Baker Hughes Looks to Power Systems, LNG for Business in 2026

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Written by Will Ploch, Assistant Editor-in-Chief for IIR News Intelligence (Sugar Land, Texas)

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Summary

Baker Hughes is seeing demand growth continue for its power systems, particularly those related to data centers and LNG services, for which it is involved in a host of high-profile, U.S.-based projects.

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Data, LNG Demands Displace Oil

Baker Hughes Company (Houston, Texas) isn't discouraged by softening demand for its oilfield services business, because the company is seeing record performance from industrial and energy-technology services, particularly for liquefied natural gas (LNG) infrastructure and power systems. The latter is fueled by growing demand for data centers, which are expected to drive about $3 billion of business by the end of 2027. Industrial Info is tracking about $123 billion worth of active and proposed projects featuring Baker Hughes' services or technology, including more than $90 billion worth in the U.S.

Lorenzo Simonelli, the chief executive officer at Baker Hughes, said in a recent quarterly earnings-related conference call that his company is targeting $2.4 billion to $2.6 billion of new energy orders in 2026. Among the contract wins highlighted by executives is Fervo Energy's (Houston, Texas) Phase II addition at its Cape Station Power Plant in Milford, Utah. Fervo plans to expand capacity at the geothermal plant from 100 to 400 megawatts (MW) through the addition of five 60-MW units that will use Baker Hughes' Organic Rankine Cycle System (ORC), which is a geothermal-focused part of its BRUSH Power Generation portfolio.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Plant and Project databases can learn more about Phase II at Cape Station--including key components, investment values and necessary equipment--from a plant profile and detailed project report.

"We believe that we're in a global power-demand multiyear growth cycle," said Ahmed Moghal, the chief financial officer of Baker Hughes, in the earnings call. "In 2025, Power Systems orders totaled $2.5 billion, with $1 billion directly linked to data center applications. We now see data center orders to total $3 billion between 2025 and 2027."

In July, Baker Hughes announced it would broaden its role in LNG and data-center development through the acquisition of Chart Industries Incorporated (Atlanta, Georgia), which provides engineered equipment to the clean-energy and industrial-gas markets. The transaction is expected to close toward the middle of 2026. For more information, see July 30, 2025, article - Baker Hughes Nabs Chart--and Bigger Role in LNG, Clean Energy.

Industrial Info is tracking more than $32.5 billion worth of active and proposed projects featuring Chart's services. Subscribers can learn more from a detailed list of project reports.

By the Numbers

• $123 billion: Total value of projects tracked by Industrial Info that feature Baker Hughes' services or technology
• $3 billion: Estimated value of projects Baker Hughes believes will be driven by data centers before 2028
• More than $32.5 billion: Value of projects featuring Chart's services that could become part of Baker Hughes' backlog

LNG Isn't Slowing Down

For all the enthusiasm over Baker Hughes' Power Systems business, executives did not ignore the markets for LNG and gas infrastructure, which have become larger parts of the company's portfolio. Related projects with a strong possibility to finish construction this year include Venture Global's (Arlington, Virginia) Plaquemines LNG Production Terminal in Davant, Louisiana, which is designed to produce 13.6 million metric tons per year of LNG for export. Venture Global has signed a slew of 20-year tolling agreements with customers such as Electricite de France S.A., ExxonMobil, New Fortress Energy, CNOOC, Shell and other heavy-hitters.

In July, Baker Hughes announced it would provide a modularized LNG system and power island to support Venture Global's U.S.-based LNG projects, as well as maintenance, inspection, repairs and engineering services for the first two phases of the Plaquemines terminal. Other key aspects of the sprawling complex that could finish construction this year include a natural gas pretreatment unit and a 720-MW combined-cycle gas turbine power unit, both of which feature technology from Baker Hughes.

Subscribers can learn more about Plaquemines LNG from a plant profile and detailed reports on the production terminal, pretreatment unit and power unit.

Other major LNG projects featuring Baker Hughes' services include NextDecade Corporation's (Houston) Rio Grande LNG export project in Brownsville, Texas; Kimmeridge Texas Gas LLC's (Houston) Commonwealth LNG terminal; and Cheniere Energy Incorporated's (Houston) Corpus Christi LNG complex in Gregory, Texas. Baker Hughes booked $2.3 billion of LNG equipment orders in 2025, and the company expects to see similar levels for 2026, including material orders outside of the U.S.

"Looking forward, LNG demand is expected to increase by at least 75% by 2040, driven primarily by growth across Asia," the company said in a press release. "Reflecting this strength and near-term order visibility, we expect to exceed our 2024--2026 LNG FID [final investment decision] outlook of 100 MTPA [million tons per annum], after reaching FID on 83 MTPA of projects over the last two years."

Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for active and proposed projects worldwide featuring Baker Hughes' services or technology.

Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.

Key Takeaways

• As its oilfield services business softens, Baker Hughes is finding plenty of work in its power systems and LNG divisions.
• Baker Hughes' pending acquisition of Chart Industries is expected to broaden its role in LNG and data-center development.
• Key aspects of Venture Global's Plaquemines LNG complex, on which Baker Hughes is working, could be completed later this year.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR News Intelligence) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 250,000 current and future projects worth $30.2 trillion (USD).