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    Daniel Pickering

    Research Analyst at Pickering Energy Partners

    Dan Pickering is the Chief Investment Officer at Pickering Energy Partners, specializing in energy sector investments spanning oil and gas as well as energy transition technologies. He manages equity strategies and has covered a broad range of energy companies, drawing from a performance track record that includes managing approximately $1 billion in energy sector funds during his tenure at Fidelity Investments. Pickering launched his career at Fidelity and Simmons & Company, became a founding partner of Tudor, Pickering, Holt & Co., and established Pickering Energy Partners in 2019. He holds a BS in Petroleum Engineering from the Missouri School of Science and Technology and an MBA from the University of Chicago, supported by multiple board and advisory roles in industry and finance.

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

    Daniel Pickering's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership • Q1 2025

    Question

    Daniel Pickering from Pickering Energy Partners asked for clarification on the mechanics of the share repurchase program relative to the leverage covenant, the timing of the $10 million cost-saving benefits, the key indicators FET is watching for a slowdown, and the market reaction to price increases, particularly for valves.

    Answer

    CFO Lyle Williams clarified that the leverage test for buybacks is measured intra-quarter, not just at quarter-end, creating windows of opportunity. President and CEO Neal Lux added that the $10 million in cost savings will begin to materialize in Q2 and ramp up in Q3. He noted they are proactively managing costs based on macro indicators like oil prices rather than waiting for activity to drop. Regarding pricing, Lux explained the valve 'buyer strike' is a unique situation driven by tariff uncertainty and concentrated Chinese sourcing, while also mentioning FET is exploring alternative sourcing strategies.

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    Daniel Pickering's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership • Q3 2024

    Question

    Daniel Pickering sought clarification on Variperm's Q3 performance, the impact of project delays on its outlook, and the specifics of the balance sheet post-refinancing. He also asked about product lines with strong momentum for 2025 and the potential for further portfolio rationalization.

    Answer

    CFO Lyle Williams confirmed Variperm's 2% sequential revenue growth and explained that project delays, caused by a tubular supply chain lag after the TMX pipeline opening, are pushing some activity into 2025, with Q4 expected to be flattish. CEO Neal Lux identified the subsea business and consumables as having strong momentum heading into 2025. He also affirmed that portfolio rationalization is a continuous effort to achieve the company's goal of mid-teen EBITDA margins.

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