Good day, ladies and gentlemen, and welcome to the Baker Hughes Company first quarter 2026 earnings call. At this time, all participants are in 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 call, Mr. Chase Mulvehill, Vice President of Investor Relations. Sir, you may begin. Thank you. Good morning, everyone, and welcome to the Baker Hughes first 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 and presentation available on our investor website. 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 with a summary of our first quarter results and recent portfolio actions, then highlight key awards and address the evolving macro environment, including the ongoing situation in the Middle East. I will then turn it over to Ahmed, who will present an overview of our financial results, as well as provide guidance for the second quarter and review our outlook for the full year. He will also share an update on the progress with Chart integration planning and discuss recent actions to further optimize our portfolio. To conclude, I will highlight the progress we continue to make in positioning Baker Hughes as a leading provider of industrialized energy solutions, and then we'll open up the line for questions. Let us turn to slide four. Against the backdrop of ongoing conflict in the Middle East, our top priority remains the safety and well-being of our employees and their families. We remain in close contact with our team and continue to monitor the situation closely, and I am proud of our team's resilience. Despite a complex operating environment, we delivered another strong quarter of financial results, reflecting the strength of our portfolio and disciplined execution, which more than offset the significant impact of regional disruptions. For the first quarter, adjusted EBITDA totaled $1.16 billion, exceeding our guidance range as we continue to deepen our exposure into adjacent end markets and drive structural operational efficiency. Adjusted earnings per share were $0.58, 13% above the same quarter last year, even as results were impacted from the Middle East conflict, the PSI divestiture, and the formation of the SPC joint venture. Adjusted EBITDA margin rose 140 basis points year-over-year to 17.6%, driven by strong IET performance, partially offset by lower OFSE margin. Turning to orders, IET delivered another outstanding quarter, with bookings reaching a record of $4.9 billion, marking the third consecutive quarter above $4 billion. This performance reflects ongoing strength across energy infrastructure, highlighted by $1.4 billion in Power Systems orders and further progress in LNG, Gas Infrastructure, and CCS. IET also reported a book-to-bill of 1.5 x for the quarter, resulting in a record RPO of $33.1 billion. This marks the fifth consecutive quarter that IET has achieved this milestone. Excluding transactions, RPO rose by 3% on a sequential basis and increased 10% compared to the prior year. These results underscore the diversity and versatility of the IET portfolio, supporting sustained growth across energy infrastructure markets as the importance of energy security continues to rise. During the first quarter, we generated free cash flow of $210 million. Our first quarter performance demonstrates the durability and robustness of our portfolio, the positive trajectory aided by our business system, and the strong momentum in IET. We are confident that our versatile portfolio and track record of operational excellence positions us for sustained growth during Horizon 2 as we continue to navigate a volatile environment. Earlier this month, we announced the divestiture of Waygate Technologies as part of our ongoing portfolio management strategy and comprehensive evaluation to identify further opportunities for enhancing shareholder value. Combined with the sale of PSI to Crane and the joint venture with Cactus, which both closed early in January, we expect to generate gross proceeds of approximately $3 billion in 2026, further strengthening our balance sheet. Now turning to key awards on slide five. In Power Systems, we achieved another outstanding quarter, securing orders across our power generation, grid stability, and energy management capabilities. For power generation, we converted a prior slot reservation agreement into an integrated solution award for a critical infrastructure project in North America. This contract includes NovaLT16 gas turbines, BRUSH Power Generation electric generators, gears, and long-term aftermarket services, delivering up to 1 GW of reliable power to support growing energy demand from data centers. Additionally, we announced a contract to provide 25 BRUSH Power Generation generators to Boom Supersonic. When paired with Boom's gas turbines, this is expected to deliver a total of 1.21 GW of generator capacity for data centers. In grid stability, we secured a contract with Hitachi Energy to design, manufacture, install, and commission 4 synchronous condensers. These will enhance system reliability and stability at two energy substations in Australia. By providing crucial voltage support and dynamic response, synchronous condensers help mitigate the challenges associated with intermittent power from renewable sources, ensuring a more reliable and stable grid. In energy management, Baker Hughes received a second contract for the engineering and design of Hydrostor's advanced compressed air energy storage system in the U.S. This collaboration includes up to 1.4 GW of potential equipment orders for compressors, expanders, motors, and generators. Further highlighting our momentum in energy management, we announced a collaboration with Google Cloud to develop AI-enabled power optimization and sustainability solutions for data center applications. This partnership is a pivotal collaboration that leverages Baker Hughes' expertise in Power Systems and Google Cloud's leadership in advanced AI and data analytics, bringing together the core capabilities of both companies to drive innovation and operational efficiency across the data center market. In Gas Infrastructure, we secured two key awards this quarter. We received a significant order for an advanced electric motor-driven compression solution supporting offshore operations in the Middle East. Additionally, Baker Hughes will deliver gas compression units, including three NovaLT gas turbines for the San Matias Pipeline in Argentina, marking our first NovaLT deployment in South America. In LNG, we've booked equipment orders totaling $1.2 billion this quarter across key regions. Notably, QatarEnergy awarded us a significant contract for two mega trains on the North Field West project, representing 16 MTPA of capacity. Our scope includes six Frame 9 gas turbines, 12 centrifugal compressors, and integrated power solutions utilizing three Frame 6 gas turbines and three BRUSH Power Generation generators. We are also seeing potential acceleration of LNG project FIDs in North America. Reflecting this momentum, we recently entered into a strategic agreement with ST LNG to provide critical gas compression and power generation solutions for their proposed 8.4 MTPA LNG export terminal offshore Texas. Additionally, we continue to drive value through our life cycle model, signing a five-year aftermarket service agreement with Petrobras. This contract covers maintenance, repair, and engineering services for up to 64 aeroderivative gas turbines across 19 FPSOs, further strengthening our role as a trusted provider for Petrobras critical operations. Including our 1 GW data center order highlighted earlier, we secured $1.4 billion in new energy orders this quarter, a strong start to the year that reinforces our confidence in achieving our $2.4 billion-$2.6 billion target for 2026. New energy bookings also included a significant award to provide advanced compression and pumping technologies for QatarEnergy LNG's large-scale carbon capture facility. Our scope includes six compression trains powered by variable speed electric motors, enabling the capture and transport of 4.1 million tons of CO2 annually. In our downstream chemicals business, we signed a substantial multi-year agreement with Marathon Petroleum, establishing ourselves as the preferred supplier of hydrocarbon treatment products and services for 12 refineries and two renewable fuels facilities throughout North America. This strategic collaboration reinforces our position within the downstream market and demonstrates our commitment to delivering innovative solutions that enhance operational efficiency and support sustainable growth for our customers. Turning to Energy Upstream, we secured key awards that reflect our differentiated positioning and long-term value proposition to customers across the oilfield services market. In Brazil, we secured a major contract with Petrobras to deliver 91 km of flexible pipe risers, flow lines, and comprehensive maintenance and installation services, supporting the country's pre-salt and post-salt developments. We also signed a major contract extension with Petrobras to provide integrated workover and P&A solutions for one of the world's largest offshore P&A projects. Within SSPS, we also received an award from Turkish Petroleum to provide subsea production systems for five wells in the Black Sea, including deep water horizontal tree systems, manifolds, subsea distribution infrastructure, and topside control units. In Argentina's Vaca Muerta shale, we signed a three-year contract with YPF to provide well construction technology, including Lucida, rotary steerable, and PermaFORCE drill bits to support unconventional shale development. We also continue to see strong momentum across integrated services, signing a contract with Gulf Energy to drill and complete 43 wells in Kenya's South Lokichar Basin, marking our first fully integrated project in sub-Saharan Africa. Moving to digital, we continue to advance our position across both hardware and software solutions. In IET, we secured several contracts to deploy Cordant Asset Health, including an award for a large U.S. combined cycle power plant, which further illustrates the value of our digital solutions in enhancing efficiency and reliability. Notably, Cordant's power-related orders doubled year-over-year, continuing strong momentum from 2025, when power orders rose by more than 80%. This robust growth highlights both the rapid adoption of our digital offerings within the power sector and our commitment to advancing the global transformation of Power Systems. In OFSE, we expanded our Leucipa agreement with a large NOC for ESP surveillance and optimization and signed a new multi-year Leucipa contract with Expand Energy covering gas wells across the Marcellus, Utica, and Haynesville shale basins. Currently, this technology is actively deployed across approximately 75,000 wells globally, providing digital enablement that significantly differentiates our artificial lift portfolio to improve surveillance, optimization, and production performance. Lastly, underscoring the expanding commercial synergy opportunities within our enterprise capabilities, we established a strategic collaboration with XGS Energy and were awarded a contract for initial well design and engineering support for its 150 MW geothermal project in New Mexico. Our early involvement positions us to deliver integrated subsurface and surface solutions that set us apart from our competitors. Turning to the macro on slide six. Despite an otherwise constructive global demand backdrop, the Middle East conflict has introduced a meaningful new layer of macro uncertainty. Disruptions across critical energy corridors, including the Strait of Hormuz, have tightened global oil and LNG balances, leading to sharp price increases. These developments have heightened inflationary pressures, which would present downside risks to global economic growth should the conflict persist over an extended period. The conflict has introduced significant volatility into global oil markets, impacting over 10% of global oil volumes. Concerns around the security of key transit routes have tightened near-term supply-demand balances, with growing risk of undersupply in 2026. While the duration and full extent of the conflict remain uncertain, it is evident that geopolitical risk has become a structural reality for oil and gas markets. This development has significant consequences for the reliability of supply and global energy security. To address these challenges, there is a growing need for increased upstream investment to expand global production capacity and ensure we can meet rising demand. Additionally, rebuilding global inventories above historical levels is expected to play a critical role in supporting energy security, particularly given the significant drawdown of inventories following the extended closure of the Strait of Hormuz. The conflict has also significantly affected global LNG markets, with 20% of worldwide LNG capacity now offline, driving significant price volatility. The recent infrastructure damage in the region and the effective closure of the Strait of Hormuz have materially constrained the LNG market's ability to respond to growing demand, likely to result in a supply shortfall this year. Consequently, we are seeing increased sensitivity to price movements in key consuming regions. In Asia, higher LNG prices have led to fuel switching from natural gas to coal, which has helped moderate additional upward pressure on LNG prices. Meanwhile, in Europe, the gas injection season has begun at a slower pace against relatively low storage levels. Currently, storage levels are only 30% of capacity, 6% below last year and 13% below the seasonal average. These dynamics underscore the ongoing challenges and highlight the importance of energy security across global markets. Turning to 2026, we now expect global upstream spending to be modestly below our prior outlook of low single-digit declines compared to 2025, driven entirely by a significant reduction in Middle East activity. This is expected to be partially mitigated by more resilient spending across other regions, with North America and international markets outside of the Middle East now expected to be broadly flat compared to last year. This outlook assumes a resolution of the Middle East conflict by mid-year and the full reopening of the Strait of Hormuz. That said, geopolitical conditions remain fluid and the ultimate timing and magnitude of the recovery in the region are subject to a wide range of potential outcomes. In the near term, we anticipate greater emphasis on optimizing production from existing wells. Once the conflict ends and the Strait of Hormuz is fully opened, we expect a measured increase in activity in the Middle East, led by a meaningful increase in remediation and intervention work as previously shut-in wells are brought back online. The pace of activity in the region will be dictated by producers' ability to restore export flows out of the region. In light of these significant disruptions, we see two key structural trends shaping energy markets in the wake of recent geopolitical developments. First, energy security will likely become a foundational priority for governments and industry alike, driving greater emphasis on diversifying oil and gas supply sources and increased investment in power and energy infrastructure, while also supporting continued development of lower carbon solutions such as geothermal, nuclear, and grid modernization. Importantly, this is not just about adding supply. It is about building a more resilient energy system that supports industrial outcomes. That means greater redundancy, more diversified infrastructure, and less reliance on single large-scale assets. A more distributed energy system will be critical to supporting future economic growth. This is where Baker Hughes is uniquely positioned with differentiated capabilities across the full energy value chain, spanning from molecule to electron. By leveraging these strengths, we're able to support customers with integrated life cycle solutions across the full energy spectrum and adjacent industrial markets. Against this backdrop, we are increasingly confident that our Horizon 2 IET order target will exceed $40 billion, supported by strengthening demand across global energy infrastructure markets. Second, regardless of the outcome of the current conflict, we expect an environment characterized by heightened geopolitical risk that is likely to result in persistent risk premiums for oil and LNG prices. This environment underscores the importance for higher upstream investment, particularly across the U.S., Latin America, and other deep-water regions. To close, let me briefly recap. Despite the ongoing tariff-related pressures and significant Middle East disruption, we delivered strong results, with IET achieving 35% year-over-year EBITDA growth and reaching record levels in both orders and backlog. This performance reflects effective execution of the Baker Hughes business system, supported by strong pricing and continued productivity improvements. Looking ahead, we remain focused on the successful closing of the Chart transaction and ensuring a seamless integration process. We are making substantial progress in integration planning and remain confident in delivering our targeted cost synergies of $325 million. More broadly, our ongoing portfolio management actions, strategic initiatives, and comprehensive business evaluation are reinforcing the durability and effectiveness of our long-term strategy. These efforts enable us to navigate an evolving market landscape with confidence and position us to capture new growth opportunities. With that, I'll now turn the call over to Ahmed. Thanks, Lorenzo. First, I would like to reiterate Lorenzo's comments that our foremost priority is ensuring the safety and well-being of our employees and their families in the Middle East. I'll begin on slide eight by presenting an overview of our consolidated results. Next, I'll give a quick update on the pending Chart transaction and discuss progress in our portfolio management strategy. After that, I'll review our segment results and provide a brief summary of the second quarter and the full-year guidance. As Lorenzo mentioned, we once again delivered strong orders in the first quarter with total company orders of $8.2 billion, including $4.9 billion from IET. Adjusted EBITDA of $1.16 billion increased 12% year-over-year, driven by robust IET growth, partially offset by the impact of the Middle East disruptions on our OFSE business. Adjusted EBITDA margins increased by 140 basis points year-over-year to 17.6%. GAAP diluted earnings per share were $0.93. Excluding $0.35 of adjusting items in the quarter, diluted earnings per share were $0.58, up 13% year-over-year. During the quarter, we generated free cash flow of $210 million. The first quarter is generally the weakest period for free cash flow due to seasonal factors, but this period was further affected by some delays in customer payments. Moving on to capital allocation on slide nine. The company's balance sheet remains strong, with our net debt to adjusted EBITDA ratio declining to 0.3 x. Following the successful debt offering in March, our cash position increased to $14.8 billion, while liquidity increased to $17.8 billion. The long-term debt issuance in March raised $6.5 billion in U.S. bonds and EUR 3 billion in European bonds, marking our inaugural bond offering in Europe. The proceeds from this offering will be allocated towards closing the Chart acquisition. Our target remains to reduce our net debt to adjusted EBITDA ratio to between 1x and 1.5 x within 24 months after the Chart transaction closes. We plan to achieve this through free cash flow generation and proceeds from our ongoing portfolio management actions. At the start of the quarter, we completed the previously announced SPC and PSI transactions. In addition, we anticipate generating gross proceeds of $1.6 billion from the IPO of HMH and the recently announced sale of Waygate Technologies to Hexagon. As a result, we expect to achieve our $1 billion incremental divestment target ahead of schedule, underscoring our commitment to disciplined capital management and maintaining our strong balance sheet. With respect to Chart, we remain focused on closing the transaction and executing a seamless integration. With regulatory reviews still underway in certain jurisdictions, we currently expect closing in the second quarter, understanding that the timing may evolve as those processes progress. We believe this combination will significantly enhance the value we deliver to customers, broaden our industrial portfolio, and enable us to expand into adjacent markets. On integration, our integration management office, led by Jim Apostolides, continues to make significant progress. The team is organized into 17 operational work streams, each focused on ensuring a smooth transition. To date, we have identified more than 250 synergy opportunities and remain confident in achieving the full $325 million of targeted cost synergies. As we have progressed through integration planning, our work has further reinforced both the strategic and industrial rationale of this acquisition while highlighting strong cultural alignment between the two organizations. Let's now turn to segment results, starting with IET on slide 10. During the quarter, we booked record IET orders of $4.9 billion, driven by continued strength in Power Systems, LNG, and Gas Infrastructure. Over the last four quarters, IET orders totaled $16.6 billion, which is up 25% versus the prior four quarters. Our first quarter results reflect outstanding performance in IET, with revenue of $3.35 billion at the high end of our guidance range and increasing 14% year-over-year. Compared to last year, revenue was impacted by the PSI and CDC transactions, which together represented a headwind of 3% to aggregate revenue. Growth was led by strong performance in Gas Tech Services as we continue to work down the overdue aeroderivative backlog. We expect these benefits to carry into the second quarter with a more normalized environment anticipated in the latter half of the year. During the quarter, IET revenue was slightly impacted by shipping delays associated with Middle East disruptions across key trading routes. IET EBITDA for the quarter increased 35% year-over-year to $678 million. Margins expanded by 310 basis points to 20.2%. This strong margin performance was driven by favorable backlog pricing, elevated project closeout and productivity, and ongoing execution of the Baker Hughes business system, further reinforcing our operating discipline. Turning to OFSE on slide 11. OFSE delivered another solid quarter, demonstrating resilience despite persistent macroeconomic headwinds and the ongoing challenges in the Middle East. Revenue for the quarter was $3.24 billion, reflecting a 9% sequential decline while remaining slightly above the midpoint of our guidance range. SPC was excluded from the consolidated results after the formation of a joint venture with Cactus in early January, contributing 4% to OFSE's sequential revenue decline. Relative to our expectations, strong performance in Mexico, Sub-Saharan Africa, and the Gulf of America more than offset the disruptions experienced in the Middle East during March, which impacted OFSE revenue by approximately 2% when compared to the fourth quarter of 2025. OFSE reported EBITDA of $565 million, exceeding the midpoint of our guidance range. EBITDA margin declined 70 basis points sequentially to 17.4%. This decline was attributed to the SPC transaction, seasonality, and the impact of Middle East disruptions, partially offset by an improvement in North America OFS margins. The quarter was positively impacted by foreign exchange and more favorable mix of direct sales across offshore markets, which generally yield higher margins. In addition, SSPS posted continued strength in orders totaling $650 million, up 22% year-over-year. This is a robust 82% increase when excluding the impact of SBC. Turning to slide 12, I will provide our outlook for the second quarter and then comment on our full year 2026 guidance. For clarity, I will speak to the midpoint of the guidance ranges. For the purposes of this guidance, it is assumed that the situation in the Middle East will continue through the end of June without further escalation. The full reopening of the Strait of Hormuz is anticipated thereafter, followed by a measured increase in Middle East activity levels during the second half of the year. This guidance does not account for any potentially significant secondary impacts, such as elevated inflationary pressures or broader supply chain disruptions, that could arise from the ongoing situation. Starting with second quarter guidance, we anticipate company revenue of $6.5 billion and adjusted EBITDA of $1.13 billion. For IET, we expect results to demonstrate another quarter of robust year-over-year EBITDA growth led by Gas Technology and CTS. The impact on IET from Middle East-related disruptions is expected to be modest in the second quarter. Overall, we forecast IET EBITDA to reach $670 million. The major factors driving our guidance ranges for IET will be the pace of backlog conversion in GTE, the progress with aeroderivative repairs in GTS, the level of disruptions related to the ongoing conflict in the Middle East, foreign exchange rates, and trade policy. For OFSE, we anticipate second quarter results will be impacted by events in the Middle East and a return to a more typical mix of direct sales. While a normal seasonal recovery is anticipated for regions outside the Middle East, we expect this to be offset by significant declines in the Middle East. Consequently, EBITDA is projected to be $540 million for the quarter, with revenues estimated at $3.2 billion. Outside of the Middle East conflict, factors driving our guidance ranges for OFSE include execution of our SSPS backlog, near-term activity levels, trade policy, foreign exchange rates, and pricing across more transactional markets. Moving to our full-year guidance, we're maintaining our company's revenue and adjusted EBITDA guidance range. Currently, we anticipate full-year results to be slightly below the midpoint of these guidance ranges, reflecting both our resilience and adaptability in navigating ongoing uncertainties. Although near-term challenges persist due to the conflict in the Middle East, we remain confident that our portfolio positions us to manage short-term disruptions effectively. As we look ahead to full-year IET orders, we have started 2026 with strong momentum, driven by a record first quarter led by Power Systems' strong performance. Given this momentum, we believe we are well-positioned to achieve at least the $14.5 billion midpoint of our order guidance. The growing emphasis on energy security is expected to further support demand for energy infrastructure, unlocking potential upside to IET's Horizon 2 order target. We now anticipate achieving at least the midpoint of our full-year IET EBITDA guidance of $2.7 billion. Developments in the Middle East may result in minor delays to planned LNG maintenance in GTS. However, we expect these impacts to be more than offset by the first quarter outperformance and revenue conversion from higher backlog levels. In OFSE, ongoing tensions in the Middle East have introduced considerable uncertainty, which may impact our ability to achieve the midpoint of our original full-year guidance range. However, should the conflict conclude by the end of June without significant escalation, and provided the Strait of Hormuz is fully operational during the second half of the year, we anticipate being able to achieve the low end of our EBITDA guidance range of $2.325 billion. We will continue to monitor the situation closely and will provide any significant updates if and when appropriate. In summary, we delivered another quarter of outstanding operational performance, even with ongoing challenges in the Middle East. IET once again delivered very strong results, while OFSE demonstrated continued resilience against a difficult backdrop, highlighting the durability of the portfolio. This success is a testament to the strength of the Baker Hughes business system, which continues to drive enhanced execution, productivity, and profitability across the organization. We also continue to advance our portfolio management strategy with the announcement of the Waygate Technologies divestiture, marking another important milestone. Collectively, these efforts reinforce our focus on delivering sustained long-term value for our shareholders. With that, I'll turn the call back to Lorenzo. Thank you, Ahmed. For those following along, please turn to slide 14. Following yet another strong quarter, it is clear that we are gaining real momentum in executing our strategy to transform Baker Hughes. Across our three time horizons, our strategy is designed to evolve Baker Hughes into a leading industrialized energy solutions company, one that is uniquely positioned at the intersection of energy and industrial markets. Fundamental to this transformation is our ability to operate across the full energy value chain, spanning from molecule to electron. In Energy Upstream, we continue to provide our customers with critical technologies and services that enable efficient and reliable hydrocarbon production. As those molecules move through the system, our energy infrastructure capabilities enable their transportation, processing, and subsequent conversion into usable energy. Through the versatility of our IET portfolio, enhanced by the planned acquisition of Chart, we are expanding our reach into industrial markets that directly rely on the energy produced across the value chain, broadening our capabilities at the intersection of energy systems, industrial demand, and global innovation. What differentiates Baker Hughes is not just our participation across these markets, but our ability to connect them. Our portfolio enables us to integrate solutions across the energy value chain, linking subsurface, surface, and end-use capabilities in a way that is uniquely differentiated. This is especially important as the lines between energy and industrial markets increasingly converge, unlocking new opportunities for integrated solutions, higher value offerings, and a more durable, recurring revenue streams. Reliability, scalability, and predictability are critical to industrialized energy solutions, and this is precisely where Baker Hughes is positioned to lead. Across our broad and versatile portfolio, we deliver mission-critical technologies, comprehensive lifecycle solutions, and advanced digital capabilities for industrialized energy applications. Importantly, our ongoing portfolio actions continue to positively reinforce our path ahead. We continue to execute deliberate and strategic steps to advance our transformation as we build a company capable of industrializing energy solutions. Our strategy, unmatched portfolio, and distinct capabilities position Baker Hughes to deliver sustainable growth, continued margin expansion, and create long-term value for our shareholders and customers as we continue our journey in Horizon 2. In closing, I would like to thank all Baker Hughes employees for delivering another strong quarter. I especially want to recognize the resilience and focus of our colleagues in the Middle East, who continue to support one another and our customers in a challenging environment. We continue to prioritize the safety of our people and their families. With that, I'll turn the call back over to Chase. Operator, we can now open the call for questions. Thank you. If you would like to ask a question, please press star one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw that question, again, press star one. We ask that you please limit yourself to one question. Your first question comes from Arun Jayaram with JP Morgan. Please go ahead. Yeah. Good morning. Lorenzo, I wanted to get your thoughts on the impact from the Middle East conflict on the potential for infrastructure spend, both from repairing damaged infrastructure and to add redundancy for greater supply surety. This obviously, as you mentioned, should be a favorable trend for Baker, but I was wondering if you could help us gauge maybe the intermediate and longer-term impact. I know you signaled how IET orders could exceed your Horizon 2 target, but I wanted to see if you could provide a little bit more color around this. Yeah, definitely, Arun, and clearly a lot taking place. As we look at the current situation, the top priority remains obviously the safety and well-being of our employees and their families in the region. We're taking all the right precautions and supporting them in these challenging times. As we look at beyond the considerable near-term uncertainty surrounding the situation, what we do recognize is that it's going to drive fundamental structural change across the energy landscape in the future. First and foremost, energy security is going to become increasingly important, and it's going to really receive more emphasis, not just within that region, but also globally with regards to how countries treat their energy security. It's going to lead to a diversified mix of energy sources that are going to be essential to meet the energy demand. As a result, we see a stronger focus on diversifying energy supply sources, enhancing the reliability of the global energy markets. To address this, we're going to see a few things. Firstly, increased upstream investment to expand global production capacity, ensuring we meet the rising demand, and supporting the more durable upstream spending cycle in the years ahead. There's going to be a rebuilding of global inventories above historical levels to ensure that energy security is at the foremost, and it's going to be playing a particular role in making sure that we avoid significant drawdowns in the future given the extent of what's happened from the Strait of Hormuz closure. Beyond the aspect of increased upstream investment, we're going to continue to see investment in lower carbon solutions, including geothermal, nuclear, and grid modernization as part of the drive to build a more sustainable energy system. It's going to be about diversifying the energy mix and making it more durable. You're going to see a theme of increased investment in other areas. Also, it's not just about increasing energy supply. It's about the robust and resilient energy infrastructure and greater redundancy, diversifying infrastructure, reducing reliance on any single large-scale asset. As you look at Baker Hughes, we're uniquely positioned to address these needs, given the differentiated capabilities across the entire energy value chain from molecule to electron. As we look at this going forward, we feel good about the opportunity to exceed the $40 billion target for IET orders that we gave out at the end of Horizon 2 in 2028. It's not just about LNG FIDs, it's also about associated gas infrastructure, pipelines, compression stations, and we're seeing the need for more redundancy and investments being made in those areas. Thanks, Arun. Thank you. Your next question comes from the line of Scott Gruber with Citi. Please go ahead. Yes, good morning, Lorenzo and Ahmed. Morning. Morning. Yeah, very strong results here in 1Q, but Ahmed, can you unpack the 2Q guide for us a bit more? IET usually sees a nice step-up in revenues and margins into 2Q, but the guide is a bit more flattish. Obviously a strong comp, but just curious on some color there. In OFSE, you guys assumed no recovery in the Middle East until 3Q. No pushback there, but if we do get better activity levels in the second half of the quarter as one of your peers is embedding, just curious how much could that contribute to segment results? Sounds like there's a bit better outlook across the other end market, so some additional color there would be great too. Yeah. No, for sure, Scott. Look, as you said, and as we also said in terms of our remarks, there's still a great deal of uncertainty regarding ultimately the duration and depth of the conflict. There are many different factors that could affect the second quarter as well as the second half. Just as a quick reminder, as you think about the second quarter, we're assuming the conflict persists through the end of June, but with no further major disruptions, and that the Strait of Hormuz is not fully operational until we enter the second half of the year. I think it's helpful to break it down by OFSE and IET. Really starting with OFSE, with the backdrop of those assumptions, we expect significant impacts still to our Middle East operations in the second quarter with that region potentially falling, I'd say, more than 20% sequentially, which is double the rate of decline in the first quarter. Now, of course, that's driven by the fact that Middle East revenue in April, we expect to remain near March level and then hold throughout the second quarter, so effectively three months. The mix within that as well, I think, is important. If you think about service-related revenue in the region will be affected, but the larger impact as we see it right now is going to be on the product sales side, just given the logistical challenges with equipment imports and exports. To your specific question around if we see a quicker recovery as we go into the second quarter, there could be some upside to the Middle East revenue assumptions. Obviously you'd expect us to be prepared to take action accordingly, and that's contemplated in the range for the second quarter. With that upside, it could be somewhat delayed given the heavier mix of products that I talked about in the region because of that logistical piece. Outside of the Middle East, if you step back and you look at the rest of OFS, we're anticipating at this point in time a typical seasonal recovery across international markets outside of Middle East, and I'd say flattish revenue right now in North America. SSPS, we expect to deliver a sequential increase just driven by their backlog and linearity around that. The OFSE margins, we're projecting a sequential decline in the second quarter, and that I'd attribute to some of the tailwinds that supported the first quarter margins as we went through it. Excluding those first benefits in the segment, when you look at OFSE's operational margins in the second quarter could be modestly higher sequentially despite some of those supply chain and logistics disruptions. That's really how we think about OFSE. When you look at IET, our second quarter assumes a modest impact from the conflict, and that's around logistical constraints, I'd say, for shipping products in and out, similar to OFSE, and that would impact GTE slightly. In GTS specifically, we experienced lower seasonal revenue declines during the first quarter, and that was driven by some of the overdue backlog that the team executed quite well on. As you roll that forward into the second quarter, we would expect that to temper the usual significant sequential growth in GTS that you would see between 1Q and 2Q. That's one factor I would call out. The other one is that at this time, we do not anticipate any significant impact on GTS from potential LNG maintenance delays. We, across IET, have been driving, and now this is more an overall IET sort of view, better linearity. We anticipate the second quarter segment revenue will be flat quarter-over-quarter. On the margin side in Q1, as we said, we had some strong productivity come through as well as favorable project closeout. With those Q1 tailwinds carry forward the stable revenue, IET margins we expect to be only modestly up in Q2. Stepping back and taking all of those factors into account at the company level, we expect the second quarter EBITDA for the company to be relatively flat versus the first quarter. Scott, hopefully those building blocks help. Yeah, it does. Thank you. I'll turn it back in the queue. Thanks. Your next question comes from the line of James West with Melius Research. Please go ahead. Hey, good morning, guys. Hey, James. Good morning. Ahmed, I wanted to build on what Scott just asked about it and to think a little bit more about the second half. There's a bunch of moving parts. IET's been an outperformer. Maybe that implies that we want to be conservative in the second half, or maybe we don't want to be. OFS, we understand what you're saying about the Middle East, but there's a building recovery that's gaining momentum, and so I'm curious. We have the full year guidance, but how we should think about kind of 3Q, 4Q unfolding both revenue-wise for OFSE and IET and margin-wise as we track towards your targets for the year. I'm assuming you have better visibility of probably IET than OFSE, but any help you can give there would be appreciated. Yeah, James. As we think about the second half, it's really the usual multiple variables and the distinction between OFSE and IET, as you pointed out, given the visibility we have on the IET side. Maybe on the OFSE side, I'd say, the first consideration is the extent of the state of the infrastructure and also the available storage capacity in the region. That's a macro factor that obviously we're looking at. Given that level of uncertainty, we believed it more prudent to assume a measured ramp in the region during the second half of the year, and of course, that assumes that the Strait of Hormuz is fully operational at that point in time. Also across the world, we do see some offsetting activity in regions and now expect North America and international outside of the Middle East to be modestly stronger in the second half compared to what we contemplated at the beginning of the year. Tying that into the margin profile for OFSE, you've seen us be very focused on cost discipline. The cost-out actions that we've been working on for the fourth quarter and the first quarter are starting to come through. We still see the potential to achieve the lower end of the OFSE EBITDA guidance range. Of course, there are a lot of factors into the mix. Right. IET, what I mentioned earlier is better linearity, and that carries through, as I think about it, to the first three quarters, and then a less pronounced 4Q increase when you compare it to prior years. While we recognize that there could be some modest impacts in the second half as well with cost inflation, the logistical challenges we've talked about, some potential project delays and/or potential maintenance delays, we only expect that to be modest at this point in time. As a reference point, I think it's helpful to look back in 2022, when the start of the Russian-Ukrainian conflict kicked off. We basically had only modest LNG maintenance delays that normalized over time following that initial spike in LNG prices. With the current LNG prices being less pronounced, we expect it to be somewhat muted as we compare it to 2022. The additional factor I would say is just thinking about linearity is that we don't expect a significant second half revenue ramp because of overdue aeroderivative backlog in GTS. That will normalize over time. That builds up to just giving us some confidence in saying that we can achieve at least the midpoint of our full-year IET EBITDA guidance range of $2.7 billion. I just do want to emphasize the fact that it's quite fluid, but this is our best view given the current conditions, and it may change as additional factors emerge, including unforeseen persistent secondary impacts. As we've always been, we're committed to maintaining the transparency, and we'll update you with the best view and projections for the remainder of the year as all the circumstances evolve. Hopefully, James, that builds out the year a little bit. That's very helpful. Yeah. Thanks, Ahmed. Super. Thanks, James. Your next question comes from the line of David Anderson with Barclays. Please go ahead. Thank you. Really impressive to see the IET margins above 20% already. I thought the standout this quarter were the IET orders. It came in well above our expectations. I was hoping you could spend a little bit more time on the power solutions side of the orders. Could you talk to, you mentioned kind of the three primary drivers being generation, grid, and management. Can you kind of talk about those three drivers, kind of how you see those playing out? It looks like the pace has you on track to maybe upside for your 2026 order guide. Maybe if you could also comment on the longer-term stability of the data center demand, which is clearly an issue a lot of people are talking about. Thank you. Yeah, definitely, David. I'll take that one, and maybe let me start by reiterating what we said before, that global power demand is in a multi-year growth cycle, and it's important to remember we're only in the early stages. The current projections indicate that power demand will double by 2040, driven by factors such as data center and AI compute, digital infrastructure expansion, electrification, including EV adoption, and the transition of industrial processes from fuel-based to electric power solutions. What we said before as well from the energy security aspect and making sure that there's redundancy. Also, as you look at the grid constraints becoming more pronounced, particularly in the United States, it's going to drive further investments taking place. We see a fundamental shift towards behind-the-meter power solutions, and we're seeing also a shift in the customer mindset for these solutions. It's no longer viewed as short-term bridge solutions. Increasingly, they're being deployed as long-term baseload power infrastructure, which obviously s uits our portfolio well. As a result, we see the behind the meter market reaching $60 billion by 2030, led obviously by data centers, which we've continued to participate in. It also includes three core capabilities of Baker Hughes, as you think about power generation, grid stability, and energy management. When you take that, we look at the annual market opportunity expanding to more than $100 billion by 2030. If you look at specifically Power Systems in the first quarter, again, thanks, it was a great performance. Again, it shows the breadth of our Power Systems portfolio, securing $1.4 billion of orders across the three capabilities. That accounted for almost 30% of total IET order. We see strong momentum across power generation for large data center projects, synchronous condensers that support the grid stability, and energy storage solutions for effective energy management. Our digital solutions, inclusive of iCenter and Cordant's remote digital offerings, continue to expand, and they increase the opportunities for cross-selling in these areas. Our rapidly expanding installed base is going to allow us to really have a synergy potential within that digital space and software platforms as we go forward. If you look at the Cordant power-related orders, they doubled year-over-year in first quarter and sustaining strong momentum from 2025. We saw power orders increase over 80%, which again, we see as strong momentum going forward. Our installed base for NovaLTs is also set to expand dramatically in the coming years and will give a benefit to our aftermarket services business into 2030 and beyond. The benefit of our extensive portfolio is going to enable us to deliver integrated power solutions for many different applications in our market. You can see we're feeling good about the durability and the robust nature of the demand outlook for Power Systems segment, again, as we mentioned previously, potentially providing upside to the midpoint of our 2026 IET guidance range. Looking beyond 2026, we are confident in the strength of our IET orders, supported by what we're seeing is that fundamental rise in energy infrastructure demand. This trend is expected to drive sustainable growth across Power Systems, Gas Infrastructure, LNG, and other aspects of the IET portfolio. Given the positive trajectory that we see both within our equipment and services segments within IET, we expect continued and sustained growth for IET moving forward, hence why the $40 billion order plus for 2028 Horizon 2. Hopefully that gives you a breakdown. Clearly a lot of upside in power. Thanks a lot, Lorenzo. Appreciate it. Your next question comes from the line of Stephen Gengaro with Stifel. Please go ahead. Thanks. Good morning, everybody. Morning. You've clearly been busy on the portfolio optimization front, and I'm just curious, after the sales announced year-to-date, Waygate and the HMH IPO that Ahmed mentioned, you're already above that $1 billion kind of bogey that you set out there, I think on the fourth quarter conference call. Can you just give us an update on how you're thinking about the portfolio optimization strategy going forward? Do you think you're largely done, and how should we be thinking about next steps? Yeah, Stephen, I'll take that. As we've talked about a few times broadly, I just want to remind everybody on what drives portfolio management actions for us and the criteria we use. There are four broad strategic criteria on top of the obvious financial ones. First is we like exposure to technologies that have critical applications, critical to customers and so forth. Second is around life cycle models and the ability to drive aftermarket calories. Third is a right to play in terms of commercial and operational synergies across the portfolio. I'd say fourth is earnings durability with expansion into new markets. That's what we use. When you look at a quick recap, the recent divestitures, including the Waygate Technologies announcement and HMH IPO proceeds, were expected to generate around $1.6 billion in gross proceeds. When you couple that with those two recent transactions, we expect to, as you mentioned, achieve and exceed the $1 billion incremental divestment target ahead of the schedule, which we're doing in a very disciplined manner and maintaining and strengthening the balance sheet as we continue to go through this. When you take those Waygate and HMH and you couple that with PSI and the proceeds from SPC joint venture, in aggregate, that's around $3 billion of gross cash proceeds in 2026. All of these actions, I wouldn't look at them as a single milestone. It's a continuum, part of our ongoing portfolio management progress. As we progress through the next couple of years, you'll see us remain very disciplined as to the approach and making sure anything that we do is very much aligned with the strategic objectives on driving value and the strength of the balance sheet. I want to be clear, in the near term, our focus is very much on closing and successfully integrating the Chart transaction. hopefully, Stephen, that gives you a little bit of color on how we think about the portfolio. No, that's great detail. Thank you. Super. Thanks. Your next question comes from the line of Saurabh Pant with Bank of America. Please go ahead. Hi. Good morning, Lorenzo, Ahmed. Thanks for squeezing me in. Morning. Morning. Lorenzo, maybe I want to go back to the Power Systems topic you were talking about. The demand side of the equation in response to Dave's question, I want to focus a little bit on the capacity side of things because demand is clearly very strong, right? On the capacity side, I know you are doubling NovaLT capacity, but then you're also booked out through 2028, right? My question is, are you capacity constrained relative to the level of demand you are seeing? When I ask that, Lorenzo, it's not just on NovaLT, but also on products like BRUSH generators, synchronous condensers, you talked about that. Any color on the capacity side of things, please? Yes, Saurabh, thank you very much. As you said and we've said before, power demand is rising and in North America, in particular, data center growth, manufacturing return, and also the required infrastructure is going to be a robust demand for Power Systems equipment, inclusive of the generators, gas turbines, and power generation synchronous condensers to support the various aspects, and very well-suited to the portfolio that Baker Hughes has. The NovaLT remains a core product and as does the electric motors, gearboxes, generators, synchronous condensers, and the control and protection systems. From a capacity standpoint, we're effectively sold out of NovaLTs through 2028, and the tightness we're seeing across the broader turbine market is well understood. We have increased capacity, as we mentioned. We continue to receive strong inbound demand for the NovaLTs, and we'll evaluate each opportunity on its own merit. Our focus remains on customers that are becoming long-term partners and also with the financing and offtake firmly in place. We're looking ahead to continue to closely monitor market conditions through our dynamic planning process, and we'll make the right decisions that are necessary to expand beyond the current doubling plan with a guided discipline assessment of medium and long-term supply demand dynamics and a clear return threshold. For our Frame 5 gas turbines, which we can also sell into non-oil and gas markets from time to time, we have available capacity in 2027 and 2028 to support orders, which should the demand materialize. Importantly, we're actively assessing capacity needs across our entire Power Systems portfolio, not just the NovaLTs. As you mentioned, we have added capacity to our BRUSH product lines, which include the generators and synchronous condensers. This will materially add to our annual revenue run rate. We've also inaugurated our aftermarket NovaLT facility in Italy, which it will support the robust services growth. We're able to maintain flexibility across our manufacturing footprint and supply chain to support additional capacity as needed. Also we're investing in different growth areas of technology development, which is core to our focus here for the next generation of engines and emissions reduction technologies. We'll continue to invest across the R&D for Power Systems and also enhance our portfolio so that we can deliver the differentiated solutions to our customers. Taken together, our investments in capacity and innovation really positions us well to deliver sustainable growth and continued margin expansion and long-term value for our shareholders and customers. Appreciate it, Saurabh. Yeah. No, that's fantastic, Lorenzo. Thank you. That's all the time we have for questions today. I will hand you back to Mr. Lorenzo Simonelli, Chairman and Chief Executive Officer, to conclude the call. Yeah. Thank you to everyone for taking the time to join our earnings call today, and 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. Everyone, have a great day.