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ITEM 2 UNREGISTERED SALES OF EQ ITEM 6 EXHIBITS NO TITLEU } �0 } �+ � � � � � � � � � � � � � � � � � � � � � � � BAKER HUGHES INC 10-Q 10/24/2012 OR Delaware 76-0207995$ (State or other jurisdiction, $ (I.R.S.Employer Identification No.)) ! of incorporation or organization) 0 ( 2929 Allen Parkway, Suite 2100, Houston, 77019-2118 Texas0 ( (Address of principal executive offices) (Zip Code) $ ____________________________1 ) Created by Morningstar Document Research.0 ( http://documentresearch.morningstar.com/� 2 � � ����������������t�\�D������q�'����������= PF0*8 X> � @ � l � F � * �+ d ����MbP?_ * + � � % � � �� , � � � � & �٭e2�?' �٭e2�?( �٭e2�?) �٭e2�?� " , D / �? �?� OR Income Statement ITEM 1 FINANCIAL STATEMENTS Balance Sheet (1) ITEM 1 FINANCIAL (1) ITEM 1 FINANCIAL (2) Cash Flows ITEM 1 FINANCIAL (3) NOTE 2 DISCONTINUED OPERATIONS NOTE 2 DISCONTINUED (1) NOTE 3 EARNINGS PER SHARE NOTE 4 INVENTORIES NOTE 5 INTANGIBLE ASSETS NOTE 7 SEGMENT INFORMATION NOTE 7 SEGMENT (1) NOTE 8 EMPLOYEE BENEFIT PLANS NOTE 8 EMPLOYEE BENEFIT (1) NOTE 8 EMPLOYEE BENEFIT (2) NOTE 8 EMPLOYEE BENEFIT (3) ! NOTE 11 ACCUMULATED OTHER COMPR BUSINESS ENVIRONMENT BUSINESS ENVIRO (1) RESULTS OF OPERATIONS RESULTS OF OPER (1) RESULTS OF OPER (2) ! LIQUIDITY AND CAPITAL RESOURCES ! ITEM 2 UNREGISTERED SALES OF EQ ITEM 6 EXHIBITS NO TITLEU } � } I; } � F � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � BAKER HUGHES INC 10-Q 10/24/2012 Balance Sheet Page No . PART I - FINANCIAL INFORMATION Item 1.( Financial Statements (Unaudited) , $ Consolidated Condensed Statements of~ 2 * Income (Unaudited) - Three months and nine 0 ( months ended September 30, 2012 and 2011 , $ Consolidated Condensed Statements of~ 0 ( Comprehensive Income (Unaudited) - Three . & months and nine months ended September 30, 2012 and 2011 - % Consolidated Condensed Balance Sheets~ 9 1 (Unaudited) - September 30, 2012 and December 31, ~ n , $ Consolidated Condensed Statements of~ . & Equity (Unaudited) - Nine months ended # September 30, 2012 and 2011 � D � l ��������������u�i�E������h�D�����x�T� �����c�?�������m�#��� � ! � " � # � $ � % � & � ' � ( � ) � * � + � , � - � . � / � 0 � 1 � 2 � 3 � 4 � 5 � 6 � 7 � 8 � 9 � : � ; � < � = � > � ? � , $ Consolidated Condensed Statements of~ ! 2 ! * Cash Flows (Unaudited) - Nine months ended " # " September 30, 2012 and 2011 # # # $ 1 $ ) Notes to Unaudited Consolidated Condensed~ $ " % % Financial Statements & & & ' Item 2./ ' ' Management s Discussion and Analysis of~ ' > ( 5 ( - Financial Condition and Results of Operations ) ) ) * Item 3.0 * ( Quantitative and Qualitative Disclosures~ * r + + About Market Risk , , , - Item 4. - Controls and Procedures~ - r . . . / PART II - / OTHER INFORMATION / 0 0 0 1 Item 1. 1 Legal Proceedings~ 1 v 2 2 2 3 Item 1A. 3 Risk Factors~ 3 v 4 4 4 5 Item 2./ 5 ' Unregistered Sales of Equity Securities~ 5 v 6 6 and Use of Proceeds 7 7 7 8 Item 3.' 8 Defaults Upon Senior Securities~ 8 v 9 9 9 : Item 4. : Mine Safety Disclosures~ : v ; ; ; < Item 5. < Other Information~ < z = = = > Item 6. > Exhibits~ > z ? ? ? � D ! l ��t�A� �����~�*�����l�C� �����y�U��������A��������>������ @ � A � B � C � D � E � @ @ Signatures~ @ ~ A B $ C ____________________________1 D ) Created by Morningstar Document Research.0 E ( http://documentresearch.morningstar.com/� Q d ��������= PF0*8 X> � @ � E E D D C C l � ; A �P d ����MbP?_ * + � � % � � �� , � � � � & �٭e2�?' �٭e2�?( �٭e2�?) �٭e2�?� " , D / �? �?� OR Balance Sheet ITEM 1 FINANCIAL STATEMENTS Balance Sheet (1) ITEM 1 FINANCIAL (1) ITEM 1 FINANCIAL (2) Cash Flows ITEM 1 FINANCIAL (3) NOTE 2 DISCONTINUED OPERATIONS NOTE 2 DISCONTINUED (1) NOTE 3 EARNINGS PER SHARE NOTE 4 INVENTORIES NOTE 5 INTANGIBLE ASSETS NOTE 7 SEGMENT INFORMATION NOTE 7 SEGMENT (1) NOTE 8 EMPLOYEE BENEFIT PLANS NOTE 8 EMPLOYEE BENEFIT (1) NOTE 8 EMPLOYEE BENEFIT (2) NOTE 8 EMPLOYEE BENEFIT (3) ! NOTE 11 ACCUMULATED OTHER COMPR BUSINESS ENVIRONMENT BUSINESS ENVIRO (1) RESULTS OF OPERATIONS RESULTS OF OPER (1) RESULTS OF OPER (2) ! LIQUIDITY AND CAPITAL RESOURCES ! ITEM 2 UNREGISTERED SALES OF EQ ITEM 6 EXHIBITS NO TITLEU } : } $ ; � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � BAKER HUGHES INC 10-Q 10/24/2012 Income Statement ( Three Months Ended September 30, ' Nine Months Ended September 30, ~ r ~ n ~ r ~ n Revenue: Sales~ � ~ � ~ �S ~ nH Services~ 5 ~ &5 ~ � ~ v� Total revenue~ �Q ~ "O ~ r� ~ �� Costs and expenses: Cost of sales~ ~ � ~ B ~ �: Cost of services~ >, ~ ' ~ ƃ ~ zo Research and engineering~ � ~ � ~ � ~ . - % Marketing, general and administrative~ b ~ � ~ > ~ z Total costs and expenses~ zJ ~ �B ~ �� ~ �� Operating income~ : ~ � ~ � ~ � Interest expense, net~ >��� ~ ��� ~ ���� ~ r��� , $ Loss on early extinguishment of debt ~ b��� ~ b��� 0 ( Income from continuing operations before~ v ~ ~ J ~ � income taxes Income taxes~ ���� ~ ���� ~ ���� ~ :��� ) ! Income from continuing operations~ : ~ � ~ � ~ � , $ Income from discontinued operations,~ : ~ " ~ n ~ R net of tax Net income~ r ~ ~ : ~ F � D � l ������������~�r�f���7���7�����U���=�����(�x���#�k�������6�z� � ! � " � # � $ � % � & � ' � ( � ) � * � + � , � - � . � / � 0 � 1 � 2 � 3 � 4 � 5 � 6 � 7 � 8 � 9 � : � 8 0 Net (income) loss attributable to noncontrolling~ ���� ~ ���� ! interests/ " ' Net income attributable to Baker Hughes~ " ^ " " ~ " " " ~ " & " " ~ " F " # # # # # # # # - $ % Amounts attributable to Baker Hughes: $ $ $ $ $ $ $ ) % ! Income from continuing operations~ % & % % ~ % � % % ~ % � % % ~ % � % + & # Income from discontinued operations~ & : & & ~ & " & & ~ & n & & ~ & R & / ' ' Net Income attributable to Baker Hughes~ ' ^ ' ' ~ ' ' ' ~ ' & ' ' ~ ' F ' ( ( ( ( ( ( ( ( ! ) Basic earnings per share: ) ) ) ) ) ) ) ) * ! Income from continuing operations * 333333�? * * * �������? * * * q= ףp@ * * * ��(\�� @ * + + # Income from discontinued operations + � ��Q��? + + + {�G�z�? + + + � ��Q��? + + + �������? + - , % Basic earnings per share attributable , )\���(�? , , , �Q� ���? , , , �Q� ��@ , , , )\���( @ , - to Baker Hughes . . . . . . . . # / Diluted earnings per share: / / / / / / / ) 0 ! Income from continuing operations 0 333333�? 0 0 0 q= ףp�? 0 0 0 q= ףp@ 0 0 0 �G�z� @ 0 + 1 # Income from discontinued operations 1 � ��Q��? 1 1 1 {�G�z�? 1 1 1 � ��Q��? 1 1 1 {�G�z�? 1 / 2 ' Diluted earnings per share attributable 2 )\���(�? 2 2 2 ��(\���? 2 2 2 �Q� ��@ 2 2 2 @ 2 3 to Baker Hughes 4 4 4 4 4 4 4 4 5 Cash dividends per share 5 333333�? 5 5 5 333333�? 5 5 5 �������? 5 5 5 �������? 5 6 7 $ 8 ____________________________1 9 ) Created by Morningstar Document Research.0 : ( http://documentresearch.morningstar.com/� : C <�'�h�������P���w���������� �W�������B��v�j�B�= PF0*8 X> � @ � �u : : 9 9 8 8 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 , , , , , , , , + + + + + + + + * * * * * * * * ' ' ' ' ' ' ' ' & & & & & & & & % % % % % % % % " " " " " " " " l � Ee d ����MbP?_ * + � � % � � �� , � � � � & �٭e2�?' �٭e2�?( �٭e2�?) �٭e2�?� " , D / �? �?� OR Balance Sheet Income Statement Balance Sheet (1) ITEM 1 FINANCIAL (1) ITEM 1 FINANCIAL (2) Cash Flows ITEM 1 FINANCIAL (3) NOTE 2 DISCONTINUED OPERATIONS NOTE 2 DISCONTINUED (1) NOTE 3 EARNINGS PER SHARE NOTE 4 INVENTORIES NOTE 5 INTANGIBLE ASSETS NOTE 7 SEGMENT INFORMATION NOTE 7 SEGMENT (1) NOTE 8 EMPLOYEE BENEFIT PLANS NOTE 8 EMPLOYEE BENEFIT (1) NOTE 8 EMPLOYEE BENEFIT (2) NOTE 8 EMPLOYEE BENEFIT (3) ! NOTE 11 ACCUMULATED OTHER COMPR BUSINESS ENVIRONMENT BUSINESS ENVIRO (1) RESULTS OF OPERATIONS RESULTS OF OPER (1) RESULTS OF OPER (2) ! LIQUIDITY AND CAPITAL RESOURCES ! ITEM 2 UNREGISTERED SALES OF EQ ITEM 6 EXHIBITS NO TITLEU } �1 } $ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � BAKER HUGHES INC 10-Q 10/24/2012 $ ITEM 1.FINANCIAL STATEMENTS ( Three Months Ended September 30, ' Nine Months Ended September 30, ~ r ~ n ~ r ~ n Net Income~ r ~ ~ : ~ F . & Other comprehensive income (loss), net of tax:0 ( Foreign currency translation adjustments~ � ~ 2��� ~ � ~ ~��� during the period1 ) Pension and other postretirement benefits ~ ~ N ~ ' Net gain on hedge transactions ~ . & Other comprehensive income (loss), net~ � ~ F��� ~ F ~ ���� of tax Comprehensive income~ n ~ N ~ ~ ~ � 0 ( Comprehensive (income) loss attributable~ ���� ~ ~ ���� ~ to noncontrolling interests0 ( Comprehensive income (loss) attributable~ Z ~ R ~ j ~ � to Baker Hughes $ ____________________________1 ) Created by Morningstar Document Research.0 ( http://documentresearch.morningstar.com/� D A l ����������~�r�f�Z���+���!�������������+�m�[�����������������= PF0*8 X> � @ � *% l � ? )u �� d ����MbP?_ * + � � % � � �� , � � � � & �٭e2�?' �٭e2�?( �٭e2�?) �٭e2�?� " , D / �? �?� OR Balance Sheet Income Statement ITEM 1 FINANCIAL STATEMENTS ITEM 1 FINANCIAL (1) ITEM 1 FINANCIAL (2) Cash Flows ITEM 1 FINANCIAL (3) NOTE 2 DISCONTINUED OPERATIONS NOTE 2 DISCONTINUED (1) NOTE 3 EARNINGS PER SHARE NOTE 4 INVENTORIES NOTE 5 INTANGIBLE ASSETS NOTE 7 SEGMENT INFORMATION NOTE 7 SEGMENT (1) NOTE 8 EMPLOYEE BENEFIT PLANS NOTE 8 EMPLOYEE BENEFIT (1) NOTE 8 EMPLOYEE BENEFIT (2) NOTE 8 EMPLOYEE BENEFIT (3) ! NOTE 11 ACCUMULATED OTHER COMPR BUSINESS ENVIRONMENT BUSINESS ENVIRO (1) RESULTS OF OPERATIONS RESULTS OF OPER (1) RESULTS OF OPER (2) ! LIQUIDITY AND CAPITAL RESOURCES ! ITEM 2 UNREGISTERED SALES OF EQ ITEM 6 EXHIBITS NO TITLEU } I; } $ ? � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � BAKER HUGHES INC 10-Q 10/24/2012 Balance Sheet September 30, December 31, ~ r ~ n ASSETS Current Assets: ! Cash and cash equivalents~ � ~ j 0 ( Accounts receivable - less allowance for~ .N ~ �J doubtful accounts% (2012 - $255!2011 - $226) Inventories, net~ �< ~ .2 Deferred income taxes~ � ~ � Other current assets~ � ~ & ) ! Assets of discontinued operations~ ~ Total current assets~ B� ~ �� 8 0 Property, plant and equipment - less accumulated~ �� ~ 6q 3 + depreciation (2012 - $5,961!2011 - $5,192) Goodwill~ �W ~ X Intangible assets, net~ v ~ � Other assets~ * ~ Z Total assets~ � ~ >� LIABILITIES AND EQUITY� D � l ��������������u�i� �����z�;���b�E� ���_�����2����O�����A��� � ! � " � # � $ � % � & � ' � ( � ) � * � + � , � - � . � / � 0 � 1 � 2 � 3 � 4 � 5 � 6 � 7 � 8 � 9 � : � ; � < � = � > � Current Liabilities: ! Accounts payable~ ! � ! ! ~ ! � ! . " & Short-term debt and current portion of~ " j " " ~ " � " # long-term debt% $ Accrued employee compensation~ $ V $ $ ~ $ � $ % Income taxes payable~ % 6 % % ~ % � % ! & Other accrued liabilities~ & r & & ~ & B & . ' & Liabilities of discontinued operations~ ' � ' ' ~ ' � ' ! ( Total current liabilities~ ( �F ( ( ~ ( �6 ( ) ) ) ) * Long-term debt~ * �; * * ~ * < * 7 + / Deferred income taxes and other tax liabilities~ + j + + ~ + � + 9 , 1 Liabilities for pensions and other postretirement~ , , , ~ , , - benefits . Other liabilities~ . . . ~ . 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NOTE 11 ACCUMULATED OTHER COMPR BUSINESS ENVIRONMENT BUSINESS ENVIRO (1) RESULTS OF OPERATIONS RESULTS OF OPER (1) RESULTS OF OPER (2) ! LIQUIDITY AND CAPITAL RESOURCES ! 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NOTE 11 ACCUMULATED OTHER COMPR BUSINESS ENVIRONMENT BUSINESS ENVIRO (1) RESULTS OF OPERATIONS RESULTS OF OPER (1) RESULTS OF OPER (2) ! LIQUIDITY AND CAPITAL RESOURCES ! ITEM 2 UNREGISTERED SALES OF EQ ITEM 6 EXHIBITS NO TITLEU } �8 } $ C � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � � BAKER HUGHES INC 10-Q 10/24/2012 Cash Flows ' Nine Months Ended September 30, ~ r ~ n - % Cash flows from operating activities: ) ! Income from continuing operations~ � ~ � 7 / Adjustments to reconcile income from continuing 3 + operations to net cash flows from operating activities:% Depreciation and amortization~ � ~ � ) ! 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NOTE 11 ACCUMULATED OTHER COMPR BUSINESS ENVIRONMENT BUSINESS ENVIRO (1) RESULTS OF OPERATIONS RESULTS OF OPER (1) RESULTS OF OPER (2) ! LIQUIDITY AND CAPITAL RESOURCES ! ITEM 2 UNREGISTERED SALES OF EQ ITEM 6 EXHIBITS NO TITLEU } y# } $ � � � � � � � � � � � � � � � � � � � � � � � � � � � � � BAKER HUGHES INC 10-Q 10/24/2012 ! NOTE 5.INTANGIBLE ASSETS September 30, 2012 December 31, 2011 Gross Less: Net Gross Less: Net Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization# Definite lived intangibles: Technology~ * ~ � ~ r ~ � ~ : ~ � Contract-based~ F ~ * ~ ~ F ~ & ~ " Trade names~ � ~ � ~ ~ � ~ : ~ � Customer relationships~ � ~ � ~ � ~ � ~ & ~ j Subtotal~ � ~ 6 ~ � ~ Z ~ � ~ � % Indefinite lived intangibles: In-process research and~ � ~ � ~ Z ~ Z development Total~ � ~ 6 ~ v ~ � ~ � ~ � $ ____________________________1 ) Created by Morningstar Document Research.0 ( http://documentresearch.morningstar.com/� > 0 ������������u�i�]�=���@�����+�=�K�\�b�v�������������= PF0*8 X> � @ � �; l � �2 d ����MbP?_ * + � � % � � �� , � � � � & �٭e2�?' �٭e2�?( �٭e2�?) �٭e2�?� " , D / �? �?� OR Balance Sheet Income Statement ITEM 1 FINANCIAL STATEMENTS Balance Sheet (1) ITEM 1 FINANCIAL (1) ITEM 1 FINANCIAL (2) Cash Flows ITEM 1 FINANCIAL (3) NOTE 2 DISCONTINUED OPERATIONS NOTE 2 DISCONTINUED (1) NOTE 3 EARNINGS PER SHARE NOTE 4 INVENTORIES NOTE 5 INTANGIBLE ASSETS NOTE 7 SEGMENT (1) NOTE 8 EMPLOYEE BENEFIT PLANS NOTE 8 EMPLOYEE BENEFIT (1) NOTE 8 EMPLOYEE BENEFIT (2) NOTE 8 EMPLOYEE BENEFIT (3) ! NOTE 11 ACCUMULATED OTHER COMPR BUSINESS ENVIRONMENT BUSINESS ENVIRO (1) RESULTS OF OPERATIONS RESULTS OF OPER (1) RESULTS OF OPER (2) ! LIQUIDITY AND CAPITAL RESOURCES ! ITEM 2 UNREGISTERED SALES OF EQ ITEM 6 EXHIBITS NO TITLEU } �+ } $ � � � � � � � � � � � � � � � � � � � � � � � � � � � � BAKER HUGHES INC 10-Q 10/24/2012 # NOTE 7.SEGMENT INFORMATION Three Months Ended Three Months Ended September 30, 2012 September 30, 2011 Segments Revenue " Profit (Loss) Before Taxes Revenue " Profit (Loss) Before Taxes North America~ �* ~ � ~ �* ~ j Latin America~ ~ � ~ � ~ $ Europe/Africa/Russia Caspian~ � ~ � ~ ~ ~ � Middle East/Asia Pacific~ 2 ~ ~ ~ . 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