Company: BKR
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001701605-25-000075
Chunk: 86

Company: Baker Hughes Co
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 8
Chunk 86
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402 million compared to the first quarter of 2024. 

Segment Revenues and Segment EBITDA

Oilfield Services & Equipment

Three Months Ended March 31,$ Change20252024RevenueWell Construction$892 $1,061$(170)Completions, Intervention, and Measurements925 1,006(80)Production Solutions899 945(46)Subsea & Surface Pressure Systems782 77111 Total$3,499 $3,783$(285)Cost of goods and services sold$2,819 $3,053$(234)Research and development61 68(7)Selling, general and administrative and other221 240(19)Less: Depreciation and amortization(226)(222)(4)Segment EBITDA$623 $644$(21)

OFSE revenue of $3,499 million decreased $285 million in the first quarter of 2025 compared to the first quarter of 2024, driven by lower international and domestic rig count. From a geographical perspective, international revenue was $2,577 million, a decrease of $216 million from the first quarter of 2024, driven by the Europe/CIS/Sub-Saharan Africa regions and Latin America partially offset by the Middle East/Asia region. North America revenue was $922 million in the first quarter of 2025, a decrease of $68 million from the first quarter of 2024.

OFSE segment EBITDA was $623 million in the first quarter of 2025 compared to $644 million in the first quarter of 2024.The reduction of EBITDA in the first quarter of 2025 was a result of overall lower volume, FX, and changes in business mix, partially offset by price and cost out initiatives.

Baker Hughes Company 2025 First Quarter Form 10-Q | 27

Industrial & Energy Technology

Three Months Ended March 31,$ Change20252024RevenueGas Technology Equipment$1,456 $1,210$246 Gas Technology Services592 614(22)Total Gas Technology2,047 1,824223 Industrial Products445 462(17)Industrial Solutions258 265(6)Total Industrial Technology703 727(24)Climate Technology Solutions178 8395 Total$2,928 $2,634$294 Cost of goods and services sold$2,112 $1,903$209 Research and development84 96(12)Selling, general and administrative and other