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Chuck Minervino

Research Analyst at Susquehanna

Charles Minervino is an Equity Research Analyst at Susquehanna International Group, specializing in the Energy and Aerospace/Defense sectors with coverage of 37-70 companies including Boeing (BA), Patterson-UTI (PTEN), MRC Global (MRC), Noble (NE), NOV, Nabors Industries (NBR), Valaris (VAL), Oil States International (OIS), Bloom Energy (BE), and Sunrun (RUN). He has delivered a 54% success rate on 467 ratings with an average return of +3.80% per rating over the past year according to TipRanks, where he holds a 4.73-star rating, and issued 148 total ratings with 57.4% Buy, 40.5% Hold, and 2% Sell recommendations per MarketBeat data, highlighted by a standout +374.40% return on his Buy call for Bloom Energy. Minervino joined Susquehanna in 2009 after prior experience at Goldman Sachs & Co., maintaining a focus on industrials, energy services, oil & gas drilling, and related fields. His professional credentials include active coverage roles with direct contact via Susquehanna, though specific FINRA licenses are not detailed in available profiles.

Chuck Minervino's questions to RPC (RES) leadership

Question · Q4 2025

Chuck Minervino asked for clarification on the 2026 capital expenditure guidance, considering deferred 2025 spend and the reclassification of wireline cables, and whether there's flexibility to reduce CapEx for increased free cash flow. He also inquired about the sharp sequential decline in rental tool revenue within support services in Q4 2025, asking if it was more acute than historical seasonality and for reasons behind the drop.

Answer

Ben Palmer (President and CEO) described the 2026 CapEx range as 'conservative,' noting it's subject to scrutiny and can be reduced if conditions warrant, as unapproved or undelivered equipment is not committed, emphasizing the focus on free cash flow. Regarding rental tool revenue, Mr. Palmer confirmed the decline was 'more acute,' attributing it to one or two customer-specific slowdowns and impacts in the Rockies, clarifying these were delays, not lost opportunities. Mike Schmidt (CFO) added that the business had a strong Q3, making the Q4 comparison tougher.

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