Lorenzo Simonelli
Chairman's Letter to shareholders

"2020 was a year of strong performance in the face of a challenging environment."

Lorenzo Simonelli



2020 was an incredibly challenging year for Baker Hughes and the entire global community. As the COVID-19 pandemic and oil price volatility unfolded in 2020, we moved quickly to mitigate the impact of these events through a series of financial, operational, and safety actions, guided by our strategy and core values. Overall, we maintained solid financial and operational performance while navigating a turbulent environment.

除了将业务转化为一个结构较宽松的组织之外,我们还加速了我们对引领能源转型的战略的执行。由于世界上对2020年加速了气候变化的关注,我们的专注于建立独特的能源科技公司 - 这是一个可以为多个行业提供脱碳解决方案的公司,并为新的低碳解决方案开发技术提供脱碳解决方案。

Our broad and diverse technological capabilities were never more necessary — or on display — than in 2020. Throughout the year, we positioned our portfolio to compete across the energy value chain and deliver innovative solutions for our customers. We remain optimistic about the long-term economics of the industry, and we are well positioned to evolve with the overall energy landscape.






in free cash flow*


of revenue is more industrial in nature





patents awarded


of drilling jobs completed remotely



rating by MSCI


reduction in CO2 emissions**


HSE perfect days

* Free cash flow is a non-GAAP measure. Please refer to the GAAP to non-GAAP measures table at the end of this document for a reconciliation

** 2019 full year performance versus 2012 baseline





在涡轮机械和过程解决方案(TPS)中,我们的团队尽管大流行和行业衰退逆转,但在2019年历史记录之后,我们的团队获得了另一个成功的一年。我们通过长期合作伙伴卡塔尔石油保护了一项主要的液化天然气(LNG)订购,为卡塔尔石油北野东(NFE)项目提供多个主要制冷剂压缩机和发电设备。作为Baker Hug亚博竞彩Apphes致力于支持客户在脱碳运营方面的一部分,预计NFE项目的最新压缩技术将减少〜5%与以前技术的排放。

TPS was also awarded a major contract by South Gas Company in Iraq for the design, manufacture, and construction of an integrated natural gas processing and production facility. The facility is expected to have a capacity of 200 million standard cubic feet of natural gas per day and utilize previously flared natural gas from the Nassiriya and Gharraf oil fields, reducing emissions by an estimated 6+ million tons of carbon dioxide annually.

In Digital Solutions (DS), we won a major three-year framework agreement with Petrobras for our Bently Nevada, Nexus Controls, and Panametrics product lines to enhance the customer’s operations through risk mitigation and performance improvements. We also won an important contract with Petrobras to provide a suite of digital solutions and services to optimize productivity, reduce operational and safety risks, and lower carbon emissions across Petrobras sites in Brazil. Petrobras will accelerate its digital transformation, adopting the latest Bently Nevada condition monitoring and protection platform, as well as remote monitoring and diagnostics capability. Given the challenging macro-environment in 2020, our goal throughout the year was to maintain a strong balance sheet and remain disciplined in our capital allocation, while advancing our strategy. Overall, we were successful in achieving our goals and believe we are well positioned going forward.

Baker Hughes Product Revenue

Our future

2020 was a year of strong performance in the face of a challenging environment. We continued to execute on our strategy by transforming our core businesses, investing for growth in strategic areas, and positioning the company for new frontiers as a leader in the energy transition.



Lorenzo Simonelli Signature

Lorenzo Simonelli


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