Baker Hughes (BKR)
Baker Hughes delivered Q2 2026 results that exceeded the high end of guidance on EBITDA ($1.23B), driven by OFSE outperformance as Middle East revenue declined only 1% sequentially vs. the >20% decline feared in Q1 - the biggest positive surprise of the quarter. IET orders shattered records at $7.1B (doubling YoY), driving RPO to an all-time high of $37.1B and prompting management to raise Horizon 2 IET orders from >$40B to >$45B and full-year IET orders guidance to $17.5B-$19.5B. The Chart Industries acquisition closed in July, creating a third reporting segment and unlocking commercial synergies across data centers (power + cooling), gas infrastructure, space, geothermal, and mining - with $325M of cost synergies targeted by year three. The earnings call tone shifted markedly from Q1's cautious "slightly below midpoint" to Q2's assertive "modestly exceed expectations," with analysts pivoting from risk-focused questions (ME downside, capacity constraints) to growth-focused inquiries (capacity economics, Chart synergies, 2027 visibility).
Rig & Frac Crew Outlook for 2026
NORTH AMERICA - FLAT AND STABLE: BKR's North America Oilfield Services revenue has been remarkably steady at $927-933M for 4 consecutive quarters (Q3 2025 through Q2 2026). This confirms the Q1 2026 upgrade from "mid-single-digit decline" to "flat" for North America upstream activity. For Hyperion users, this implies US rig counts and frac crew counts are likely to hold near current levels through year-end 2026, barring a commodity price shock.
Read the full analysis on the dashboard.
SynMax has released a new US Gas Demand Dataset for our Hyperion Clients. It consists of a daily demand estimate, broken out by EIA gas storage region and by demand component.
It covers the four weather-driven end-use sectors (Residential, Commercial, Industrial, and Electric Power), built as an ensemble of pipeline flow data and weather-driven modeling, calibrated to EIA's monthly totals. It also includes LNG feedgas at all US liquefaction and regasification terminals, pipeline trade flows with Mexico and Canada, and supporting components like lease/plant fuel and pipeline/distribution use — giving a complete, regionally resolved daily picture of the lower-48 gas balance.
The data is currently out on query_datalinks and on Agents and will be rolled out to the SynMax frontend and the traditional API over the coming weeks. See here for overview and access methods, and here for full methodology and details.
As usual, contact support@synmax.com with questions.