1. Calyon Energy Forum 2009 May 13, 2009

2. 2 Forward-Looking Statements Some of the things we will discuss today relative to our views on future company performance and results, and other statements not dealing with historical facts, will be forward-looking statements within the meaning of U.S. securities laws. The company cautions that actual results may differ materially from those discussed in these forward-looking statements. You should refer to the additional information contained in our filings with the SEC about the risks and uncertainties that could cause actual results to be different than those contemplated in this discussion. The company’s SEC filings can be viewed at www.bakerhughes.com. Reconciliation of non GAAP measures referenced in today’s presentation can be found on our website www.bakerhughes.com in the Investor Relations section.

3. First Quarter Results  North America – $1.08 B – Revenue down 8% y/y, down 23% seq – Operating profit margin – 12.1%  Adj. operating profit margin 1 - 15.6% 1 Excluding severance costs and allowance for doubtful accounts

4. 4 This US Cycle Compared to Past Cycles Rigs Lost % Loss f/ Peak 2008-2009 1997-1999 2001-2002 1990-1992 1987-1989 *Updated 5/8/09 weeks from peak 1986 Rigs

5. 5 US Rig Count 2007 to Date* -54.3% from 2031 on 9/12 -54.5% from 1606 on 9/12 -54.0% from 9/12 -57.0% from 442 on 11/7 -40.4% from 9/12 -41.5% from 650 on 10/31 -58.8% from 9/12 -59.4% from 404 on 9/19 -61.4% from 9/12 -62.2% from 1017 on 8/29 *Updated 5/8/09 Rigs

6. US Natural Gas Inventory and LNG 1,919 Bcf in storage 34% above last year’s 1,436 Bcf Source: Bloomberg, EIA (DOE), Waterbourne LNG Report 6 Macroeconomics – Gas

7. First Quarter Results  North America – $1.08 B – Revenue down 8% y/y, down 23% seq – Operating profit margin – 12.1%  Adj. operating profit margin 1 - 15.6%  Latin America Revenue – $288 MM – Revenue up 23% y/y, down 15% seq – Operating profit margin 8.8%  Adj. operating profit margin 1 – 15.1%  Europe / Africa / Russia & Caspian – $776 MM – Revenue up 2% y/y, down 8% seq – Operating profit margin – 19.4%  Adj. operating profit margin 1 – 21.9%  Middle East / Asia Pacific – $521 MM – Revenue up 5% y/y, down 12% seq – Operating profit margin – 14.0%  Adj. operating profit margin 1 – 15.2% 1 Excluding severance costs and allowance for doubtful accounts

8. This Int’l Cycle Compared to Past Cycles Rigs Lost % Loss from Peak 2008-2009 1997-1999 1990-1992 months from peak Source: Baker Hughes – May 2009 8 Rigs

9. Exiting the Downturn A Stronger Company  Reducing the size of our workforce – $250 million annual savings – Achieve run-rate by Q309  Efficiencies in Shared services organizations – $50 million in 2010  Closed and Consolidate Facilities  Strengthened Balance Sheet  Added Key Executives – Supply Chain – Information Technology – Reliability  Geographic Organization 9

10. Regions and Geomarkets 10 Calgary Houston Rio de Janeiro Paris London Dubai Kuala Lumpur Moscow Mexico City Bogota Caracas Buenos Aires Cape Town Lagos Luanda Beijing Aberdeen Perth Stavanger Cairo Tripoli Algiers Milan Almaty Jakarta Mumbai Dhahran

11. 11 New Organization Peter Ragauss Sr. VP & CFO Peter Ragauss Sr. VP & CFO Russ Cancilla VP, HSE&S Russ Cancilla VP, HSE&S Didier Charreton VP, HR Didier Charreton VP, HR Martin Craighead Sr VP & COO Martin Craighead Sr VP & COO Alan Crain VP, General Counsel Alan Crain VP, General Counsel Chad Deaton Chairman, President & CEO Chad Deaton Chairman, President & CEO Belgacem Chiraig President, Eastern Hemisphere Belgacem Chiraig President, Eastern Hemisphere Andy O’Donnell, President Western Hemisphere Andy O’Donnell, President Western Hemisphere Nathan Meehan VP Reservoir Technology Nathan Meehan VP Reservoir Technology Derek Mathieson President Products and Technology Clif Triplet VP Information Technology Art Soucy VP Supply Chain

12. Technology Spend BHI R&E Spend ($ Mlns) BHI Capex and DD&A ($ Mlns) Source: BHI, Public Filings

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