Name: Baker Hughes CEO Lorenzo Simonelli Outlines the Energy Reality of 2026
Uploaded: 2026-01-20T12:20:00Z
Duration: 6 min 3 s
Description: Lorenzo Simonelli, Baker Hughes CEO, speaks with the WSJ Leadership Institute’s Alan Murray at the World Economic Forum in Davos and discusses the geopolitical conflicts reshaping the global energy market, new opportunities in Venezuela, and reducing carbon emissions.

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Lorenzo Simonelli, Baker Hughes CEO, speaks with the WSJ Leadership Institute’s Alan Murray at the World Economic Forum in Davos and discusses the geopolitical conflicts reshaping the global energy market, new opportunities in Venezuela, and reducing carbon emissions. Photo: Michael Claudio/WSJ

https://m.wsj.net/video/20260120/6cb8f37f-f261-4381-aaaa-f730f2b74f72/1/hls/manifest-hd-wifi.m3u8

Lorenzo Simonelli, Baker Hughes CEO, speaks with the WSJ Leadership Institute’s Alan Murray at the World Economic Forum in Davos and discusses the geopolitical conflicts reshaping the global energy market, new opportunities in Venezuela, and reducing carbon emissions.

Baker Hughes CEO Lorenzo Simonelli Outlines the Energy Reality of 2026

I am here with Lorenzo Simonelli, the CEO of Baker Hughes. Lorenzo, thanks very much for taking a few minutes for us.

Great to be with you.

What's your mission in Davos this year?

Well, the mission is to really understand the complexities of the environment. We know that power is at the center of global GDP, and also the creation of GDP and Baker Hughes has a prominent role in being able to make sure the infrastructure is there for the future, making sure that all types of energy are available, security, affordability, sustainability, and the topics are at the center of what's gonna be discussed.

You know, for many years here in Davos there was talk about peak oil, that we were at the point where oil production was gonna start to go down. It doesn't look that way anymore, does it?

Well, I think you've seen over time that technology and advances has meant that there's a lot of resource available globally, and we've got an opportunity in particular to see this energy expansion take place. And we've got the technology at Baker Hughes to enable that to happen in a sustainable way, and in particular natural gas. I think that has been the big theme that has carried through in the last few years, and the abundance of gas and that really during this next decade of energy demand growth is gonna be critical.

You also are committed, have been committed to reducing carbon emissions. Can you do both at the same time, meet the massive new energy demands and reduce carbon in the atmosphere?

Yes, you can. And I think what's really relevant is that we've seen an increased demand from our customers on sustainable solutions. In fact, requests on emissions information has increased by over 8% in...

Alan: Really?

The customer requests that are coming towards us. And we think that you can do both. And it's important from a planet perspective, safeguarding what we have for the future and it's affordable, secure, sustainable energy. And as we look at the energy equation, it's really finding, rewriting the energy equation. And that is what Baker Hughes is doing for its technologies.

And your customers are still interested in that? There's been no decline in interest in emissions reduction?

There's been no decline. And if you think about it, it makes financial sense. We're actually able to provide efficiencies, lower cost of production by introducing new technologies that actually have lower emissions.

Yeah.

So it makes sense financially.

There certainly has been a decline in talk about carbon emissions here in Davos, in part because President Trump requested it. Does that matter?

I think again, if you look at it from a financial sense, it makes sense to introduce the new technologies. It also is good from a social perspective. So I think it's moving away from the aspect of climate change as being the discussion, and it's around what is lower emissions energy and what makes financial sense.

Yeah. So President Trump will be here tomorrow. The invasion of Venezuela of course is a big part of the backdrop. How has that changed the energy picture? And how has that changed Baker Hughes outlook?

You know, we're customary to changes that take place geopolitically, globally and through the decades we've seen many of these events and we stay focused on the long term strategy. Venezuela clearly is a country that is full of resource, we've known that. So it coming back on stream would provide an opportunity in the future. We have as Baker Hughes, a large installed base there.

You do?

Of rotating equipment. We're providing services to Chevron that currently has a license to be able to...

Yeah.

Participate there. So as they come back on stream, it's an opportunity for Baker Hughes. And again, we're focused on the long, long-term aspect of executing our strategy.

Yeah. So what do you think is the one thing folks here in Davos don't get about your industry?

I think there is a better realization now of the importance of energy sources really to drive industrial outcomes. And as you look at the aspect of generative AI, artificial intelligence, you look at the consumption that continues to grow. It needs dependable, sustainable, affordable energy sources. And there is an interlinkage between the two that is becoming very relevant. And that's why we like the positioning of Baker Hughes. We sit at the intersection of that technology portfolio of equipment and solutions that enable that connectivity between the industrial outcomes and the energy sources.

Well, the market seems to be happy with what you're doing. The value of your company is what doubled since you became CEO, hasn't it?

Great team effort. And you know, we are focused on the execution at hand and it takes a lot of the effort by all of the employees.

So one last question. As you look out across 2026, what do you see as the single biggest opportunity for business, and what do you see as the biggest risk?

Biggest opportunity, clearly is the continued theme of gas infrastructure. The continued growth in gas demand, which we see on a multi-year basis. And in particular also LNG continuing to be robust. There is an increase in consumption. We know that grid infrastructure is lacking. We know that many countries, including the U.S are gonna be short of power and we need to bring these energy sources into light. The biggest risk is managing obviously the geopolitics, and the uncertainties. And as we've always done, we've gotta be agile, we've gotta be nimble, we've gotta stay focused on what's core to Baker Hughes and see through some of the short term volatility.

Lorenzo Simonelli, thanks for taking the time. Have a great week here in Davos.

Thank you very much, Alan.

Thank you.

Join Alan Murray, President of the WSJ Leadership Institute, at the World Economic Forum for insights executives need to lead through 2026. He speaks with the biggest names and decision-makers shaping the business world—and all of our lives.