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“In LNG, we delivered another strong quarter of equipment orders, providing critical liquefaction technology for Train 5 at NextDecade’s Rio Grande LNG facility and Commonwealth LNG’s export terminal,” Simonelli said during the fourth-quarter earnings call on Monday.
“In 2025, we booked $2.3 billion of LNG equipment orders. Looking ahead to 2026, we expect similar levels of LNG awards, including material orders outside of the US,” he said.
“Building on these achievements, we are further strengthening the durability of our lifecycle model through major aftermarket services awards. This includes long-term service agreements for Cheniere’s Corpus Christi Trains 8 and 9, as well as iCenter remote monitoring and diagnostics for NextDecade’s Rio Grande Trains 1, 2, and 3,” Simonelli said.
Baker Hughes, which is buying US LNG equipment maker Chart Industries, secured $510 million in LNG equipment orders in the first quarter of last year, while the firm achieved no material LNG equipment orders in the second quarter.
The company secured over $800 million in equipment orders in the third quarter, including Trains 3 and 4 of Sempra’s Port Arthur Phase 2 and Train 4 of NextDecade’s Rio Grande LNG.
In 2024, Baker Hughes won orders worth $2.1 billion and a record $5.6 billion in LNG equipment orders in 2023.
LNG demand climbs
Simonelli said during the call that LNG demand continues its “strong growth trajectory, increasing by approximately 7 percent in 2025.”
“Looking forward, LNG demand is expected to increase by at least 75 percent by 2040, driven primarily by growth across Asia,” he said.
“Reflecting this strength and near-term order visibility, we expect to exceed our 2024–2026 LNG FID outlook of 100 MTPA after reaching FID on 83 MTPA of projects over the last two years,” Simonelli said.
He said that this “further reinforces our long-held view of 800 MTPA installed base by 2030 and advances progress toward our 950 MTPA outlook for 2035.”
