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?
00:55Lorenzo, because it seems to me we're all jockeying for.
01:00more power everybody's paying up for electricity but oil as much as i
01:05drive continues to hang out in the doldrums right new york crude here at sixty
01:10dollars and fifty seven cents with all the geopolitical tensions um how
01:15long does crude stay this low you know you look
01:20at um as an energy and we've always said don't try and predict the oil price
01:25because it is uh emotional and it's going to be range bound as you look at the
01:30uh supply and demand aspects uh in 2026 again we see an
01:35improvement in the back half of the year uh there's enough supply out there at the moment
01:40but as you look at beyond 26 demand continues to increase oil
01:45is always going to be important uh it's going to be core for certain and markets and so
01:50we think it will be range bound and uh 2026 again being relatively
01:55lower the number of all your money is not going to be concerned for um
02:13your money has beenaffuga
02:00and your peers about the opportunity in venezuela by some measures you're one of the largest
02:05if not the largest uh having the largest base of some of the machinery in the region it's
02:10you've talked to our bloomberg news colleagues before about optimism in venezuela
02:15have you started yet to ramp up production are those plans in place to help
02:20with the infrastructure build out venezuela is a
02:25clear opportunity for baker hughes and again we have a long history uh just as a reference
02:30point uh back in 2012 uh across our oil fields
02:35and services and also our industrial energy technology segments we were
02:40uh revenues of 500 million uh we've got a very large installed base
02:45of uh existing compressors engines uh oil production uh and
02:50we see that opportunity being there going forward as well as you look to ramp up production
02:55and we have been operating uh within venezuela under the license that uh available
03:00and helping the operators with the license and we're obviously working
03:05closely with the administration and understanding how we go in with the broader portfolio
03:10and also as the legal framework becomes understood and also as we uh surely
03:15understand the safety of our operations and our employees at the same time 500 million
03:20dollars seems like small potatoes for a big company like baker hughes and certainly for the uh
03:25the opportunity that exists in venezuela with the largest oil reserves
03:30of any country in the world um how high do you think it
03:35could go there in terms of revenue for you and and what kind of guarantees security guarantees
03:40do you need to see before investing more into that uh economy
03:45if you look at it from a uh 2012 perspective that was an annual number
03:50and you think what's happened to the production since then it's been declined
03:55and the mining and the infrastructure obviously needs repair it needs overhaul so
04:00there's a significant opportunity not just from a opex perspective
04:05of annual activity but really the infrastructure improvement going forward and uh
04:10i wouldn't state a number right now but clearly it's uh an opportunity that we see given the
04:15the reserves that venezuela has and also the backdrop of experience that we have there
04:20with regards to safety again employee safety and just making sure that uh
04:25the right uh framework is there is important uh it was there before so uh again work
04:30with the authorities to make sure it's in place and we have good experience of
04:35uh navigating different environments as many other companies do as well so we are
04:40optimistic about uh venezuela and we are watching it closely have you had conversations
04:45conversations with the administration how easy and how seamless are they going to make it in terms of things
04:50like getting any additional licenses you might need any support from this administration what what are they
04:55willing to back up again those discussions are ongoing i think you've seen
05:00some of those uh dialogues and also what's been said by the administration uh
05:05uh clearly there's uh a dialogue around incremental licenses how to uh
05:10invest how to invest how to think about the aspect of uh also payments
05:26you
05:15etc and all of that is being worked on uh you've got uh department of energy you've got
05:31you
05:20you've got the national energy dominance council you've got uh the secretary
05:36you
05:25and so there's a large team that's actively working this
05:28you
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