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Baker Hughes Co., one of the world’s biggest oilfield contractors, said it plans to double its data center equipment order target to $3 billion over a three-year period, driven by surging demand for power to run artificial intelligence.
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The company expects to book roughly $3 billion of data center-related orders between 2025 to 2027 and is also on track to double its NovaLT natural gas turbine capacity by the first half of 2027, Chief Executive Officer Lorenzo Simonelli said on a call Monday discussing fourth-quarter results.
“We feel very good about the overall outlook for power generation and electricity consumption and it doubling over the course of now to 2040,” Simonelli said during an interview on Bloomberg Television on Monday. Simonelli sees relatively soft oil demand in 2026, he added.
Shifting its offerings toward data centers and liquefied natural gas alongside oil and gas production has helped Baker Hughes offset declines in its oilfield services and equipment business and outperform peers, he said. “We are benefiting from a portfolio that allows us to play in both,” Simonelli said in the interview.
Baker Hughes is also working closely with US President Donald Trump’s administration on plans to broaden its business in Venezuela, with employee safety as its top priority, Simonelli said. Baker Hughes shares rose as much as 4.3% to $56.25, the highest intraday price in more than eight years, at 11:58 a.m. in New York.
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