Baker Hughes Sees Momentum in Digital Solutions 1-Year After Launch

• Leucipa has seen production increases upwards of 3% and 75% efficiency gains in engineering time for customers

• Cordant’s intelligent connected hardware, software and value-added services are delivering an increase in yield and productivity, lowering costs and improving the safety of customer operations

• These digital solutions deliver more intelligent operations for customers across the energy value chain

FLORENCE, Italy, February 20, 2024 /3BL/ - One year after introducing multiple new digital solutions and investments Baker Hughes, an energy technology company, during its 24th Annual Meeting in Florence, Italy shared an update on how its digital portfolio is improving efficiency and performance across the energy industry.

“Last year, Baker Hughes shared a vision to deliver intelligent operations to reduce business uncertainty and costs, improve productivity, and meet decarbonization goals for our customers. Today, I am pleased we continue to see progress as we deliver digital outcomes for our customers in field production and processing as well as heavy process industries,” said Lorenzo Simonelli, chairman and CEO of Baker Hughes. “From the development of new predictive AI features for oil and gas customers to improved reliability and safety outcomes for industrial segments, we continue to invest and innovate in the digital space to improve our customers’ operations.”

Since first launching in 2023, the Leucipa™ automated field production solution has matured and expanded. Designed to help oil and gas operators proactively manage production and increase engineering efficiency, the Leucipa technology is now deployed across 20 countries and over 100 reservoirs.

Results on the delivered value to existing customers have been swift and significant, with production increases upwards of 3% and 75% efficiency gains in engineering time. For one customer in North America, Leucipa delivered even greater increases, with a production uplift of 14% and an annualized incremental margin of $6 million across 4,000 wells. Additional functionality releases for the Leucipa solution are anticipated for mid-2024.

Following the January 2023 launch, existing digital industrial offerings were converged to form the edge-to-enterprise Cordant^™ Solutions for improving operational performance for energy and industrial customers. It comprises intelligent connected hardware, hybrid domain models based on AI/physics and first principles, software, and value-added services. Customers leveraging Cordant have seen an increase in yield and productivity, lower costs, and an improvement in the safety of their operations, including:

• an industrial company has seen a throughput improvement of approximately 1-2%, in early deployment, helping to close the gap to potential and deliver thousands of tons in incremental yield; and
• an international oil company that saw a 21% reduction in man hours at an offshore site, and a 10% improvement in production deferrals helping to drive efficiency and improve safety of operations.

Together, these digital solutions deliver customer outcomes across the energy value chain, from improving efficiency in drilling and production in the upstream, to improving the management of assets and processes for industrial customers, and beyond. Baker Hughes remains committed to delivering the best solutions for its customers and staying at the forefront of digital innovation.

About Baker Hughes: Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner, and more efficient for people and the planet. Visit us at bakerhughes.com.

For more information, please contact:

Media Relations

Chiara Toniato +39 3463823419 chiara.toniato@bakerhughes.com

Adrienne M. Lynch +1 713-906-8407 adrienne.lynch@bakerhughes.com