Mission Statement, Vision, & Core Values of Baker Hughes Company (BKR)

Are you curious about what drives a leading energy technology company like Baker Hughes? With a strong 2024 performance showing revenue of $27.8 billion, up 9% year-over-year, understanding their core principles can offer valuable insights. What exactly are the mission, vision, and core values that guide their strategic decisions and daily operations, and how do these translate into their commitment to innovation and sustainability?

Dive in to explore how Baker Hughes aims to deliver innovative solutions, lead the energy technology revolution, and uphold values like integrity and collaboration. Discover how these elements combine to shape their identity and contribute to their goals in the ever-evolving energy landscape.

Baker Hughes Company (BKR) An Overview of

Baker Hughes, now known as Baker Hughes Company (BKR), has a rich history dating back to the early 20th century. It evolved through several mergers and acquisitions, becoming a major player in the oilfield services sector. Today, Baker Hughes provides a wide array of products and services for the oil and gas industry, including:

• Drilling
• Evaluation
• Completion
• Production

These offerings support oil and gas operations from exploration to production. As of April 2025, Baker Hughes continues to serve clients globally, focusing on innovation and efficiency in the energy sector.

In its latest financial reports, Baker Hughes showcased a strong financial performance. The company reported record-breaking revenue, driven primarily by its main product sales. There was significant growth in key markets, reflecting the company's successful strategies and market positioning. These financial achievements highlight Baker Hughes's strength and resilience in a dynamic industry landscape.

Baker Hughes stands as a leader in the oilfield services industry, renowned for its comprehensive solutions and technological advancements. To delve deeper into what makes Baker Hughes a successful entity, explore: Breaking Down Baker Hughes Company (BKR) Financial Health: Key Insights for Investors. Understanding their mission, vision, and core values offers valuable insights into their strategic approach and operational excellence.

Baker Hughes Company (BKR) Mission Statement

The mission statement of Baker Hughes is 'We take energy forward, making it safer, cleaner, and more efficient for people and the planet.' This statement encapsulates the company's dedication to advancing the energy sector while prioritizing safety, environmental responsibility, and efficiency. The mission statement serves as a guiding principle for all of Baker Hughes' operations, influencing its strategic decisions and long-term objectives.

Baker Hughes' mission statement is composed of three core components:

• Taking Energy Forward
• Making it Safer and Cleaner
• More Efficient for People and the Planet

Each component plays a crucial role in defining the company's purpose and how it aims to impact the energy industry and the world.

Taking Energy Forward

This component reflects Baker Hughes' commitment to innovation and progress in the energy sector. It emphasizes the company's role in driving the industry towards new technologies and solutions. Baker Hughes invests significantly in research and development to create cutting-edge products and services that meet the evolving needs of the energy market. For example, in 2024, Baker Hughes allocated over $450 million to R&D, focusing on areas such as carbon capture, hydrogen energy, and advanced materials. This investment underscores their dedication to 'taking energy forward' by pioneering new, sustainable energy solutions.

Baker Hughes' dedication to innovation is evident in its strategic partnerships and collaborations with other industry leaders and academic institutions. These collaborations enable the company to leverage diverse expertise and resources, accelerating the development and deployment of innovative energy solutions. For instance, Baker Hughes has partnered with universities to explore enhanced geothermal systems (EGS), aiming to tap into vast, previously inaccessible geothermal resources. This initiative exemplifies the company's proactive approach to 'taking energy forward' by exploring unconventional energy sources and pushing the boundaries of what is possible in the energy sector.

Making it Safer and Cleaner

This aspect of the mission statement highlights Baker Hughes' commitment to ensuring that energy production and consumption are both safe and environmentally responsible. The company prioritizes the safety of its employees, communities, and the environment in all its operations. Baker Hughes also focuses on developing and implementing technologies that reduce emissions and minimize the environmental impact of energy production. In 2023, Baker Hughes reported a 25% reduction in Scope 1 and 2 emissions compared to its 2019 baseline, demonstrating its commitment to cleaner energy practices. This was achieved through investments in energy-efficient equipment and the adoption of renewable energy sources at its facilities.

Baker Hughes invests in technologies and practices that prevent accidents, reduce waste, and minimize pollution. For example, the company has developed advanced monitoring systems for oil and gas operations that detect and prevent leaks, reducing the risk of environmental damage. Additionally, Baker Hughes is actively involved in projects that promote carbon capture and storage, helping to mitigate the impact of greenhouse gas emissions. In 2024, Baker Hughes expanded its carbon capture technology portfolio through the acquisition of a specialized firm, reinforcing its commitment to providing cleaner energy solutions.

More Efficient for People and the Planet

This component emphasizes Baker Hughes' dedication to optimizing energy use and ensuring that energy resources are utilized efficiently for the benefit of both people and the planet. The company focuses on developing technologies and solutions that improve energy efficiency, reduce waste, and enhance productivity. Baker Hughes aims to make energy more accessible and affordable for communities around the world, while also minimizing its environmental footprint. In 2024, Baker Hughes introduced a new line of energy-efficient gas turbines that offer a 15% improvement in fuel efficiency compared to previous models. This innovation helps customers reduce their energy consumption and lower their operating costs, contributing to a more sustainable energy future.

Baker Hughes is committed to promoting energy efficiency across various sectors, from oil and gas to power generation and industrial processes. The company offers a range of services and technologies that help customers optimize their energy use, reduce emissions, and improve their overall sustainability performance. For instance, Baker Hughes provides advanced analytics and digital solutions that enable companies to monitor and manage their energy consumption in real-time, identifying opportunities for efficiency improvements. These efforts align with the company's mission to make energy 'more efficient for people and the planet,' driving both economic and environmental benefits.

Baker Hughes Company (BKR) Vision Statement

Baker Hughes' vision is to be the energy technology company for the world. The company's mission is to provide equipment and services for the oil and gas industry. This involves a commitment to innovation, sustainability, and customer success. As of April 2025, Baker Hughes continues to focus on these core areas, adapting to the evolving demands of the energy sector and global trends.

Baker Hughes demonstrates its dedication to shaping the future of energy through strategic initiatives and financial performance. In 2024, the company reported revenues of $25.5 billion, reflecting its significant presence in the energy sector. The company's focus on innovation is evident in its $613 million investment in research and development, aimed at creating cutting-edge technologies. Baker Hughes' commitment to sustainability is further highlighted by its goal to achieve net-zero emissions by 2050, with a 25% reduction in Scope 1 and 2 emissions achieved by 2030.

Baker Hughes' strategic framework includes:

• Driving growth in core segments through technology and service differentiation.
• Expanding its presence in new energy frontiers, such as hydrogen and carbon capture.
• Delivering solutions that enhance efficiency, reduce emissions, and improve the sustainability of energy operations.

Innovation in Energy Technology

Baker Hughes emphasizes innovation to address the energy sector's complex challenges. The company invests significantly in R&D, with $613 million allocated in 2024 to develop advanced technologies. This innovation aims to improve the efficiency, reliability, and sustainability of energy operations. Baker Hughes focuses on areas such as:

• Digital solutions that optimize energy production and reduce waste.
• Advanced materials that withstand harsh conditions and improve equipment lifespan.
• New energy technologies, including hydrogen and carbon capture, utilization, and storage (CCUS).

These efforts align with the company's vision to lead the energy transition and meet the growing demand for cleaner energy solutions. For instance, Baker Hughes' subsea technologies support deepwater oil and gas production while minimizing environmental impact.

Global Reach and Impact

Baker Hughes operates in over 120 countries, providing a wide range of services and equipment to the energy industry. This global presence allows the company to serve diverse markets and adapt to regional energy needs. The company's international operations contributed significantly to its 2024 revenue of $25.5 billion, with a substantial portion coming from key regions such as North America, Europe, and the Middle East. Baker Hughes' global strategy includes:

• Building strong partnerships with local companies and governments.
• Investing in local talent and infrastructure.
• Tailoring solutions to meet specific regional energy challenges.

By leveraging its global network, Baker Hughes helps its customers optimize their operations, reduce costs, and improve their environmental performance. The company's commitment to local communities is evident in its various social responsibility programs and initiatives.

Sustainability and Environmental Stewardship

Sustainability is a core value for Baker Hughes, driving its efforts to reduce its environmental footprint and support the transition to a lower-carbon future. The company has set ambitious sustainability goals, including achieving net-zero emissions by 2050. In 2024, Baker Hughes invested $51 million in sustainability initiatives, focusing on areas such as:

• Reducing greenhouse gas emissions from its operations.
• Developing technologies that enable customers to reduce their emissions.
• Promoting energy efficiency and conservation.

Baker Hughes has achieved a 25% reduction in Scope 1 and 2 emissions by 2030, demonstrating its progress towards its net-zero target. The company's sustainability efforts are integrated into its business strategy, driving innovation and creating long-term value for its stakeholders.

Financial Performance and Growth

Baker Hughes' financial performance reflects its strong market position and strategic focus. In 2024, the company reported revenues of $25.5 billion and invested $613 million in research and development. Key financial highlights include:

• A strong balance sheet with substantial cash reserves.
• Consistent profitability and cash flow generation.
• Strategic investments in growth areas, such as new energy technologies.

Baker Hughes' financial discipline and strategic investments support its long-term growth objectives. The company's focus on innovation, sustainability, and customer success positions it well to capitalize on the evolving opportunities in the energy sector.

For more insights into Baker Hughes and its investors, explore: Exploring Baker Hughes Company (BKR) Investor Profile: Who’s Buying and Why?

Baker Hughes Company (BKR) Core Values of

Baker Hughes demonstrates its commitment to core values through various initiatives and programs, reflecting its emphasis on integrity, teamwork, performance, learning, and innovation. These values are integral to the company's operations and its relationships with employees, customers, and the communities it serves. For more insights, check out: Exploring Baker Hughes Company (BKR) Investor Profile: Who’s Buying and Why?

Integrity

Integrity is foundational at Baker Hughes, influencing every decision and action. The company emphasizes ethical conduct, transparency, and honesty in all its dealings. This commitment is crucial for building trust with stakeholders and maintaining a strong reputation in the energy industry.

• Ethics and Compliance Programs: Baker Hughes has robust programs to ensure that employees understand and adhere to the highest ethical standards. These programs include training, reporting mechanisms, and clear policies that address potential conflicts of interest and compliance issues.
• Transparent Reporting: The company is committed to transparent financial reporting and open communication with investors, regulators, and the public. This transparency helps build confidence and ensures accountability.

Teamwork

Baker Hughes fosters a collaborative environment where teamwork is essential for achieving common goals. By valuing diverse perspectives and promoting cooperation, the company leverages the collective expertise of its workforce to drive innovation and solve complex challenges.

• Cross-Functional Collaboration: Baker Hughes encourages collaboration across different departments and business units. This approach allows for a more holistic understanding of customer needs and the development of integrated solutions.
• Inclusive Work Environment: The company promotes an inclusive workplace where every employee feels valued and respected. This inclusivity enhances teamwork and fosters a sense of belonging.

Performance

Baker Hughes places a strong emphasis on performance, striving for excellence in all aspects of its business. The company sets high standards, monitors progress, and rewards achievements to drive continuous improvement and deliver superior results.

• Performance Management Systems: Baker Hughes uses comprehensive performance management systems to set clear goals, provide regular feedback, and recognize outstanding contributions. These systems help align individual and team objectives with the company's strategic priorities.
• Operational Excellence: The company is committed to operational excellence, continuously seeking ways to improve efficiency, reduce costs, and enhance the quality of its products and services.

Learning

Baker Hughes recognizes that continuous learning is essential for staying competitive in a rapidly evolving industry. The company invests in training and development programs to equip its employees with the skills and knowledge they need to succeed.

• Training and Development Programs: Baker Hughes offers a wide range of training programs to support the professional growth of its employees. These programs cover technical skills, leadership development, and safety training.
• Knowledge Sharing: The company promotes a culture of knowledge sharing, encouraging employees to learn from each other and to stay informed about the latest industry trends and best practices.

Innovation

Innovation is a driving force at Baker Hughes, enabling the company to develop cutting-edge technologies and solutions that address the evolving needs of its customers. By fostering a culture of creativity and experimentation, Baker Hughes remains at the forefront of the energy industry.

• Research and Development: Baker Hughes invests heavily in research and development to create innovative products and services. These investments are focused on developing technologies that improve efficiency, reduce environmental impact, and enhance safety.
• Collaboration with Partners: The company collaborates with universities, research institutions, and other companies to accelerate innovation and bring new ideas to market. These partnerships leverage diverse expertise and resources to drive technological advancements.