Baker Hughes Co (Baker Hughes) designs and manufactures transformative technologies that span the energy and industrial value chain. It classifies its operations into two segments: Oilfield Services and Equipment and Industrial and Energy Technology. In FY2023, the company reported an order intake of US$30,500 million, which increased 13.8% YoY. It has a presence in more than 120 countries globally. In FY2023, the company had incurred capital expenditure of US$1,224 million, which as a percentage of total revenue was 4.8% and increased 23.8% YoY.

The R&D of Baker Hughes focuses on developing new products, technology, services, and solutions to improve the existing portfolio. It invests in formation evaluation capabilities, drilling, completion, and production hardware in its oilfield services (OFS) business. The company continues to invest in the development of formation evaluation, drilling, completions, and production capabilities and products. In the IET segment, the company is currently investing in strategic themes such as digital, automation, electrification, chemistry and materials, electronics, CCUS, and geothermal. In the Well Construction product line, the company is improving reliability in high-temperature and high-shock and vibration environments, through a combination of optimized designs, automated operations, and integrated solutions. In completion, the company is emphasizing the development of intelligent solutions and advanced measurements. The company is also focusing on the development of gas turbines for energy efficiency and reduction in carbon footprint. In FY2023, the company spent US$658 million on R&D, which as a percentage of revenue, stood at 2.6%.