Baker Hughes (BKR) is not tied to one clean line of business relationships. Its filing map is being redrawn through asset sales and joint ventures, with Crane Company (CR) appearing as both a buyer and a partner, while Baker Hughes contributes another business to a new joint venture with Cactus, Inc. (WHD). The company also shares an aeroderivative venture with GE Vernova (GEV), and borrows under agreements administered by JPMorgan Chase (JPM) and Goldman Sachs (GS).
Crane is the clearest example of a counterparty wearing multiple hats. Baker Hughes disclosed the sale of Precision Sensors & Instrumentation to Crane, alongside the creation of a separate Surface Pressure Control joint venture with Cactus.
"The sale of Precision Sensors & Instrumentation to Crane Company and the creation of the Surface Pressure Control joint venture with Cactus, Inc. are progressing as expected, with both transactions anticipated to close in early 2026."
Baker Hughes / SEC filing / October 24, 2025
The next filing says both transactions closed on January 1, 2026. In other words, Crane is disclosed in the map as a customer and partner, but the quoted transaction language specifically describes it as the buyer of a business. That distinction matters when reading a relationship chart: a label can be broad, while the filing sentence is often much narrower.
Cactus has the more concrete operating tie. Baker Hughes says it contributed its Surface Pressure Control business to a joint venture with a Cactus subsidiary and received $0.2 billion. The relationship is not just a future plan in the filing.
"The Company also received $0.2 billion from the formation of a joint venture with a subsidiary of Cactus, Inc. (\"Cactus\") whereby the Company contributed the Surface Pressure Control business, a business within the Subsea & Surface Pressure Systems product…"
Baker Hughes / SEC filing / April 24, 2026
The transaction disclosure gives Cactus a defined place in Baker Hughes’ business structure. Cactus itself names Baker Hughes as a partner in its own filing, adding the reciprocal view to the map.
GE Vernova is connected through a different kind of arrangement: shared control, not an asset sale. Baker Hughes discloses a 50-50 aeroderivative joint venture with GE Vernova.
"The Company has an aeroderivative joint venture (\"Aero JV\") that is jointly controlled by GE Vernova (NYSE: GEV) and the Company, each with ownership interest of 50 %."
Baker Hughes / SEC filing / February 5, 2026
The rest of the map is notably more administrative. Baker Hughes’ credit agreements name JPMorgan Chase as administrative agent on a 2023 facility and Goldman Sachs Bank USA as administrative agent on a 2025 term loan. Those are disclosed lender relationships, not operating partnerships.
There is also Flowserve Corporation (FLS), which the relationship data identifies as a supplier. The filing sentence supplied for that tie concerns the end of a different transaction, with Baker Hughes saying it paid $258 million in termination fees and expense reimbursement to Flowserve. The disclosure supports a financial connection, but does not describe Flowserve’s products or supply role.
"Under the terms of the agreement, we paid $258 million for the termination fee and the reimbursement of certain expenses on behalf of Chart to Flowserve Corporation (\"Flowserve\"), as a result of the termination of the merger agreement by and among Chart…"
Baker Hughes / SEC filing / February 5, 2026
Finally, the outward-facing map is broad. C3.ai (AI) and Cactus name Baker Hughes as a partner. Chart Industries (GTLS), Texas Pacific Land Corporation (TPL), Venture Global (VG), Forum Energy Technologies (FET), and Bristow Group (VTOL) name it as a supplier. HMH Holding (HMH) names Baker Hughes as a customer. The labels span partners, suppliers, and customers, but the supplied disclosures do not quantify those relationships.
These are relationships disclosed in SEC filings, mapped by jodie’s analytics. This is not investment advice.