Lorenzo Simonelli is Chairman and CEO of Baker Hughes (NASDAQ:BKR). Baker Hughes is an energy technology company that combines innovation, expertise and scale to provide solutions for energy and industrial customers worldwide.
Simonelli was named Chairman of the Board in October 2017 and has been President and CEO since the Company’s creation in 2017, where he oversaw the successful merger of GE Oil & Gas with Baker Hughes Inc. Since 2013, he served as President and CEO of GE Oil & Gas.
Previously, Simonelli served as President and CEO of GE Transportation, a global transportation leader in the rail, mining, marine and energy storage industries. During his five-year tenure, he expanded and diversified GE Transportation by focusing on advanced technology manufacturing, intelligent control systems, and a diverse approach to new propulsion solutions.
He has also served as CFO Americas for GE Consumer & Industrial, as well as General Manager, Product Management for GE Appliances, Lighting, Electrical Distribution and Motors.
FIRM PROFILE
We are an energy technology company that has a diverse portfolio of equipment and service capabilities that span the energy and industrial value chain. Our two operating segments are organized based on the nature of our markets and customers, and consist of similar products and services.
OILFIELD SERVICES & EQUIPMENT
The OFSE segment provides products and services for onshore and offshore oilfield operations across the lifecycle of a well, ranging from exploration, appraisal, and development; to production, rejuvenation, and decommissioning. The segment is organized into four product lines: Well Construction, which focuses on drilling and its components (drill bits, drilling fluids, and drilling services); Completions, Intervention, and Measurements, which encompasses well completions, wireline services, and pressure pumping services; Production Solutions, which spans artificial lift systems and chemicals; and Subsea & Surface Pressure Systems, which facilitates the safe and reliable control and flow of hydrocarbons from the wellhead to production facilities.
Beyond its traditional oilfield concentration, OFSE is expanding its capabilities and technology portfolio to meet the challenges of a net-zero future. These efforts include expanding into new energy areas such as geothermal and CCUS, strengthening its digital architecture and addressing key energy market themes, and never wavering from a longstanding and recognized commitment to safety and execution.
INDUSTRIAL & ENERGY TECHNOLOGY
The Industrial & Energy Technology (IET) segment combines a broad array of domain expertise, technologies, and services for industrial and energy customers. Our solutions unlock the ability to transform, transfer, and transport energy efficiently, while capturing and cutting emissions, solving a fundamental challenge behind the energy transition: reducing environmental impact, while maximizing efficiency, productivity, and reliability.
The IET organization consists of five product lines which all build on Baker Hughes existing and strong foundation of rotating equipment, electric-power, pumps, valves, gears, sensor, precision instrumentation, and industrial software and hardware technologies and services:
Gas Technology Equipment: Solutions that deliver reliable gas at the highest efficiency
IET is a leader in designing, manufacturing, testing, and installing Gas Technology solutions that serve the entire gas value chain including on/offshore, pipeline, LNG, gas storage and gas distribution.
Gas Technology Services: Solutions that provide advanced aftermarket support and uptime availability in critical environments and through every stage of customers’ equipment and plant lifecycle
IET’s portfolio includes solutions for maintaining and upgrading rotating equipment; analytics to connect customers’ assets, providing them with the data, safety, and security needed to improve operations reliably and efficiently; and genuine spare parts, system upgrades, conversion solutions, and refurbishment to improve the output from a single machine up to an entire plant.
Industrial Products: Improving industry productivity and ensuring reliable quality and safety
IET provides Industrial Products solutions that serve a broad array of industries including petrochemical & refining, nuclear, aviation, automotive, mining, cement, metals, pulp and paper, and food & beverage. The product line portfolio includes Waygate Technologies non-destructive testing technologies, software and services; Process & Pipeline Services for pre-commissioning and maintenance services as well as inline inspection for pipeline integrity; and a valves and gears portfolio for flow and process technologies which includes the Maisoneilan, Consolidated, Becker and Mooney valves product brands and the Lufkin Gears and Allen Gears product brands.
Industrial Solutions: Enabling asset performance and process optimization through a unique suite of hardware, software, and edge device solutions
IET provides critical equipment hardware capabilities to mitigate full plant offerings and through Cordant, a full-stack, edge-to-enterprise solution that encompasses our hardware, software, and service offerings. Its portfolio includes the Panametrics, Druck, and Reuter-Stokes product brands, for instrumentation and sensor-based technologies; as well as Bently Nevada and System 1 condition monitoring and protection solutions product brands.
Climate Technology Solutions: Decarbonizing energy and hard-to-abate industries
IET’s Climate Technology Solutions span carbon capture, utilization and storage, hydrogen, clean power and emissions management capabilities to enable energy operators as well as broader industry, in particular the hard-to-abate sectors to achieve a reliable, net-zero energy system.
