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|                                                                                                                                                             |  |
|                                                                                                                                                             | News Release |
| Investor Contact:Alondra Oteyza, +1.713.439.8822, alondra.oteyza@bakerhughes.comMedia Contact:Melanie Kania, +1.713.439.8303, melanie.kania@bakerhughes.com | Baker Hughes Incorporated2929 Allen ParkwayHouston, Texas 77019Phone: 713.439.8600Fax: 713.439.8280www.bakerhughes.com |

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| • | Revenue of $3.8 billion for the quarter, down 5% sequentially and 39% year-over-year |

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|---------|-----------------------------------------------------------------|
| • | Adjusted operating profit margin increased 140 bps sequentially |

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|---------|------------------------------------------------|
| • | Free cash flow for the quarter of $348 million |

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|---------|------------------------------------------------------------------------------------------------------------------------------|
| • | GAAP net loss per share of $0.36 for the quarter, includes $0.31 per share of restructuring charges and merger-related costs |

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| Baker Hughes Announces Third Quarter Results |   |

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| Baker Hughes Announces Third Quarter Results |   |

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| Baker Hughes Announces Third Quarter Results |   |

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|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |  |  |  |  |
|                                                           | Three Months Ended |
|                                                           | September 30, |   | June 30, |
| (In millions, except per share amounts)                   | 2015 |   | 2014 |   | 2015 |
| Revenue                                                        | $ | 3,786 |  |   | $ | 6,250 |  |   | $ | 3,968 |  |
| Costs and expenses:                                            |   |   |   |   |   |
| Cost of revenue                                                | 3,403 |  |   | 5,107 |  |   | 3,615 |  |
| Research and engineering                                       | 115 |  |   | 159 |  |   | 124 |  |
| Marketing, general and administrative                          | 271 |  |   | 323 |  |   | 310 |  |
| Restructuring charges                                          | 98 |  |   | — |  |   | 76 |  |
| Litigation settlements                                         | — |  |   | — |  |   | (13 | ) |
| Total costs and expenses                                       | 3,887 |  |   | 5,589 |  |   | 4,112 |  |
| Operating (loss) income                                        | (101 | ) |   | 661 |  |   | (144 | ) |
| Interest expense, net                                          | (55 | ) |   | (59 | ) |   | (53 | ) |
| (Loss) income before income taxes                              | (156 | ) |   | 602 |  |   | (197 | ) |
| Income taxes                                                   | — |  |   | (233 | ) |   | 7 |  |
| Net (loss) income                                              | (156 | ) |   | 369 |  |   | (190 | ) |
| Net (income) loss attributable to noncontrolling interests     | (3 | ) |   | 6 |  |   | 2 |  |
| Net (loss) income attributable to Baker Hughes                 | $ | (159 | ) |   | $ | 375 |  |   | $ | (188 | ) |
|                                                           |   |   |   |   |   |
| Basic (loss) earnings per share attributable to Baker Hughes   | $ | (0.36 | ) |   | $ | 0.86 |  |   | $ | (0.43 | ) |
| Diluted (loss) earnings per share attributable to Baker Hughes | $ | (0.36 | ) |   | $ | 0.86 |  |   | $ | (0.43 | ) |
|                                                           |   |   |   |   |   |
| Weighted average shares outstanding, basic                     | 439 |  |   | 436 |  |   | 438 |  |
| Weighted average shares outstanding, diluted                   | 439 |  |   | 438 |  |   | 438 |  |
|                                                           |   |   |   |   |   |
| Depreciation and amortization expense                          | $ | 432 |  |   | $ | 455 |  |   | $ | 434 |  |
| Capital expenditures                                           | $ | 178 |  |   | $ | 425 |  |   | $ | 258 |  |

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| Baker Hughes Incorporated News Release                 | Page 6 |
| Baker Hughes Announces Third Quarter Results |   |

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|----------------------------------------------------------------|
|                                                                |  |  |  |  |  |  |  |
|                                                           | Nine Months Ended September 30, |
| (In millions, except per share amounts)                   | 2015 |   | 2014 |
| Revenue                                                        | $ | 12,348 |  |   | $ | 17,916 |  |
| Costs and expenses:                                            |   |   |   |
| Cost of revenue                                                | 11,360 |  |   | 14,572 |  |
| Research and engineering                                       | 377 |  |   | 461 |  |
| Marketing, general and administrative                          | 896 |  |   | 977 |  |
| Restructuring charges                                          | 747 |  |   | — |  |
| Litigation settlements                                         | (13 | ) |   | 62 |  |
| Total costs and expenses                                       | 13,367 |  |   | 16,072 |  |
| Operating (loss) income                                        | (1,019 | ) |   | 1,844 |  |
| Interest expense, net                                          | (162 | ) |   | (175 | ) |
| (Loss) income before income taxes                              | (1,181 | ) |   | 1,669 |  |
| Income taxes                                                   | 242 |  |   | (605 | ) |
| Net (loss) income                                              | (939 | ) |   | 1,064 |  |
| Net loss (income) attributable to noncontrolling interests     | 3 |  |   | (8 | ) |
| Net (loss) income attributable to Baker Hughes                 | $ | (936 | ) |   | $ | 1,056 |  |
|                                                           |   |   |   |
| Basic (loss) earnings per share attributable to Baker Hughes   | $ | (2.13 | ) |   | $ | 2.42 |  |
| Diluted (loss) earnings per share attributable to Baker Hughes | $ | (2.13 | ) |   | $ | 2.40 |  |
|                                                           |   |   |   |
| Weighted average shares outstanding, basic                     | 438 |  |   | 437 |  |
| Weighted average shares outstanding, diluted                   | 438 |  |   | 440 |  |
|                                                           |   |   |   |
| Depreciation and amortization expense                          | $ | 1,326 |  |   | $ | 1,346 |  |
| Capital expenditures                                           | $ | 751 |  |   | $ | 1,288 |  |

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| Baker Hughes Incorporated News Release                 | Page 7 |
| Baker Hughes Announces Third Quarter Results |   |

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|                                                                                        |  |  |  |  |  |  |  |
|                                                                                   | September 30, |   | December 31, |
| (In millions)                                                                          | 2015 |   | 2014 |
| ASSETS                                                                                 |   |   |   |
| Current assets:                                                                        |   |   |   |
| Cash and cash equivalents                                                              | $ | 2,043 |  |   | $ | 1,740 |  |
| Accounts receivable - less allowance for doubtful accounts (2015 - $366,  2014 - $224) | 3,518 |  |   | 5,418 |  |
| Inventories, net                                                                       | 3,262 |  |   | 4,074 |  |
| Other current assets                                                                   | 763 |  |   | 813 |  |
| Total current assets                                                                   | 9,586 |  |   | 12,045 |  |
| Property, plant and equipment, net                                                     | 8,026 |  |   | 9,063 |  |
| Goodwill                                                                               | 6,075 |  |   | 6,081 |  |
| Intangible assets, net                                                                 | 729 |  |   | 812 |  |
| Other assets                                                                           | 1,000 |  |   | 826 |  |
| Total assets                                                                           | $ | 25,416 |  |   | $ | 28,827 |  |
| LIABILITIES AND EQUITY                                                                 |   |   |   |
| Current liabilities:                                                                   |   |   |   |
| Accounts payable                                                                       | $ | 1,480 |  |   | $ | 2,807 |  |
| Short-term debt and current portion of long-term debt                                  | 156 |  |   | 220 |  |
| Accrued employee compensation                                                          | 795 |  |   | 782 |  |
| Other accrued liabilities                                                              | 487 |  |   | 828 |  |
| Total current liabilities                                                              | 2,918 |  |   | 4,637 |  |
| Long-term debt                                                                         | 3,896 |  |   | 3,913 |  |
| Deferred income taxes and other tax liabilities                                        | 324 |  |   | 740 |  |
| Long-term liabilities                                                                  | 773 |  |   | 807 |  |
| Equity                                                                                 | 17,505 |  |   | 18,730 |  |
| Total liabilities and equity                                                           | $ | 25,416 |  |   | $ | 28,827 |  |

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| Baker Hughes Incorporated News Release                 | Page 8 |
| Baker Hughes Announces Third Quarter Results |   |

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|-----------------------------------------------------------------------------------------|
|                                                                                         |  |  |  |  |  |  |  |
|                                                                                    | Nine Months Ended September 30, |
| (In millions)                                                                           | 2015 |   | 2014 |
| Cash flows from operating activities:                                                   |   |   |   |
| Net (loss) income                                                                       | $ | (939 | ) |   | $ | 1,064 |  |
| Adjustments to reconcile net (loss) income to net cash flows from operating activities: |   |   |   |
| Depreciation and amortization                                                           | 1,326 |  |   | 1,346 |  |
| Other, primarily working capital                                                        | 878 |  |   | (656 | ) |
| Net cash flows provided by operating activities                                         | 1,265 |  |   | 1,754 |  |
| Cash flows from investing activities:                                                   |   |   |   |
| Expenditures for capital assets                                                         | (751 | ) |   | (1,288 | ) |
| Proceeds from disposal of assets                                                        | 269 |  |   | 295 |  |
| Acquisition of businesses, net of cash acquired                                         | — |  |   | (313 | ) |
| Other                                                                                   | (231 | ) |   | — |  |
| Net cash flows used in investing activities                                             | (713 | ) |   | (1,306 | ) |
| Cash flows from financing activities:                                                   |   |   |   |
| Net (repayments) proceeds from issuance of debt                                         | (38 | ) |   | 51 |  |
| Repurchase of common stock                                                              | — |  |   | (600 | ) |
| Dividends                                                                               | (222 | ) |   | (205 | ) |
| Other                                                                                   | 21 |  |   | 120 |  |
| Net cash flows used in financing activities                                             | (239 | ) |   | (634 | ) |
| Effect of foreign exchange rate changes on cash and cash equivalents                    | (10 | ) |   | (4 | ) |
| Increase (decrease) in cash and cash equivalents                                        | 303 |  |   | (190 | ) |
| Cash and cash equivalents, beginning of period                                          | 1,740 |  |   | 1,399 |  |
| Cash and cash equivalents, end of period                                                | $ | 2,043 |  |   | $ | 1,209 |  |

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| Baker Hughes Incorporated News Release                 | Page 9 |
| Baker Hughes Announces Third Quarter Results |   |

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|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                            | Three Months Ended |
|                                                                            | September 30, |   | June 30, |
|                                                                                 | 2015 |   | 2014 |   | 2015 |
| (In millions, except per share amounts)                                    | Net (Loss)Income |  | Diluted (Loss)EarningsPer Share |   | Net (Loss)Income |   | Diluted (Loss)EarningsPer Share |   | Net (Loss)Income |   | Diluted (Loss)EarningsPer Share |
| Net (loss) income attributable to Baker Hughes (GAAP)                           | $ | (159 | ) |   | $ | (0.36 | ) |   | $ | 375 |  |   | $ | 0.86 |  |   | $ | (188 | ) |   | $ | (0.43 | ) |
| Identified item:                                                                |   |   |   |   |   |   |   |   |   |   |   |
|        Restructuring charges2                | 70 |  |   | 0.16 |  |   | — |  |   | — |  |   | 59 |  |   | 0.13 |  |
|        Merger and related costs3             | 67 |  |   | 0.15 |  |   | — |  |   | — |  |   | 60 |  |   | 0.14 |  |
|        Inventory adjustments4                | — |  |   | — |  |   | — |  |   | — |  |   | 16 |  |   | 0.04 |  |
|        Litigation Settlements5               | — |  |   | — |  |   | — |  |   | — |  |   | (9 | ) |   | (0.02 | ) |
|        Business restructure in North Africa6 | — |  |   | — |  |   | 58 |  |   | 0.13 |  |   | — |  |   | — |  |
|        Impairment of technology investment7  | — |  |   | — |  |   | 14 |  |   | 0.03 |  |   | — |  |   | — |  |
| Adjusted net (loss) income (non-GAAP)1                                          | $ | (22 | ) |   | $ | (0.05 | ) |   | $ | 447 |  |   | $ | 1.02 |  |   | $ | (62 | ) |   | $ | (0.14 | ) |

|   |
|---|
|   |  |  |
| 1 |  | Adjusted net (loss) income is a non-GAAP measure comprised of net (loss) income attributable to Baker Hughes excluding the impact of certain identified items.  The Company believes that adjusted net (loss) income is useful to investors because it is a consistent measure of the underlying results of the Company’s business.  Furthermore, management uses adjusted net (loss) income as a measure of the performance of the Company’s operations. |
| 2 |  | Restructuring charges of $98 million before-tax ($70 million after-tax) and $76 million before-tax ($59 million after-tax) associated primarily with workforce reductions were recorded during the third and second quarters of 2015, respectively. |
| 3 |  | Merger and related costs of $93 million before-tax ($67 million after-tax) and $83 million before-tax ($60 million after-tax) were recorded during the third and second quarters of 2015, respectively, including costs under our retention program and obligations for minimum incentive compensation which, based on meeting eligibility criteria in April, have been treated as merger related expenses. Merger and related costs of $55 million and $40 million were recorded in Corporate and $38 million and $43 million were recorded in Operations for the third and second quarters of 2015, respectively. |
| 4 |  | Inventory adjustments of $23 million before-tax ($16 million after-tax) were recorded in the second quarter of 2015 to adjust the carrying value of certain U.S. inventory. |
| 5 |  | The amount of claims made under a labor claim settlement agreement from the second quarter of 2014 was less than expected and accordingly, the accrual was reduced by $13 million before-tax ($9 million after-tax), which was recorded during the second quarter of 2015. |
| 6 |  | Costs related to restructuring the North Africa business of $58 million before and after-tax in the Europe/Africa/Russia Caspian segment during the third quarter of 2014. |
| 7 |  | Costs related to an impairment of a technology investment of $14 million before and after-tax recorded in Corporate and Other during the third quarter of 2014. |

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| Baker Hughes Incorporated News Release                 | Page 10 |
| Baker Hughes Announces Third Quarter Results |   |

|                                                                                 |
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|                                                                                 |  |  |  |  |  |  |  |  |  |  |  |
|                                                                            | Three Months Ended |
|                                                                            | September 30, |   | June 30, |
| (In millions)                                                                   | 2015 |   | 2014 |   | 2015 |
| Net (loss) income attributable to Baker Hughes                                  | $ | (159 | ) |   | $ | 375 |  |   | $ | (188 | ) |
| Net (loss) income attributable to noncontrolling interests                      | 3 |  |   | (6 | ) |   | (2 | ) |
| Income taxes                                                                    | — |  |   | 233 |  |   | (7 | ) |
| (Loss) income before income taxes                                               | (156 | ) |   | 602 |  |   | (197 | ) |
| Interest expense, net                                                           | 55 |  |   | 59 |  |   | 53 |  |
| (Loss) earnings before interest and taxes (EBIT)                                | (101 | ) |   | 661 |  |   | (144 | ) |
| Depreciation and amortization expense                                           | 432 |  |   | 455 |  |   | 434 |  |
| Earnings (loss) before interest, taxes, depreciation andamortization (EBITDA)   | 331 |  |   | 1,116 |  |   | 290 |  |
| Adjustments to EBITDA:                                                          |   |   |   |   |   |
| Restructuring charges2                                                          | 98 |  |   | — |  |   | 76 |  |
| Merger and related costs3                                                       | 93 |  |   | — |  |   | 83 |  |
| Inventory adjustments4                                                          | — |  |   | — |  |   | 23 |  |
| Litigation settlements5                                                         | — |  |   | — |  |   | (13 | ) |
|        Business restructure in North Africa6 | — |  |   | 58 |  |   | — |  |
|        Impairment of technology investment7  | — |  |   | 14 |  |   | — |  |
| Adjusted EBITDA                                                                 | $ | 522 |  |   | $ | 1,188 |  |   | $ | 459 |  |

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| Baker Hughes Incorporated News Release                 | Page 11 |
| Baker Hughes Announces Third Quarter Results |   |

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|                                                                                 |  |  |  |  |  |  |  |
|                                                                            | Nine Months Ended September 30, |
| (In millions)                                                                   | 2015 |   | 2014 |
| Net (loss) income attributable to Baker Hughes                                  | $ | (936 | ) |   | $ | 1,056 |  |
| Net (loss) income attributable to noncontrolling interests                      | (3 | ) |   | 8 |  |
| Income taxes                                                                    | (242 | ) |   | 605 |  |
| (Loss) income before income taxes                                               | (1,181 | ) |   | 1,669 |  |
| Interest expense, net                                                           | 162 |  |   | 175 |  |
| (Loss) earnings before interest and taxes (EBIT)                                | (1,019 | ) |   | 1,844 |  |
| Depreciation and amortization expense                                           | 1,326 |  |   | 1,346 |  |
| (Loss) earnings before interest, taxes, depreciation andamortization (EBITDA)   | 307 |  |   | 3,190 |  |
| Adjustments to EBITDA:                                                          |   |   |   |
| Restructuring charges2                                                          | 747 |  |  | — |  |
| Merger and related costs3                                                       | 204 |  |  | — |  |
| Inventory adjustments4                                                          | 194 |  |  | — |  |
| Litigation settlements5                                                         | (13 | ) |   | 62 |  |
|        Business restructure in North Africa6 | — |  |   | 58 |  |
|        Impairment of technology investment7  | — |  |   | 14 |  |
| Venezuela currency devaluation8                                                 | — |  |   | 12 |  |
| Severance charges9                                                              | — |  |   | 29 |  |
| Technology royalty agreement10                                                  | — |  |   | 29 |  |
| Adjusted EBITDA                                                                 | $ | 1,439 |  |   | $ | 3,394 |  |

|    |
|----|
|    |  |  |
| 1  |  | EBIT, EBITDA, and Adjusted EBITDA (as defined in the calculations above) are non-GAAP measures.  Management is providing these measures because it believes that such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance. |
| 2  |  | Restructuring charges of $98 million before-tax ($70 million after-tax) and $76 million before-tax ($59 million after-tax) were recorded during the third and second quarters of 2015, respectively, and related primarily to workforce reductions.  Restructuring charges of $747 million before-tax ($544 million after-tax) were recorded during the nine months ended September 30, 2015 and were associated with workforce reductions, facility closures, asset impairments and contract terminations. |
| 3  |  | Merger and related costs of $93 million before-tax ($67 million after-tax) and $83 million before-tax ($60 million after-tax) were recorded during the third and second quarters of 2015, respectively, including costs under our retention program and obligations for minimum incentive compensation which, based on meeting eligibility criteria in April, have been treated as merger related expenses. Merger and related costs of $55 million and $40 million were recorded in Corporate and $38 million and $43 million were recorded in Operations for the third and second quarters of 2015, respectively.  Merger and related costs for the nine months ended September 30, 2015 were $204 million before-tax ($147 million after-tax) of which $123 million were recorded in Corporate and $81 million were recorded in Operations. |
| 4  |  | Inventory adjustments of $23 million before-tax ($16 million after-tax) were recorded in the second quarter of 2015 to adjust the carrying value of certain U.S. inventory.  Inventory adjustments of $171 million before-tax ($122 million after-tax) were recorded in the first quarter of 2015 to adjust the carrying value of certain inventory of which $159 million is in the U.S. and $12 million is in Latin America. |
| 5  |  | Costs related to litigation settlements for labor claims of $62 million before-tax ($39 million after-tax) were recorded during the second quarter of 2014. The amount of claims made under the settlement agreement was less than expected and accordingly, the accrual was reduced by $13 million before-tax ($9 million after-tax), which was recorded during the second quarter of 2015. |
| 6  |  | Costs related to restructuring the North Africa business of $58 million before and after-tax in the Europe/Africa/Russia Caspian segment during the third quarter of 2014. |
| 7  |  | Costs related to an impairment of a technology investment of $14 million before and after-tax recorded in Corporate and Other during the third quarter of 2014. |
| 8  |  | Foreign exchange loss of $12 million before and after-tax in Venezuela was recorded in the second quarter of 2014 as a result of changing from the official exchange rate of 6.3 Bolivars Fuertes per U.S. Dollar to the SICAD 2 rate of approximately 50 Bolivars Fuertes per U.S. Dollar. |
| 9  |  | Severance charges of $29 million before-tax ($21 million after-tax) were incurred in North America during the first quarter of 2014. |
| 10 |  | Costs related to a technology royalty agreement of $29 million before-tax ($20 million after-tax) were incurred during the first quarter of 2014. |

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| Baker Hughes Incorporated News Release                 | Page 12 |
| Baker Hughes Announces Third Quarter Results |   |

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|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |
|                                         | Three Months Ended |
|                                         | September 30, |   | June 30, |
| (In millions)                                | 2015 |   | 2014 |   | 2015 |
| Segment Revenue                              |   |   |   |   |   |
| North America                                | $ | 1,368 |  |   | $ | 3,155 |  |   | $ | 1,498 |  |
| Latin America                                | 439 |  |   | 571 |  |   | 439 |  |
| Europe/Africa/Russia Caspian                 | 791 |  |   | 1,114 |  |   | 869 |  |
| Middle East/Asia Pacific                     | 849 |  |   | 1,077 |  |   | 856 |  |
| Industrial Services                          | 339 |  |   | 333 |  |   | 306 |  |
| Total Operations                             | $ | 3,786 |  |   | $ | 6,250 |  |   | $ | 3,968 |  |
| Profit (Loss) Before Tax                     |   |   |   |   |   |
| North America                                | $ | (169 | ) |   | $ | 380 |  |   | $ | (167 | ) |
| Latin America                                | 48 |  |   | 71 |  |   | 41 |  |
| Europe/Africa/Russia Caspian                 | 90 |  |   | 91 |  |   | 47 |  |
| Middle East/Asia Pacific                     | 69 |  |   | 155 |  |   | 51 |  |
| Industrial Services                          | 40 |  |   | 35 |  |   | 29 |  |
| Total Operations                             | $ | 78 |  |   | $ | 732 |  |   | $ | 1 |  |
| Corporate and Other Profit (Loss) Before Tax |   |   |   |   |   |
| Corporate                                    | (81 | ) |   | (71 | ) |   | (82 | ) |
| Interest expense, net                        | (55 | ) |   | (59 | ) |   | (53 | ) |
| Restructuring charges                        | (98 | ) |   | — |  |   | (76 | ) |
| Litigation settlements                       | — |  |   | — |  |   | 13 |  |
| Corporate, net interest and other            | (234 | ) |  | (130 | ) |   | (198 | ) |
| Profit (Loss) Before Tax                     | $ | (156 | ) |   | $ | 602 |  |   | $ | (197 | ) |
| Profit Before Tax Margin1                    |   |   |   |   |   |
| North America                                | (12.4 | %) |   | 12.0 | % |   | (11.1 | %) |
| Latin America                                | 10.9 | % |   | 12.4 | % |   | 9.3 | % |
| Europe/Africa/Russia Caspian                 | 11.4 | % |   | 8.2 | % |   | 5.4 | % |
| Middle East/Asia Pacific                     | 8.1 | % |   | 14.4 | % |   | 6.0 | % |
| Industrial Services                          | 11.8 | % |   | 10.5 | % |   | 9.5 | % |
| Total Operations                             | 2.1 | % |   | 11.7 | % |   | — | % |

|   |
|---|
|   |  |  |
| 1 |  | Profit before tax margin is a non-GAAP measure defined as profit (loss) before tax divided by revenue.  Management uses the profit before tax margin because it believes it is a widely accepted financial indicator used by investors and analysts to analyze and compare companies on the basis of operating performance. |

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| Baker Hughes Incorporated News Release                 | Page 13 |
| Baker Hughes Announces Third Quarter Results |   |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |
|                                         | Nine Months Ended September 30, |
| (In millions)                                | 2015 |   | 2014 |
| Segment Revenue                              |   |   |   |
| North America                                | $ | 4,872 |  |   | $ | 8,774 |  |
| Latin America                                | 1,371 |  |   | 1,645 |  |
| Europe/Africa/Russia Caspian                 | 2,555 |  |   | 3,269 |  |
| Middle East/Asia Pacific                     | 2,621 |  |   | 3,241 |  |
| Industrial Services                          | 929 |  |   | 987 |  |
| Total Operations                             | $ | 12,348 |  |   | $ | 17,916 |  |
| Profit (Loss) Before Tax                     |   |   |   |
| North America                                | $ | (545 | ) |   | $ | 978 |  |
| Latin America                                | 122 |  |   | 172 |  |
| Europe/Africa/Russia Caspian                 | 117 |  |   | 421 |  |
| Middle East/Asia Pacific                     | 182 |  |   | 448 |  |
| Industrial Services                          | 79 |  |   | 96 |  |
| Total Operations                             | $ | (45 | ) |   | $ | 2,115 |  |
| Corporate and Other Profit (Loss) Before Tax |   |   |   |
| Corporate                                    | (240 | ) |   | (209 | ) |
| Interest expense, net                        | (162 | ) |   | (175 | ) |
| Restructuring charges                        | (747 | ) |   | — |  |
| Litigation settlements                       | 13 |  |   | (62 | ) |
| Corporate, net interest and other            | (1,136 | ) |   | (446 | ) |
| Profit (Loss) Before Tax                     | $ | (1,181 | ) |   | $ | 1,669 |  |
| Profit Before Tax Margin1                    |   |   |   |
| North America                                | (11.2 | %) |   | 11.1 | % |
| Latin America                                | 8.9 | % |   | 10.5 | % |
| Europe/Africa/Russia Caspian                 | 4.6 | % |   | 12.9 | % |
| Middle East/Asia Pacific                     | 6.9 | % |   | 13.8 | % |
| Industrial Services                          | 8.5 | % |   | 9.7 | % |
| Total Operations                             | (0.4 | %) |   | 11.8 | % |

|   |
|---|
|   |  |  |
| 1 |  | Profit before tax margin is a non-GAAP measure defined as profit (loss) before tax divided by revenue.  Management uses the profit before tax margin because it believes it is a widely accepted financial indicator used by investors and analysts to analyze and compare companies on the basis of operating performance. |

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|                                                        |  |
| Baker Hughes Incorporated News Release                 | Page 14 |
| Baker Hughes Announces Third Quarter Results |   |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |  |  |  |  |
|                                    | Three Months Ended |
|                                    | September 30, |   | June 30, |
| (In millions)                           | 20152 |   | 20145,6 |   | 20151,2 |
| Adjustments to Profit (Loss) Before Tax |   |   |   |   |   |
| North America                           | $ | 16 |  |   | $ | — |  |   | $ | 40 |  |
| Latin America                           | 3 |  |   | — |  |   | 4 |  |
| Europe/Africa/Russia Caspian            | 8 |  |   | 58 |  |   | 10 |  |
| Middle East/Asia Pacific                | 7 |  |   | — |  |   | 9 |  |
| Industrial Services                     | 4 |  |   | — |  |   | 3 |  |
| Total Operations                        | $ | 38 |  |   | $ | 58 |  |   | $ | 66 |  |
| Corporate                               | 55 |  |   | 14 |  |   | 40 |  |
| Total                                   | $ | 93 |  |   | $ | 72 |  |   | $ | 106 |  |

|                                         |
|-----------------------------------------|
|                                         |  |  |  |  |  |  |  |
|                                    | Nine Months Ended September 30, |
| (In millions)                           | 20151,2 |   | 20143,4,5,6 |
| Adjustments to Profit (Loss) Before Tax |   |   |   |
| North America                           | $ | 215 |  |   | $ | 42 |  |
| Latin America                           | 19 |  |   | 15 |  |
| Europe/Africa/Russia Caspian            | 18 |  |   | 64 |  |
| Middle East/Asia Pacific                | 16 |  |   | 6 |  |
| Industrial Services                     | 7 |  |   | 1 |  |
| Total Operations                        | $ | 275 |  |   | $ | 128 |  |
| Corporate                               | 123 |  |   | 14 |  |
| Total                                   | $ | 398 |  |   | $ | 142 |  |

|   |
|---|
|   |  |  |
| 1 |  | Inventory adjustments of $23 million before-tax were recorded in the second quarter of 2015 to adjust the carrying value of certain U.S. inventory.  Inventory adjustments of $171 million before-tax were recorded in the first quarter of 2015 to adjust the carrying value of certain inventory of which $159 million is in the U.S. and $12 million is in Latin America. |
| 2 |  | Merger and related costs of $93 million before-tax and $83 million before-tax were recorded during the third and second quarters of 2015, respectively, including costs under our retention program and obligations for minimum incentive compensation which, based on meeting eligibility criteria in April, have been treated as merger related expenses. Merger and related costs of $55 million and $40 million were recorded in Corporate and $38 million and $43 million were recorded in Operations for the third and second quarters of 2015, respectively.  Merger and related costs for the nine months ended September 30, 2015 were $204 million before-tax of which $123 million were recorded in Corporate and $81 million were recorded in Operations. |
| 3 |  | Foreign exchange loss of $12 million before-tax in Venezuela was recorded in the second quarter of 2014 as a result of changing from the official exchange rate of 6.3 Bolivars Fuertes per U.S. Dollar to the SICAD 2 rate of approximately 50 Bolivars Fuertes per U.S. Dollar. |
| 4 |  | Severance charges of $29 million before-tax in North America and costs related to a technology royalty agreement of $29 million before-tax were incurred during the first quarter of 2014. The costs associated with the technology royalty agreement pertain to our global operations and have therefore been allocated to all segments. |
| 5 |  | Costs related to restructuring the North Africa business of $58 million before-tax in the Europe/Africa/Russia Caspian segment during the third quarter of 2014. |
| 6 |  | Costs related to an impairment of a technology investment of $14 million before-tax recorded in Corporate and Other during the third quarter of 2014. |

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|                                                        |  |
| Baker Hughes Incorporated News Release                 | Page 15 |
| Baker Hughes Announces Third Quarter Results |   |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |
|                                         | Three Months Ended |
|                                         | September 30, |   | June 30, |
| (In millions)                                | 2015 |   | 2014 |   | 2015 |
| Segment Revenue                              |   |   |   |   |   |
| North America                                | $ | 1,368 |  |   | $ | 3,155 |  |   | $ | 1,498 |  |
| Latin America                                | 439 |  |   | 571 |  |   | 439 |  |
| Europe/Africa/Russia Caspian                 | 791 |  |   | 1,114 |  |   | 869 |  |
| Middle East/Asia Pacific                     | 849 |  |   | 1,077 |  |   | 856 |  |
| Industrial Services                          | 339 |  |   | 333 |  |   | 306 |  |
| Total Operations                             | $ | 3,786 |  |   | $ | 6,250 |  |   | $ | 3,968 |  |
| Adjusted Operating Profit (Loss) Before Tax1 |   |   |   |   |   |
| North America                                | $ | (153 | ) |   | $ | 380 |  |   | $ | (127 | ) |
| Latin America                                | 51 |  |   | 71 |  |   | 45 |  |
| Europe/Africa/Russia Caspian                 | 98 |  |   | 149 |  |   | 57 |  |
| Middle East/Asia Pacific                     | 76 |  |   | 155 |  |   | 60 |  |
| Industrial Services                          | 44 |  |   | 35 |  |   | 32 |  |
| Total Operations                             | $ | 116 |  |   | $ | 790 |  |   | $ | 67 |  |
| Corporate                                    | (26 | ) |   | (57 | ) |   | (42 | ) |
| Total                                        | $ | 90 |  |   | $ | 733 |  |   | $ | 25 |  |
| Adjusted Operating Profit Before Tax Margin1 |   |   |   |   |   |
| North America                                | (11.2 | %) |   | 12.0 | % |   | (8.5 | %) |
| Latin America                                | 11.6 | % |   | 12.4 | % |   | 10.3 | % |
| Europe/Africa/Russia Caspian                 | 12.4 | % |   | 13.4 | % |   | 6.6 | % |
| Middle East/Asia Pacific                     | 9.0 | % |   | 14.4 | % |   | 7.0 | % |
| Industrial Services                          | 13.0 | % |   | 10.5 | % |   | 10.5 | % |
| Total Operations                             | 3.1 | % |   | 12.6 | % |   | 1.7 | % |

|   |
|---|
|   |  |  |
| 1 |  | Adjusted operating profit (loss) before tax is a non-GAAP measure defined as profit (loss) before tax less interest expense and certain identified costs.  Adjusted operating profit before tax margin is a non-GAAP measure defined as adjusted operating profit (loss) before tax divided by revenue.  Management uses each of these measures because it believes they are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance and that these measures may be used by investors to make informed investment decisions. |

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|                                                        |
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|                                                        |  |
| Baker Hughes Incorporated News Release                 | Page 16 |
| Baker Hughes Announces Third Quarter Results |   |

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |
|                                         | Nine Months Ended September 30, |
| (In millions)                                | 2015 |   | 2014 |
| Segment Revenue                              |   |   |   |
| North America                                | $ | 4,872 |  |   | $ | 8,774 |  |
| Latin America                                | 1,371 |  |   | 1,645 |  |
| Europe/Africa/Russia Caspian                 | 2,555 |  |   | 3,269 |  |
| Middle East/Asia Pacific                     | 2,621 |  |   | 3,241 |  |
| Industrial Services                          | 929 |  |   | 987 |  |
| Total Operations                             | $ | 12,348 |  |   | $ | 17,916 |  |
| Adjusted Operating Profit (Loss) Before Tax1 |   |   |   |
| North America                                | $ | (330 | ) |   | $ | 1,020 |  |
| Latin America                                | 141 |  |   | 187 |  |
| Europe/Africa/Russia Caspian                 | 135 |  |   | 485 |  |
| Middle East/Asia Pacific                     | 198 |  |   | 454 |  |
| Industrial Services                          | 86 |  |   | 97 |  |
| Total Operations                             | $ | 230 |  |   | $ | 2,243 |  |
| Corporate                                    | (117 | ) |   | (195 | ) |
| Total                                        | $ | 113 |  |   | $ | 2,048 |  |
| Adjusted Operating Profit Before Tax Margin1 |   |   |   |
| North America                                | (6.8 | %) |   | 11.6 | % |
| Latin America                                | 10.3 | % |   | 11.4 | % |
| Europe/Africa/Russia Caspian                 | 5.3 | % |   | 14.8 | % |
| Middle East/Asia Pacific                     | 7.6 | % |   | 14.0 | % |
| Industrial Services                          | 9.3 | % |   | 9.8 | % |
| Total Operations                             | 1.9 | % |   | 12.5 | % |

|   |
|---|
|   |  |  |
| 1 |  | Adjusted operating profit (loss) before tax is a non-GAAP measure defined as profit (loss) before tax less interest expense and certain identified costs.  Adjusted operating profit before tax margin is a non-GAAP measure defined as adjusted operating profit (loss) before tax divided by revenue.  Management uses each of these measures because it believes they are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance and that these measures may be used by investors to make informed investment decisions. |

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|                                                        |  |
| Baker Hughes Incorporated News Release                 | Page 17 |
| Baker Hughes Announces Third Quarter Results |   |

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|                                                        |  |
| Baker Hughes Incorporated News Release                 | Page 18 |
| Baker Hughes Announces Third Quarter Results |   |

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|                                                        |  |
| Baker Hughes Incorporated News Release                 | Page 19 |
| Baker Hughes Announces Third Quarter Results |   |

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|                                                        |  |
| Baker Hughes Incorporated News Release                 | Page 20 |
| Baker Hughes Announces Third Quarter Results |   |