According to CoinMeta, Baker Hughes ( BKR ) posted record orders, despite warnings that expenditures will decrease in 2026. The company's earnings per share for the second quarter were 64 cents, exceeding analysts' expectations of 50 cents, with orders growing by 49% year-over-year to reach $10.5 billion. Among them, the orders for Industrial and Energy Technologies ( IET ) department reached a record of $7.1 billion. Nevertheless, Baker Hughes expects global oil and gas producers' annual expenditures to decline slightly, mainly due to weak spending in Europe and the Middle East, with growth in Latin America, offshore Africa, and North America not being able to offset this impact. Baker Hughes also stated that it expects the conflict in the Middle East to have an effect of 1% to 2% on the revenue of the IET department.