Energy
Baker Hughes posted broadly flat Q2 FY2026 revenue ($6.7B, -2.4% YoY) and net income ($681M, -2.9% YoY) as OFSE declines from asset dispositions offset IET segment EBITDA growth, while the company raised roughly $9.6B in new debt to fund the subsequently closed $13.6B Chart Industries acquisition.
Key risk: Middle East Geopolitical Disruption Impacting Upstream Spending
Management notes that disruptions in the Middle East, including through the Strait of Hormuz, have become a 'structural feature' of oil and gas markets, and the company expects a decline in upstream spending in the Middle East for the year, directly contributing to the 6% YoY decline in OFSE international revenue.
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