Producer
Baker Hughes Company (Turbomachinery & Process Solutions)
American oilfield services and industrial equipment company (Nasdaq: BKR, HQ Houston TX; ~$23B revenue); Turbomachinery & Process Solutions (TPS) division formerly operated as GE Oil & Gas (General Electric's oilfield equipment arm) — Baker Hughes acquired GE Oil & Gas in 2017 to form Baker Hughes GE (BHGE), later renamed Baker Hughes. Baker Hughes TPS produces turboexpanders and centrifugal compressors for LNG liquefaction, gas processing, and cryogenic helium applications under the Nuovo Pignone brand (Italian precision engineering heritage dating to 1842 in Florence). Baker Hughes/Nuovo Pignone turboexpanders compete with Atlas Copco Mafi-Trench and Cryostar for the limited number of large-scale helium liquefaction plant contracts. The same Baker Hughes that services oil and gas wells for ExxonMobil and Saudi Aramco also makes the precision turbomachinery inside helium plants that supply hospital MRI systems.
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Oilfield Services & Equipment (OFSE)
65%Industrial Energy Technology / Turbomachinery (IET/TPS)
35%
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Did you know2024
Baker Hughes (Nasdaq: BKR) is primarily known as one of the world's largest oilfield services companies — drilling, completing, and servicing oil and gas wells for ExxonMobil, Saudi Aramco, and BP. What hospital procurement teams and MRI physicists do not know is that the same Baker Hughes, through its Nuovo Pignone turboexpander heritage, installs the precision turbomachinery inside helium liquefaction plants that supply hospital MRI cryogenics programs. Baker Hughes competes with Atlas Copco (Mafi-Trench) and Chart Industries (Cryostar) for the small global market of helium liquefaction plant turboexpander contracts — a market so small that a single Baker Hughes Florence engineer might personally know every competing engineer worldwide who works on helium liquefaction turbomachinery. The oilfield services company that helps drill the Permian Basin also supplies the rotating machinery that keeps hospital MRI scanners at -269°C — two unrelated supply chains served by the same Houston-headquartered industrial conglomerate.
Baker Hughes Company ↗Origin2023
Baker Hughes's turbomachinery expertise derives from Nuovo Pignone (Pignone New Mill) — a Florentine company founded in 1842 to make textile machinery for Tuscany's wool and silk industries. Nuovo Pignone pivoted to industrial gas machinery in the postwar period, building centrifugal compressors for Italy's gas industry (ENI/SNAM). ENI acquired Nuovo Pignone in 1954, and General Electric purchased it in 1994 for $330M — buying an Italian precision engineering company to enter the gas processing equipment market. GE Oil & Gas (including Nuovo Pignone) was sold to Baker Hughes in 2017 for $23B as GE divested industrial businesses under pressure from activist investors. The trajectory: Florentine textile machinery (1842) → Italian gas compression (1950s) → GE industrial (1994) → Baker Hughes oilfield services integration (2017).
Baker Hughes Company ↗