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    Daniel Kutz • Morgan Stanley

    Daniel Kutz's questions to Perimeter Solutions, Inc. (PRM) leadership

    Daniel Kutz's questions to Perimeter Solutions, Inc. (PRM) leadership • Q2 2025

    Question

    Daniel Kutz of Morgan Stanley asked for clarification on what Perimeter Solutions defines as a 'normal' wildfire season, inquired about the inverse correlation between acres burned and revenue per acre, and sought an update on fire suppression resource availability.

    Answer

    CEO Haitham Khouri defined a normal U.S. fire season as 6-7 million acres burned (excluding Alaska), noting 2025 is trending within this range. CFO Kyle Sabol explained that the inverse correlation between acres and revenue per acre is due to resource constraints; during peak fire seasons, air tanker availability becomes a bottleneck, muting the impact of incremental acres. Sabol also highlighted California's fleet expansion and the importance of federal contract structures for increasing overall resource availability.

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    Daniel Kutz's questions to Perimeter Solutions, Inc. (PRM) leadership • Q4 2024

    Question

    Daniel Kutz from Morgan Stanley Investment Management asked about the business implications of the Southern California wildfires and the potential impacts from the new U.S. administration's policies on tariffs and EV adoption.

    Answer

    CFO Kyle Sable noted the recent wildfires had a modest near-term financial impact. CEO Haitham Khouri added that long-term, such events will likely attract more resources to wildland firefighting, benefiting the industry. Khouri also stated he anticipates negligible impact from tariffs due to a resilient supply chain and dismissed any significant effect from changing EV policies on the Specialty Products business, calling it a 'rounding error'.

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    Daniel Kutz's questions to Perimeter Solutions, Inc. (PRM) leadership • Q2 2024

    Question

    Daniel Kutz of BMO Capital Markets asked for clarification on the relative intensity of fire suppression spending per acre across different U.S. regions, inquired about the company's M&A strategy regarding synergies and industry focus, and questioned the $10-$15 million CapEx guidance in light of significant air base investments.

    Answer

    CEO Haitham Khouri advised against over-analyzing the geographic location of fires, stating that jurisdictional mix is more important and regional spending differences are minor. On M&A, he reiterated a strict focus on businesses meeting their five economic criteria where their operational value drivers can be applied, emphasizing that industry and synergies are not primary concerns. CFO Kyle Sable clarified that the $10-$15 million CapEx guidance reflects an increased appetite for high-IRR growth projects, like the Albuquerque airbase upgrade, beyond the historical high single-digit maintenance spend.

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    Daniel Kutz's questions to Liberty Energy Inc (LBRT) leadership

    Daniel Kutz's questions to Liberty Energy Inc (LBRT) leadership • Q2 2025

    Question

    Daniel Kutz from Morgan Stanley inquired about international opportunities beyond Australia, such as in Argentina or the Middle East, and the associated costs. He also asked for the current thinking on shareholder returns, particularly the balance between share buybacks and other capital priorities.

    Answer

    CEO Ron Gusek confirmed Liberty is evaluating opportunities globally, including Argentina and Queensland, and is prepared to deploy capacity when it makes sense. He noted deployment costs vary by region. On capital allocation, Gusek described the approach to buybacks as opportunistic, stating the company paused in Q2 to assess the volatile market but will continue to evaluate repurchases. CFO Michael Stock added that investing in growth offers great potential to increase long-term EPS.

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    Daniel Kutz's questions to Liberty Energy Inc (LBRT) leadership • Q1 2025

    Question

    Daniel Kutz inquired about the customer pipeline and contracting progress for the power generation business and asked whether the full-year consolidated EBITDA guidance of $700 million to $750 million remains intact.

    Answer

    CEO Ron Gusek expressed strong confidence in the power generation business, noting the opportunity pipeline significantly exceeds ordered capacity. Regarding guidance, he stated it is too early to make changes, citing a strong Q2 outlook but acknowledging uncertainty for the second half of the year pending clarity on tariffs and OPEC+ strategy.

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    Daniel Kutz's questions to Liberty Energy Inc (LBRT) leadership • Q4 2024

    Question

    Daniel Kutz of Morgan Stanley inquired about the expected useful life and maintenance cycle for the power generation units and asked for the implications of a flat lateral footage forecast on Liberty's horsepower demand.

    Answer

    CEO Ron Gusek estimated the useful life of the gas engines to be measured in 'decades and decades,' with major overhauls only every 80,000 hours. He explained that while flat lateral footage might imply fewer fleets due to efficiency, this is offset by the increasing intensity and horsepower requirements of simul-frac operations. This dynamic suggests the underlying horsepower market could tighten more than headline fleet counts indicate.

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    Daniel Kutz's questions to Patterson-UTI Energy Inc (PTEN) leadership

    Daniel Kutz's questions to Patterson-UTI Energy Inc (PTEN) leadership • Q2 2025

    Question

    Daniel Kutz of Morgan Stanley inquired about frac supply dynamics, asking if diesel equipment retirements would roughly offset new Emerald fleet investments, keeping total horsepower flat. He also asked how the choppy macro environment has impacted the company's ability to sell its bundled and integrated services.

    Answer

    President & CEO William Hendricks confirmed the company's total horsepower has declined from 3.3 million to 2.9 million and could continue to decrease as older Tier 2 equipment is retired without new investment. Regarding integrated services, he noted that the digital backbone keeps them competitive, and while the softening market makes it harder to show growth in the bundled offering, activity is holding steady.

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    Daniel Kutz's questions to Patterson-UTI Energy Inc (PTEN) leadership • Q1 2025

    Question

    Daniel Kutz requested an estimate of the 'Tier 1 super spec' rig supply for the broader industry and asked for details on the regions driving international growth for the Drilling Products segment.

    Answer

    CEO William Hendricks and CFO C. Smith pivoted away from rig specifications, arguing that performance, embedded technologies, and processes are now the key differentiators, not just mechanical capabilities. For international growth, Hendricks highlighted opportunities in Latin America (Argentina), the Middle East (upgrading a Saudi facility to manufacturing and expanding in Oman), and a long-term focus on North Africa to supply natural gas to Europe.

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    Daniel Kutz's questions to PFHC leadership

    Daniel Kutz's questions to PFHC leadership • Q1 2025

    Question

    Daniel Kutz asked for a more specific second-quarter outlook beyond the directional guidance, referencing a 10% consensus decline. He also inquired about the deployed electric frac fleet capacity and the remaining contract terms for these assets.

    Answer

    Executive Chairman Matt Wilks explained that the Q2 outlook remains uncertain and is being evaluated on a customer-by-customer basis, with any pullback expected to be concentrated in West Texas. He noted that the company's seven electric fleets, equivalent to nine in horsepower, remain fully utilized under long-term contracts with strong, unabated demand.

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    Daniel Kutz's questions to PFHC leadership • Q1 2025

    Question

    Daniel Kutz asked for a more specific second-quarter outlook beyond the directional guidance, referencing consensus estimates. He also inquired about the deployed capacity of ProFrac's electric frac fleets and the remaining term on their contracts.

    Answer

    Executive Chairman Matt Wilks responded that the Q2 outlook remains uncertain and is being evaluated on a customer-by-customer basis, with some pullback expected. Regarding electric fleets, he confirmed they have seven total e-fleets, equivalent to nine in horsepower, which are fully utilized under long-term contracts with no anticipated changes.

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    Daniel Kutz's questions to PFHC leadership • Q4 2024

    Question

    Daniel Kutz sought to confirm the current active frac fleet count based on management's commentary and its sustainability through 2025. He also asked for details on the Proppant segment's improvement, including the role of market share gains, mine utilization status, and the internal versus external sales mix outlook.

    Answer

    Executive Chairman Matthew Wilks confirmed that a fleet count in the 'low 30s' is a reasonable assumption for the current period, emphasizing that growth is contingent on achieving economic returns. On the Proppant business, he noted that one Haynesville asset remains idle while the seven operational assets are seeing record utilization. He reiterated the strategy is to secure long-term commitments with a robust order book rather than chase short-term price increases.

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    Daniel Kutz's questions to PFHC leadership • Q4 2024

    Question

    Daniel Kutz sought to confirm if the active frac fleet count is now in the low 30s and if that is a reasonable expectation for 2025. He also asked about the Proppant business, questioning if market share gains are anticipated, whether any mines were fully shut down, and what the outlook is for internal versus external sales volumes.

    Answer

    Executive Chairman Matt Wilks confirmed that a low-30s fleet count is a safe assumption for now, emphasizing that further growth depends on achieving target economic returns. Regarding Proppant, he noted one Haynesville asset remains idle but could be reactivated with market demand. He reiterated the focus on securing long-term customer commitments to derisk cash flows rather than pursuing immediate price hikes, highlighting that many operational mines are seeing record utilization.

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    Daniel Kutz's questions to Nov Inc (NOV) leadership

    Daniel Kutz's questions to Nov Inc (NOV) leadership • Q4 2024

    Question

    Daniel Kutz requested a directional outlook for NOV's consolidated book-to-bill ratio in 2025. He also asked about the capital allocation strategy, specifically the rationale for using a supplemental dividend for the shareholder return "true-up" instead of incremental buybacks.

    Answer

    CEO Clay Williams outlined a mixed outlook for 2025 orders, with challenges in North American stimulation equipment but strength in international markets and deepwater production. He noted that a potential turnaround in wind turbine installation vessel (WTIV) orders could be a significant positive contributor. CFO Jose Bayardo explained that the supplemental dividend provides a clear and accountable framework to meet their minimum 50% return commitment, while adding that the company still anticipates being aggressive with share buybacks given the stock's current value.

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