Weathering all kinds of storms – and being resilient

In times of extreme change, the safety and security of our team remain my highest priority. Change is nothing new, and in the energy industry we have weathered all kinds of storms. But this week we are all feeling volatility hit us harder than before.

Many of us have personally been impacted by COVID-19, whether through government-mandated quarantines, school closures, or travel restrictions. I have close family in Italy and friends and colleagues in affected countries around the world, so I share the feelings of those who are worried about the safety and well-being of others at this unsettling time.

How do we go forward in times like this? We can’t always predict the future, but we can stay in control. Throughout my career, I have learned that these situations test our resiliency but can also help build stronger teams, organizations, and communities. We must stay focused, over-communicate, be visible, and care for those around us. This is what I intend to do, and what I expect from my team so that we can manage through uncertainty.

While much is out of our hands, there is a lot we can do today. First, it is important to remain guided by our purpose as Baker Hughes: We make energy safer, cleaner, and more efficient for the people and the planet. Our purpose does not change with the economic climate, and though these are challenging times – in many ways, our ambition to help lead the industry through the energy transition is more relevant than ever. Our company values also guide us: grow, collaborate, lead, and care. The values keep us true to ourselves and remind us that how we get there is just as important.

The next few weeks will be important for us to keep looking ahead. We have great people, a strategic portfolio, and a solid strategy to manage through short and long-term challenges and opportunities. As I mentioned in my 2019 Annual Report shareholder note, we continue to focus on our financial priorities: profitable growth, margin improvement, and free cash flow conversion. We can do this – but only if we work together as one team.

We have been through unprecedented times before, and we’ve prevailed. We know how to work through ambiguity. But also, what I am most proud of – and what gives me hope – is how our community of employees and customers has recently come together to ensure the safety and security of our people. Thank you to the team, over and over again.

What will happen next? We can hope for one scenario vs another, but in the meantime our focus remains on staying resilient – controlling what we can, and making the right decisions, guided by our purpose. Together with our customers and our amazing 68,000+ employees, we will continue to take energy forward.