Baker Hughes (BKR) official guidance

the order pipeline is strong. Particularly across space, LNG, data centers, and industrial gases, and it supports our view of a book to bill above 1x in 2027.

And we expect book to bill to remain above 1x.

So as we step back and look at the total company level and we look at 2027, the first thing I would say is book to bill, we expect it to remain above 1x.

In The US alone, approximately 100 GW of incremental data center capacity is expected by 2035, requiring roughly 18 Bcf per day of incremental gas supply to meet the associated electricity demand.

As a result, we are increasing the midpoint of total company EBITDA to $5.265 billion

For the fourth quarter, we anticipate company revenue of $8.25 billion and adjusted EBITDA of $1.46 billion reflecting sequential revenue growth and margin expansion.

For Chart, we expect fourth quarter revenue of approximately $1.1 billion and EBITDA of approximately $195 million

Together with the realization of synergies, these improvements give us confidence that Chase EBITDA margins can reach 22% to 23% by the second half of 2028, with further expansion beyond that.

As such, we anticipate revenue of $3.55 billion and EBITDA of $715 million

Accordingly, we expect revenue of $3.6 billion in EBITDA of $640 million

With free cash flow totaling $2.1 billion year to date, we now expect full year free cash flow conversion of 45 to 50%.

In The US alone, approximately 100 GW of incremental data center capacity is expected by 2035, requiring roughly 18 Bcf per day of incremental gas supply to meet the associated electricity demand.

Against that backdrop, we expect global upstream spending to be broadly flat year over year.

For the full year, our early view right now points to low to mid single digit growth in global upstream spending.

With existing capacity and committed projects expected to bring global LNG capacity to approximately 800 MTPA by 2030.

We see future FIDs supporting further growth to 950 MTPA by 2035 as countries increasingly prioritize supply diversity and reliable power generation.

we remain confident in our ability to achieve net leverage of less than 1.5x by the second half of 2028.

What this all means is, you know, we remain constructive on 2027 for the company level revenue and margin growth expansion across the company.

As Lorenzo mentioned, we are raising our full year IET order outlook to $21.5 billion to $23.5 billion, which at the midpoint implies a book to bill of above 1.6x.

And we booked approximately $4 billion of LNG equipment orders year to date. And that could reach about $5 billion this year.