Lorenzo Simonelli

Well, Danny, great to be with you.

And yes, very pleased with the results of 2025 and also the fourth quarter.

And you should be thinking of Baker Hughes as really an energy technology company that intersects the industrial world of data centers, electrification, with also that of energy sources and understanding the molecule itself.

And we are benefiting from a portfolio that allows us to play in both.

And you've seen the increase in power generation behind the meter off grid applications.

Data centers, you've mentioned that we've taken up our target with regards to free billion during the course of twenty five to twenty seven, doubling our previous estimate and feel very good about the overall outlook for power generation, electricity consumption and doubling over the course of now to twenty forty.

You know, you look at us in energy and we've always said don't try and predict the oil price because it is emotional and it's going to be range bound.

As you look at the supply and demand aspects in 2026.

Again, we see an improvement in the back half of the year.

There's enough supply out there at the moment.

But as you look at beyond 26, demand continues to increase.

Oil is always going to be important.

It's going to be core for certain end markets.

And so we think it will be range bound and 2026, again, being relatively soft.

Venezuela is a clear opportunity for Baker Hughes.

And again, we have a long history just as a reference point back in 2012 across our oilfield services and also our industrial energy technology segments.

We were revenues of 500 million.

We've got a very large installed base of existing compressors, engines, oil production.

And we see that opportunity being there going forward as well as you look to ramp up production.

We have been operating within Venezuela under the license that's available and helping the operators with the license.