Baker Hughes is an energy technology company that makes and sells equipment, services, and software to the oil & gas, LNG, power generation, and industrial sectors. The company operates through two segments. Oilfield Services & Equipment (OFSE) provides drilling, completion, and production services and equipment across the full well life cycle — including drill bits, pressure pumping, artificial lift systems (electric submersible pumps), oilfield chemicals, and subsea production systems. OFSE revenue tracks upstream drilling activity and is cyclical with oil prices. Industrial & Energy Technology (IET) makes gas turbines, compressors, steam turbines, and related equipment used to move and process natural gas through pipelines, LNG terminals, refineries, and power generation facilities. IET also sells industrial sensing, inspection, and asset monitoring technology. IET follows a lifecycle model: Baker Hughes books large equipment orders years before delivery, manufactures and ships the equipment, then provides aftermarket services — parts, maintenance, upgrades, and digital monitoring — over the asset's 20–30 year life. This aftermarket stream is recurring, high-margin, and relatively insensitive to commodity prices. IET's record backlog of $32.4B gives it substantial revenue visibility. Baker Hughes' growth strategy centers on LNG infrastructure buildout, AI-driven data center power demand (using its NovaLT industrial gas turbines), lifecycle services expansion, and new energy markets including carbon capture and geothermal. A pending acquisition of Chart Industries will expand IET's capabilities in LNG, gas processing, and data center cooling.