Company: BKR
Filing Date: 2025-04-23
Form Type: 10-Q
Source: 0001701605-25-000075
Chunk: 48

Company: Baker Hughes Co
Filing Date: 2025-04-23
Form: 10-Q
Item: Part I, Item 1
Chunk 48
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Productivity: Productivity is measured by the remaining variance in profit, after adjusting for the period-over-period impact of volume and price, foreign exchange, and (inflation)/deflation as defined above. Improved or lower period-over-period cost productivity is the result of cost efficiencies or inefficiencies, such as cost decreasing or increasing more than volume, or cost increasing or decreasing less than volume, or changes in sales mix among segments. This also includes the period-over-period variance of transactional foreign exchange, aside from those foreign currency devaluations that are reported separately for business evaluation purposes.

Orders and Remaining Performance Obligations

Summarized orders information for our segments are shown in the following table.

Three Months Ended March 31,$ Change20252024Orders:Oilfield Services & Equipment$3,281 $3,624 $(343)Gas Technology Equipment1,335 1,230 105 Gas Technology Services913 692 221 Total Gas Technology2,248 1,922 326 Industrial Products501 546 (45)Industrial Solutions281 257 25 Total Industrial Technology782 803 (21)Climate Technology Solutions (1)148 193 (45)Industrial & Energy Technology3,178 2,918 260 Total$6,459 $6,542 $(83)

(1)For the three months ended March 31, 2025 and 2024, total new energy orders incorporates CTS in IET.

The Remaining Performance Obligations ("RPO") relate to the aggregate amount of the transaction price allocated to the unsatisfied (or partially unsatisfied) performance obligations. As of March 31, 2025, RPO totaled $33.2 billion, of which OFSE totaled $2.8 billion, and IET totaled $30.4 billion.

Baker Hughes Company 2025 First Quarter Form 10-Q | 26

First Quarter of 2025 Compared to the First Quarter of 2024

Revenue increased $9 million to $6.4 billion. OFSE decreased $285 million and IET increased $294 million.

Selling, general and administrative cost decreased $41 million, or 7%, to $577 million driven primarily by a continued focus on cost optimization, partially offset by inflationary pressure.

Research and development cost decreased $18 million, or 11%, to $146 million, mainly related to timing of project spend within the year.

We recorded other (income) expense,