Baker Hughes forecasts a drop in producer spending as tariffs impact demand and push down crude prices. The company expects global upstream spending to be down by high-single digits in 2025, with spending in North America set to decline in the low-double digits. Baker Hughes also warns of cost impacts from tariffs on U.S. imports and is working to increase domestic sourcing. However, the company sees LNG technologies and equipment as a bright spot, with plans to expand capacity and book orders in data center equipment.