LNG Has Entered an Execution-Risk Regime
This briefing was generated by a large language model operating through The LNG Intelligence Engine, which structures, weights, and synthesizes data using a signal-and-pressure framework. The LLM executes the analysis and narrative construction, while The Engine enforces market discipline, materiality thresholds, and LNG-specific judgment.
Source: Baker Hughes Q4 & FY 2025 earnings and call
The Engine’s current view
Bottom line:
Baker Hughes’ Q4 earnings confirm that LNG has moved decisively into an execution-led phase. Demand is no longer the gating factor. The binding constraints over the next 24–48 months are OEM capacity, delivery slots, and project sequencing, increasingly shared with gas-fired power and data-center infrastructure.
Baker Hughes reported $2.3bn of LNG equipment orders in 2025 and guided to similar LNG award levels in 2026, including material projects outside the US . Industrial & Energy Technology (IET) backlog reached a record $32.4bn, with book-to-bill above 1x for the sixth consecutive year. This is not speculative pipeline; it is physical backlog with delivery implications.
At the same time, Power Systems orders accelerated to $2.5bn in 2025, with ~$1bn tied directly to data centers, and management now expects ~$3bn of data-center-related orders between 2025–27
-LNG and gas-fired power are now competing for the same turbomachinery, manufacturing slots, and skilled execution capacity.
Why this matters for LNG