Baker Hughes builds and services equipment for oil fields, gas and industry, and has grown far more profitable since 2022. Now it must show that Chart, bought largely with debt, earns back the interest and recurring accounting charges it added.
The gas that heats a home may have passed through a pipeline or a liquefied natural gas terminal (where gas is chilled into liquid) using Baker Hughes machines. The company builds equipment such as gas turbines for oil, gas and industrial customers worldwide, and sells the services that keep that equipment, and customers' oil wells, running. Since July 2026 it also owns Chart, a maker of equipment for handling gases and liquids.
Customers pay for large equipment and for the service work that follows. Big orders take years to deliver, so the company carries a long order book of signed but undelivered work. Customers also pay part of the price during construction, so growth needs less of the company's own money. By 2025 the gas and industrial side had nearly caught up with the oil-field side on profit. The costs that matter are materials, parts, factories and skilled people; on long contracts, what remains depends on pricing them correctly at signing. In oil and gas work, contracts often leave the costliest well accidents, such as fires or explosions, with the customer.
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