What is Baker Hughes' outlook for global oil and gas spending in 2026, and what regional trends are driving it?

Baker Hughes expects annual global oil and gas producer spending to decline modestly in 2026, with growth in Latin America (driven by Brazil and Mexico), offshore Africa, and onshore North America offset by lower spending in Europe and the Middle East. The company attributes the cautious stance among customers to repeated flare-ups in the U.S.-Iran conflict, which has led producers to prioritize maximizing output from existing assets while preserving flexibility to respond to evolving market conditions.

How is Baker Hughes mitigating volatility in oilfield services demand, and what major LNG project is it involved in?

Baker Hughes is relying on resilient growth areas such as LNG infrastructure and power grid upgrades to cushion volatility in oil prices; it has received a major order from U.S. LNG producer Venture Global to manufacture 12 LNG trains for its proposed CP2 expansion — a project that, if fully built, could enable CP2 to produce close to 47 million metric tons per annum (mtpa) of LNG at peak capacity, with Venture Global having already started the permitting process though not yet made a final investment decision.

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Baker Hughes forecasts a modest decline in global oil and gas producer spending due to geopolitical tensions, while securing major LNG orders from Venture Global to support future capacity expansion.

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