Good day, ladies and gentlemen, and welcome to the Baker Hughes Company's Second Quarter 2025 Earnings Conference Call. At this time, all participants are on a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Mr. Chase Mulvehill, Vice President of Investigations. Sir, you may begin. Thank you. Good morning, everyone, and welcome to Baker Hughes' second quarter earnings conference call. Here with me are our Chairman and CEO, Lorenzo Simonelli, and our CFO, Ahmed Moghal. The earnings release we issued yesterday evening can be found on our website at bakerhughes.com. We will also be using a presentation with our prepared remarks during this webcast, which can be found on our investor website. As a reminder, we will provide forward-looking statements during this conference call. These statements are not guarantees of future performance and involve a number of risks and assumptions. Please review our SEC filings and website for the factors that could cause actual results to differ materially. Reconciliation of adjusted EBITDA and certain GAAP to non-GAAP measures can be found in our earnings release. With that, I'll turn the call over to Lorenzo. Thank you, Chase. Good morning, everyone, and thanks for joining us. First, I'd like to provide a quick outline for today's call. I will begin by discussing our strong second quarter results and recently announced transactions. I will then highlight key awards and technology developments announced during the quarter and provide some thoughts on the macro backdrop. After this, I will share an update on the exciting progress we are making in the distributed power space, with a particular focus on data centers. Ahmed will then cover our financial performance, followed by an overview of our portfolio optimization strategy and our outlook. Finally, I'll provide a quick recap before opening the line for questions. Let's now turn to the key highlights on slide four. We delivered another strong set of results, maintaining the trend of meeting or exceeding the midpoint of our EBITDA guidance for the 10th consecutive quarter. Adjusted EBITDA rose to $1.21 billion, reflecting a 170 basis point year-over-year improvement in margins. This was driven by the impact of structural cost actions and stronger operational execution. We continue to make clear progress in scaling our business system, a standardized platform that enables consistent strategy execution and delivers differentiated outcomes. These efforts are driving structural margin improvement, strengthening the resilience of our earnings, and laying the foundation for long-term value creation. This performance reflects strong execution across both segments amid ongoing macro and industry-related headwinds. Oilfield services and equipment delivered 90 basis points of sequential margin improvement, driven by stronger international and subsea and surface pressure systems revenue, as well as meaningful progress on cost-out initiatives. In industrial and energy technology, margins expanded by 190 basis points year-over-year, supported by the continued deployment of our business system, which is enhancing operational discipline and execution. IET orders continue to demonstrate strong momentum, totaling $3.5 billion in the quarter. Notably, this was achieved with no material LNG equipment orders, once again highlighting the strength and versatility of our technology portfolio as we further expand across energy and industrial end markets. This diversification is reflected in the growing demand for our data center solutions. During the quarter, we booked more than $550 million in power generation equipment orders for data centers. In addition, we experienced another strong quarter for gas tech services, upgrades, and transactional bookings, as customers focus on improving performance and extending the life of equipment. IET backlog grew 3% sequentially, reaching a new record of $31.3 billion, reinforcing the durability of our growth outlook. Following a strong first half and a positive outlook for the second half awards, we are confident in achieving IET's full-year order guidance range of $12.5 billion-$14.5 billion. Looking beyond this year, we see continued momentum for power solutions, sustained growth in new energy, and a robust pipeline of LNG and gas infrastructure opportunities, all of which support a constructive outlook for orders. During the quarter, we generated free cash flow of $239 million. Returned a total of $423 million to shareholders, including $196 million in share repurchases. Turning to slide five, we also announced three strategic transactions in the quarter to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. First, regarding divestitures, we entered into an agreement to establish a joint venture with Cactus, contributing surface pressure control in exchange for approximately $345 million, while maintaining a minority ownership stake. Additionally, we announced the sale of precision sensors and instrumentation to Crane Company. for approximately $1.15 billion. These proceeds will provide the company with increased flexibility to reinvest in higher growth, higher return opportunities, supporting further margin expansion and enhancing overall returns. Next, from a strategic acquisition perspective, we signed an agreement to purchase Continental Disc Corporation, a leading provider of pressure management solutions, for approximately $540 million. Continental Disc Corporation represents a high-quality bolt-on acquisition within IET, adding a highly complementary offering to our existing valve portfolio that expands our presence in the pressure and flow control market and brings margin accretive, lifecycle-based revenue. As we advance our portfolio optimization initiatives, we remain focused on executing a strategic and disciplined capital allocation approach to maximize long-term shareholder value. Overall, we made strong progress on multiple fronts during the quarter, and each of these actions supports our commitment to profitable growth, continuous margin expansion, and improving quality of earnings. Turning to slide six, we continue to build strong commercial momentum across new and existing markets, with growing synergy opportunities across our portfolio that enhance how we deliver value to customers while expanding our market presence. During the quarter, IET secured two significant data center awards. First, we received our largest data center award to date for 30 NovaLT gas turbines. These units will deliver almost 500 megawatts of power to data centers in the United States and operate on a blend of natural gas and hydrogen, supporting both reliability and lower carbon operations. Second, we received an order for 16 NovaLT gas turbines, representing up to 270 MW of power, for deployment at Frontier's data centers in Wyoming and Texas. This award is the first phase of the previously announced enterprise-wide agreement with Frontier to advance power solutions and large-scale carbon capture and storage. These awards reflect the accelerating long-term demand for distributed, lower-carbon power in support of digital infrastructure. This trend is also unlocking greater commercial synergies across our power and decarbonization portfolios, reinforcing the potential for sustained data center and new energy growth. In total, IET booked 69 NovaLT units this quarter, with more than 70% allocated to data center projects. Year to date, we have secured almost 1.2 GW of NovaLT capacity for data center applications, highlighting our expanding role in enabling the growth of digital infrastructure through flexible, lower-carbon power solutions. We are also expanding our pipeline of future digital infrastructure opportunities. At the recent Saudi-U.S. Investment Forum, we signed an MoU with DataVolt for data center projects globally, which includes plans to power data centers in the Kingdom with our NovaLT turbines using hydrogen from NEOM. Beyond data centers, we continue to see strong demand in gas infrastructure. In Saudi Arabia, we secured an award for four NovaLT turbines to support Aramco's master gas system free pipeline. Also, in climate technology solutions, we signed a framework agreement with [Energet] to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving emissions reduction for gas infrastructure in Denmark. In GTS, we secured more than $350 million in contractual service agreements during the quarter, strengthening our backlog of recurring revenue. Key awards included a new maintenance agreement with PETROBEL to improve uptime and reliability of critical turbomachinery equipment, and a renewal of a multi-year service contract with Oman LNG, featuring remote monitoring and diagnostic services delivered through our Eye Center. In new energy, we continue to build momentum internationally, where we have historically seen the greatest concentration of orders. During the quarter, CTS secured one of the largest CCS orders to date, providing compression technology for a large CCS hub in the Middle East. In geothermal, we successfully drilled Lower Saxony's first productive deep exploration well in Germany. This project highlights the strength of our integrated well construction and production solutions capabilities, supported by advanced digital solutions that optimize performance. In OFSE, we maintain strong momentum in production and mature asset solutions, booking several meaningful awards. Notably, we signed a significant master services agreement with Aramco for installation and maintenance of electric submersible pumps across the Kingdom. We also received two large multi-year contracts to help optimize production, throughput, and reliability for two major operators in offshore Angola and the U.S. Gulf Coast, leveraging our chemicals, artificial lift, and digital solutions. In Norway, Equinor awarded us a contract to industrialize offshore plug and abandonment operations in the Osnabrück East field, which followed the announcement of a new multi-year framework agreement for integrated well services. OFSE also secured a multi-year contract to provide drag-reducing chemicals to be deployed on two major offshore pipeline systems operated by Genesis Energy. To support this agreement, we will expand our chemicals manufacturing footprint and deploy Leucipa, our digitally automated fuel production solution. Also, for Leucipa, we received an award from Repsol for next-generation AI capabilities and entered into a new agreement with E&I to deploy Leucipa for ESP optimization and AI-driven predictive analytics in the Middle East. Continuing on digital, Cordon Solutions secured a notable contract with a large NOC to deploy asset performance management for several compressor stations in the Middle East. Cordon Solutions was also awarded a contract with Nova Chemicals to optimize maintenance and maximize production across multiple petrochemical facilities, leveraging APM's asset strategy and asset health digital offerings. Overall, it was another strong quarter, both from a commercial and technology engagement perspective. We are building strong order and technology pipelines that extend beyond our traditional oil and gas markets, creating additional lifecycle growth opportunities that further enhance our earnings and cash flow durability. Turning to the macro on slide seven, amid continued macro uncertainty, I want to take a moment to reaffirm the strong long-term fundamentals underpinning our business. Global energy demand continues to grow, supported by durable secular macro trends that are shaping the future of the energy landscape. Population growth, particularly in emerging markets, is driving baseline demand for energy across residential, mobility, and infrastructure. At the same time, continued economic development and industrialization are expanding energy needs across critical sectors such as manufacturing, transportation, and technology. Urbanization and the global push for electrification are accelerating the build-out of modern energy systems. This includes both expanding access to reliable electricity and supporting new demand drivers like data centers and industrial decarbonization. Amid this backdrop, there is a global push for lower carbon solutions as countries advance their emission reduction goals. In response, we are seeing increased investment in clean power, CCUS, emissions abatement, geothermal, and hydrogen. These markets require scalable, flexible, and efficient energy solutions, capabilities that are core to Baker Hughes and essential to enabling a lower carbon economy. Consistent with this trend, we booked $1 billion in new energy orders during the quarter, bringing year-to-date bookings to $1.25 billion, already matching our total for last year. As a result, we now anticipate exceeding the high end of our $1.4 billion-$1.6 billion order range for this year. This performance reflects increasing global demand for lower carbon solutions and reinforces our confidence in achieving our $6 billion-$7 billion order target by 2030. Collectively, these macro trends support a strong long-term outlook for the global energy and industrial landscape, as customers increasingly prioritize efficiency, reliability, and sustainability. It is an environment aligned with our strengths and one that positions us to capitalize on the significant opportunities ahead. Now turning to natural gas, we continue to see growing divergence between oil and natural gas fundamentals. Its abundance, low cost, reliability, and lower emissions set natural gas apart from other fossil fuels. This view is increasingly being validated across policy and market dynamics. While we expect significant growth from renewables, scaling these technologies at pace required to meet growing energy needs remains a challenge, particularly in light of supply chain constraints, permitting delays, cost inflation, and less favorable policy support. These challenges further reinforce the positive long-term outlook for natural gas. By 2040, we expect natural gas demand to grow by over 20%, with global LNG increasing by at least 75%. This growth outlook creates a favorable environment for Baker Hughes. We are already seeing strong momentum, booking $2.9 billion in gas infrastructure equipment orders over the past six quarters, a trend we expect to continue as countries turn to natural gas to support power generation and industrial development. In LNG, approximately 60 MTPA of additional FIDs are needed over the next 18 months to reach our three-year target of 100 MTPA, which would bring the global installed base to our long-held target of 800 MTPA by 2030. Beyond this, we see continued growth in the installed base as energy demand and emissions reduction efforts converge. This year, LNG demand continues to grow rapidly, up 5% year over year, as softness in China is more than offset by strength in Europe. This increase in demand is driving sustained momentum in LNG contracting activity. For example, Wood Mackenzie reports 49 MTPA of long-term LNG offtake contracts have been signed in the first half of the year, positioning 2025 to exceed the record 81 MTPA signed last year. Now turning to oil markets. This year has been marked by heightened volatility, with Brent prices ranging from a low of $60 per barrel in early May to a high of $77 per barrel in June, with continued volatility into July. The market continues to navigate cross-currents, balancing weakening demand and rising OPEC+ production against persistent geopolitical risks in both the Middle East and Russia. As we look into the second half of the year, we expect continued volatility as OPEC+ accelerates the return of its 2.2 million barrels per day of idle production into what we anticipate will be a soft market. Ultimately, until all excess OPEC+ barrels are absorbed by the market, we anticipate oil-related upstream spending will remain subdued. On global upstream spending, we maintain our outlook for a high single-digit decline this year. In international, we now expect spending to decline toward the high end of our mid to high single-digit range, given downward pressure in key countries such as Saudi Arabia and Mexico. In North America, we still project spending to decline in the low double digits. These forecasts assume current oil prices hold and no further trade policy escalation. Any meaningful deterioration in EVA could present incremental downside. Longer term, we expect oil demand to grow beyond 2030. To meet that demand, significant investments will be required. In addition, we anticipate growing customer focus on mitigating reservoir decline and optimizing production efficiency. This underscores our strategic focus on mature asset solutions in OFSE. These technologies will improve production reliability, boost fuel performance, and expand our presence in more durable OPEC-led production markets, increasing the resilience of our revenue base. Turning to slide eight, I wanted to take a few minutes to discuss the opportunity we see in distributed power solutions for data center market and beyond. Distributed power represents a compelling growth factor for Baker Hughes, drawing on multiple parts of our enterprise, from industrial gas turbines and electric motors to geothermal and CCS technologies. This opportunity broadens our market exposure to digital infrastructure and reinforces the stability of our earnings and cash flow through lifecycle-driven equipment and service revenue. According to the IEA, global energy consumption from data centers is expected to more than double, reaching 945 terawatt hours by 2030. In the U.S., electricity demand for data processing alone is projected to surpass the combined power needs of all energy-intensive manufacturing sectors, including aluminum, steel, cement, and chemicals. To support this surge in power requirements, gas turbine manufacturers are experiencing robust order activity across both utility scale and sub-utility scale power applications. Our portfolio is well suited for the sub-utility scale behind the meter solutions, providing advanced technology and shorter deployment timelines with our hydrogen-ready NovaLT 12 and 16 MW turbines, as well as BRUSH Electric Generators. To meet rising demand, we continue to make targeted organic investments to enhance our NovaLT capabilities, including initiatives to increase power range and reduce startup times. In addition, activities are underway to significantly increase our manufacturing capacity by 2027, capitalizing on strong order visibility. In the utility scale space, our geothermal solutions offer customers reliable and scalable base load power, supported by IET's Organic Rankine Cycle, steam turbine technologies, and OFE's subsurface expertise. More broadly, we are seeing expanded market opportunities to deploy advanced and enhanced geothermal technologies to deliver dispatchable, low-carbon power to data centers. Additionally, we are collaborating on the development of the utility and industrial scale net power solutions, further expanding our power range and enabling near-zero emissions power generation. The growing frequency of grid disruptions is prompting industries with critical operations to seek more reliable on-site power solutions. This shift is especially evident in sectors like energy, healthcare, data centers, airports, and other mission-critical infrastructure, where our distributed power offerings are well positioned to meet this emerging need for behind-the-meter power. Building on the momentum from our recent data center-related awards, totaling more than $650 million year-to-date, we are making strong progress toward our three-year target of $1.5 billion. The pace of recent awards positions us to meet or exceed this target earlier than planned. Importantly, this excludes the substantial recurring revenue opportunity tied to aftermarket services, which typically generate one to two times the original equipment value over a 20-year period. In summary, the surging momentum in data center development is reinforcing IET's fundamental demand drivers while also increasing the pipeline of enterprise-wide opportunities. We are expanding into attractive high-growth markets beyond our traditional oil and gas space, creating new avenues for growth while further strengthening the durability of our earnings and cash flow. To conclude, it was another strong quarter for the company, with significant progress on several fronts despite the challenges presented by the external environment. Our focus remains on the areas within our control, most notably the continued deployment of our business system across the enterprise, which is driving productivity and accelerating our efforts to be a leaner, more efficient company. Baker Hughes is well positioned to deliver sustainable growth and create long-term shareholder value. We are excited about the future as we advance into the next phase of our journey. With that, I'll turn the call over to Ahmed. Thanks, Lorenzo. I'll begin with a review of our consolidated results and segment performance. I will then outline our portfolio optimization strategy and conclude with a summary of our outlook before turning it back to Lorenzo for final remarks. Starting on slide 10, as Lorenzo highlighted, we delivered another strong quarter of orders with total company bookings of $7 billion, including $3.5 billion from IET. This performance demonstrates continued customer confidence in our diversified portfolio and underscores the strength and breadth of our market-leading technologies and solutions. Adjusted EBITDA increased by 7% year-over-year to $1.21 billion, despite lower revenue, driven by strong margin expansion across both segments. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving greater productivity, stronger operating leverage, and more durable earnings. GAAP-diluted earnings per share were $0.71. Excluding adjusting items, earnings per share were $0.63, up one one% year-over-year. We generated free cash flow of $239 million. For the full year, we maintain our free cash flow conversion target of 45%-50%, with a typical stronger performance expected in the second half of the year. Turning to capital allocation on slide one one, our balance sheet remains in a very strong position. We ended the quarter with cash of $3.1 billion, a net debt-to-EBITDA ratio of 0.6 times, and liquidity of $6.1 billion. We also returned $423 million to shareholders. This included $227 million of dividends and $196 million in share repurchases. We remain committed to returning 60%-80% of free cash flow to shareholders. The portfolio optimization actions announced in the second quarter are expected to generate about $1 billion in net proceeds upon closure of these transactions, further strengthening our balance sheet and increasing flexibility for organic investments, shareholder returns, and value-accretive acquisitions. I will now highlight the results for both segments, starting with IET on slide 12. During the quarter, we secured IET orders totaling $3.5 billion, including record bookings for both CTS and Cordon Solutions, as well as a 28% year-over-year increase in GTS, driven by another strong quarter of upgrades and transactional orders. This brings our year-to-date total to $6.7 billion, which includes $1.9 billion in GTS, $1.4 billion for LNG and gas infrastructure, and more than $650 million for data center power solutions. These commercial achievements further underscore the versatility of our technology portfolio and our strategic positioning to benefit from multiple secular growth trends across the energy and industrial sectors. With a book-to-bill of 1.1 times for the quarter, IET achieved another record RPO of $31.3 billion. This RPO level and a structurally expanding installed base provide strong revenue visibility in the years ahead. IET revenue increased by 5% year-over-year to $3.3 billion, led by a 9% increase in GTS and a 22% increase in CTS, partially offset by the expected softness in industrial tech. Segment EBITDA growth significantly outpaced segment revenue, increasing 18% year-over-year as margins expanded by 190 basis points to 17.8%, despite some tariff-related headwinds. This performance was driven by record gas tech equipment margins and strong execution in Cordon Solutions, partially offset by CTS. These results clearly highlight the benefit of our business system implementation. Now in its third year, this disciplined operating model is focused on performance management, strategy deployment, and continuous improvement. Rooted in lean and Kaizen principles, it is equipping teams across the enterprise with tools to simplify workflows, eliminate waste, and improve execution, ultimately supporting progress towards our 20% EBITDA margin target. Turning to OFSE on slide 13, OFSE revenue in the quarter was $3.6 billion, up 3% sequentially. In international markets, revenue increased 4% sequentially, led by Europe and the Middle East, excluding Saudi Arabia, where activity continued to trend lower. We also saw solid growth in Latin America, driven by Mexico. While upstream activity in Mexico remained subdued, we experienced strong growth in chemicals as refiners worked to address rising crude quality challenges. In North America, revenue was up 1% sequentially. North America land revenues remained stable compared to the first quarter, outperforming the 3% decline in US onshore rig activity due to our strong weighting towards production-related work. Driven by disciplined execution and a continued focus on cost efficiencies, OFSE delivered EBITDA of $677 million, exceeding the midpoint of our guidance range despite a challenging market. Importantly, EBITDA margins expanded 90 basis points sequentially to 18.7%. Turning to slide 14, I'd like to take a few minutes to highlight the progress we've made on portfolio optimization and how we are advancing this strategic priority as we transition from Horizon 1, a period defined by significant operational improvement, into Horizon 2, which will be characterized by continued execution discipline and an increased focus on strategic growth, particularly in industrial, new energy markets, and mature asset solutions. We have remained focused on reshaping the portfolio to drive higher profitability and position Baker Hughes for more durable long-term growth. Including the $1.5 billion of expected proceeds from the PSI and SPC transactions, we will have generated over $2.5 billion in cash from a series of strategic actions since the merger in 2017. Our divested businesses will now be with owners where they are a stronger strategic fit, while enabling Baker Hughes to further streamline its portfolio and concentrate in higher margin recurring revenue opportunities. These transactions have unlocked significant value, strengthened our balance sheet, and enhanced our strategic focus and flexibility. We have also been disciplined in how we've redeployed this capital. Including the acquisition of CDC, we have reinvested approximately $1.8 billion to expand our industrial presence and align with long-term growth trends. Other notable investments include BRUSH Electric Motors, which expanded IET's driver and power generation offerings, and Altus Intervention, which strengthened our capabilities within mature asset solutions. We have also made early-stage investments in decarbonization technologies that, once commercialized, could drive meaningful long-term growth. The combination of the PSI divestiture and CDC acquisition is a clear example of our portfolio strategy in action. We are monetizing non-core assets and unlocking significant value while reinvesting into higher-margin, recurring-revenue businesses at attractive multiples that enhance returns. Collectively, these actions advance our strategy to reshape the portfolio for more resilient earnings and cash flows. They demonstrate our disciplined approach, prioritizing strategic fit, exposure to growth markets, accretive margins and returns, and lifecycle-based business models. Looking ahead, we'll continue to invest in opportunities that strengthen our industrial footprint and unlock meaningful synergies. Our ability to integrate acquisitions effectively is enabled by the strength of our business system. It provides the structure, discipline, and repeatability to execute with speed and consistency, accelerating synergy capture and driving faster value creation. With a net leverage ratio of 0.6 times EBITDA, we have ample capacity to pursue value-accretive opportunities, including high-return organic investments, disciplined M&A, and continued capital return to shareholders. This financial flexibility enables us to allocate capital with precision and purpose, with a clear focus on actions to accelerate revenue growth, enhance margins, improve returns, and strengthen our long-term position. Our ultimate objective remains the same: to maximize long-term shareholder value and position Baker Hughes for sustainable differentiated growth. Turning to slide 15, I want to provide an update on the dynamic trade policy environment and our outlook. In the second quarter, we estimate that the increase in tariff rates negatively impacted our EBITDA by approximately $15 million. We executed a series of mitigation initiatives that helped limit the financial impact, and these actions will continue to play a critical role in managing ongoing exposure. Since our trade policy update in our previous earnings call, there have been several changes, both implemented and proposed, relative to the tariff rates assumed in our original analysis. At a high level, our updated analysis suggests that these developments largely offset each other. As a result, we are maintaining the previously communicated estimate of $100 million-$200 million net EBITDA impact for the year. Note that this assumes recently announced tariffs are implemented as planned, no further trade policy escalation, including retaliatory tariffs, and continued success of our mitigation actions across both segments. We are tracking the risk for retaliatory tariffs in key regions. While not currently reflected in our net tariff impact estimate, we remain prepared to implement additional mitigation initiatives to limit, where possible, any further impact on our global operations and financial performance. Beyond the direct impact of ongoing trade policy shifts, we continue to monitor potential secondary effects, such as more cautious customer behavior and signs of broader economic weakness. Next, I would like to update you on our outlook. The details of our third quarter and full year 2025 guidance are also found on slide 15. The ranges for revenue, EBITDA, and depreciation and amortization are shown on this slide, and I will focus on the midpoint of our guidance. While there's still volatility around trade policy developments, we have been successfully executing our mitigation plans, and our underlying business continues to perform well. In light of these factors and consistent with our commitment to transparency, we are reestablishing full year guidance for both segments and the company overall. For the third quarter, we expect total company EBITDA of approximately $1.185 billion at the midpoint of our guidance range, led by continued strong growth in IET and resilient margins in OFSE. For IET, we expect third quarter results to benefit from continued productivity gains supported by the enhanced implementation of our business system, as well as strong revenue conversion from the segment's record backlog. Overall, we anticipate IET EBITDA of $600 million at the midpoint of our guidance range. For OFSE, we expect third quarter EBITDA of $665 million at the midpoint of our guidance range, which represents flat sequential margins on a slight revenue decline. Now turning to our full year guidance, we see continued strength in IET fundamentals, while OFSE remains challenged by subdued market conditions. Taking this into account, we expect total company EBITDA of $4.675 billion at the midpoint of our guidance range. In IET, we maintain the midpoint of our orders guidance range of $13.5 billion, given our solid first-half orders performance and positive outlook for the second half, particularly in LNG. Also, we are raising the guidance range for both revenue and EBITDA, increasing the midpoint for revenue to $12.9 billion from $12.75 billion and EBITDA to $2.35 billion from $2.3 billion. The major factors driving our third quarter and full year guidance ranges for IET will be the pace of backlog conversion in GTE, the impact of any aeroderivative supply chain tightness in gas tech, foreign exchange rates, trade policy, and operational execution in industrial tech and CTS. For OFSE, we are reestablishing full year guidance with midpoints of $14.2 billion for revenue and $2.625 billion for EBITDA, implying margin improvement despite lower revenue, driven by strong execution of our structural cost-out program and reinforcing the durability of our margins. Factors driving our third quarter and full year guidance range for OFSE include execution of our SSPS backlog, the impact on near-term activity levels in North American and international markets, trade policy, and pricing across more transactional markets. We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE, underscoring the strength of our portfolio and the benefits of our strategic diversification. In summary, we are pleased with the company's operational performance during the second quarter. OFSE delivered strong margin performance despite softness in the upstream market, while IET margins continued to progress towards our 20% target. We remained focused on elements within our control, streamlining operations and driving efficiencies that will benefit us well beyond the cycle. With that, I'll turn the call back over to Lorenzo. Thank you, Ahmed. Our strong second quarter results clearly demonstrate the continued progress we are making in transforming our operations and streamlining the organization, even in a challenging and uncertain market environment. As you can see illustrated on slide 17, we have evolved into a much more profitable energy and industrial technology company. At the midpoint of our 2025 guidance, Baker Hughes' EBITDA margin will have increased by almost 600 basis points over the past five years. Additionally, EBITDA has more than doubled over the same period. The magnitude of this improvement speaks to the substantial progress we've made and reinforces our confidence in the strategic vision we set out when we formed the company. We are entering horizon two from a position of strength, with a clear path to drive further growth and enhanced margins, underscoring our commitment to delivering long-term value for our shareholders. Our business system is a critical enabler for continued success, driving operational discipline, improving productivity, and accelerating the consistency of execution. We are now complementing our operational efforts with additional portfolio optimization actions. These transactions announced in the second quarter serve as a clear blueprint for our strategy, unlocking value from non-core businesses and recycling that capital into higher-margin opportunities aligned with our financial and strategic frameworks. In addition to our operational and portfolio progress, our complementary and versatile technology portfolio supports our strong position in key growth markets, including natural gas, new energy, and mature basins. This enables us to capitalize on emerging secular trends, driving sustained order momentum into Horizon 2 and beyond. The opportunities emerging within these growth markets are fostering enhanced commercial integration throughout the company. By leveraging our enterprise-wide customer relationships, cross-segment sales channels, and integrated offerings, we will be able to drive incremental growth and capture a greater share of our addressable market. To conclude, thank you to the entire Baker Hughes team for yet again delivering outstanding results. As we continue our journey to take Baker Hughes and energy forward, we remain committed to our customers, shareholders, and employees. With that, I'll turn the call back over to Chase. Operator, we can now open up for questions. Thank you. If you have a question at this time, please press star one one on your touchstone telephone and wait for your name to be announced. To withdraw your question, simply press star one one again. As a reminder, we ask that you please limit yourself to one question. Please stand by while we compile the Q&A roster. First question coming from the line of Scott Gruber with Citigroup, your line is open. Yes, good morning. Hi, Scott. Hi, Scott. Good morning. The margin performance across both segments was impressive, and the outlook in OFS was better than we expected given the backdrop. Can you just unpack the drivers of the margin performance a bit more? As we start to think about 2026, your confidence level in hitting the 20% mark in IET, and then thinking about OFS, given your internal drivers, do you think you can grind those margins a bit higher in a soft market, or is a kind of flat assumption a good starting point for us? Yeah, Scott, look, obviously, we're pleased with the way the teams have executed in the first half and also in the second quarter with that progress and continuous improvement despite the external headwinds. I think it's helpful as we think about it by segment. In OFSE, the EBITDA margins, as we pointed out, expanded by around 90 basis points sequentially to 18.7%. That was on the back of sequential stronger revenue as well as the progress we've made on cost efficiency. By cost efficiency, really, we're looking at a few things. We continue to streamline our cost structure, so right-sizing and making sure we understand the current activity levels, and simple things like removing duplication across the segment, which we've been doing for over a year. I think that's one piece on cost, but then also on price. We remain disciplined. Ladies and gentlemen, please stand by. Speaker line's now having some technical difficulties. Again, please stand by. Sorry. So sorry, we may have lost you for a second, but I was on IET EBITDA margins. The margins expanded by 190 basis points, close to 18% despite some tariff-related headwinds. That impacted margins, to be clear, by around 40 basis points in IET. The drivers of the performance are record margins in GTE. Cordon Solutions also contributed to solid performance. That's underpinned by our business system, which we've had in place for coming into its third year. I point out also OFSE and IET continuing to work together to implement the best practices on the business system across the company. Lastly, I'd say going forward, as we look at additional efficiency opportunities, we see it there. In IET, we're confident on the 20% margin target. In OFSE, similarly, we're closing the margin gap to our peers. We're focused on margins and not market share. Overall, pretty strong setup and the way the teams have been executing to make sure we have continuous improvement. Yeah, Scott, I'm not sure how much cut out there, but really, as you look at it from a trajectory of going forward, again, as Ahmed said, margin accretion is the name of the game. It's what we've stated with regards to the progression going forward. Great progress across both segments, even with some of the headwinds we see in the marketplace, in particular OFSE and the performance that they've been able to demonstrate. As we go forward, we aim to continue that margin progression into 2026. Thank you. Our next question coming from the line of David Anderson with Barclays, your line is open. Also, while we're here, if you could provide some insight to how these orders are starting to shape up for 2026, particularly with the data center orders on phase two, what looks to be far exceeding your prior targets there. Thank you. Dave, yeah, I'm very pleased with the order progress made in IET and, as you saw, bookings of $3.5 billion of orders in the quarter, taking the year to date to $6.7 billion. We're trending towards our midpoint of the full year guidance, as again stated, is $13.5 billion. This is as a result of strength and the strong visibility on orders in the back half of the year. We're confident in achieving that and continue to see strength in the overall market. As you look at orders today, it's been driven by non-LNG markets, gas infrastructure, data centers, GTS upgrades, and Cordon Solutions. Also, while we're here, if you could provide some insight to how these orders are starting to shape up for 2026, particularly with the data center orders on phase two, what looks to be far exceeding your prior targets there. Thank you. Dave, yeah, I'm very pleased with the order progress made in IET and, as you saw, bookings of $3.5 billion of orders in the quarter, taking the year to date to $6.7 billion. We're trending towards our midpoint of the full year guidance, as again stated, is $13.5 billion. This is as a result of strength and the strong visibility on orders in the back half of the year. We're confident in achieving that and continue to see strength in the overall market. As you look at orders today, it's been driven by non-LNG markets, gas infrastructure, data centers, GTS upgrades, and Cordon Solutions. Extending the life of the equipment that we have out there installed. And year to date, we booked $1.9 billion of GTS orders, which is up 28% versus last year. Also, upgrades very strong with orders up 165% for the same period. Transactional orders have increased by 20%. Very strong performance by the services side on the gas technology and also on the digital Cordon Solutions, achieving record orders. As you look at Cordon orders, up 16% year over year, record software orders, which rose by 56%. We see a long runway for continuous growth within Cordon as customers continue to increase the adoption and our large installed base that we've got as an opportunity, as well as balance of plant to go after from third-party equipment. We keep on gaining traction on our A center. Major milestone in the quarter is over 2,000 critical turbo machinery assets now connected. Looking at the second half, again, feel good about that midpoint of the range. We expect LNG orders to strengthen. The projects are there. We see further strength in GTS orders. Also, as we look to the second half, opportunities in the FPSO market that will start to materialize. For 2026, we see secular tailwinds across many of the end markets continue to strengthen. We expect solid momentum across LNG. We expect 2026 IET orders to be consistent with 2025 levels. In summary, feeling good about the start to the year, feeling good about the second half, and also the visibility we have into 2026 and beyond. Thank you. Our next question coming from the line of Arun Jayaram with JPMorgan, your line is open. Yeah, good morning. You guys have had a more muscular approach to the portfolio more recently with the three transactions announced in June. I was wondering, perhaps for Ahmed, if you could discuss perhaps the net impact from these three transactions as we think about sharpening our pencil on 2026, perhaps top-line or EBITDA thoughts. Maybe thoughts, Lorenzo, on further portfolio moves. Do you expect some of these moves to be focused in IET, OFSE, or both? Yeah. Hi, Arun. It's, look, I think on the impact, the first thing I'd highlight is that these transactions, we've never intended them to drive progress towards the OFSE and IET 20% margin targets. That's an important point. When you take the three transactions in aggregate that we announced in the second quarter, there's going to be a very modest benefit to both segment margins. When you roll that forward in terms of when we expect things to close and so forth, and you look at the net EBITDA impact from these three transactions in 2026, we expect that to be just over $100 million. Arun, adding to. The aspect of going forward, first of all, we're very pleased with the transactions we announced. Excited about the prospect of welcoming CDC into the family. Also, we exited businesses that are no longer aligned with the strategic priorities or return expectations, and they're going to better owners and better strategic fit for the future. What we've been able to do is unlock significant value and get some good valuations and redeploy that into accretive assets that come into the portfolio. As you look at it, that's really what we've highlighted within the prepared remarks about portfolio optimization continuing to be a key part of our strategy. We've been doing that since we came together in 2017, and it's fair to assume that we're going to continue doing that as we strengthen the portfolio through additional acquisitions and continue to look at the right divestitures. If you think about the two segments, we have over 30 businesses that are competing for capital. We're really concentrating on looking at where the stronger margin profiles are, the recurring revenue potential, and the long-term growth opportunities across all of the 30 and across the two segments. We do a rigorous assessment of each of the businesses, and it's natural to think that over time, there'll be evolution that takes place, and certain businesses may no longer align with our strategic priorities. On the further acquisitions, we'll continue to target opportunities that strengthen our industrial footprint and unlock meaningful synergies. We like businesses that offer margin accretive, lifecycle-driven revenue, and are poised to drive IET towards leading margins. In OFSE, we'll continue to focus on strengthening our leading franchise in production solutions and mature asset solutions, increasing our exposure to the more resilient opex-focused end markets. With a leverage ratio of 0.6 times and an additional $1 billion in net proceeds from the transactions that are yet to close, we have ample capacity to pursue value-accretive opportunities to strengthen the portfolio. Overall, the ultimate objective remains to maximize shareholder value, maintaining strategic and financial discipline, strengthening the earnings durability, and really continuing to position Baker Hughes for sustainable differentiated growth. Thank you. Our next question coming from the line of Sarapen with Bank of America, your line is open. Hi, good morning, Lorenzo and Ahmed. Morning. Morning. I have a question on the tariff side of things. I don't know if Lorenzo, you want to take it, or Ahmed, you want to take it. On the tariff side, your guidance, your outlook of $100 billion-$200 billion potential impact is the same as it was from three months back, right? We have probably seen a thousand headlines come out in the last three months. Maybe if you can just walk us through the puts and takes of what has happened over the past three months and what businesses are impacted. Maybe as a follow-up, I think if I heard you correctly, Ahmed, you said $15 million impact in the second quarter, right? It sounds like you are baking in higher impact in the back half of the year. If you can just walk us through that, the implied second half expectations, that would be helpful. Yeah, I'll let Ahmed take that one. Yeah, sure. Look, I think I'll break it out between, obviously, what we saw in the second quarter and then how we've underwritten our second half outlook. Maybe starting with the second quarter, the net tariff impact was approximately about $15 million to EBITDA. That was primarily U.S., China, and Europe. The split between the two segments was predominantly IET. As you sort of stated, when we look into the second half, we expect that the total net EBITDA impact to, at this stage, likely exceed $100 million in the second half with sequential increases in the third quarter and then again in the fourth quarter. That linearity really is driven by the way the actual inventory rolls through our balance sheet and then also any surcharges that come by through our supply chain partners, that actually comes through in the second half. To be clear, those types of impacts are clearly reflected in our guidance. What it does not include are any potential escalation of trade policies and also assumes that U.S.-China tariffs remain at today's levels. As we look at the actual mitigation actions and going forward, in the second quarter, we made significant progress. On some of the dynamics that we've seen in the overall environment, we saw positive developments in May with the temporary easing of the tariffs between U.S. and China. Those developments were, I'd say, largely offset by several recent negative tariff-related announcements. As an example, in early June, the U.S. announced and implemented an increase on steel and aluminum tariffs to 50%. In July, the U.S. announced a 50% tariff on copper imports scheduled to take effect sometime August 1. Also in July, the U.S. announced increased tariffs on U.S. imports from various countries, including Brazil, Canada, Mexico, and the EU. Those are set to take effect on August 1st, unless there's a trade deal that's reached beforehand. As we take all of these different variables and recognizing their dynamic, we have confidence in our mitigation actions that we put in place immediately. We have, as you know, a flexible global supply chain. We maintain our previously communicated estimate of the $100 million-$200 million net EBITDA impact for the year. Just as a reminder, this assumes the recently announced tariffs are implemented as scheduled, but it does not assume any further trade policy escalation, including retaliatory tariffs. Hopefully, it gives you a good framework of how we're underwriting the balance of the year. Thank you. Ladies and gentlemen, that was our last question. I will now hand you back to Mr. Lorenzo Simonelli, Chairman and Chief Executive Officer, to conclude the call. Yeah, thanks to everyone for taking the time to join our earnings call today. I look forward to speaking with you all again soon. Operator, you may now close out the call. Ladies and gentlemen, thank you for participating in today's conference. This concludes the program, and you may all disconnect.