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    Charles Minervino • Susquehanna Financial Group

    Charles Minervino's questions to RPC Inc (RES) leadership

    Charles Minervino's questions to RPC Inc (RES) leadership • Q2 2025

    Question

    Charles Minervino from Susquehanna International Group asked for a segment outlook for the second half of the year, particularly for the pressure pumping business. He also inquired about the free cash flow outlook for the back half of the year and how increasing pricing pressure in the wireline segment might impact Q3 and Q4 results.

    Answer

    President & CEO Ben Palmer explained that for pressure pumping, a shift to dedicated customers should provide more calendar certainty and potentially minimize typical seasonality, offering an opportunity for sequential improvement. He also noted that second-half free cash flow should be better than the first half, which was negatively impacted by a large customer prepayment from Q4 2024. CFO Michael Schmit and Mr. Palmer both addressed wireline, attributing pricing pressure to the challenging Permian market but affirming that the Pintail acquisition remains accretive with a strong market position and a focus on cost management.

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    Charles Minervino's questions to MRC Global Inc (MRC) leadership

    Charles Minervino's questions to MRC Global Inc (MRC) leadership • Q1 2025

    Question

    Charles Minervino of Susquehanna Financial Group sought more detail on the significant Gas Utilities backlog growth in April, asking if it was seasonal or driven by other factors and if the backlog would continue to build. He also inquired about the margin profile of the Gas Utilities business and the specific drivers behind the 16% backlog increase in the DIET sector.

    Answer

    CEO Rob Saltiel attributed the Gas Utilities backlog growth to typical seasonal construction preparation and a broader build-out of natural gas infrastructure, rather than tariffs. He clarified that while the sector's gross margin is at or slightly below the company average, its net margin is higher due to scale benefits. Regarding the DIET sector, CFO Kelly Youngblood and CEO Rob Saltiel explained the backlog growth was primarily driven by refining and chemical project activity, new customer acquisitions in chemicals, and a strategic growth initiative in the mining sector.

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    Charles Minervino's questions to DNOW Inc (DNOW) leadership

    Charles Minervino's questions to DNOW Inc (DNOW) leadership • Q1 2025

    Question

    Charles Minervino from Susquehanna Financial Group asked for an updated outlook on geographic revenue growth for the full year, seeking details on the U.S., Canada, and International segments. He also requested more information on the new acquisition in Singapore and clarification on a large, non-recurring project from the first quarter.

    Answer

    CEO David Cherechinsky stated that the U.S. will be the primary growth driver, benefiting from strong midstream activity, tariff impacts, and the Trojan acquisition. He expects International revenue to be flat year-over-year and Canadian revenue to follow seasonal patterns. Regarding the acquisition, Cherechinsky and executive Brad Wise described it as a small but strategic addition to the MacLean International electrical business in Singapore. Cherechinsky clarified the $15 million in non-recurring revenue was from multiple projects in Kazakhstan, a region DNOW is exiting.

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