January 28-30 | Annual Meeting 2024 | Florence, Italy

Event proceedings
 EXECUTIVE SUMMARY

Energizing Change is about shifting paradigms, A focus on energy efficiency and digital
adopting new technologies, and fostering a culture
of innovation and inclusivity to achieve the
transformation
Refining processes and prioritizing efficiency are
trilemma objectives of energy security,
the cornerstone of the transition and key to
sustainability, and affordability.
revolutionizing not only the energy sector but
Energizing Change focuses on people. According industries across the board. In a recent study by
to the Edelman 2024 Trust Barometer, people the IEA, if we double our energy efficiency gains
are what grow businesses and businesses are annually until 2030, 50% of the global CO2
what people trust the most; more than NGOs, reductions needed to meet Paris Agreement goals
governments, and media. Businesses are also most will be achieved. Digital solutions are critical to
trusted to introduce new innovations. As we driving efficiency for intelligent operations, for oil
accelerate progress toward a net-zero future, we and gas well production with Leucipa™ , for
will do it by putting people first and energizing industrial asset management with Cordant™, and
change. AI is rapidly becoming a critical part of the solution.
The world is at a critical inflection point. Since
AM2023, the trilemma has been tested and pushed:
Mature assets solutions
Mr. Simonelli spoke about the importance of
• First global stock take of the Paris improving the performance of mature assets to
Agreement finalized at COP28, with 2023 being deliver shorter cycle, lower cost, lower carbon
the hottest year on record. footprint production compared with greenfield.
• COP28 reminded us that climate change At the Annual Meeting this year, we displayed a
remains very real and will continue to affect comprehensive set of innovative methodologies to
our global economies as well as energy accelerate production and total recovery while
affordability. lowering CO2 per barrel and cost of asset
2 • More geopolitical instability in 2023 than in retirement. This combined decades of insight and
decades, with energy security remaining industry-leading technologies to maximize the
critical. health and value of mature fields.
• Generative AI became the trend of the year,
Growth in New Energies
yet the technology is underutilized and widely
Mr. Simonelli emphasized the continued
misunderstood.
importance of new energies including hydrogen in
• The demand for hydrocarbons continues to driving sustainable energy development. He

The world of energy is changing,

rise, while at the same time electrification updated attendees on the progress of Baker
and decarbonization of industries continue Hughes’ partnership with Air Products, which
to mature. includes successful testing and start-up of 100%

with new demands being placed

It is time to enter a new phase of progress. If we are hydrogen-fueled NovaLT™16 turbines for Air
going to make this the “decade of action”, we must Product’s Net-Zero Hydrogen Energy Complex in
accelerate change to achieve more powerful Edmonton, Canada, and delivery of the first two
results.

Sustainable energy development

trains of advanced compressor solutions for the
NEOM project in Saudi Arabia. on both producers and users to
address the energy trilemma.
Energizing Change is about collaborating with
Mr. Simonelli, Chairman and CEO of Baker Hughes, customers and technology partners to build an
in his opening keynote, reminded the audience that ecosystem across industries; aligning company

It requires new ways of thinking,

sustainable energy development must come back initiatives with global initiatives like the UN's SDGs
into focus. It not only addresses the three factors of and COP28; navigating the complex terrains of ESG
the energy trilemma – security, sustainability, and requirements to deliver people-powered,

and the right people to do it.

affordability – but it also introduces efficiency by technology-driven energy solutions to meet the
repurposing and reusing built elements to create a needs of each region as they transition.
circular economy. It’s a mindset that balances the
needs of today with the needs of the future.
2 Explore the following pages
for key takeaways from the conference
proceedings
 DAY ONE

Keynote: Panel Discussion: Building Tomorrow’s Energy System Today:

Energy Solutions for a Net-Zero Future
HRH PRINCE ABDULAZIZ BIN SALMAN AL-SAUD
Minister of Energy, Kingdom of Saudi Arabia
Key Takeaways
MODERATOR: LUBNA BOUZA, Editor in Chief of Developing a suite of effective and credible climate
His Royal Highness Prince Abdulaziz bin Salman Al-Saud
Business News and a Presenter at Sky News Arabia technology solutions will be critical to eradicating the
PLENARY ONE

joined the Baker Hughes Annual Meeting via a virtual

keynote address. emissions required to achieve net zero by mid-century.
MARCO ARCELLI, CEO, ACWA Power
During his powerful speech, he reiterated his Panelists reviewed the most promising emerging
MEG GENTLE, Executive Director, HIF Global
commitment to energizing change. technologies and how they can work in concert to achieve
PRATIMA RANGARAJAN, CEO, Climate Investment a rapid and vast transformation to a cleaner global energy
system.
DANNY RICE, CEO, NET Power
Participants acknowledged the challenges to commercial
DARRYL WILLIS, Corporate Vice President, Energy &
viability and scalability and how they can be overcome.
Resources Industry, Microsoft

Keynote: Key Takeaways

Powering the • The transition towards a lower carbon energy mix requires
Ministerial Panel Discussion: collective effort. To support a multi-source, multi-speed and
Energy Transition
Is Global Governance the Solution for the Energy Trilemma? multi-dimensional transition, partnership is crucial. Aramco
is working with those partners to create a menu of lower
ABDULKARIM A. AL-GHAMDI, carbon energy sources such as e-Fuels, renewables and
MODERATOR: DAN MURPHY, Anchor and Correspondent, EVP Gas, Saudi Aramco hydrogen to become a major supplier of lower carbon
CNBC energy.
U.S.A. | BRAD CRABTREE, Assistant Secretary for the U.S. Key Takeaways • Aramco is using cutting edge technology, like carbon
Department of Energy’s (DOE’s) Office of Fossil Energy and capture, utilization, and storage, to reduce emissions from
Carbon Management • With global citizens demanding faster conventional, reliable sources of energy.
4 progress towards net zero goals, government 5
GERMANY | DR. JÖRG KUKIES, State Secretary at the policies are adapting to accelerate the • A new company, Aramco Digital, was created to spearhead
Federal Chancellery achievement of transition targets. digital and AI innovations, where the right investments can
deliver lower emissions and higher reliability for the industry.
TURKEY | AHMET BERAT CONKAR, Ministry of Energy and • A global governance framework could
Natural Resources eradicate global emissions and the panel
ITALY | VALENTINO VALENTINI, Deputy Minister, Ministry discussed how policy can help accelerate.
of Enterprise and Made in Italy • The panel reviewed the mechanisms in place
The energy trilemma represents the greatest challenge of to attract and de-risk financing for transition Panel Discussion: US Energy Policy: The Good, the Bad and the Ugly
our time. Governments across the globe are facing ever projects and technologies.
The IRA and IIJA have precipitated a seismic shift in
growing pressure to ensure reliable, affordable supplies of MODERATOR: RITA LOFANO, Editor in Chief, AGI investment in and development of low carbon energy
energy while simultaneously focusing on sustainability. JACK FUSCO, President and CEO, Cheniere Energy solutions in the US and have inspired pro-climate legislation
in jurisdictions across the globe.
PAUL MARSDEN, President, Bechtel Energy
The panel addressed the potential scale of impact of the IRA
MIKE SOMMERS, CEO, API
and IIJA globally on development of new energies, but also
discussed the recent decision of the Biden-Harris
administration to temporary pause on pending approvals of
LNG exports and its potential implications.
Keynote: QatarEnergy LNG—Energy Transition Journey
KHALID BEN KHALIFA AL THANI
Panel Discussion: Decarbonizing the Aviation Industry: How Airports

AVIATION LUNCHEON
CEO, QatarEnergy LNG
The keynote primarily focused on three key areas: Deliver Results Through Innovation and Collaboration

1 QatarEnergy LNG’s expansion

projects are being built on
company pillars of safety,
sustainability, and quality to
2 QatarEnergy LNG is committed
to building its expansion
projects without compromising
standards of safety, availability,
3 QatarEnergy LNG is undertaking
robust environmental practices
through initiatives such as a
CO2 Sequestration project and
MODERATOR: NASER EL TIBI, Senior Producer and
Presenter, Al Arabiya
With growing concerns related to power
demand/supply and climate change,
innovative solutions are becoming essential
STEVE BARTH, Managing Director, Vitol
ensure continued efficient and reliability, and environmental Coral Management Program. for future airport business continuity and
reliable operations. protection. BRIAN COBB, CIO, CVG Airport carbon “net-positive” operating scenarios.
KAVEH DABIRAN, Managing Director, Planning & The panel assessed the opportunities and
3
Development, Corporate Real Estate, United Airlines best practices that exist to deliver the right
solutions through innovative partnership
DWIGHT PULLEN, SVP Aviation, AECOM
frameworks.
JORGE ROBERTS, CEO, Avports
 DAY ONE

Keynote: Future Economy: Securing Growth Opportunities Fireside chat: The role Key Takeaways
in a Period of Profound Change of oil and gas in a secure, • It’s clearer than ever that the world wants and
needs secure, affordable and lower carbon energy.
affordable and lower Achieving that takes balance.
ANDREW BUSCH, Economic Futurist
carbon energy system bp is taking an AND not OR approach to
PLENARY TWO

•
The keynote primarily focused on three key areas: energy. Investing in today’s energy system, which is
Post-COVID-19 economic Geopolitical influences on the Emerging economic opportunities: MODERATOR: NASER EL TIBI, mostly oil and gas – keeping energy flowing to
transformations: The talk highlighted economy: The speech delved into the It identified new growth prospects in Senior Producer and Presenter, Al where it is needed. AND, not OR, investing in the
the global economic shifts following economic impact of the Ukraine war addressing challenges like climate Arabiya businesses driving the energy transition.
the COVID-19 pandemic, including and China's distinct economic change, demographic shifts, and
changes in consumer behavior and strategies, illustrating how energy needs, stating these as critical GORDON BIRRELL, • As an integrated energy company, bp aims to safely
EVP of Production & Operations, bp and efficiently produce a range of energies, such as
the response of governments and geopolitical factors are significantly areas for future economic expansion
oil and gas, fast EV charging, renewables, hydrogen
central banks. influencing the global economy. and innovation.
and more. bp aims to deliver them to the customers
in the way they want.

Panel Discussion: How Oil and Gas Producers can Energize Change
Through Their Operations
MODERATOR: AMRITA SEN, Founder Key Takeaways Panel Discussion: The Reward and Risk of AI in the Industrial Sectors
and Director of Research, Energy Aspects • The industry must ensure its
MODERATOR: PATRICIA FALCO BECCALLI,
ADRIANO MONGINI, CEO, Azule Energy operations are efficient and
Moderator & Former Journalist, Principle AG
productive. Artificial Intelligence (AI) has the potential to
NICOLAS TERRAZ, President of Exporation & Production, ED ABBO, President and CTO, C3.ai
The decarbonization of revolutionize the energy industry, driving
TotalEnergies •
operations is transforming the ARKADIY DOBKIN, Founder, CEO and Chairman, digitalization and predictive capabilities.
DATUK ADIF ZULKIFLI, Executive Vice President & CEO lifecycle management of oilfields, EPAM Systems. Inc. However, it also exposes vulnerabilities.
6 Upstream, PETRONAS from improving output of The panel reviewed the role of generative AI
JEFF MIERS, Global Director of Partners and Alliances
Oil and gas will remain vital components of the energy mix brownfield sites to fully integrated versus traditional AI in the energy industry-
for Energy and Utilities, Amazon Web Services (AWS)
for many years to come and production will be essential for well abandonment campaigns. particularly how it can enable electrification or
delivering the transition. Producers must prioritize the AHMED RAHIMI, COO, Qatar Fertilizer Company smart grids supply/demand balancing.
• The role of digitalization of the
effective decarbonization of upstream operations in order (QAFCO)
oilfield is critical to unlock Participants debated the way in which AI can
meet transition goals. What does the decarbonization of efficiency gains, and help the FRENCESCA ZARRI, Director of Technology, help us reach net-zero and make energy
upstream operations resemble? industry become a part of the R&D & Digital, Eni production more sustainable.
circular economy.

Panel Discussion: Time for Action: How Different Industries are

Championing Sustainability
MODERATOR: PATRICIA FALCO BECCALLI, Closing keynote: Key Takeaways
Moderator & Former Journalist, Principle AG Key Takeaways AI is Eating the • Before 2022, the world was already experiencing
JENNIFER HOLMGREN, CEO, LanzaTech Global • Effective programs must scale up to make major gains
in emissions reduction. Companies must adapt to the World: How to “digital Darwinism” and was challenging leaders to
rethink businesses to become digital-first.
MARK HUTCHINSON, CEO, Fortescue Future
Industries
new reality whilst continuing to deliver returns to
shareholders.
Lead, not Follow in • ChatGPT, the fastest-ever growing technology,
FRÉDÉRIC LISSALDE, President & CEO, BorgWarner • The energy industry, agriculture, fashion, transportation an AI-first world shifted the world from becoming digital-first to
becoming AI-first. And after that, the world was no
DANA THOMAS, Journalist & New York Times and consumer food and drink; these industries are longer evolving linearly, AI has put us on a path of
Bestselling Author some of the biggest contributors to emissions. BRIAN SOLIS, unimaginable exponential transformation.
Head of Global Innovation,
Producing an estimated 9.0Gt of CO2 in 2022, the • To do their part to get to net-zero by 2050, the panel ServiceNow • Becoming AI-first business means acknowledging
industrial sector accounts for around 25% of global acknowledged common challenges and how to solve that in the very near future, AI will be the smartest
energy emissions. To reach the net zero target by them. person in the room, meaning now’s the time to
2050, the sector’s emissions must fall to 7Gt by 2030 • It’s about managing energy usage and the circular power-up, open our minds, and invest in AI to
(IEA). In pursuit of this goal, organizations have collaborate toward new outcomes.
economy, spearheading real change whilst continuing
sought to implement creative and innovative
to supply the energy people and industry need.
4 programs and partnerships to reduce footprints
and promote circular strategies.
 DAY TWO

Keynote: Panel: Natural Gas as a

Energizing change in Key Takeaways Credible Accelerator to Key Takeaways
the chemical industry The keynote focused on the following points: Net-Zero Future? • The group reviewed the potential of natural gas
and LNG. The role of CCUS and methane
• Participants learnt about Syensqo’s 160 years
PLENARY THREE

emissions abatement was also discussed in this

ILHAM KADRI history of change, and its most recent 5-year MODERATOR: NASIR EL TIBI, Senior Producer and context.
CEO, Syensqo transformation which recently ended with the Presenter, Al Arabiya
separation of Solvay and Syensqo, followed by the • The panel debated natural gas’ credibility as an
As a global leader in specialty chemistry and IPO of Syensqo. ALESSANDRO PULITI, CEO and General Manager, accelerator to net-zero, against other energy
advanced materials, enabling electrification, Saipem S.p.A sources such as nuclear and renewables.
green hydrogen, lightweighting and • The keynote provided examples of collaboration
and co-innovation with partners, including Baker TOBY RICE, CEO, EQT • The discussion covered how to ensure there is
biosourced solvents and surfactants, Syensqo
is truly energizing change across industries Hughes, as well as its 44 active projects across the TIGHE SMITH, Chief Nuclear Officer, Paragon Energy enough security of supply.
including automotive, aerospace, energy, world, designed to accelerate the energy transition. Solutions • The panel concluded the conversation on
industrial and consumer goods. • The CEO reminded the audience in her keynote that natural gas reforming being an essential
MARIA SFERRUZZA, Executive Director International
the company plans to be carbon neutral by 2040, Engineering, Construction & Solutions, SNAM element to enhance hydrogen production, and
10 years earlier than its earlier engagement. how hydrogen can interplay with existing natural
Natural Gas and LNG have significantly lower emissions gas infrastructure based on each perspective.
than its other hydrocarbon counterparts, but does this
make it the right energy source of the future?
Panel Discussion: The Economic Stairway for Hydrogen
MODERATOR: TIM MCDONNELL, Climate & Energy
Editor Semafor
GERRITT MARX, CEO, Iveco Group
Key Takeaways Panel Discussion: Not Scorching the Earth:
ALESSANDRA PASINI, Co-Founder and President,
Zhero • The panel provided perspectives on what a robust The Role of Responsible Supply Chains post-COP28
hydrogen supply chain could look like.

SUSTAINABILITY LUNCHEON
8 PIERRE-ÉTIENNE FRANC, CEO, Hy24 and Co-
founder & Chairman, FiveT Hydrogen • With project costs remaining high, developers need to MODERATOR: ALLYSON BOOK, Chief Sustainability
put in place strategies to de-risk investment. Officer, Key Takeaways
The pipeline of global hydrogen projects has risen
• Panellists shared their views on the different hues of Baker Hughes • The panel agreed that companies must create
beyond expectations and if all projects are realized,
global capacity could exceed 420GW by 2030 (IEA). hydrogen and if they really matter. MORGAN BAZILIAN, Director, Payne Institute for sustainable supply chains that consider
Concerns remain, however, regarding the assurance Public Policy, and Professor at Colorado School of environmental and social impacts.
• One of the conclusions was that producers and
of demand in the medium to long term thus the consumers need to collaborate to create a global Mines • Accurate lifecycle assessment is essential to help
establishment of robust supply chains linking hydrogen economy. calculate Scope 3 emissions.
RICHARD NEWELL, President and CEO, Resources
demand centers with production are required to
for the Future • Cross-industry collaboration is essential to
ensure investor confidence and secure funding.
DANA THOMAS, Journalist and New York Times develop best practices in creating responsible
Bestselling Author supply chains.

CHARLOTTE WOOLF-BYE, Vice President, Chief

Sustainability Officer, PETRONAS
Panel Discussion: Financing for Net-Zero (or How to Fund the Trilemma?) While the world arrived at a landmark global
consensus at COP28 to keep 1.5C within reach,
MODERATOR: HELIMA CROFT, Managing Director and Global
Head of Commodity Strategy, RBC Capital Markets
Key Takeaways accelerating energy transition means accounting
for entire value chain emissions, including indirect
FAHAD ALAJLAN, President, King Abdullah Petroleum Studies • The panel shared emissions (Scope 3).
and Research Center (KAPSARC) perspectives on how to fund
new energies such as
ARNAUD PIETON, CEO, Technip Energies hydrogen, CCUS, renewables
TAKAYUKI UEDA, President & CEO, INPEX and geothermal.

H.E. DR. SAAD HAMAD AL BARRAK, Former Deputy Prime • They discussed in turn the role
Minister, Minister of Oil and Minister of State for Economic & of government in financing
Investment Affairs, Kuwait and Executive Chairman, ILA Group mechanisms. In his closing remarks, Mr Simonelli invited the audience to
The bill for achieving net zero will total into the trillions of dollars. • The group also debated join the next Baker Hughes Annual Meeting, to be hosted on
Someone somewhere has to pay for new infrastructure, new whether the oil and gas
industry should have a place Feb 2-4 2025, in Florence, Italy. Save the date.
technologies, research and development. But who should it be?
Innovative funding models that will meet the disparate needs of at the table when it comes to
5 financing net-zero.
economies across the globe will be required to bolster investor
confidence and stimulate cash flows to transition projects.
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