Company: BKR
Filing Date: 2025-10-24
Form Type: 10-Q
Source: 0001701605-25-000117
Chunk: 116

Company: Baker Hughes Co
Filing Date: 2025-10-24
Form: 10-Q
Item: Part I, Item 2
Chunk 116
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 influenced by Brent oil prices. In North America, customer spending is influenced by WTI oil prices and natural gas prices are measured by the Henry Hub Natural Gas Spot Price.

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

Oil and natural gas prices are summarized in the table below as averages of the daily closing prices during each of the periods indicated.

Three Months Ended September 30,Nine Months Ended September 30,2025202420252024Brent oil prices ($/Bbl) (1)$69.03 $80.01 $71.00 $82.50 WTI oil prices ($/Bbl) (2)65.78 76.43 67.31 78.58 Natural gas prices ($/mmBtu) (3)3.03 2.11 3.45 2.11 

(1)Energy Information Administration ("EIA") Europe Brent Spot Price per Barrel

(2)EIA Cushing, OK West Texas Intermediate ("WTI") spot price

(3)EIA Henry Hub Natural Gas Spot Price per million British Thermal Unit

Rig Count

Rig counts are an important business barometer for the drilling industry and its suppliers. When drilling rigs are active or operating they consume products and services produced by the oil service industry. Therefore, rig counts may act as a leading indicator of market activity and reflect the relative strength of energy prices; however, these counts should not be solely relied on as other specific and pervasive conditions may exist that affect overall energy prices and market activity.

Rig counts are compiled weekly for the U.S. and Canada and monthly for all international rigs. Published international rig counts do not include rigs drilling in certain locations such as onshore China because this information is not readily available.

The rig counts are summarized in the table below as averages for each of the periods indicated based on our published rig counts in our website at www.bakerhughes.com.

Three Months Ended September 30,Nine Months Ended September 30,20252024% Change20252024% ChangeNorth America718 796 (10)%740 788 (6)%International1,080 1,151 (6)%1,085 1,172 (7)%Worldwide1,798 1,947 (8)%1,825 1,960 (7)%

RESULTS OF OPERATIONS

The discussions below relating to significant line items from our condensed consolidated