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    Douglas Becker • Capital One Securities, Inc.

    Douglas Becker's questions to Helmerich and Payne Inc (HP) leadership

    Douglas Becker's questions to Helmerich and Payne Inc (HP) leadership • Q3 2025

    Question

    Douglas Becker from Capital One inquired about Helmerich & Payne's growth strategy in Saudi Arabia and the broader Middle East following the KCA acquisition, and asked for an update on the timeline for suspended rigs returning to work.

    Answer

    President & CEO John Lindsay and SVP Trey Adams responded that significant growth opportunities in the Middle East are anticipated for 2026, not 2025, enabled by the newly acquired assets and personnel. Regarding the suspended rigs, they believe the worst is over but stated a return to work is likely a 2026 event due to customer budgeting cycles, with no definitive timeline available yet.

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    Douglas Becker's questions to Noble Corporation PLC (NE) leadership

    Douglas Becker's questions to Noble Corporation PLC (NE) leadership • Q2 2025

    Question

    Douglas Becker inquired if there have been material changes to other contract economics like mobilization fees and asked for commentary on the likelihood of outstanding contract options being exercised.

    Answer

    President and CEO Robert Eifler noted that while contract terms are correlated with day rates, the recent shift in rates has not caused a meaningful change in broader terms like fees. On options, he stated the company now assumes a lower exercise rate (perhaps 50-75%) and acknowledged that a non-negligible number of options across the industry are not being exercised, which has impacted Noble's 2025 outlook.

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    Douglas Becker's questions to Transocean Ltd (RIG) leadership

    Douglas Becker's questions to Transocean Ltd (RIG) leadership • Q2 2025

    Question

    Douglas Becker of Capital One Securities, Inc. asked about the potential proceeds from rigs slated for disposal and sought an update on the timeline to achieve the company's 3.5x net debt to EBITDA target.

    Answer

    President and CEO Keelan Adamson stated that the liquidity forecast includes only a nominal amount for rig disposals, essentially assuming cash breakeven transactions. He reaffirmed that the company's objective to reach its 3.5x net debt to EBITDA target remains on track for the late 2026 timeframe, which would then allow for consideration of shareholder distributions.

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    Douglas Becker's questions to Valaris Ltd (VAL) leadership

    Douglas Becker's questions to Valaris Ltd (VAL) leadership • Q2 2025

    Question

    Douglas Becker inquired about the expected timing for contract awards from Petrobras's Buzios and Marrow tenders in Brazil and sought details on a potential third tender. He also asked for an update on the finality of the arbitration case that benefited Q2 results.

    Answer

    CCO Matt Lyne confirmed Petrobras is back in the market to keep its rig count flat, with the Buzios tender under evaluation and others expected. CEO Anton Dibowitz highlighted that growing IOC activity in Brazil adds to the market's strength. Regarding the arbitration, Dibowitz stated that while a right to appeal exists, the bar is high, and the company is pleased with the favorable outcome.

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    Douglas Becker's questions to Nov Inc (NOV) leadership

    Douglas Becker's questions to Nov Inc (NOV) leadership • Q2 2025

    Question

    Douglas Becker of Capital One Securities, Inc. asked for context on the size of the market NOV is preparing for with its cost reduction initiatives and what other cost-saving measures might be available. He also sought clarification on the timing for realizing the announced $100 million in cost savings.

    Answer

    Clay Williams, Chairman & CEO, stated that while managing for the current environment, NOV is preparing for a larger market driven by international unconventionals and deepwater growth. Jose Bayardo, President & COO, clarified that the cost reductions are a continuation of a multi-year strategy to reposition the company, not a reaction to a fundamentally smaller market. Bayardo suggested the $100 million in savings would be realized ratably through 2026 but noted these savings would be offset by increased tariff impacts in the near term.

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    Douglas Becker's questions to Patterson-UTI Energy Inc (PTEN) leadership

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

    Question

    Douglas Becker of Capital One Securities, Inc. asked for more color on the moving parts within the Q3 Drilling Services guidance, noting it implied a significant decline in daily margin. He also asked for an update on current pricing for super-spec rigs.

    Answer

    President & CEO William Hendricks attributed the Q3 margin pressure to the logistical costs of moving rigs between different basins with non-concurrent activity changes, which makes achieving cost efficiencies more challenging. He stated that leading-edge pricing for super-spec rigs remains relatively steady in the low-to-mid $30,000s range, with growing demand for layered-on digital products.

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    Douglas Becker's questions to Weatherford International PLC (WFRD) leadership

    Douglas Becker's questions to Weatherford International PLC (WFRD) leadership • Q2 2025

    Question

    Douglas Becker asked about the extent of pricing pressure, questioning which countries and product lines are most affected, and how to quantify the benefits from the company's ongoing cost-reduction measures.

    Answer

    President and CEO Girish Saligram identified North America and international service businesses, particularly in the DRE segment, as areas with the most pricing pressure. He explained that cost-out measures have so far offset revenue declines and are designed to deliver 25-75 basis points of annualized productivity gains, with benefits becoming more visible in 2026.

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    Douglas Becker's questions to Halliburton Co (HAL) leadership

    Douglas Becker's questions to Halliburton Co (HAL) leadership • Q2 2025

    Question

    Douglas Becker of Capital One Securities, Inc. asked for an updated outlook on full-year free cash flow given the market softness and whether the company's stated cash return target remains intact.

    Answer

    EVP & CFO Eric Carre revised the full-year 2025 free cash flow guidance to a range of $1.8 billion to $2.0 billion. He affirmed that this change does not alter their perspective on shareholder returns and that the company will likely maintain its current pace of buybacks and dividends, having already exceeded its 50% return target for the year through Q2.

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    Douglas Becker's questions to Halliburton Co (HAL) leadership • Q2 2025

    Question

    Douglas Becker of Capital One Securities, Inc. asked for an updated full-year free cash flow outlook given the market softness and whether the company's cash return framework and targets remain intact.

    Answer

    EVP & CFO Eric Carre revised the full-year 2025 free cash flow guidance down to a range of $1.8 billion to $2.0 billion. However, he affirmed that the company's commitment to shareholder returns is unchanged and that Halliburton will exceed its target of returning 50% of free cash flow to shareholders for the year.

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