar/data/1701605/000170160523000044/fy22form10-kexhibit410.htm)] | | | [Description of Securities Registered pursuant to Section 12 of the Securities Exchange Act of 1934.](https://www.sec.gov/Archives/edgar/data/1701605/000170160523000044/fy22form10-kexhibit410.htm) | | |

| [removed: [4.14](http://www.sec.gov/Archives/edgar/data/1701605/000095010319013957/dp114144_ex0401.htm)] [added: [4.14](https://www.sec.gov/Archives/edgar/data/1701605/000095010319013957/dp114144_ex0401.htm)] | | | [Form of Stock Certificate for Class A Common Stock of Baker Hughes Company under the Laws of the State of [removed: Delaware.](http://www.sec.gov/Archives/edgar/data/1701605/000095010319013957/dp114144_ex0401.htm)] [added: Delaware.](https://www.sec.gov/Archives/edgar/data/1701605/000095010319013957/dp114144_ex0401.htm)] | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/808362/000095010319002635/dp102779_ex1001.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/808362/000095010319002635/dp102779_ex1001.htm)] | | | [Transaction Agreement, dated as of February 28, 2019, between Baker Hughes Holdings LLC, General Electric Company and GE Aero Power [removed: LLC.](http://www.sec.gov/Archives/edgar/data/808362/000095010319002635/dp102779_ex1001.htm)] [added: LLC.](https://www.sec.gov/Archives/edgar/data/808362/000095010319002635/dp102779_ex1001.htm)] | | |

| [removed: [10.2](http://www.sec.gov/Archives/edgar/data/1701605/000170160519000058/a20190630exhibit1011.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000058/a20190630exhibit1011.htm)] | | | [STDA Side Agreement, dated as of July 31, 2019, between Baker Hughes Holdings LLC and General Electric [removed: Company.](http://www.sec.gov/Archives/edgar/data/1701605/000170160519000058/a20190630exhibit1011.htm)] [added: Company.](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000058/a20190630exhibit1011.htm)] | | |

| [removed: [10.3](https://www.sec.gov/Archives/edgar/data/808362/000095010318013305/dp98267_ex1002.htm)] [added: [10.4](https://www.sec.gov/Archives/edgar/data/808362/000095010318013305/dp98267_ex1014.htm)] | | | [removed: [Aero-Derivatives Supply and Technology Development] [added: [Umbrella Aero-Derivatives IP] Agreement, dated as of November 13, 2018, between [added: General Electric Company and] Baker Hughes Holdings [removed: LLC and General Electric Company.](http://www.sec.gov/Archives/edgar/data/808362/000095010318013305/dp98267_ex1002.htm)] [added: LLC.](https://www.sec.gov/Archives/edgar/data/808362/000095010318013305/dp98267_ex1014.htm)] | | |

| [removed: [10.5](http://www.sec.gov/Archives/edgar/data/1701605/000170160523000044/exhibit105tmamastersettl.htm)] [added: [10.5](https://www.sec.gov/Archives/edgar/data/1701605/000170160523000044/exhibit105tmamastersettl.htm)] | | | [TMA Master Settlement Agreement as of February 13, 2023 among General Electric Company, Baker Hughes Company, EHHC Newco, LLC and Baker Hughes Holdings LLC to settle disputes under the Tax Matters [removed: Agreement.](http://www.sec.gov/Archives/edgar/data/1701605/000170160523000044/exhibit105tmamastersettl.htm)] [added: Agreement.](https://www.sec.gov/Archives/edgar/data/1701605/000170160523000044/exhibit105tmamastersettl.htm)] | | |

| [10.6](https://www.sec.gov/Archives/edgar/data/808362/000119312523282291/d243202dex101.htm) | | | [Credit Agreement, dated as [removed: of](https://www.sec.gov/Archives/edgar/data/808362/000119312523282291/d243202dex101.htm) [November] [added: of November] 21, [removed: 2023](https://www.sec.gov/Archives/edgar/data/808362/000119312523282291/d243202dex101.htm)[,] [added: 2023,] among Baker Hughes Holdings [removed: LLC,](https://www.sec.gov/Archives/edgar/data/808362/000119312523282291/d243202dex101.htm) [as] [added: LLC, as] the borrower, Baker Hughes Company, as the parent [removed: guarantor,](https://www.sec.gov/Archives/edgar/data/808362/000119312523282291/d243202dex101.htm) [the] [added: guarantor, the] lenders party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent.](https://www.sec.gov/Archives/edgar/data/808362/000119312523282291/d243202dex101.htm) | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1016.htm)[2](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1016.htm)[+](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1016.htm)] [added: [10.7+](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1016.htm)] | | | [Baker Hughes Company 2017 Long-Term Incentive [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1016.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1016.htm)] | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0401.htm)[3](http://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0401.htm)[+](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1016.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0401.htm)[8](https://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0401.htm)[+](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1016.htm)] | | | [Baker Hughes Company 2021 Long-Term Incentive [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0401.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0401.htm)] | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/1701605/000170160522000030/ex104bhc_executiveofficers.htm)[4](http://www.sec.gov/Archives/edgar/data/1701605/000170160522000030/ex104bhc_executiveofficers.htm)[+](http://www.sec.gov/Archives/edgar/data/1701605/000170160522000030/ex104bhc_executiveofficers.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000030/ex104bhc_executiveofficers.htm)[9](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000030/ex104bhc_executiveofficers.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000030/ex104bhc_executiveofficers.htm)] | | | [Baker Hughes Company Executive Officer Short Term Incentive Compensation Plan as Amended and [removed: Restated.](http://www.sec.gov/Archives/edgar/data/1701605/000170160522000030/ex104bhc_executiveofficers.htm)] [added: Restated.](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000030/ex104bhc_executiveofficers.htm)] | | |

| [removed: [10.1](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000050/fy21form10-kexhibit1049.htm)[5](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000050/fy21form10-kexhibit1049.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000050/fy21form10-kexhibit1049.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000050/fy21form10-kexhibit1049.htm)[0](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000050/fy21form10-kexhibit1049.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000050/fy21form10-kexhibit1049.htm)] | | | [Baker Hughes Company Non-Employee Director Deferral Plan as Amended and Restated.](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000050/fy21form10-kexhibit1049.htm) | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1056.htm)[6](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1056.htm)[+](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1056.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1056.htm)[2](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1056.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1056.htm)] | | | [Amendment to the Baker Hughes Company Benefits Plans including the Baker Hughes Company 2017 Long-Term Incentive [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1056.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1056.htm)] | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1025.htm)[7](http://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1025.htm)[+](http://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1025.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1025.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1025.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1025.htm)] | | | [Baker Hughes Company Executive Severance [removed: Program.](http://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1025.htm)] [added: Program.](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1025.htm)] | | |

| [removed: [10.1](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1058.htm)[8](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1058.htm)[+](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1058.htm)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1058.htm)[4](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1058.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1058.htm)] | | | [First Amendment to the Baker Hughes Company Executive Severance Program effective January 1, [removed: 2020.](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1058.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1058.htm)] | | |

| [removed: [10.](http://www.sec.gov/Archives/edgar/data/808362/000170160520000090/bhcicseveranceplanconfor.htm)[19](http://www.sec.gov/Archives/edgar/data/808362/000170160520000090/bhcicseveranceplanconfor.htm)[+](http://www.sec.gov/Archives/edgar/data/808362/000170160520000090/bhcicseveranceplanconfor.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/808362/000170160520000090/bhcicseveranceplanconfor.htm)[1](https://www.sec.gov/Archives/edgar/data/808362/000170160520000090/bhcicseveranceplanconfor.htm)[5](https://www.sec.gov/Archives/edgar/data/808362/000170160520000090/bhcicseveranceplanconfor.htm)[+](https://www.sec.gov/Archives/edgar/data/808362/000170160520000090/bhcicseveranceplanconfor.htm)] | | | [Baker Hughes Company Executive Change in Control Severance [removed: Plan.](http://www.sec.gov/Archives/edgar/data/808362/000170160520000090/bhcicseveranceplanconfor.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/808362/000170160520000090/bhcicseveranceplanconfor.htm)] | | |

| [removed: [10.2](http://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0402.htm)[0](http://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0402.htm)[+](http://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0402.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0402.htm)[1](https://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0402.htm)[6](https://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0402.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0402.htm)] | | | [Baker Hughes Company Employee Stock Purchase Plan as Amended and [removed: Restated.](http://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0402.htm)] [added: Restated.](https://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0402.htm)] | | |

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1061.htm)[1](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1061.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1061.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1061.htm)[1](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1061.htm)[7](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1061.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1061.htm)] | | | [Baker Hughes Company Supplementary Pension Plan as Amended and Restated Effective as of December 31, [removed: 2018.](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1061.htm)] [added: 2018.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1061.htm)] | | |

| [removed: [10.2](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1062.htm)[2](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1062.htm)[+](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1062.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1062.htm)[1](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1062.htm)[8](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1062.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1062.htm)] | | | [Amendment to the Baker Hughes Holdings LLC Sponsored Benefit Plans including the Baker Hughes Company Supplementary Pension [removed: Plan.](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1062.htm)] [added: Plan.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1062.htm)] | | |

| [removed: [10.2](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1063.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1063.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1063.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1063.htm)[1](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1063.htm)[9](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1063.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1063.htm)] | | | [Baker Hughes Company Supplemental Retirement Plan, as amended and restated effective as of January 1, 2020.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1063.htm) | | |

| [removed: [10.2](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1015.htm)[4](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1015.htm)[+](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1015.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1015.htm)[20](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1015.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1015.htm)] | | | [Baker Hughes Company Form of Indemnification Agreement dated July [removed: 2017.](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1015.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1015.htm)] | | |

| [removed: [10.2](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000039/a20200331exhibit101.htm)[5](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000039/a20200331exhibit101.htm)[+](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000039/a20200331exhibit101.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000039/a20200331exhibit101.htm)[1](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000039/a20200331exhibit101.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000039/a20200331exhibit101.htm)] | | | [Baker Hughes Company Form of Director and Officer Indemnification Agreement dated March 18, [removed: 2020.](http://www.sec.gov/Archives/edgar/data/1701605/000170160520000039/a20200331exhibit101.htm)] [added: 2020.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000039/a20200331exhibit101.htm)] | | |

| [removed: [10.2](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1017.htm)[6](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1017.htm)[+](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1017.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1017.htm)[2](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1017.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1017.htm)] | | | [Baker Hughes Company Form of Stock Option Award Agreement dated July [removed: 2017.](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1017.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1017.htm)] | | |

| [removed: [10.2](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1018.htm)[7](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1018.htm)[+](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1018.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1018.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1018.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1018.htm)] | | | [Baker Hughes Company Form of Senior Executive Stock Option Award Agreement dated July [removed: 2017.](http://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1018.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1018.htm)] | | |

| [removed: [10.28+](http://www.sec.gov/Archives/edgar/data/1701605/000170160518000029/fy17form10-kexhibit1021.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/1701605/000170160518000029/fy17form10-kexhibit1021.htm)[4](https://www.sec.gov/Archives/edgar/data/1701605/000170160518000029/fy17form10-kexhibit1021.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160518000029/fy17form10-kexhibit1021.htm)] | | | [Baker Hughes Company Form of Stock Option Award Agreement dated January [removed: 2018.](http://www.sec.gov/Archives/edgar/data/1701605/000170160518000029/fy17form10-kexhibit1021.htm)] [added: 2018.](https://www.sec.gov/Archives/edgar/data/1701605/000170160518000029/fy17form10-kexhibit1021.htm)] | | |

| [removed: [10.](http://www.sec.gov/Archives/edgar/data/808362/000095010317007635/dp79242_ex1002.htm)[29](http://www.sec.gov/Archives/edgar/data/808362/000095010317007635/dp79242_ex1002.htm)[+](http://www.sec.gov/Archives/edgar/data/808362/000095010317007635/dp79242_ex1002.htm)] [added: [10.2](https://www.sec.gov/Archives/edgar/data/808362/000095010317007635/dp79242_ex1002.htm)[5](https://www.sec.gov/Archives/edgar/data/808362/000095010317007635/dp79242_ex1002.htm)[+](https://www.sec.gov/Archives/edgar/data/808362/000095010317007635/dp79242_ex1002.htm)] | | | [Offer Letter between Baker Hughes Company and Lorenzo Simonelli, dated as of August 1, [removed: 2017.](http://www.sec.gov/Archives/edgar/data/808362/000095010317007635/dp79242_ex1002.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/808362/000095010317007635/dp79242_ex1002.htm)] | | |

Exhibits designated with ∞ indicate that portions of this exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K.

| [10.3*∞](https://www.sec.gov/Archives/edgar/data/1701605/000170160525000035/form10-kex103filingcopy.htm) | | | [Second Amended and Restated Supply and Technology Development Agreement, dated as of December 29, 2024, between Baker Hughes Holdings LLC and General Electric Company.](https://www.sec.gov/Archives/edgar/data/1701605/000170160525000035/form10-kex103filingcopy.htm) | | |

| [10.11+](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex102-formofdsuawardagreem.htm) | | | [Baker Hughes Company Form of Director Deferred Stock Unit Award Agreement dated May 2024.](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex102-formofdsuawardagreem.htm) | | |

| [19](https://www.sec.gov/Archives/edgar/data/1701605/000170160525000035/a20240725-insidertradingpo.htm)[*](https://www.sec.gov/Archives/edgar/data/1701605/000170160525000035/a20240725-insidertradingpo.htm) | | | [Insider Trading Policy.](https://www.sec.gov/Archives/edgar/data/1701605/000170160525000035/a20240725-insidertradingpo.htm) | | |

| [22.1](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000131/bakerhughes10-qexhibit221.htm) | | | [List of Subsidiary Guarantors of Guaranteed Securities.](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000131/bakerhughes10-qexhibit221.htm) | | |

| 104* | | | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit | | |

| | | | 101). | | |

| [10.4](https://www.sec.gov/Archives/edgar/data/808362/000095010318013305/dp98267_ex1014.htm) | | | [Umbrella Aero-Derivatives IP Agreement, dated as of November 13, 2018, between General Electric Company and Baker Hughes Holdings LLC.](http://www.sec.gov/Archives/edgar/data/808362/000095010318013305/dp98267_ex1014.htm) | | |

| [10.](http://www.sec.gov/Archives/edgar/data/808362/000080836214000028/form8-kapril242014exhibit102.htm)[7](http://www.sec.gov/Archives/edgar/data/808362/000080836214000028/form8-kapril242014exhibit102.htm)[+](http://www.sec.gov/Archives/edgar/data/808362/000080836214000028/form8-kapril242014exhibit102.htm) | | | [Amended and Restated Baker Hughes Incorporated 2002 Employee Long-Term Incentive Plan.](http://www.sec.gov/Archives/edgar/data/808362/000080836214000028/form8-kapril242014exhibit102.htm) | | |

| [10.](http://www.sec.gov/Archives/edgar/data/808362/000080836214000028/form8-kapril242014exhibit101.htm)[8](http://www.sec.gov/Archives/edgar/data/808362/000080836214000028/form8-kapril242014exhibit101.htm)[+](http://www.sec.gov/Archives/edgar/data/808362/000080836214000028/form8-kapril242014exhibit101.htm) | | | [Amended and Restated Baker Hughes Incorporated 2002 Director & Officer Long-Term Incentive Plan.](http://www.sec.gov/Archives/edgar/data/808362/000080836214000028/form8-kapril242014exhibit101.htm) | | |

| [10.](http://www.sec.gov/Archives/edgar/data/808362/000119312512078521/d287548dex1070.htm)[9](http://www.sec.gov/Archives/edgar/data/808362/000119312512078521/d287548dex1070.htm)[+](http://www.sec.gov/Archives/edgar/data/808362/000119312512078521/d287548dex1070.htm) | | | [Form of Baker Hughes Incorporated Nonqualified Stock Option Award Agreement and Terms and Conditions for officers dated 2011.](http://www.sec.gov/Archives/edgar/data/808362/000119312512078521/d287548dex1070.htm) | | |

| [10.1](http://www.sec.gov/Archives/edgar/data/808362/000119312514024032/d667203dex106.htm)[0](http://www.sec.gov/Archives/edgar/data/808362/000119312514024032/d667203dex106.htm)[+](http://www.sec.gov/Archives/edgar/data/808362/000119312514024032/d667203dex106.htm) | | | [Form of Baker Hughes Incorporated Nonqualified Stock Option Award Agreement and Terms and Conditions for officers dated January 2014.](http://www.sec.gov/Archives/edgar/data/808362/000119312514024032/d667203dex106.htm) | | |

| [10.1](http://www.sec.gov/Archives/edgar/data/808362/000080836214000041/a20140630exhibit106.htm)[1](http://www.sec.gov/Archives/edgar/data/808362/000080836214000041/a20140630exhibit106.htm)[+](http://www.sec.gov/Archives/edgar/data/808362/000080836214000041/a20140630exhibit106.htm) | | | [Form of Baker Hughes Incorporated Nonqualified Stock Option Award Agreement and Terms and Conditions for officers June 2014.](http://www.sec.gov/Archives/edgar/data/808362/000080836214000041/a20140630exhibit106.htm) | | |

| [9](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000033/fy23form10-kexhibit97.htm)[7*](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000033/fy23form10-kexhibit97.htm) | | | [Recoupment of](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000033/fy23form10-kexhibit97.htm) [C](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000033/fy23form10-kexhibit97.htm)[ompensation](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000033/fy23form10-kexhibit97.htm) [Policy](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000033/fy23form10-kexhibit97.htm)[.](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000033/fy23form10-kexhibit97.htm) | | |

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 98][added: 102]

| Date: | | | February [removed: 5, 2024] [added: 4, 2025] | | | | | | /s/ LORENZO SIMONELLI | | |

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on this [removed: 5th] [added: 4th] day of February [removed: 2024.][added: 2025.]

| /S/ NANCY BUESE | | | | | | [added: Executive Vice President and] Chief Financial Officer | | |

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 99][added: 103]

Baker Hughes Company [removed: 2023] [added: 2024] Form 10-K | [removed: 100][added: 104]

| /s/ SHIRLEY EDWARDS | | | | | | Director | | |

| (Shirley Edwards) | | | | | | | | |

| /s/ NELDA J. CONNORS | | | | | | Director | | |

| (Nelda J. Connors) | | | | | | | | |