Baker Hughes (BKR) 10-K risk factor changes: FY2025 vs FY2024

These efforts include expanding into new energy areas such as geothermal and [removed: carbon capture, utilization and storage,] [added: CCUS,] strengthening our digital architecture and addressing key energy market themes.

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 14][added: 16]

[added: 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 [removed: 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.

The potential [added: slowdown and shift in the energy] transition [removed: risks posed by moving to a lower carbon economy] could have an adverse effect on the demand for our [added: clean energy] technologies and services.

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

Our future success [removed: may depend] [added: depends] on our ability to effectively [removed: execute on] [added: adapt] our [removed: energy transition] [added: business] strategy [removed: and] [added: to align with] the [added: actual] pace [removed: at which the] [added: and direction of] energy transition [removed: unfolds.][added: as it evolves.]

Additional disruptions within our supply chain resulting from factors including, but not limited to, [removed: pandemic,] [added: sanctions, tariffs, conflict,] inflation, [removed: rising] [added: high] interest rates, [added: severe weather] and [added: natural disasters, and] shortages in labor supply, have had and may continue to have an impact on our business and reputation.

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 [added: and revenue goals, control costs, and avoid shortages or over-supply of raw materials and component parts, could be adversely affected.]

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 15][added: 17]

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

The implementation of [removed: our] [added: any] plan to restructure our corporate organization and operating segments may not achieve the results we anticipate, which could adversely affect our business.

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

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 16][added: 18]

Geopolitical and terrorism threats, including armed conflict among countries, [removed: has had and could in the future lead] [added: have led] to, among other things, a loss of our investment in the country, adverse impact to our employees, and impairment of our or our customers' ability to conduct operations.

Certain geopolitical conflicts, such as between Russia and [removed: Ukraine] [added: Ukraine,] and [removed: between Israel] [added: instability, such as in the Middle East] and [removed: Hamas,] [added: the current political situation in Venezuela,] have had and may continue to have the effect of heightening many other risks disclosed in our public filings, any of which could materially and adversely affect our business and results of operations.

Seasonal and weather [removed: conditions, including severe weather associated with climate change,] [added: conditions] could adversely affect demand for our services and operations.

Adverse weather [removed: conditions, such as hurricanes in the Gulf of Mexico or extreme winter] conditions [removed: in Canada or the North Sea,] may interrupt or curtail our operations, or our customers' operations, cause supply disruptions and result in a loss of revenue and damage to our equipment and facilities, which may or may not be insured.

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 17][added: 19]

Repercussions of severe or unseasonable weather [removed: conditions, including as a result of climate change,] [added: conditions] may include evacuation of personnel and curtailment of services, weather-related damage to offshore drilling rigs resulting in suspension of operations, weather-related damage to our facilities and project work sites, inability to deliver materials to job sites in accordance with contract schedules, decreases in demand for oil and natural gas during unseasonably warm winters, [added: increased insurance premiums] and [added: deductibles or a decrease in the availability of coverage in areas subject to severe weather events, and] loss of productivity.

Providing services on an integrated or turnkey basis may also subject us to additional risks, such as costs associated with unexpected delays or difficulties in drilling operations, project management interface risk, [removed: and] risks associated with subcontracting and consortium [removed: arrangements.][added: arrangements, and risks associated with production solutions or guarantees.]

We cannot provide assurance that our products, including products supplied through joint [removed: ventures,] [added: ventures or by third parties,] will be able to satisfy the specifications necessary in all scenarios or under all operating conditions, nor that we will be able to perform the full-scale testing required to prove that the product specifications are satisfied in future [added: 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: 2024] [added: 2025] Form 10-K | [removed: 18][added: 20]

Our RPO [removed: is] [added: are] comprised of 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: 2024] [added: 2025] was [removed: $33.1] [added: $35.9] billion.

Furthermore, countries that rely heavily upon income from hydrocarbon exports have been and may in the future be negatively and significantly affected by a drop in oil [added: or gas] prices, which could affect our ability to collect, timely or at all, from our customers in these countries, particularly national oil companies.

Our customers' access to capital is dependent on their ability to access the funds necessary to develop economically attractive projects based upon their expectations of future energy prices, required investments, [removed: and] [added: and/or] resulting returns.

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 19][added: 21]

Gross receivables related to our primary customer in Mexico were [added: 4%,] 7%, [removed: 9%,] and [removed: 10%] [added: 9%] for [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022,] [added: 2023,] respectively.

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

Changes that could impact the legal environment include new legislation, new regulations, new policies, investigations, and legal proceedings [removed: and] [added: as well as] new interpretations of existing legal rules and [removed: regulations,] [added: regulations:] in particular, changes in export control laws or exchange control laws, 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.

Our ability to comply with the FCPA, the U.K. Bribery Act, and various other anti-bribery and anti-corruption laws depends on the success of our ongoing compliance program, including our ability to successfully [added: select, diligence, oversee, and] manage our agents, [removed: distributors] [added: distributors, joint venture partners, suppliers,] and other [added: third-party] business partners, and supervise, train, and retain competent employees.

[removed: We] [added: corruption requirements] could [removed: be subject] [added: expose us] to sanctions and civil and criminal prosecution, fines and penalties, as well as legal expenses and reputational harm [removed: in the event of a finding of a violation of any of these laws by us or any of] [added: that could negatively impact] our [removed: employees.][added: relationships with customers, regulators, and other stakeholders.]

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 20][added: 22]

Further, the examinations and subsequent tax assessments by various tax authorities could increase [removed: the Company's] [added: our] tax liabilities.

[removed: 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 cyber-attack) or damage to or destruction of property, employment and labor, customer privacy, or regulatory risks.

Resolving such claims [added: with settlement] could [added: also] increase our costs, including through royalty payments to acquire licenses, if available, from third parties and through the development of replacement technologies.

Our compliance cost forecasts may be substantially different from actual results, which may be affected by factors such as: changes in law that impose new or increased restrictions on air or other emissions, wastewater management, waste disposal, [removed: hydraulic fracturing,] or wetland and land use practices; changes in standards of enforcement of existing environmental laws and regulations; a change in our share of any remediation costs or other unexpected, adverse [added: outcomes with respect to sites where we have been named as a potentially responsible party ("PRP"), or otherwise alleged to be responsible for environmental issues (including Superfund sites, the allocation of PRP liability at 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.]

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 21][added: 23]

In addition, [added: we continue] our [removed: continuing] efforts to research, establish, accomplish and accurately report on the implementation of our [removed: ESG] [added: emissions] strategy, including our emissions reduction commitments, [added: which] may [removed: also] create additional operational risks and expenses and expose us to reputational, legal and other risks.

While we create and publish voluntary disclosures regarding [removed: ESG] [added: emissions] matters from time to time, some of the statements in those voluntary disclosures may be based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks or events or forecasts of expected risks or events, including the costs associated therewith.

However, the pace and direction of the transition to a lower-

carbon economy has become increasingly uncertain and variable across different regions and markets.

Recent developments indicate a potential slowdown in energy transition efforts, with sustained or increased demand for traditional oil and gas in certain markets.

These shifts may result from various factors, including changes in government policies and priorities, economic pressures, energy security concerns, and evolving consumer and industrial demand patterns.

Such changes could include the delay, modification or reversal of climate change-related regulations and initiatives; slower-than-anticipated adoption of renewable energy technologies; continued or increased reliance on oil and natural gas as primary energy sources; and reduced near-term demand from consumers and industry for lower-emission products and services.

We have invested in developing innovative technologies and solutions for clean energy applications, including geothermal, CCUS, hydrogen energy, and other integrated solutions.

As the energy transition slows and demand shifts back toward traditional oil and gas applications, the market for our clean energy technologies and services may not develop as anticipated, which could adversely affect our revenue from these segments and the return on our investments in clean energy innovation.

Additionally, if we have allocated resources away from traditional oil and gas applications in anticipation of a faster energy transition, we may not be positioned to capture opportunities in markets where demand for conventional energy services remains strong or increases.

Furthermore, the uncertainty and variability in energy transition timelines across different regions may make it difficult to optimize our portfolio and resource allocation decisions.

Our ability to achieve our strategic objectives and financial targets depends on accurately anticipating market demand across both traditional and emerging energy solutions, and a mismatch between our strategic positioning and actual market conditions could materially impact our financial performance and access to capital.

Our proposed transaction with Chart creates business, regulatory, and reputational risks.

On July 28, 2025, we entered into a merger agreement with Chart, which sets forth the terms of our proposed transaction.

The proposed transaction with Chart entails important risks, including, among others: the expected timing and likelihood of completion of the proposed transaction; the timing, receipt and terms and conditions of any required governmental and regulatory clearance of the proposed transaction; the effect of any potential conditions imposed by regulators in connection with the approval of the proposed transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement and the payment of a termination fee; the outcome of any legal proceedings that have been instituted and may in the future be instituted against the parties and others following announcement of the merger agreement and proposed transaction; the inability to consummate the proposed transaction due to the failure to satisfy other conditions to complete the proposed transaction; risks that the proposed transaction disrupts our current plans and operations; the ability to identify and recognize, including on the expected timeline, the anticipated benefits of the proposed transaction, including anticipated total shareholder return, revenue and Earnings Before Interest, Taxes, Depreciation, and Amortization ("EBITDA") expectations and synergies; the amount of the costs, fees, expenses and charges related to the proposed transaction; our ability to successfully integrate Chart into our businesses and related operations, including our associates, and realize expected operations benefits, at the times and to the extent anticipated; the risk that results are different from those contained in forecasts when made; the risk that transaction and/or integration costs or dis-synergies are greater than expected, including as a result of conditions regulators put on any approvals of the proposed transaction; the potential effect of the announcement and/or consummation of the proposed transaction on relationships, including with associates, suppliers and competitors; our ability to maintain our current credit rating; the risk that management's attention is diverted from other matters; risks related to the potential effect of general economic, political and market factors, including changes in the financial markets; the risk of adverse effects on the market price of our or Chart's securities or on our or Chart's operating results for any reason; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; and other risks described in our filings with the SEC.

We may not be able to realize the potential financial or strategic benefits of the transactions we complete, or find suitable target businesses to acquire.

From time to time, we have acquired and may in the future acquire or invest in businesses or partnerships that we believe could complement our business or offer growth opportunities.

We expect to make additional acquisitions and strategic investments in the future but may not find suitable targets, or we may not be able to consummate such transactions due to, among other things, financial constraints, unfavorable credit markets, commercially unacceptable terms, failure to obtain regulatory approvals, and competitive bid dynamics or other risks, which could harm our operating results.

The pursuit and integration of such acquisitions or investments may divert management's attention and cause us to incur various expenses.

Acquisitions and investments may not perform as expected, be integrated as successfully as we anticipate or cause us to assume unrecognized or underestimated liabilities.

These activities are complex, costly and time-consuming and pose a number of risks.

Any delays or issues encountered in these activities could have an adverse effect on our financial condition.

We may in the future divest certain product lines that no longer fit our long-term strategies.

Divestitures may adversely impact our business, operating results and financial condition if we are unable to achieve the anticipated benefits or cost savings from such divestitures, or if we are unable to offset impacts from the loss of revenue associated with the divested product lines.

Further, whether such divestitures are ultimately consummated or not, their pendency could have a number of negative effects on our current business, including disrupting our regular operations and increasing our costs.

It could also disrupt existing business relationships, make it harder to develop new business relationships, or otherwise negatively impact the way that we operate our business.

If we do not manage the foregoing risks, the transactions that we complete or are unable to complete may harm our brand and adversely affect our business, financial condition, and results of operations.

In addition, many of these products are used in inherently hazardous environments across the energy and industrial sectors, including onshore and offshore oil and gas fields, LNG facilities, and other high-pressure or high-temperature applications.

These laws in many cases impose liability not only for the actions of our employees, but also for the improper conduct of third parties acting on our behalf.

As a result, any failure by us, or by any of our employees or business partners, to comply with applicable anti-bribery and anti-

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted, introducing broad changes to the U.S. tax code, including modifications to federal income tax provisions.

The legislation has multiple effective dates, with certain provisions effective in 2025 and others taking effect in later years.

The aggregate impact of the OBBBA remains uncertain.

We will continue to monitor future developments, including regulatory guidance and interpretations, which could have a material impact on our business, financial condition and results of operations.

This includes proposed and enacted tariffs by the U.S. and foreign governments.

Recent changes in U.S. administrative policy, including increases in tariffs and any changes in international trade relations or trade agreements, may have an adverse effect on our business.

There is continued uncertainty about the future relationship between the U.S. and various other countries with respect to tariffs, trade policies, government regulations, treaties and trade agreements.

Recent changes in U.S. administrative policy have led to significant increases in tariffs on goods imported into the U.S., particularly tariffs on products manufactured in Europe, Mexico and China.

These tariffs, and additional proposed tariffs or other restrictive changes, have resulted, and may further result, in retaliatory trade measures in response to such actions and ongoing uncertainty regarding existing trade agreements and greater restrictions on free trade generally, among other possible changes.

Further governmental action related to tariffs or international trade agreements, a trade war, changes in U.S. social, political, regulatory and economic conditions or in laws and policies governing foreign trade, manufacturing, development and investment in the territories and countries where we currently manufacture and sell products, and any resulting negative sentiments towards the U.S. as a result of such changes, would likely have an adverse effect on our business, financial condition or results of operations.

To the extent that we incur incremental tariffs, we may need to recover such tariffs from our customers, and there is no guarantee such recoveries will occur.

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

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

Transitioning to a 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, 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.

Our strategy depends on our ability to develop additional innovative technologies and work with our customers and partners to advance new energy solutions such as geothermal, CCUS, hydrogen energy, and other integrated solutions.

If the energy transition occurs faster than anticipated or faster than we can transition, or if we are unable to execute our energy transition strategy as planned, demand for our technologies and services or access to capital could be adversely affected.

If the energy transition occurs slower than anticipated, we could be developing technologies and services that are not responsive to the commercial needs of our customers.

In addition, negative attitudes toward or perceptions of our industry or fossil fuel products and their relationship to the environment have led governments, non-governmental organizations, and companies to implement initiatives to conserve energy and promote the use of alternative energy sources, which may reduce the demand for and production of oil and gas in areas of the world where our customers operate, and thus reduce future demand for our products and services.

In addition, initiatives by investors and financial institutions to limit funding to companies in fossil fuel-related industries may adversely affect our liquidity or access to capital.

and revenue goals, control costs, and avoid shortages or over-supply of raw materials and component parts, could be adversely affected.

In addition, many of these products are used in inherently hazardous industries, such as the offshore oilfield business.

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,

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).

Our business has previously and may in the future again be adversely affected by a public health emergency or outbreak of a contagious disease or virus.

In the past, the markets have experienced volatility in oil demand due to the economic impacts of public health emergencies.

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 decline.

The spread of a pandemic could result in instability in the markets and decreases in commodity prices resulting in adverse impacts on our financial condition, results of operations and cash flows.

In addition, the outbreak and spread of contagious diseases and measures to contain the disease may adversely impact our workforce and operations, operations of our customers, and those of our vendors and suppliers.

The extent to which these public health emergencies adversely impact our business would depend on future developments, which are highly uncertain and unpredictable, depending on the severity and duration of the emergency and effectiveness of actions taken globally to contain or mitigate its effects.

There is considerable uncertainty regarding such containment or mitigation measures and potential future measures which may result in labor disruptions, employee attrition, and could negatively impact our ability to attract and retain qualified employees, all of which could have a material adverse effect on our financial condition, results of operations and cash flows.

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.

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.

Investor and public perception related to the Company's ESG performance as well as current and future ESG reporting requirements may affect our business and our operating results.

In recent years, companies across all industries are facing increasing scrutiny from a variety of stakeholders, including investor advocacy groups, proxy advisory firms, certain institutional investors and lenders, investment funds and other influential investors and rating agencies, related to their ESG and sustainability practices.

If we do not adapt to or comply with investor or other stakeholder expectations and standards on ESG matters (or meet sustainability goals and targets that we have set), as they continue to evolve, or if we are perceived to have not responded appropriately or quickly enough to growing concern for ESG and sustainability issues, regardless of whether there is a regulatory or legal requirement to do so, we may face increased litigation risk, reputational damage and our business, financial condition and/or stock price could be materially and adversely affected.

Our voluntary disclosures of ESG data are evaluated and rated by various organizations that assess corporate ESG performance.

These organizations provide information to investors on corporate governance and related matters and have developed ratings processes for evaluating companies on their approach to ESG matters.

Unfavorable ESG ratings, or our inability to meet the ESG standards set by specific investors, may lead to negative investor sentiment and reputational damage, which could have an adverse impact, among other things, on our stock price and cost of capital.

Regulatory requirements related to ESG or sustainability reporting have been adopted and may continue to be introduced in various jurisdictions, including, but not limited to, the European Union, Australia, and the State of California.

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

To achieve our stated emission reduction goals, we have implemented internal decarbonization projects and may also need to rely on external factors, such as the greater deployment of carbon reduction and removal technologies and adoption of government policies that we expect would accelerate the adoption of energy transition technologies.

There have been policy responses to support the energy transition in the U.S. with the passage of the Inflation Reduction Act.

In addition, geopolitical instability has increased energy prices compared to the prior year and raised energy security concerns, which may result in many governments reassessing energy transition strategies, extending the timeline to ensure adequate and reasonably priced energy supplies.

It is difficult to predict with certainty how these policy, economic, and energy security issues will impact the energy transition.

Our failure or perceived failure to pursue or fulfill our reductions and elimination of carbon equivalent emissions commitments within the timelines we announce, or changes to these commitments or related timelines could have a negative impact on investor sentiment, ratings outcomes for evaluating our approach to ESG matters, our stock price and cost of capital and expose us to government enforcement actions and private litigation, among other material adverse impacts.

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.

In addition, the U.S. government has proposed rules in the past setting GHG emission standards for, or otherwise aimed at reducing GHG emissions from, the oil and natural gas and power industries.

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.

We sell products and services primarily in the global oil and gas [removed: markets, within the upstream, midstream] and [removed: downstream segments, as well as] broader [removed: industrial and new] energy [added: and industrial] markets.

[removed: We] [added: Following approximately 7% growth in LNG demand in 2025, we] remain optimistic on the [removed: LNG] [added: global natural gas] outlook, [removed: supporting the] [added: supported by increasing demand for LNG and a continued] shift towards [removed: the development of] natural gas [removed: and LNG.][added: developments.]

Continued signs of tightness in the aeroderivative supply [removed: chain] [added: chain, including extended lead times,] will remain [removed: an important] [added: a] factor to [removed: monitor.][added: monitor and manage operationally.]

IET revenue increased [removed: $2.1] [added: $1.2] billion, [removed: primarily] [added: or 10%,] driven by [added: strong growth in] Gas Technology Equipment [removed: revenue.][added: ("GTE") and Gas Technology Services ("GTS").]

[removed: We increased our quarterly dividend in] [added: In] the first quarter of [removed: 2024] [added: 2025, we increased our quarterly dividend] by [removed: one cent] [added: two cents] to [removed: $0.21] [added: $0.23] per share.

For the full year of [removed: 2024,] [added: 2025,] we returned a total of $1.3 billion to shareholders in the form of dividends and share repurchases.

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 33][added: 35]

Our business is exposed to a number of macro factors, which influence our outlook and expectations given the current [added: macroeconomic uncertainty and continued] volatile conditions in the industry.

- IET outlook: We see [removed: continued] [added: sustained] strength in [removed: LNG, Floating Production Storage] [added: LNG] and [removed: Offloading ("FPSO"),] gas infrastructure, [removed: and new energy,] as well as increasing opportunities to leverage our versatile portfolio to enhance IET's position across industrial and distributed power [removed: markets.][added: markets, with a growing emphasis on data centers.]

Overall, we believe our portfolio is [removed: well] [added: uniquely] positioned to compete across the energy [added: and industrial] value [removed: chain] [added: chains] and deliver [removed: comprehensive] [added: integrated, high-impact] solutions for our customers.

Over time, we believe [removed: the world's demand for] [added: global] energy [added: demand] will continue to rise, [removed: and that] [added: supported by durable, secular macroeconomic trends, with] hydrocarbons [removed: will] [added: continuing to] play a [removed: major] [added: fundamental] role in meeting the world's energy [removed: needs for the foreseeable future.][added: needs.]

As such, we remain focused on delivering innovative, [removed: low-emission,] [added: lower-emission,] and cost-effective solutions that [removed: deliver step changes] [added: drive meaningful improvements] in [removed: operating] [added: operational] and [removed: economic] [added: financial] performance for our customers.

The following discussion and analysis [removed: summarize] [added: summarizes] the significant factors affecting our results of operations, financial [removed: condition] [added: condition,] and liquidity position as of and for the years ended December 31, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022,] [added: 2023,] and should be read in conjunction with our consolidated financial statements and related notes.

Our revenue is [removed: predominately] [added: predominantly] generated from the sale of products and services to major, national, and independent oil and natural gas companies worldwide, and is dependent on spending by our customers for oil and natural gas exploration, field [removed: development] [added: development,] and production.

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

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 34][added: 36]

| | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | |

| Brent oil prices ($/Bbl) (1) | | | $ | [removed: 80.52] [added: 69.14] | | $ | [removed: 82.49] [added: 80.52] | | $ | [removed: 100.93] [added: 82.49] | |

| WTI oil prices ($/Bbl) (2) | | | [removed: 76.63] [added: 65.39] | | | [removed: 77.58] [added: 76.63] | | | [removed: 94.90] [added: 77.58] | | |

| Natural gas prices ($/mmBtu) (3) | | | [removed: 2.19] [added: 3.52] | | | [removed: 2.53] [added: 2.19] | | | [removed: 6.45] [added: 2.53] | | |

(1)Energy Information Administration ("EIA") Europe Brent [added: ("Brent")] Spot Price per Barrel

(2)EIA Cushing, OK West Texas Intermediate ("WTI") [removed: spot price][added: Spot Price per Barrel]

When drilling rigs are active [added: or operating,] they consume products and services produced by the oil service industry.

Therefore, rig counts may act as a leading indicator of market activity and reflect the relative strength of energy [removed: prices] [added: prices;] 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 [removed: China] [added: China,] because this information is not readily available.

The rig counts are summarized in the table below as averages for each of the periods [removed: indicated.][added: indicated based on our published rig counts on our website at www.bakerhughes.com.]

| North America | | | [removed: 787] [added: 738] | | | [removed: 864] [added: 787] | | | [removed: 898] [added: 866] | | |

The discussions below relating to significant line items from our consolidated statements of income [removed: (loss)] are based on available information and represent our analysis of significant changes or events that impact the comparability of reported amounts.

Our consolidated statements of income [removed: (loss) displays] [added: display] 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 service activities.

For the amounts shown below, we distinguish between "equipment" and "product services," where product services 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, [removed: maintenance] [added: maintenance,] and repairs), which is an important part of our operations.

Our results of operations are evaluated by [added: our chief operating decision maker, who is] the [added: Company's] Chief Executive [removed: Officer] [added: Officer,] on a consolidated basis as well as at the segment level.

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

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 35][added: 37]

[removed: Volume:] [added: Volume:] Volume is defined as the increase or decrease in products and/or services sold period-over-period excluding the impact of [removed: foreign exchange] [added: FX] and price.

[removed: Volume also includes price, which] [added: Price: Price] is defined as the change in sales price for a comparable product or service period-over-period and is calculated as the period-over-period change in sales prices of comparable products and services.

[removed: Foreign Exchange ("FX"):] [added: FX:] FX measures the translational foreign exchange impact, or the translation impact of the period-over-period change on sales and costs directly attributable to change in the [removed: foreign exchange] [added: FX] rate compared to the U.S. dollar.

[removed: (Inflation)/Deflation:] [added: (Inflation)/Deflation:] (Inflation)/deflation is defined as the increase or decrease in direct and indirect costs of the same type for an equal amount of volume.

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

| | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | | From [removed: 2023] [added: 2024] to [removed: 2024] [added: 2025] | | | From [removed: 2022] [added: 2023] to [removed: 2023] [added: 2024] | | |

| Oilfield Services & Equipment | | | $ | [removed: 15,240] [added: 14,714] | | $ | [removed: 16,344] [added: 15,240] | | $ | [removed: 14,089] [added: 16,344] | | $ | [removed: (1,104)] [added: (526)] | | $ | [removed: 2,255] [added: (1,104)] | |

During 2025, we saw a decline in global upstream capital spending as a result of ongoing geopolitical tensions, uncertainty around international trade policy, and operator concerns about the accelerated return of idled supply from the Organization of the Petroleum Exporting Countries and its allies ("OPEC+").

As we look to 2026, during which we anticipate modestly stronger year-over-year GDP growth, oil prices are likely to reflect evolving market conditions, as markets assess geopolitical uncertainty and its potential impact on supply against rising OPEC+ and offshore production.

Taking these macro factors into consideration, we forecast modest declines in global upstream spending.

We believe further reduction in idled OPEC+ production, alongside more constructive oil supply-and-demand balances, is required before a broad inflection in oilfield services activity emerges.

Longer term, the outlook remains constructive, particularly internationally and offshore, where significant investment will be required to sustain production growth and meet rising global oil demand.

We also see continued growth in OpEx-driven upstream investment, as operators focus on enhancing recovery rates and extending the life of existing assets.

We believe the positive fundamentals are less affected by macro uncertainty but are driven by continued long-term energy demand growth, which is being driven by population growth, higher living standards, and accelerating electrification, with AI and data center expansion adding a new structural layer of power demand.

Increasingly, natural gas is the source of this power due to its reliable, scalable, and dispatchable nature, coupled with its ability to lower emissions throughout the energy ecosystem.

In 2025, the Company generated revenues of $27.7 billion, a decrease of $0.1 billion compared to 2024.

OFSE revenue decreased $1.3 billion, or 8%, driven by a decline in revenue in all regions.

Net income was $2.6 billion, a decrease of $0.4 billion, or 13%, compared to 2024, with a decline in the mark-to-market adjustment for certain equity securities, change in mix, transaction related costs and lower volume, partially offset by cost out initiatives, net productivity and price.

As a part of our anticipated acquisition of Chart, Chart shareholders approved the acquisition of Chart by the Company (the "Chart acquisition") on October 6, 2025.

With regulatory reviews still underway in certain jurisdictions, we presently expect closing in the second quarter of 2026, understanding that the timing may evolve as those processes progress.

On portfolio management actions, we closed the acquisition of Continental Disc Corporation ("CDC") on August 7, 2025.

The sale of Precision Sensors & Instrumentation to Crane Company and the creation of the Surface Pressure Control joint venture with Cactus closed on January 1, 2026.

- OFSE outlook: We expect continued soft market conditions through most of 2026, reflecting customer caution amid oil price uncertainty, with the potential for modest improvement later in the year as excess oil supply begins to moderate.

We also expect to see continued growth in new energy solutions specifically focused on reducing carbon emissions for the energy and broader industrial sectors.

These include hydrogen; geothermal; CCUS; energy storage; clean power; and emissions abatement solutions.

| International | | | 1,080 | | | 1,161 | | | 1,221 | | |

| Worldwide | | | 1,818 | | | 1,948 | | | 2,087 | | |

We refer to "product services" simply as "services" within MD&A.

Business Mix: Business mix is defined as period-over-period change in sales mix within segments.

Cost out initiatives: Cost out initiatives, including restructuring programs.

Improved or lower period-over-period cost productivity is the result of production, schedule and cost efficiencies or inefficiencies.

| Controls (1) | | | — | | | — | | | 66 | | | — | | | (66) | | |

Fiscal Year 2025 to Fiscal Year 2024

Revenue decreased $0.1 billion to $27.7 billion.

OFSE decreased $1.3 billion, or 8%, and IET increased $1.2 billion, or 10%.

Selling, general and administrative costs decreased $71 million, or 3%, to $2,387 million.

Research and development costs decreased $43 million, or 7%, to $600 million.

Restructuring charges were $215 million in 2025, primarily related to employee termination expenses and footprint consolidation.

We recorded other expense of $243 million in 2025, which included $107 million of transaction costs related to business acquisition and disposal activities and a net loss of $103 million from the change in fair value of equity securities.

Net interest expense increased $25 million compared to 2024.

The valuation allowances on the associated deferred tax assets have been released as a result of the U.K. and the U.S. moving into and/or maintaining cumulative three-year profit positions, demonstrating an increasing pattern of profitability, along with recent tax credit utilization, and the forecasted continuation of profitability in both jurisdictions.

Net income decreased $0.4 billion, or 13%, to $2.6 billion compared to 2024.

| | | | 2025 | | | 2024 | | | $ Change | | |

| Well Construction | | | $ | 3,646 | | $ | 4,145 | | $ | (499) | |

| Production Solutions | | | 3,806 | | | 3,860 | | | (54) | | |

| Total | | | $ | 14,324 | | $ | 15,628 | | $ | (1,304) | |

| Research and development costs | | | 241 | | | 260 | | | (19) | | |

During 2024, Baker Hughes continued to deliver significant improvement across the company and in our financial results over 2023.

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.

Continued discipline from the world's largest producers and the pace of oil demand growth will remain important factors to monitor.

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.

As a result, the global LNG project pipeline remains strong.

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.

In 2024, the Company generated revenues of $27.8 billion, compared to $25.5 billion in 2023, increasing $2.3 billion or 9%.

The increase in revenue was driven principally by IET.

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.

The business has undertaken significant structural changes and we see the operating benefits coming through in the margin performance.

Baker Hughes remains committed to a flexible capital allocation policy that balances returning cash to shareholders and investing in growth opportunities.

- 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.

- OFSE International activity: We expect spending outside of North America to be at similar or slightly lower levels in 2025 compared to 2024.

We have other businesses in our portfolio that are more correlated with various industrial metrics, including global GDP growth.

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, including: hydrogen; geothermal; CCUS; energy storage; clean power; and emissions abatement solutions.

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

| International | | | 947 | | | 948 | | | 851 | | |

| Worldwide | | | 1,734 | | | 1,812 | | | 1,749 | | |

We refer to "product services" simply as "services" within Management's Discussion and Analysis of Financial Condition and Results of Operations.

Improved or lower period-over-period cost productivity is the result of cost efficiencies or inefficiencies, such as cost decreasing or increasing more than volume, or cost increasing or decreasing less than volume, or changes in sales mix among segments.

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

(1)The sale of our controls business was completed in April 2023.

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.

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.

| Operating income | | | $ | 1,988 | | $ | 1,746 | | $ | 242 | |

| Operating margin (1) | | | 12.7 | | % | 11.4 | | % | 1.3pts | | |

(1)Operating margin is defined as operating income divided by revenue.

OFSE segment operating income was $1,988 million in 2024 compared to $1,746 million in 2023.

| Operating income | | | $ | 1,830 | | $ | 1,310 | | $ | 520 | |

| Operating margin (2) | | | 15.0 | | % | 12.9 | | % | 2.1pts | | |

(2)Operating margin is defined as operating income divided by revenue.

IET segment operating income was $1,830 million in 2024 compared to $1,310 million in 2023.

Fiscal Year 2023 to Fiscal Year 2022

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | 49

As of December 31, [removed: 2024,] [added: 2025,] 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 Secured Overnight Financing Rate index.

[removed: The] [added: Each of the] interest rate swaps [removed: are] [added: is] designated and [removed: each qualify] [added: qualifies] as a fair value hedging instrument.

| *(In millions)* | | | [removed: 2025] [added: 2026] | | | | | | [removed: 2026] [added: 2027] | | | | | | [removed: 2027] [added: 2028] | | | | | | [removed: 2028] [added: 2029] | | | | | | [removed: 2029] [added: 2030] | | | | | | Thereafter | | | | | | Total (2) | | |

| Long-term debt (1) | | | $ | [removed: —] [added: 600] | | | | | $ | [removed: 600] [added: 1,350] | | | | | $ | [removed: 1,350] [added: —] | | | | | $ | [removed: —] [added: 760] | | | | | $ | [removed: 760] [added: 500] | | | | | $ | [removed: 2,996] [added: 2,496] | | | | | $ | 5,706 | |

(1)Fair market value of our fixed rate long-term debt, excluding finance leases, was [removed: $5.3] [added: $5.4] billion at December 31, [removed: 2024.][added: 2025.]

Additionally, we buy, [removed: manufacture] [added: manufacture,] and sell components and products across global markets.

These activities expose us to changes in foreign currency exchange rates, commodity [removed: prices] [added: prices,] and interest [removed: rates] [added: rates,] which can adversely affect revenue earned and costs of our operating businesses.

We had outstanding foreign currency forward contracts with notional amounts aggregating [removed: $3.0] [added: $4.0] billion and [removed: $3.6] [added: $3.0] billion to hedge exposure to currency fluctuations in various foreign currencies at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.

As of December 31, [removed: 2024,] [added: 2025,] the Company estimates that a 1% appreciation or depreciation in the U.S. dollar would result in an impact of less than $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: 2024] [added: 2025] Form 10-K | 50

| As of December 31, 2025 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Weighted average interest rates | | | 2.35 | | % | | | | 4.89 | | % | | | | — | | % | | | | 3.48 | | % | | | | 4.57 | | % | | | | 4.16 | | % | | | | 4.08 | | % |

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

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

With our diverse portfolio, leading [removed: technology,] [added: technology] and [removed: unique partnership models, we are] [added: clear purpose to make energy safer, cleaner and more efficient, Baker Hughes is well] positioned to deliver [removed: outcome-based] solutions across [removed: the energy and] industrial [added: and energy] markets.

- Transform the core: We are transforming our current business to improve margins and cash flow, which we are achieving through portfolio [removed: rationalization,] [added: management,] cost improvement, and new [removed: business] [added: operating] models.

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

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

[removed: We deliver through our two operating segments: Oilfield Services & Equipment ("OFSE") and Industrial & Energy Technology ("IET") as discussed] below under "Products and Services," and each are among the top providers for the majority of the product lines in the markets they serve.

- Technology: Our culture is built on a heritage of innovation and invention through [added: industry expertise, technical know-how, and] research and [removed: development,] [added: development ("R&D"),] with complementary [removed: capabilities.][added: expert skills that enable us to provide services, equipment and advanced solutions to a variety of industries.]

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

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | 1

We remain committed to investing in our products and services to maintain our leadership position across our offerings, including [removed: $643] [added: $600] million [removed: research and development ("R&D")] [added: R&D] spend and being granted more than [removed: 1,600] [added: 1,400] patents worldwide in [removed: 2024.][added: 2025.]

- [removed: Energy transition] [added: Sustainable energy expansion] solutions: We are positioned to support our customers' [removed: efforts] [added: commitments] to reduce their carbon footprint with a range of [removed: emissions-abatement] products and [removed: services, which] [added: services for what] we refer to as [removed: "new energy."] [added: "New Energy."] This [added: portfolio] includes [removed: turnkey] [added: integrated] solutions for flare reduction, CCUS, hydrogen production, transportation, storage and distribution, geothermal and clean [removed: power] [added: power, and emission-abatement] 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 e-fuels, [removed: as well as] [added: and have] established strategic [removed: long-term] partnerships with companies such as [added: Fervo Energy, Frontier Carbon Solutions,] HIF Global, [removed: Air Products] and NET [removed: Power, among others.][added: Power.]

[removed: We also continue] [added: Our Sustainability Advisory enables us] to [removed: expand] [added: complement] our [removed: low to] [added: low-to] zero-carbon solutions [removed: capabilities, helping] [added: with expert capabilities that help] customers [removed: to detect, quantify,] [added: quantify] and reduce emissions more [removed: efficiently and accurately, and complementing] [added: efficiently, while also continuing to expand] our [removed: existing] [added: low-to zero-carbon] solutions.

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

Our two operating segments are organized based on the [removed: nature] [added: focus] of our markets and [removed: customers.][added: on customers' buying priorities.]

Beyond its [removed: traditional] [added: conventional] oilfield [removed: concentration,] [added: focus,] OFSE is also expanding its capabilities and technology portfolio to [removed: meet the challenges of the energy transition, including focusing] [added: focus] on new energy areas, such as geothermal and [removed: CCUS,] [added: CCUS;] strengthening its digital [removed: architecture,] [added: architecture;] and addressing key energy market themes.

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

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | 2

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

Reservoir analysis proficiencies are rooted in [added: a combination of] evaluation technologies, a team of reservoir experts, and software.

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

OFSE also provides integrated well services and solutions [removed: to plan] [added: for planning] and [removed: execute] [added: executing] projects [removed: ranging] [added: that range] from well construction and production through well abandonment, in addition to integrated services and solutions for the subsea environment.

OFSE customers include large integrated major and super-major oil and natural gas companies; U.S. and international independent oil and natural gas companies; national or state-owned oil and natural gas companies; engineering, procurement, and construction contractors; geothermal [added: and other renewable] companies; and other oilfield services companies.

A continued commitment to service delivery, HSE standards, technical proficiency, and competitive pricing [removed: is] [added: are] also [removed: a] key [removed: factor] [added: factors] in its success.

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

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

IET solutions unlock the ability to transform, transfer, and transport energy efficiently, while capturing and [removed: cutting emissions.][added: reducing emissions, with customers that are industrial, upstream, midstream, and downstream, onshore and offshore, and small-to-large scale operators.]

The IET segment [removed: is organized into] [added: consists of] five product lines.

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | 3

[removed: - Waygate Technologies, which comprises non-destructive testing technology, software, and services, including] [added: This includes] industrial radiography, ultrasonic sensors, testing [removed: machines and] [added: machines,] gauges, non-destructive testing film, and remote visual [removed: inspection.][added: inspection services.]

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

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

Industrial Solutions combines several product lines to leverage our critical equipment hardware capability to migrate to full-plant offerings [removed: and] through CordantTM, a [removed: full-stack, edge-to-enterprise solution that encompasses our hardware, software and services offerings.][added: modular AI-enabled enterprise solution.]

The product line's portfolio [removed: includes a number of product brands including:][added: includes:]

- [removed: Cordant Solutions technology includes] [added: CordantTM software solutions: designed to optimize assets, processes and energy use at scale; and] the Bently Nevada® [added: sensing] and [removed: System 1® product brands,] [added: protection hardware,] providing rack-based vibrating monitoring equipment and sensors for both power generation and oil and gas operations, as well as industrial applications.

- Precision Sensors & Instrumentation [added: ("PSI")] device technology, including the Panametrics®, Druck®, and Reuter-Stokes® product [removed: brands,] [added: brands:] provides instrumentation and sensor-based technologies to better detect and analyze pressure, flow, gas, moisture, radiation, and related conditions.

This product line is the primary driver of the Company's new energy orders and is designed to accelerate the decarbonization of both energy and broader industrial verticals such as hard-to-abate industries, like [removed: steel] [added: steel, cement] and [removed: cement.][added: maritime shipping, as well as energy intense sectors requiring reliable and sustainable solutions such as data centers and utilities.]

Midstream and downstream customers include LNG plants, pipelines, storage facilities, [removed: refineries,] and a wide range of [removed: industrial and] engineering, procurement, and construction [removed: companies.][added: companies, as well as industrial sector customers such as data centers, utilities, marine, cement, steel and refinery and petrochemical producers.]

Products and services for the remaining IET product lines are primarily sold in a diversified arena to a broad range of customers and across multiple verticals, including aerospace, automotive, [added: pharmaceutical,] nuclear, oil and gas, mining, cement, metals, refinery and petrochemical, food and beverage, pulp & paper, and textile.

IET differentiates itself from competitors with its diverse portfolio, expertise in [removed: technology] [added: technology, industry processes] and project management, [added: as well as strategic] local [removed: presence,] [added: presence] and partnerships, [added: enabling it] to provide fully integrated solutions for a broad array of industry segments.

The global energy landscape is undergoing a period of structural transformation, with sustained demand growth driven by population expansion, rising living standards, industrialization, electrification, and the rapid proliferation of digital infrastructure.

Meeting this increasing demand will require a diversified and integrated energy system that draws on the full spectrum of energy sources.

Within this context, Baker Hughes plays a critical role by deploying technology across industrial energy, oil and gas, liquefied natural gas ("LNG"), power generation, renewable energy and emerging solutions – integrating multiple energy sources, enhancing efficiency, reducing emissions, and supporting the continued advancement of global energy infrastructure.

While renewable energy will continue to expand rapidly, oil and natural gas are expected to remain a significant portion of the global energy mix for decades to come.

In particular, natural gas will play a central role in providing the scale, reliability, and flexibility required to support economic growth and complement intermittent renewable generation.

This dynamic reinforces Baker Hughes' essential role in enabling energy systems that are affordable, secure, and increasingly lower carbon.

We believe there is an inseparable link between industrial markets and the energy systems that power them.

Industrial growth is driving structural increases in energy demand, alongside rising expectations for cleaner and efficient energy solutions.

Addressing these dual objectives requires a fundamentally different approach – one that enables customers to develop new partnerships, adopt innovative commercial models, and implement advanced technology solutions to deliver sustainable energy resilience and security.

- Driving profitable growth: We are accelerating organic and inorganic growth by expanding our offering in high potential markets where we have differentiated solutions and in-demand capabilities for LNG, gas infrastructure, power generation, data centers, industrial manufacturing and oilfield production.

- Scope and scale: We have a global presence and a broad, diversified portfolio that is well positioned to address the needs of a constantly evolving energy ecosystem and customer base.

We see increasing commercial synergy opportunities across our two operating segments: Oilfield Services & Equipment ("OFSE") and Industrial & Energy Technology ("IET") as discussed

We offer a range of technologies specifically designed to help customers reduce their carbon footprint.

Across industrial and energy markets, digital is both an enabler and a driver, unlocking new levels of efficiency and productivity in operations, while simultaneously generating significantly incremental demand for power to support digital-intensive industries, including data centers.

In 2025, we booked $1 billion of orders tied to data center applications.

We now expect to book approximately $3 billion of data center-related orders between 2025 and 2027 – underscoring the relevance of our power solutions in this fast-growing market.

coiled tubing, and tubular running services), and wireline services (openhole logging services, cased-hole logging services, and perforating and drill stem-testing services).

In June 2025, the Company announced the creation of a joint venture with a subsidiary of Cactus, Inc. ("Cactus"), to which Baker Hughes will contribute its surface pressure control business.

The formation of the joint venture was completed on January 1, 2026.

- Non-Destructive Testing: delivers a comprehensive range of non-invasive inspection technologies, software, and services under the Waygate Technologies product brand.

- Flow Control & Safety Solutions: delivers mission-critical flow assurance and safety solutions through valves, regulators and control systems for process industries, ensuring pressure control, flow regulation, and emergency protection.

Through the recent acquisition of Continental Disc Corporation, the product line now also includes rupture discs, actuators, and positioners.

- Power Transmission: provides high-reliability mechanical and electromechanical gear transmission systems for oil & gas, energy and industrial applications.

In June 2025, the Company announced the sale of its PSI business to Crane Company, a diversified manufacturer of engineered industrial products.

The transaction closed on January 1, 2026.

Chart Industries Transaction

On July 29, 2025, Baker Hughes announced a definitive agreement to acquire all outstanding shares of common stock of Chart Industries, Inc. ("Chart").

Chart is a global leader in the design, engineering and manufacturing of process technologies and equipment for gas and liquid molecule handling across a broad range of industrial and energy end markets.

Under the terms of the agreement, Chart shareholders will receive $210 per share of common stock in cash.

Chart reported revenue of approximately $3.18 billion for the nine months ending September 30, 2025.

The transaction, which is subject to regulatory approvals and other customary closing conditions, received the approval of Chart shareholders at a special meeting held on October 6, 2025.

With regulatory reviews still underway in certain jurisdictions, we presently expect closing in the second quarter of 2026, understanding that the timing may evolve as those processes progress.

We conduct our business under various types of contracts across the energy and industrial value chain, including the upstream, midstream (including LNG), and downstream sectors, and in New Energy markets such as geothermal, CCUS, hydrogen, emissions abatement, and other decarbonization solutions.

Our agreements span fixed-fee or turnkey contracts, transactional agreements for products and services, frame and master service agreements, integrated project and alliance models, equipment supply with aftermarket service agreements, and subscription or license agreements for digital software, data, and analytics solutions.

We seek to mitigate these exposures through disciplined project management, collaboration with our customers, and risk reviews during the bid and execution phases.

In connection with oil and gas operations, our customer contracts often adopt a knock‑for‑knock indemnity framework.

For industrial and digital offerings, where knock‑for‑knock is not standard, our contracts typically provide fault‑based indemnities (for example, for third‑party claims to the extent caused by our negligence) subject to negotiated caps and an overall limitation of liability.

We also generally seek to negotiate exclusions for consequential losses, including lost profits

and revenue.

For software and data solutions, we may provide limited intellectual property infringement indemnities and set out data usage, privacy, cybersecurity, and service‑level terms that are customary for such offerings.

The oil and gas macroeconomic environment continues to be complex.

While we believe the world will need hydrocarbons for many decades to come - and therefore oil and gas will continue to remain relevant in meeting global energy demand - we also acknowledge the need to transition to new energy sources.

Over the last several years, this transition has 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 the energy transition will likely take longer than many expected due to its inherent complexity overcoming technology, economics, politics, and regulatory challenges.

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

Our existing and new customers require new partnerships, commercial models and technology solutions to deliver sustainable productivity improvements and leverage economies of scale, with a lower carbon footprint.

That is why our strategy is focused on improving our core competitiveness and delivering higher-productivity solutions today, while positioning to lead the energy transition and solving the energy trilemma.

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

- Driving profitable growth: We are driving organic and inorganic growth to build our businesses in high potential markets where we have a strong position, including integrated solutions, mature assets solutions, and enhanced digital solutions.

- Scope and scale: We have a global presence and a broad, diversified portfolio.

We also have a range of technologies that support our customers'

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.

(subsea risers, subsea flowlines and jumpers, onshore reinforced thermoplastic pipe, and rehabilitation), and surface pressure control systems (surface trees and wellheads).

- Valves and Gears, which comprises flow technology including industrial valves, regulators, control systems, gears and other flow and process control technologies.

The product line also provides integrated asset performance management.

IET customers for the Gas Technology Equipment and Gas Technology Services product lines are industrial, upstream, midstream, and downstream, onshore and offshore, and small-to-large scale.

We conduct our business under various types of contracts in the upstream, midstream, and downstream sectors of the oil and gas industry, including fixed-fee or turnkey contracts, transactional agreements for products and services, and long-term aftermarket service agreements.

We also conduct business in a number of industrial

markets and provide critical equipment hardware capability for full plant offerings, asset performance management and process optimization.

We seek to mitigate these exposures through close collaboration with our customers.

Where the above indemnities do not apply or are not consistent with industry best practices (e.g., in connection with industrial and/or digital sectors), we typically provide a capped indemnity for damages caused to the customer by our negligence and include an overall limitation of liability clause.

It is also our general practice to include a limitation of liability for consequential loss, including loss of profits and loss of revenue, in all customer contracts.

We sometimes contract with customers that are not the end user of our products.

It is our practice to seek to obtain an indemnity from our customer for any end-user claims, but this is not always possible.

We have an established process to review any risk deviations from our standard contracting practices.

As of December 31, 2024, the remaining performance obligations totaled $33.1 billion.

Our technology, brands and other intellectual property ("IP") rights are important elements of our business.

We rely on patent, trademark, copyright, and trade secret laws, as well as non-disclosure and employee invention assignment agreements to protect our IP rights.

Many patents and patent applications comprise the Baker Hughes portfolio and are owned by us.

Other patents and patent applications applicable to our products and services are licensed to us by GE Aerospace (NYSE: GE) and GE Vernova (NYSE: GEV) and, in some cases, third parties.

The IP cross-license remains in place following General Electric exiting its ownership position in us.

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

- Severe weather during the winter months normally results in reduced activity levels in the North Sea in OFSE generally in the first quarter and may interrupt or curtail our operations, or our customers' operations, in those areas and result in a loss of revenue.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG")

We believe we have an important role to play in society as an industry leader and partner.

We view ESG as a lever to transform the performance of our Company.

In 2019, we made a commitment to reduce Scope 1 and 2 carbon dioxide equivalent emissions from our operations by 50% by 2030 and achieve net-zero emissions by 2050.

We continue to make progress on emissions reductions.

FOR THE FISCAL YEAR ENDED DECEMBER 31, [removed: 2024][added: 2025]

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: 2024] [added: 2025] reported by the Nasdaq Stock Market LLC) was [removed: $34,880,320,572.][added: $37,733,037,083.]

As of January [removed: 22, 2025,] [added: 27, 2026,] the registrant had outstanding [removed: 990,111,854] [added: 988,236,510] shares of Class A Common Stock, $0.0001 par value per share.

Portions of Registrant's Definitive Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K.

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Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | i

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Baker Hughes Company 2025 Form 10-K | 29

As part of our cybersecurity management program, we operate a CFC to monitor both internal and external cybersecurity threats, conduct initial assessment of severity, coordinate incident response resources, reduce incident response time, and shift toward a proactive cyber-defense model, which includes a dedicated threat intelligence program that leverages custom intelligence [added: platforms as well as industry specific professional associations and ongoing threat hunting.]

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 27][added: 30]

In addition, cybersecurity and privacy training and awareness is integrated and continues throughout the year, utilizing various delivery methods such as [added: mock] phishing campaigns, training sessions, and informational articles.

[removed: Third Party] [added: Third-Party] Security Experts

We engage [removed: third party] [added: third-party] security experts to supplement our internal CFC team as well as for assessments, penetration tests and program enhancements, including vulnerability assessments, security framework maturity assessments and identification of areas for continued focus and improvement.

[removed: We use the findings of] these exercises to improve our practices, procedures, and technologies.

We also engage [removed: third party] [added: third-party] security experts to support our cybersecurity threat and incident response management and maintain information security risk insurance coverage.

These processes include due diligence assessments of third-party suppliers and service providers that have access to Baker Hughes networks, [added: digital] confidential information, and information systems in order to assess the risks from cybersecurity threats that could impact our suppliers and third-party service providers.

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

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 28][added: 31]

[removed: We] [added: To our knowledge, 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 [removed: materially] affected the Company.

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

Our digital technology, legal, and the corporate audit functions also routinely present to the Audit Committee on key cybersecurity topics and, on at least an annual basis, the Board receives reports on [removed: the Company's] [added: our] cybersecurity program and developments from the [removed: CIO and] CISO.

The cybersecurity and legal functions employ [removed: full time] [added: full-time resources in] cybersecurity and privacy roles with expertise in managing cybersecurity and privacy compliance and risks and responding to incidents.

[removed: The] CSC is chaired by our CISO.

The senior executive leadership members include the [removed: CIO,] Chief [added: Information & Infrastructure Officer; Chief] Legal [removed: Officer,] [added: Officer; Executive Vice President and] Chief Financial [removed: Officer,] [added: Officer; Vice President,] Chief Compliance [removed: Officer,] [added: Officer] and [removed: Senior Vice President, Enterprise Operational Excellence.][added: Corporate Secretary; and Chief Infrastructure & Performance Officer.]

We use the findings of

The

platforms as well as industry specific professional associations and ongoing threat hunting.

cybersecurity controls.

Baker Hughes Company 2024 Form 10-K | 29

The following sets forth the location of our principal owned or leased facilities for our business segments as of December 31, [removed: 2024:][added: 2025:]

| *Oilfield Services & Equipment:* | | | | | | Houston, Pasadena, and The Woodlands, Texas; Claremore, Oklahoma - all located in the United States; Leduc, Canada; Celle, Germany; Tananger, Norway; Aberdeen and Montrose, Scotland; Nailsea and Newcastle, England; Macae and Niteroi, Brazil; Singapore, Singapore; [removed: Suzhou, China;] [added: Jandakot, Australia;] Kakinada, India; [added: Mesaieed, Qatar;] Abu Dhabi and Dubai, United Arab Emirates; Dammam and Dhahran, Saudi Arabia; Luanda, Angola; Port Harcourt, Nigeria | | |

| *Industrial & Energy Technology:* | | | | | | [removed: Deer Park,] [added: Pasadena and Houston,] Texas; [removed: Jacksonville, Florida; Billerica, Massachusetts;] Minden, [removed: Nevada; Twinsburg, Ohio] [added: Nevada] - all located in the United States; Florence, Massa, Avenza, Bari, and Talamona, Italy; [added: Calgary, Canada;] Le Creusot, France; [removed: Leicester, England; Shannon, Ireland;] [added: Fot, Hungary;] Hurth and Wunstorf, Germany; Pilsen, Czech Republic; [removed: Shanghai,] [added: Shanghai and Suzhou,] China; [removed: Doha, Qatar; Boufarik, Algeria;] [added: Dammam, Saudi Arabia;] Coimbatore, India | | |

We also own or lease numerous other facilities such as service centers, blend plants, [removed: workshops] [added: workshops,] and sales and administrative offices throughout the geographic regions in which we operate.

We also have a significant investment in service vehicles, [removed: tools] [added: tools,] and manufacturing and other equipment.

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 30][added: 32]

As of January 22, [removed: 2025,] [added: 2026,] there were approximately [removed: 5,404] [added: 5,141] stockholders of record.

The following table contains information about our purchases of Class A common stock equity securities during the fourth quarter of [removed: 2024.][added: 2025.]

(4)During the three months ended December 31, [removed: 2024,] [added: 2025,] we repurchased [removed: 0.2 million] [added: no] shares of Class A common [removed: stock at an average price of $39.91 per share for a total of $9 million.][added: stock.]

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 31][added: 33]

][added: Graph.jpg](https://www.sec.gov/Archives/edgar/data/1701605/000170160526000007/bkr-20251231_g1.jpg)]

| | | | [removed: 2019] [added: 2020] | | | | | | [removed: 2020] [added: 2021] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] | | |

| S&P 500 Oil and Gas Equipment and Services Index | | | 100.00 | | | | | | [removed: 63.77] [added: 127.56] | | | | | | [removed: 81.35] [added: 210.25] | | | | | | [removed: 134.08] [added: 214.06] | | | | | | [removed: 136.52] [added: 186.98] | | | | | | [removed: 119.25] [added: 200.63] | | |

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: 2019] [added: 2020] 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, 2025 | | | 2,829 | | | | | | $ | 46.76 | | | | | — | | | | | | $ | 1,348,978,828 | |

| November 1-30, 2025 | | | 2,693 | | | | | | 48.21 | | | | | | — | | | | | | $ | 1,348,978,828 | |

| December 1-31, 2025 | | | 1,581 | | | | | | 49.50 | | | | | | — | | | | | | $ | 1,348,978,828 | |

| Total | | | 7,103 | | | | | | $ | 47.92 | | | | | — | | | | | | | | |

| Baker Hughes Company ("BKR") | | | $ | 100.00 | | | | | $ | 118.97 | | | | | $ | 149.79 | | | | | $ | 177.60 | | | | | $ | 218.60 | | | | | $ | 247.93 | |

| S&P 500 Stock Index | | | 100.00 | | | | | | 128.68 | | | | | | 105.36 | | | | | | 133.03 | | | | | | 166.28 | | | | | | 195.98 | | |

| Philadelphia Oil Service Index ("OSX") | | | 100.00 | | | | | | 120.74 | | | | | | 194.98 | | | | | | 198.71 | | | | | | 175.53 | | | | | | 181.72 | | |

| 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 | | | | | | | | |

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

| 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 | | |

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 32][added: 34]

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: 2024.][added: 2025.]

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

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | 51

To the Stockholders and [added: the] Board of Directors

We have audited the accompanying consolidated statements of financial position of Baker Hughes Company and subsidiaries (the Company) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of [removed: income (loss),] [added: income,] comprehensive [removed: income (loss),] [added: income,] changes in equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 4, 2025] [added: 5, 2026] expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | 52

–questioning the Company's finance and project managers regarding progress to date based on the latest project reports and the costs expected to be incurred until [removed: completion;][added: completion, including confirmations with certain subcontractors;]

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | 53

We have audited Baker Hughes Company and subsidiaries' (the Company) internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of [removed: income (loss),] [added: income,] comprehensive [removed: income (loss),] [added: income,] changes in equity, and cash flows for each of the years in the three-year period ended December 31, [removed: 2024,] [added: 2025,] and the related notes (collectively, the consolidated financial statements), and our report dated February [removed: 4, 2025] [added: 5, 2026] expressed an unqualified opinion on those consolidated financial statements.

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | 54

CONSOLIDATED STATEMENTS OF [removed: INCOME (LOSS)][added: INCOME]

| *(In millions, except per share amounts)* | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | |

| Sales of goods | | | $ | [removed: 17,810] [added: 18,216] | | $ | [removed: 15,617] [added: 17,810] | | $ | [removed: 12,236] [added: 15,617] | |

| Sales of services | | | [removed: 10,019] [added: 9,517] | | | [removed: 9,889] [added: 10,019] | | | [removed: 8,920] [added: 9,889] | | |

| Total revenue | | | [removed: 27,829] [added: 27,733] | | | [removed: 25,506] [added: 27,829] | | | [removed: 21,156] [added: 25,506] | | |

| Selling, general and administrative | | | [removed: 2,458] [added: 2,387] | | | [removed: 2,611] [added: 2,458] | | | [removed: 2,510] [added: 2,611] | | |

| Interest expense, net | | | [removed: (198)] [added: 222] | | | [removed: (216)] [added: 198] | | | [removed: (252)] [added: 216] | | |

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

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

| Net income [removed: (loss)] | | | [removed: 3,008] [added: 2,624] | | | [removed: 1,970] [added: 3,008] | | | [removed: (578)] [added: 1,970] | | |

| Less: Net income attributable to noncontrolling interests | | | [removed: 29] [added: 36] | | | [removed: 27] [added: 29] | | | [removed: 23] [added: 27] | | |

| Net income [removed: (loss)] attributable to Baker Hughes Company | | | $ | [removed: 2,979] [added: 2,588] | | $ | [removed: 1,943] [added: 2,979] | | $ | [removed: (601)] [added: 1,943] | |

| Basic income [removed: (loss)] per Class A common share | | | $ | [removed: 3.00] [added: 2.62] | | $ | [removed: 1.93] [added: 3.00] | | $ | [removed: (0.61)] [added: 1.93] | |

| Diluted income [removed: (loss)] per Class A common share | | | $ | [removed: 2.98] [added: 2.60] | | $ | [removed: 1.91] [added: 2.98] | | $ | [removed: (0.61)] [added: 1.91] | |

| Cash dividend per Class A common share | | | $ | [removed: 0.84] [added: 0.92] | | $ | [removed: 0.78] [added: 0.84] | | $ | [removed: 0.73] [added: 0.78] | |

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | 55

CONSOLIDATED STATEMENTS OF COMPREHENSIVE [removed: INCOME (LOSS)][added: INCOME]

| *(In millions)* | | | [removed: 2024] [added: 2025] | | | [removed: 2023] [added: 2024] | | | [removed: 2022] [added: 2023] | | |

| Net income [removed: (loss)] | | | $ | [removed: 3,008] [added: 2,624] | | $ | [removed: 1,970] [added: 3,008] | | $ | [removed: (578)] [added: 1,970] | |

| Net income [removed: (loss)] attributable to Baker Hughes Company | | | [removed: 2,979] [added: 2,588] | | | [removed: 1,943] [added: 2,979] | | | [removed: (601)] [added: 1,943] | | |

| Foreign currency translation adjustments | | | [removed: (350)] [added: 528] | | | [removed: 153] [added: (350)] | | | [removed: (269)] [added: 153] | | |

| Cash flow hedges | | | [removed: (1)] [added: 10] | | | [removed: 3] [added: (1)] | | | [removed: 2] [added: 3] | | |

| Benefit plans | | | [removed: (14)] [added: (28)] | | | [removed: 19] [added: (14)] | | | [removed: (14)] [added: 19] | | |

| Other comprehensive income (loss) | | | [removed: (365)] [added: 510] | | | [removed: 175] [added: (365)] | | | [removed: (281)] [added: 175] | | |

| Less: Other comprehensive [removed: loss] [added: income] attributable to noncontrolling interests | | | [removed: —] [added: 1] | | | — | | | [removed: (3)] [added: —] | | |

| Other comprehensive income (loss) attributable to Baker Hughes Company | | | [removed: (365)] [added: 509] | | | [removed: 175] [added: (365)] | | | [removed: (278)] [added: 175] | | |

February 5, 2026

February 5, 2026

February 5, 2026

| Cost of goods sold | | | 14,388 | | | 14,291 | | | 12,801 | | |

| Cost of services sold | | | 6,801 | | | 7,055 | | | 6,803 | | |

| Research and development costs | | | 600 | | | 643 | | | 651 | | |

| Restructuring | | | 215 | | | 260 | | | 313 | | |

| Other (income) expense, net | | | 243 | | | (341) | | | (544) | | |

| Provision for income taxes | | | (253) | | | (257) | | | (685) | | |

| Less: Net income attributable to noncontrolling interests | | | 36 | | | 29 | | | 27 | | |

| Comprehensive income: | | | | | | | | | | | | | | | | | | | | | | | |

| Net income | | | | | | | | | | | | 2,588 | | | | | | 36 | | | 2,624 | | |

| Balance at December 31, 2025 | | | — | | | $ | 24,738 | | | | | $ | (3,252) | | $ | (2,652) | | $ | 176 | | $ | 19,010 | |

| Net income | | | $ | 2,624 | | $ | 3,008 | | $ | 1,970 | |

| Change in fair value of equity securities | | | 103 | | | (367) | | | (555) | | |

A quantitative assessment for the determination of impairment is made by comparing the

was $1,117 million and $1,080 million, respectively.

See "Note 11.

The adoption of this standard did not have an impact on the Company's operating results.

In September 2025, the FASB issued ASU 2025-06, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software" ("ASU 2025-06").

Under the new guidance, internal-use software costs are capitalized when management has authorized and committed to funding the project and it is probable that the software will be completed and used for its intended function.

ASU 2025-06 is effective for the Company for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods.

Early adoption is permitted.

The Company is currently evaluating the impact of this standard on its accounting for internal-use software.

See "Note 23.

| | | | 2025 | | | 2024 | | |

For the year ended December 31, 2025, $4 million of accelerated depreciation expense was recorded in "Restructuring" in the consolidated statements of income.

| Balance at December 31, 2023, gross | | | $ | 19,817 | | $ | 4,850 | | $ | 24,667 | |

| Acquisitions | | | — | | | 254 | | | 254 | | |

| Total | | | 1,556 | | | 4,934 | | | 6,490 | | |

| Classified as held for sale | | | — | | | (422) | | | (422) | | |

| Balance at December 31, 2025 | | | $ | 1,556 | | $ | 4,512 | | $ | 6,068 | |

During 2025, the Company recorded goodwill of $254 million, of which $229 million related to the acquisition of Continental Disc Corporation ("CDC") in the Industrial & Energy Technology ("IET") segment.

| | | | 2025 | | | | | | | | | 2024 | | | | | | | | |

During 2025, the Company recorded intangible assets of $269 million, comprised of $227 million for customer relationships, $27 million for technology, $14 million for trademarks, and $1 million for capitalized software, related to the acquisition of CDC in the IET segment.

| 2026 | | | $ | 241 | |

| 2028 | | | 198 | | |

| 2029 | | | 168 | | |

| 2030 | | | 142 | | |

| | | | 2025 | | | 2024 | | |

February 4, 2025

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

| Cost of goods sold | | | 14,792 | | | 13,309 | | | 10,445 | | |

| Cost of services sold | | | 7,197 | | | 6,946 | | | 6,311 | | |

| Restructuring, impairment and other | | | 301 | | | 323 | | | 705 | | |

| Total costs and expenses | | | 24,748 | | | 23,189 | | | 19,971 | | |

| Operating income | | | 3,081 | | | 2,317 | | | 1,185 | | |

| Other non-operating income (loss), net | | | 382 | | | 554 | | | (911) | | |

| Class B common stock, $0.0001 par value - 1,250 authorized, nil issued and outstanding as of December 31, 2024 and 2023 | | | — | | | — | | |

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

| Balance at December 31, 2021 | | | — | | | $ | 27,375 | | | | | $ | (10,160) | | $ | (2,385) | | $ | 1,916 | | $ | 16,746 | |

| Net income (loss) | | | | | | | | | | | | (601) | | | | | | 23 | | | (578) | | |

| Other comprehensive loss | | | | | | | | | | | | | | | (278) | | | (3) | | | (281) | | |

| Effect of exchange of Class B common stock and associated BHH LLC Units for Class A common stock | | | | | | 2,060 | | | | | | | | | (309) | | | (1,751) | | | — | | |

| (Gain) loss on equity securities | | | (367) | | | (555) | | | 265 | | |

However, if the assessment leads to a determination that

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

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

However, as of December 31, 2023, BHH LLC is included and taxed as part of the Company's consolidated U.S. tax return.

Non-U.S. current and deferred income taxes owed by the subsidiaries of BHH LLC are reflected in the Company's financial statements.

ASU 2023-07 enhances the disclosures required for operating segments in the Company's annual and interim consolidated financial statements.

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

The Company's primary segment measure remains unchanged.

ASU 2023-09, which allows for early adoption, is effective for the Company prospectively to all annual periods beginning after December 15, 2024.

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

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

| Balance at December 31, 2022 | | | 1,432 | | | 4,498 | | | 5,930 | | |

| Acquisitions | | | 95 | | | 43 | | | 138 | | |

| 2025 | | | $ | 235 | |

| 2026 | | | 192 | | |

| 2025 | | | $ | 221 | | | | |

| 2026 | | | 147 | | | | | |

| Thereafter | | | 210 | | | | | |

| Total | | | $ | 673 | | $ | 769 | |

| 8.55% Debentures due June 2024 (2) | | | $ | — | | — | | % | $ | 109 | | 4.1 | | % |

| Total debt | | | $ | 53 | | $ | 607 | | $ | 1,310 | | $ | — | | $ | 885 | | $ | 3,169 | |

purpose of serving as a corporate co-obligor of long-term debt securities and has no assets or operations other than those related to its sole purpose.

| Discount rate | | | 4.54 | | % | 4.89 | | % | 2.15 | | % | | | | | | | | | |

| Interest crediting rate | | | 3.98 | | % | 4.31 | | % | 2.60 | | % | | | | | | | | | |

| 2025 | | | | | | $ | 249 | | | | | | | | | | | | | |

Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of December 31, [removed: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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: 2024,] [added: 2025,] 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:

| | | | | | | | | | Plans | | | | | | | | | | | | [added: | | |]

| Name and Title | | | Action | | | Date | | | Rule 10b5-1 (1) | | | Non-Rule 10b5-1 (2) | | | Number of Shares to be Sold | | | [added: | | |] Expiration | | |

| [removed: Nancy Buese,] [added: Ahmed Moghal,] Executive Vice President and Chief Financial Officer [added: (3)] | | | Adoption | | | November [removed: 21, 2024] [added: 10, 2025] | | | X | | | | | | [removed: 80,000] [added: 18,102] | | | [added: | | |] Earlier of when all shares under plan are sold and [removed: March 13,] [added: December 31,] 2026 | | |

| James [removed: E.] Apostolides, [removed: Senior Vice President, Enterprise Operational Excellence] [added: Chief Infrastructure & Performance Officer] | | | Adoption | | | November [removed: 12, 2024] [added: 10, 2025] | | | X | | | | | | [removed: 22,357] [added: 37,735] | | | [added: (4) | | |] Earlier of when all shares under [added: the] plan are sold and [removed: October] [added: December] 31, [removed: 2025] [added: 2026] | | |

(1)Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) [added: as defined in Item 408(c) of Regulation S-K]

(2)Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) [added: as defined in Item 408(c) of Regulation S-K]

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

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

| Lorenzo Simonelli, Chairman, President and Chief Executive Officer | | | Adoption | | | November 10, 2025 | | | X | | | | | | 545,187 | | | | | | Earlier of when all shares under plan are sold and December 31, 2026 | | |

| Maria Claudia Borras, Chief Growth & Experience Officer and Interim Executive Vice President, Industrial & Energy Technology | | | Adoption | | | November 10, 2025 | | | X | | | | | | 104,293 | | | (4) | | | Earlier of when all shares under the plan are sold and June 30, 2026 | | |

| Georgia Magno, Chief Legal Officer | | | Adoption | | | November 10, 2025 | | | X | | | | | | 24,337 | | | (4) | | | Earlier of when all shares under the plan are sold and December 31, 2026 | | |

(3)Reflects a 10b5-1 trading plan adopted by the officer's spouse

(4)This figure is an estimation of after-tax sale amounts based on the Company's best estimates at this time

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

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

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 97][added: 100]

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: 2025] [added: 2026] 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: 2024] [added: 2025] ("Proxy Statement"), which sections are incorporated herein by reference.

Baker Hughes Company 2024 Form 10-K | 98

Equity Compensation Plan Information

The information in the following table is presented as of December 31, 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).

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

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

| Equity Compensation Plan Category | | | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | | | | | | | | | | | | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights | | | | | | | | | | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in the first column) | | | | | | | | |

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

| Nonshareholder-approved plans | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | — | | | | | |

| Subtotal (except for weighted average exercise price) | | | | | | 1.4 | | | | | | | | | | | | 31.99 | | | | | | | | | | | | 19.2 | | | | | |

| Employee stock purchase plan | | | | | | — | | | | | | | | | | | | — | | | | | | | | | | | | 6.9 (1) | | | | | |

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

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

The remaining 6.5 million shares are available for future issuance.

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 99][added: 101]

| [3.1](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex31fourthamendedandrestat.htm) | | | [Fourth Amended and Restated Certificate of Incorporation of Baker Hughes Company [removed: 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)] [added: dated May 13, 2024.](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex31fourthamendedandrestat.htm)] | | |

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 100][added: 102]

| [removed: [10.3*∞](https://www.sec.gov/Archives/edgar/data/1701605/000170160525000035/form10-kex103filingcopy.htm)] [added: [10.3](https://www.sec.gov/Archives/edgar/data/1701605/000170160525000035/form10-kex103filingcopy.htm)[∞](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) | | |

| [removed: [10.7+](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1016.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1016.htm)[8](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1016.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1016.htm)] | | | [Baker Hughes Company 2017 Long-Term Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1016.htm) | | |

| [removed: [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)] [added: [10.9+](https://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0401.htm)] | | | [Baker Hughes Company 2021 Long-Term Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0401.htm) | | |

| [removed: [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)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000030/ex104bhc_executiveofficers.htm)[10](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 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)[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)] [added: [10.1](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000050/fy21form10-kexhibit1049.htm)[1](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 [removed: Restated.](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000050/fy21form10-kexhibit1049.htm)] [added: Restated](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000050/fy21form10-kexhibit1049.htm) [](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000050/fy21form10-kexhibit1049.htm)[effective May 14, 2021](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000050/fy21form10-kexhibit1049.htm)[.](https://www.sec.gov/Archives/edgar/data/1701605/000170160522000050/fy21form10-kexhibit1049.htm)] | | |

| [removed: [10.11+](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex102-formofdsuawardagreem.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex102-formofdsuawardagreem.htm)[1](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex102-formofdsuawardagreem.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000170160524000111/ex102-formofdsuawardagreem.htm)[+](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) | | |

| [removed: [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)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1056.htm)[1](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1056.htm)[4](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 Plan.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1056.htm) | | |

| [removed: [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)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1025.htm)[1](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1025.htm)[5](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 Program.](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1025.htm) | | |

| [removed: [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)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1058.htm)[1](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1058.htm)[6](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, 2020.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1058.htm) | | |

| [removed: [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)] [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)[7](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 Plan.](https://www.sec.gov/Archives/edgar/data/808362/000170160520000090/bhcicseveranceplanconfor.htm) | | |

| [removed: [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)] [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)[8](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 Restated.](https://www.sec.gov/Archives/edgar/data/1701605/000095010321007221/dp150989_ex0402.htm) | | |

| [removed: [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)] [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)[9](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, 2018.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1061.htm) | | |

| [removed: [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)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1062.htm)[20](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 Plan.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1062.htm) | | |

| [removed: [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)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1063.htm)[2](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)[+](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.](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)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1015.htm)[2](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1015.htm)[2](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 2017.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1015.htm) | | |

| [removed: [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)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000039/a20200331exhibit101.htm)[2](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000039/a20200331exhibit101.htm)[3](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, 2020.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000039/a20200331exhibit101.htm) | | |

| [removed: [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)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1017.htm)[2](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1017.htm)[4](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 2017.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1017.htm) | | |

| [removed: [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)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1018.htm)[2](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1018.htm)[5](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 2017.](https://www.sec.gov/Archives/edgar/data/1701605/000119312517220852/d343521dex1018.htm) | | |

| [removed: [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)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160518000029/fy17form10-kexhibit1021.htm)[2](https://www.sec.gov/Archives/edgar/data/1701605/000170160518000029/fy17form10-kexhibit1021.htm)[6](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 2018.](https://www.sec.gov/Archives/edgar/data/1701605/000170160518000029/fy17form10-kexhibit1021.htm) | | |

| [removed: [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)] [added: [10.](https://www.sec.gov/Archives/edgar/data/808362/000095010317007635/dp79242_ex1002.htm)[2](https://www.sec.gov/Archives/edgar/data/808362/000095010317007635/dp79242_ex1002.htm)[7](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, 2017.](https://www.sec.gov/Archives/edgar/data/808362/000095010317007635/dp79242_ex1002.htm) | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/808362/000095010318006996/dp91839_ex1002.htm)[2](https://www.sec.gov/Archives/edgar/data/808362/000095010318006996/dp91839_ex1002.htm)[6](https://www.sec.gov/Archives/edgar/data/808362/000095010318006996/dp91839_ex1002.htm)[+](https://www.sec.gov/Archives/edgar/data/808362/000095010318006996/dp91839_ex1002.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/808362/000095010318006996/dp91839_ex1002.htm)[2](https://www.sec.gov/Archives/edgar/data/808362/000095010318006996/dp91839_ex1002.htm)[8](https://www.sec.gov/Archives/edgar/data/808362/000095010318006996/dp91839_ex1002.htm)[+](https://www.sec.gov/Archives/edgar/data/808362/000095010318006996/dp91839_ex1002.htm)] | | | [Restricted Stock Unit Award Agreement between Baker Hughes Company and Lorenzo Simonelli dated as of June 1, 2018](https://www.sec.gov/Archives/edgar/data/808362/000095010318006996/dp91839_ex1002.htm). | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1054.htm)[2](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1054.htm)[7](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1054.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1054.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1054.htm)[2](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1054.htm)[9](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1054.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1054.htm)] | | | [Baker Hughes Company Form of Stock Option Award Agreement dated January 2019.](https://www.sec.gov/Archives/edgar/data/1701605/000170160519000021/fy18form10-kexhibit1054.htm) | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1080.htm)[2](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1080.htm)[8](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1080.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1080.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1080.htm)[30](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1080.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1080.htm)] | | | [Baker Hughes Company Form of Restricted Stock Unit Award Agreement (three year ratable vest) dated January 2020.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1080.htm) | | |

Baker Hughes Company [removed: 2024] [added: 2025] Form 10-K | [removed: 101][added: 103]

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1079.htm)[2](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1079.htm)[9](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1079.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1079.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1079.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1079.htm)[1](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1079.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1079.htm)] | | | [Baker Hughes Company Form of Restricted Stock Unit Award Agreement (three year cliff vest) dated January 2020.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1079.htm) | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1081.htm)[30](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1081.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1081.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1081.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1081.htm)[2](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1081.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1081.htm)] | | | [Baker Hughes Company Form of ROIC Performance Share Unit Award Agreement dated January 2020.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1081.htm) | | |

| [removed: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1082.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1082.htm)[1](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1082.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1082.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1082.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1082.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1082.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1082.htm)] | | | [Baker Hughes Company Form of TSR Performance Share Unit Award Agreement dated January 2020.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1082.htm) | | |

| [removed: [10.3](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1084.htm)[2](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1084.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1084.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1084.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1084.htm)[4](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1084.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1084.htm)] | | | [Baker Hughes Company Form of Stock Option Award Agreement dated January 2020.](https://www.sec.gov/Archives/edgar/data/1701605/000170160520000019/fy19form10-kexhibit1084.htm) | | |

| [removed: [10.3](https://www.sec.gov/Archives/edgar/data/1701605/000170160521000026/fy20form10-kexhibit1085.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000170160521000026/fy20form10-kexhibit1085.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160521000026/fy20form10-kexhibit1085.htm)] [added: [10.](https://www.sec.gov/Archives/edgar/data/1701605/000170160521000026/fy20form10-kexhibit1085.htm)[3](https://www.sec.gov/Archives/edgar/data/1701605/000170160521000026/fy20form10-kexhibit1085.htm)[5](https://www.sec.gov/Archives/edgar/data/1701605/000170160521000026/fy20form10-kexhibit1085.htm)[+](https://www.sec.gov/Archives/edgar/data/1701605/000170160521000026/fy20form10-kexhibit1085.htm)] | | | [Baker Hughes Company Form of Restricted Stock Unit Award Agreement (three year cliff vest) dated January 2021.](https://www.sec.gov/Archives/edgar/data/1701605/000170160521000026/fy20form10-kexhibit1085.htm) | | |