00:00Yes, very pleased with the results of 2025 and also the fourth quarter.
00:05And you should be thinking of Baker Hughes as really an energy technology company.
00:10That intersects the industrial world of data centers, electrification.
00:15With also that of energy sources and understanding the molecule itself.
00:20And we are benefiting from a portfolio that allows us.
00:25To play in both and you've seen the increase in power generation.
00:30Behind the meter, off grid applications.
00:32Data centers, you've mentioned it, we've taken up our.
00:35Our target with regards to a free billion during the course of 25.
00:4027.
00:41Doubling our previous estimate and feel very good about the overall.
00:45Outlook for power generation, electricity consumption and doubling.
00:50Over the course of now to 2040.
00:52What's your outlook on the oil price here?
00:55What do you like about 2014?
00:56The уровень is released.
00:57Ctrles had Berry, Apple Filmστon's first row.
00:58ceu is released.
00:59I appreciate you being released.
01:00And I didn't put it all by before.
01:02Why don't you takeYs out to Belgrade, Lorenzo?
01:04Because it seems to me we're all jockeying for.
01:09�를 are alegres.
01:10Well, give me a feedback on the clip.
01:11We're all jockeying for all the words.
01:16Let me stay.
01:23and predict the oil price because it is emotional and it's going to be
01:28range bound as you look at the supply and demand aspects in 2020.
01:33Again, we see an improvement in the back half of the year.
01:38We have not seen enough supply out there at the moment but as you look at Beyond 26,
01:43demand continues to increase, oil is always going to be important, it's going to be core for
01:48certain end markets and so we think it will be range bound and 2020.
01:53Again, being relatively soft.
01:56Lorenzo, there's been a lot of optimism.
01:58Over the past couple of weeks and you and your peers about the opportunity in Venezuela.
02:03By some measures, you're one of the largest, if not the largest, having the largest base.
02:08of some of the machinery in the region itself.
02:10You've talked to our Bloomberg News colleagues before about
02:13optimism in Venezuela. Have you started yet to ramp up production?
02:18Are those plans in place to help with the infrastructure build out?
02:23Venezuela is a clear opportunity for Baker Hughes and again, we have a long
02:28history just as a reference point back in 2012.
02:33We have a lot of growth in the world across our oil field services and also our industrial
02:37energy technology.
02:38segments. We were revenues of 500 million. We've got a.
02:43very large installed base of existing compressors, engines.
02:48oil production. And we see that opportunity being there going forward as well.
02:53as you look to ramp up production. We have been operating within Venezuela.
02:58under the license that's available and helping the operators with the license.
03:03And we're obviously working closely with the administration and understanding.
03:08how we go in with the broader portfolio as the legal framework becomes understood.
03:13and also as we surely understand the safety of our operations and our employees.
03:18at the same time, 500 million dollars seems like small potatoes for a big company like Baker Hughes.
03:23and certainly for the opportunity that exists in Venezuela with.
03:27with.
03:28the largest oil reserves of any country in the world.
03:32how.
03:33how.
03:34high.
03:35do you think.
03:36it could go there in terms of revenue for you.
03:37and what kind of.
03:38guarantees, security guarantees do you need to see before investing more into that?
03:43economy.
03:44If you look at it from a 2012
03:48perspective, that was an annual number and you think what's happened to the production.
03:53Since then, it's been declining and the infrastructure obviously needs repair.
03:58It needs overhaul.
03:59So there's a significant opportunity not just from
04:03an OPEX perspective of annual activity, but really the infrastructure improved.
04:08And I wouldn't state a number right now, but clearly it's a
04:13an opportunity that we see given the reserves that Venezuela has and also the.
04:18backdrop of experience that we have that with regards to safety.
04:21Again, employees say.
04:23And just making sure that the right framework is there is important.
04:28It was there before.
04:29So again, working with the authorities to make sure it's in place.
04:33And we have good experience of navigating different environments as many other.
04:38companies do as well.
04:39So we are optimistic about Venezuela and we are.
04:43watching it closely.
04:44Have you had conversations with the administration?
04:46How easy and how seamless.
04:48are they going to make it in terms of things like getting any additional licenses you might
04:52need any.
04:53support from this administration?
04:54What are they willing to back up?
04:56Again, those.
04:58discussions are ongoing.
04:59I think you've seen some of those dialogues and also what's been said.
05:03by the administration and clearly there's a dialogue around incremental life.
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