Baker Hughes flags lower spending by oil and gas producers in 2026

Shares of the oilfield services provider were up more than 6%, after it beat quarterly profit estimates, with industrial and energy technology orders doubling year-over-year to a record $7.1 billion. But Baker warned that the IET segment is expected to face a 1%-2% revenue hit from the disruptions caused by the conflict.

The company forecast third-quarter revenue from the IET segment between $3.17 billion and $3.47 billion, below analysts' expectations of $3.79 billion, according to data compiled by LSEG.

"While the overall impact from Middle East disruptions should remain modest, we expect some increase in logistics and inflationary pressures at our regional facilities during the third quarter," CFO Ahmed Moghal said.

However, Moghal added the impact of the Iran war is expected to be offset by strength in regions outside the Middle East.