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“The answer begins and ends with technology.”
Lorenzo Simonelli, Chairman & Chief Executive Officer, Baker Hughes

Mr. Simonelli began with a review of key industry and global challenges before moving to some examples of how Baker Hughes is investing in the technologies and partnerships to solve them. The industry, he said, is at a critical juncture and faces a dual challenge: how do we provide reliable, efficient, safe, and productive energy to meet the growing demand for energy, while transforming to lead in the energy transition. He was resolute in his belief that the answer begins and ends with technology.

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Lorenzo Simonelli
Recent examples of technology advancement at Baker Hughes
  • World’s first successful remote-controlled, automated directional drilling project to provide a safer working environment while improving in-field costs and efficiency
  • New partnerships with Microsoft and C3.ai to create a digital ecosystem that allow us to unlock the power of data and enable better industry collaboration through artificial intelligence at scale
  • 450 parts now qualified for 3D printing. Combined with opportunities for new composites and non-metallics our additive manufacturing capabilities drive productivity and equipment reliability
  • The first NovaLT application on 100% hydrogen. As we go forward, other opportunities will arise to play off the importance of gas
  • LUMEN methane detection drone, and flare.IQ flare control platform for refineries, helping to monitor and lower emissions
  • New carbon capture and sequestration technologies 

Mr. Simonelli reminded the audience of the company’s announcement last year to reduce its own carbonfootprint 50% by 2030, and be net-zero by 2050. Having achieved a 34% emissions reduction since 2012, Baker Hughes is well on its way to achieving the 2050 goal.

He also discussed the company’s new branding, which includes the descriptor “an energy technology company.” This isn’t simply a rebrand, he said, but a repositioning of the company and how it is committed to taking the industry forward in partnership with customers. Even the new logo is all about interconnectivity, progressing together, and being intertwined while transforming the industry to take energy forward.

Presenters
Chairman & CEO, Baker Hughes

Lorenzo Simonelli

2020 ANNUAL MEETING