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    Dan Pickering

    Research Analyst at Pickering Energy Partners

    Dan Pickering is the Chief Investment Officer at Pickering Energy Partners, specializing in investment strategies and advisory for the traditional oil & gas and energy transition sectors. Over a 30-year career, he has managed approximately $1 billion in energy sector funds at Fidelity Investments, founded Tudor, Pickering, Holt & Co., and served as President and Chief Investment Officer at major energy investment firms. As portfolio manager for PEP’s energy equity strategies and a key member of several investment committees, Pickering is recognized for deep expertise covering multiple top firms in the energy industry and delivering compelling long-term returns for clients. He holds a BS in Petroleum Engineering from the Missouri School of Science and Technology and an MBA from the University of Chicago, and is active on advisory boards and industry councils.

    Dan Pickering's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership

    Dan Pickering's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership • Q2 2025

    Question

    Dan Pickering from Pickering Energy Partners sought clarification on the share repurchase program's impact on shares outstanding, the drivers behind the increased free cash flow guidance, the strategy for expanding into new markets with low CapEx, and the role of M&A in the company's long-term vision.

    Answer

    EVP & CFO D. Lyle Williams detailed that another 10% of shares could be repurchased by year-end, with a meaningful net decline despite stock compensation. He attributed the higher free cash flow forecast primarily to significant working capital reductions in the second half. President & CEO Neal Lux explained that growth market penetration is driven by sales efforts and customer adoption of proven technologies, not capital investment. Lux also positioned M&A as an opportunistic part of the strategy, balanced against debt reduction and compelling share buybacks.

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    Dan Pickering's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership • Q2 2025

    Question

    Dan Pickering of Pickering Energy Partners asked for clarification on expected shares outstanding after the repurchase program, the key drivers for reaching the high end of the free cash flow guidance, how the company plans to penetrate new markets with minimal CapEx, and where M&A fits into the 'Vision 2030' strategy.

    Answer

    CFO D. Lyle Williams detailed the share repurchase mechanics, noting that with leverage below the 1.5x threshold, the company could repurchase another 10% of shares, potentially reducing the year-start count by 15%. He identified working capital reduction as the primary driver for second-half free cash flow. President and CEO Neal Lux explained that growth market penetration requires minimal CapEx as it leverages the existing global footprint and commercial teams, focusing on sales efforts and customer trials. Regarding M&A, Lux stated it is an opportunistic part of the strategy, but the company will remain disciplined, balancing acquisitions against compelling share buybacks and debt reduction.

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