Lorenzo Simonelli

Well, great to be with you.

And I think we all know that the aspect of price is very much driven by geopolitics and also what's happening day to day.

And it's hard to predict what's going to take place.

I think what we look at from a Baker Hughes perspective is the fundamentals.

And when we look at the long term, demand is increasing and we're going to need to see the supply come online as we look at the back half of 26 into 27.

So it will be range bound.

But again, it's going to be driven by other factors than just the demand and supply at this moment.

And you're seeing it increase based on the geopolitics situation at the moment.

I see that being a moment in time and as we said previously, as we look at the 27, 28, we've got strong demand signals and actually 26 will be a year where we trough and we see a recovery in the second half of the year going into 27.

You've already got early indications from what we're seeing from our customers in the Middle East in particular relative to rig activation and also the expectation that that supply-demand comes into balance.

And I think, again, you've got to look at the fundamentals longer term.

And whereas there's maybe oversupply at the moment, you see that coming correction into 27, 28.

And the fundamentals with population increasing, energy demand increasing, AI, oil and gas is on the rise, and you're going to need more supply.

So at the moment, I think there's a bifurcation.

Again, you've got a good supply of oil.

If you look at gas, gas is the winner longer term.

And as you look at the fundamentals as well, we see gas growing significantly over the course of now and 2040, an increase in natural gas by 20%.

And that's what's going to be fueling a lot of the data centers and also as we look at the energy demand being supplied by natural gas and the electrons being made by the gas turbines that we supply and others supply, and also the LNG that we're liquefying around the world and going to the various locations.

So there's a good supply of base oil, and gas is the winner.

Again, we recently took up our estimate from a turbine perspective to three billion of orders during 25 to 27.