Baker Hughes N America upstream spend to decline at a mid-single digit rate, intl spend down

 Power Generation: broadening demand for power generation applications across multiple end markets

Data Centers: continued AI-demand acceleration; increasing 3-year data center order target to $3B from $1.5B

Gas & Power Infrastructure: growth in energy infrastructure to be a significant part of $40+ billion IET orders target

LNG: expect to exceed our 2024-2026 FID2 target of 100 MTPA3 (2024-25 FIDs = 83 MTPA)

New Energy: targeting $2.4-2.6B of New Energy orders in 2026

Upstream Spending: 2026 global upstream spending expected to decline by low-single digits, with Int’l slightly down and NAM down mid-single digits 

Offshore Equipment: expect 250-300 subsea tree awards and run rate of 7-9 FPSOs4 near-to-medium term

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