BKR: Baker Hughes Secures 1.8 GW Power Framework with Kodiak Gas Services

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BKR: Baker Hughes Secures 1.8 GW Power Framework with Kodiak Gas Services

EQUITY RESEARCH QUICK TAKE

RBC Dominion Securities Inc.

Keith Mackey, CFA (Analyst)

Kate Ross, CPA (Associate)

July 8, 2026

Baker Hughes Company

Baker Hughes Secures 1.8 GW Power Framework with Kodiak Gas Services

NASDAQ: BKR | USD 54.47 | Outperform | Price Target USD 71.00

Sentiment: Positive

Our view: Kodiak Gas Services (covered by RBCCM analyst, Elvira Scotto) and Baker Hughes announced a multi-year strategic

agreement under which Baker Hughes will supply power generation equipment to support Kodiak's expanding energy

infrastructure platform. The deal is anchored by an initial award of approx. 1GW of gas turbines and generators to be delivered

by 2030, with a broader framework enabling up to 1.8GW over time. The initial major order, which was booked in 2Q26, is in the

>$500MM range. While the company has previously noted it expects to revise its data centre power supply order target upward,

we think this order provides incremental visibility to demand drivers behind its Power Systems business and should be positive

for the stock today.

Details

• Agreement terms. The multi-year rolling structure provides a framework for up to 1.8GW of capacity, anchored by an initial

1GW equipment award delivered by 2030. The order includes NovaLT16 gas turbines, Frame 5 gas turbines, and BRUSH Power

Generation generators. The rolling format aligns capacity commitments with evolving demand and phased project schedules.

The agreement also covers technical training, spare parts, and a mutual intent to establish a long-term services arrangement.

• Strategic rationale. The agreement provides Baker with a structured, multi-year demand pipeline for its NovaLT16 and Frame