Baker Hughes to Power Marathon Refineries in Landmark Tech Deal

HOUSTON and LONDON – Feb. 05, 2026 – In a move that solidifies its dominance in the downstream energy sector, technology company Baker Hughes (NASDAQ: BKR) announced it has secured a multiyear agreement to become the preferred hydrocarbon treatment provider for Marathon Petroleum, the largest petroleum refiner in the United States. The landmark deal, signed during Baker Hughes’ 26th Annual Meeting in Florence, Italy, will see the company’s advanced chemical and digital solutions implemented across Marathon's extensive North American network, including 12 refineries and two renewable fuels facilities.

This strategic alliance extends a three-decade collaboration between the two industry titans and signals a deeper integration of technology aimed at optimizing efficiency, bolstering reliability, and advancing environmental compliance in an increasingly complex energy landscape.

A Strategic Win Bolstering Financial Strength

The agreement represents a significant strategic victory for Baker Hughes, providing a stable, long-term revenue stream and reinforcing its leadership position among the top tier of oilfield service providers. While the specific financial terms of the multiyear contract were not disclosed, its scale and scope are expected to contribute meaningfully to the company's already robust financial outlook.

Baker Hughes has demonstrated impressive financial momentum, concluding 2024 with record revenues and adjusted earnings. The company surpassed analyst expectations in the fourth quarter of 2024, reporting an earnings per share (EPS) of $0.70 on revenues of $7.4 billion. For the full year, it achieved over 20% growth in earnings before interest, taxes, depreciation, and amortization (EBITDA) for the second consecutive year. Projections for the coming year remain strong, with anticipated revenues between $26.5 billion and $28.5 billion. The company’s Industrial and Energy Technology (IET) segment, which is central to this deal, ended the first quarter of 2024 with a Remaining Performance Obligation (RPO) of $29.3 billion, providing significant visibility into future earnings.

By becoming the preferred provider for the nation's largest refiner, Baker Hughes not only secures a substantial portion of the downstream chemicals market but also showcases its capacity to deliver comprehensive, high-value solutions to the industry’s most significant players.

Advanced Technology at the Core of Modern Refining

The foundation of the agreement is Baker Hughes' portfolio of sophisticated downstream chemical technologies and digital monitoring tools, designed to tackle the core challenges of modern refining.

“Providing the energy that powers modern industry requires refiners to be flexible, efficient, reliable and sustainable,” said Amerino Gatti, executive vice president, Oilfield Services & Equipment at Baker Hughes. “The solutions engineered by Baker Hughes are helping our customers meet that challenge.”

Under the deal, Marathon facilities will deploy a suite of specialized products:

• XERIC™ heavy oil demulsifiers: These advanced chemical agents are crucial for efficiently separating water from heavy crude oil emulsions. This process is vital for streamlining refinery throughput, preventing corrosion, and reducing the operational issues associated with water content.
• TOPGUARD™ corrosion inhibitors: Corrosion poses a constant threat to the integrity of refinery infrastructure, leading to potential safety risks and costly unplanned downtime. The TOPGUARD™ product line provides a protective barrier for pipes and processing units, extending asset life and ensuring operational reliability.
• Digital Monitoring Tools: Moving beyond reactive maintenance, these digital solutions enable real-time data collection and analysis. This allows for predictive maintenance, optimized chemical dosing, and enhanced process control, leading to significant reductions in nonproductive time and operational costs.
• BIOQUEST™ renewable additives: Specifically designed for the growing renewable fuels sector, these additives help improve the performance and environmental profile of biofuels, showcasing a commitment to sustainable innovation.

Together, these technologies create a synergistic system that supports higher efficiency, greater reliability, and improved environmental performance across Marathon’s operations.

Marathon’s Drive for Efficiency and Sustainability

For Marathon Petroleum, the partnership is a strategic investment in maintaining its operational edge. As the largest U.S. refiner, the company operates its facilities at exceptionally high utilization rates, often around 95%, with throughput volumes exceeding 3 million barrels per day. At this scale, even marginal gains in efficiency and reliability translate into substantial financial and operational benefits.

The company’s recent strong financial performance, which saw its refining margin increase by 44% year-over-year, provides the capital to invest in technologies that secure long-term stability and performance. By standardizing its chemical treatment program with Baker Hughes, Marathon aims to reduce complexity, lower costs, and ensure consistent operational excellence and environmental compliance across its entire fleet of facilities.

A Partnership for the Energy Transition

A pivotal element of the agreement is the explicit inclusion of two of Marathon Petroleum’s renewable fuel facilities. This aspect highlights a critical industry trend: the strategic integration of renewable energy production within the portfolio of traditional energy companies. The deal is not merely about optimizing existing fossil fuel infrastructure but also about preparing for a lower-carbon future.

The application of Baker Hughes’ solutions, particularly the BIOQUEST™ additives, at these sites will help optimize the production of renewable diesel and other biofuels. This aligns with Baker Hughes' own strategic pivot towards the energy transition. The company has publicly targeted $7 billion in revenue from its industrial and energy transition portfolio by 2026, and this partnership is a clear step toward achieving that goal.

This collaboration serves as a powerful example of how established energy leaders are leveraging technological partnerships to navigate the energy transition. By applying advanced solutions to both traditional refining and new renewable fuel streams, Baker Hughes and Marathon Petroleum are co-authoring a blueprint for a more efficient, reliable, and sustainable energy future.