Key Stats
Founded: 1987 (merger); predecessor companies founded 1907-1909
Headquarters: Houston, Texas and London, UK
Chairman & CEO: Lorenzo Simonelli (since 2017)
Employees: Approximately 57,000
Stock Symbol: NASDAQ: BKR
Baker Hughes Company is a global energy technology company that provides products and services to the oil and gas industry. Co-headquartered in Houston, Texas and London, the company operates in over 120 countries, serving customers across exploration, production, and industrial applications.
The company was formed in 1987 through the merger of Baker International and Hughes Tool Company, both of which had roots dating back more than a century. In 2017, Baker Hughes merged with GE Oil & Gas to create Baker Hughes, a GE company. GE fully divested from Baker Hughes by 2021, and the company became an independent public company.
Baker Hughes operates through two main segments: Oilfield Services and Equipment (providing drilling, completion, and production services) and Industrial and Energy Technology (supplying gas turbines, compressors, and energy transition technologies). In 2024, the company reported revenue of $27.8 billion and net income of $3 billion.
Baker Hughes History
1907
Baker Casing Shoe Invention
Reuben C. Baker develops a casing shoe that modernizes cable tool drilling, founding what would become Baker Oil Tools.
1909
Hughes Roller Bit Invented
Howard R. Hughes, Sr. and Walter Sharp found Sharp-Hughes Tool Company after successfully testing the first roller cutter drill bit, which revolutionizes rotary drilling.
1987
Baker Hughes Formation
Baker International and Hughes Tool Company merge to form Baker Hughes Incorporated, creating one of the world’s largest oilfield services companies.
1998
Western Atlas Acquisition
Baker Hughes acquires Western Atlas for $5.5 billion in stock plus $700 million in assumed debt, adding seismic data operations and wireline services.
2016
Halliburton Merger Blocked
The U.S. Department of Justice blocks Halliburton’s proposed $35 billion acquisition of Baker Hughes on antitrust grounds.
2017
GE Oil & Gas Merger
Baker Hughes merges with GE Oil & Gas in a $7.4 billion deal, creating Baker Hughes, a GE company (BHGE). GE holds a 62.5% stake in the combined entity.
2019
Independence Restored
GE begins divesting its stake in Baker Hughes, starting with a $2.7 billion share sale. The company rebrands as Baker Hughes Company and adopts a new green logo.
2021
GE Full Divestiture
General Electric completes its full divestiture from Baker Hughes, selling its remaining 37% stake valued at approximately $5.5 billion.
Baker Hughes Founders
Howard R. Hughes, Sr.
In 1909, Howard R. Hughes, Sr. and his business partner Walter Sharp founded the Sharp-Hughes Tool Company after successfully testing the first two-cone roller drill bit. This invention enabled rotary drilling in harder, deeper rock formations than was possible with earlier fishtail bits. Hughes Tool Company grew to dominate the drill bit market and generated the wealth that funded his son Howard Hughes Jr.’s aviation and film ventures.
Reuben C. Baker
In 1907, Reuben C. Baker invented a casing shoe that modernized cable tool drilling operations. His invention became the foundation of Baker Oil Tools, which grew into Baker International through decades of innovation in well completion and production equipment. Baker’s company pioneered many oilfield technologies before merging with Hughes Tool Company in 1987.
Baker Hughes Acquisitions
Baker Hughes has grown substantially through acquisitions, integrating numerous oilfield services pioneers over its history. The company has acquired specialists in drilling fluids, directional drilling, measurement-while-drilling, artificial lift, and specialty chemicals.
The 1998 acquisition of Western Atlas for $5.5 billion in stock plus $700 million in assumed debt was a transformative deal. Western Atlas brought strong seismic-data operations and downhole wireline and testing services. In 2000, Baker Hughes merged its Western Geophysical division with Schlumberger’s Geco to form WesternGeco, eventually selling its stake to Schlumberger for $2.4 billion in 2006.
The 2017 merger with GE Oil & Gas created a $23 billion revenue company with approximately 70,000 employees. GE contributed $7.4 billion to the new partnership, and the combined entity became the world’s second-largest oilfield services provider. The deal brought GE’s turbomachinery, digital solutions, and measurement technologies to Baker Hughes’ oilfield services portfolio.
Since becoming independent in 2019-2021, Baker Hughes has focused on expanding its energy transition capabilities, including investments in carbon capture, hydrogen production, and geothermal technologies. The company has positioned itself as an energy technology company rather than solely an oilfield services provider.
Baker Hughes Revenue
Baker Hughes reported revenue of $27.8 billion in 2024, a 9% increase from the prior year. The company’s revenue is split between its Oilfield Services and Equipment segment (approximately 56% of revenue) and its Industrial and Energy Technology segment.
Baker Hughes Marketcap
Baker Hughes has a market capitalization of approximately $64 billion as of February 2026. The company’s valuation has grown substantially since its full independence from GE in 2021, reflecting improved profitability and investor confidence in its energy technology strategy.
Baker Hughes Competitors
Baker Hughes competes with other major oilfield services companies as well as industrial equipment manufacturers. The company is one of the “Big Three” oilfield services firms alongside Schlumberger (SLB) and Halliburton.
| Company | Headquarters | Primary Business |
|---|---|---|
| Schlumberger (SLB) | United States | Oilfield services, digital solutions |
| Halliburton Company | United States | Oilfield services, completion equipment |
| TechnipFMC | United Kingdom | Subsea equipment, offshore engineering |
| NOV Inc. | United States | Drilling equipment, rig components |
| Weatherford International | United States | Wellbore services, completion systems |
| Siemens Energy | Germany | Gas turbines, power generation |
| ChampionX Corporation | United States | Production chemicals, artificial lift |
| Core Laboratories | United States | Reservoir analysis, production enhancement |
| Nabors Industries | Bermuda | Drilling rigs, drilling services |
| Expro Group | United Kingdom | Well flow management, subsea services |
FAQs
What does Baker Hughes do?
Baker Hughes is an energy technology company that provides oilfield services, equipment, and industrial technology solutions. Its products include drilling equipment, completion systems, gas turbines, compressors, and digital solutions for oil and gas operations.
Who is the CEO of Baker Hughes?
Lorenzo Simonelli has served as Chairman and CEO since 2017. He previously led GE Oil & Gas before overseeing its merger with Baker Hughes. Simonelli is originally from Tuscany, Italy and holds a degree from Cardiff University.
Is Baker Hughes still owned by GE?
No. General Electric fully divested from Baker Hughes in 2021. GE initially held a 62.5% stake following the 2017 merger, but sold its entire position by early 2021 to reduce corporate debt.
What is Baker Hughes’ stock symbol?
Baker Hughes trades on the NASDAQ stock exchange under the ticker symbol BKR. The company previously traded as BHGE when it was Baker Hughes, a GE company.
Where is Baker Hughes headquartered?
Baker Hughes is co-headquartered in Houston, Texas and London, UK. The dual headquarters structure was established during the 2017 merger with GE Oil & Gas.
