Baker Hughes

Recent actions reflect disciplined portfolio management and thoughtful returns. In 2024, the company returned about $1.32 billion, including $484 million in buybacks and a 10% dividend raise to $0.23 per quarter.

In 2025 it continued buybacks and maintained the dividend while executing a series of portfolio moves: announced PSI divestiture to Crane for about $1.15 billion, a JV with Cactus for Surface Pressure Control, and closed the $540 million Continental Disc acquisition.

The pending $13.6 billion Chart deal is strategically coherent with the IET pivot but raises integration and leverage questions. Net of these, we view capital allocation as above average, with clear priorities to concentrate on rotating equipment, flow control and lifecycle services, and to recycle capital from non‑core assets.