Sign in

    Edward Kim

    Research Analyst at TD Cowen

    Edward Kim is an equity research analyst at TD Cowen, specializing in the coverage of companies in the energy and industrial sectors. He covers firms such as Ormat Technologies and provides detailed forecasts and research reports used by institutional investors. Kim is recognized for his in-depth sector analysis, with his recommendations informing investment decisions within key areas of the energy industry. His professional credentials include FINRA securities licenses and a consistent track record of high-quality research contributing to TD Cowen's reputation in the analyst community.

    Edward Kim's questions to OCEANEERING INTERNATIONAL (OII) leadership

    Edward Kim's questions to OCEANEERING INTERNATIONAL (OII) leadership • Q2 2025

    Question

    Edward Kim from Barclays asked about the potential impact of offshore rig white space on Oceaneering's business, particularly the ROV segment, and questioned the order trends in the Manufactured Products segment, noting the book-to-bill has been below one.

    Answer

    President and CEO Roderick Larson acknowledged some impact from rig white space, which has slightly trimmed ROV utilization forecasts, but noted this has been offset by stronger-than-expected pricing improvements and an increase in decommissioning activity. Regarding manufactured products, Larson confirmed the company anticipated back-half loaded orders for 2025 and has already secured approximately $100 million in commitments early in Q3, maintaining confidence in the full-year book-to-bill guidance and seeing positive signals for 2026.

    Ask Fintool Equity Research AI

    Edward Kim's questions to OCEANEERING INTERNATIONAL (OII) leadership • Q2 2025

    Question

    Edward Kim from Barclays inquired about the apparent lack of impact from offshore rig white space on Oceaneering's business, particularly the ROV segment, and asked about the order trends for the Manufactured Products segment, noting the book-to-bill ratio.

    Answer

    President and CEO Roderick Larson acknowledged some minor impact on ROV utilization forecasts but explained it was offset by stronger-than-expected pricing and increased decommissioning activity. For Manufactured Products, he clarified that 2025 orders are expected to be flat with 2024, not down, with order intake heavily weighted to the second half of the year, noting ~$100 million in commitments were already secured in early Q3.

    Ask Fintool Equity Research AI

    Edward Kim's questions to OCEANEERING INTERNATIONAL (OII) leadership • Q2 2025

    Question

    Edward Kim of Barclays inquired about the impact of offshore rig white space on Oceaneering's business, particularly the ROV segment, and asked for an outlook on the umbilicals business given recent order trends.

    Answer

    President and CEO Roderick Larson acknowledged some impact from rig white space, reflected in a slightly trimmed ROV utilization forecast, but noted this was offset by achieving higher pricing sooner than expected and increased decommissioning activity. For the Manufactured Products segment, he clarified that 2025 orders are expected to be flat with 2024, not down, with activity heavily weighted to the second half. He highlighted $100 million in recent order commitments and positive signals for 2026, along with strong growth in the high-margin Greylock connector business.

    Ask Fintool Equity Research AI

    Edward Kim's questions to OCEANEERING INTERNATIONAL (OII) leadership • Q2 2025

    Question

    Edward Kim of Barclays inquired about the impact of offshore rig white space on Oceaneering's business, particularly the ROV segment, and asked for an outlook on the umbilicals business given recent order trends.

    Answer

    President, CEO & Director Roderick Larson acknowledged some impact from white space, reflected in slightly trimmed ROV utilization forecasts, but noted this was offset by achieving higher pricing sooner than expected and increased decommissioning activity. For the Manufactured Products segment, Mr. Larson clarified that 2025 orders are expected to be flat with 2024, not down, with a strong start to Q3 and positive signals for 2026 from subsea FIDs and tree awards.

    Ask Fintool Equity Research AI

    Edward Kim's questions to OCEANEERING INTERNATIONAL (OII) leadership • Q1 2025

    Question

    Edward Kim from Barclays questioned Oceaneering's confidence in its full-year EBITDA guidance amid commodity price volatility and asked which business segments would be first to see an impact from a potential spending pullback. He also followed up on the outlook for ROV average revenue per day.

    Answer

    President and CEO Roderick Larson affirmed confidence, citing a $1.2 billion Q1 order intake, a strong backlog, and a diversified project pipeline with OpEx-related work that is less sensitive to cycles. He noted that while high-cost drilling (SSR) could be impacted first, high-return OPG work is often protected. SVP and CFO Alan Curtis added that the company still projects a 5% to 10% exit rate increase for ROV pricing in 2025 and expects to exceed $11,000 per day.

    Ask Fintool Equity Research AI

    Edward Kim's questions to OCEANEERING INTERNATIONAL (OII) leadership • Q4 2024

    Question

    Edward Kim asked about the drivers behind the significant increase in ROV average revenue per day, questioning whether it was led by drilling support or vessel-based work. He also inquired about the future trajectory of this metric for 2025 and sought guidance on the order or book-to-bill expectations for the Manufactured Products segment.

    Answer

    President and CEO Roderick Larson explained that the ROV pricing improvements are coming from both vessel and drill support segments. He anticipates further price progression in 2025, even with flat activity days, due to the ongoing realization of value from high uptime rates. Regarding Manufactured Products orders, Larson stated no specific guidance was provided, but CFO Alan Curtis added that the sales pipeline remains healthy, indicating confidence in future awards.

    Ask Fintool Equity Research AI

    Edward Kim's questions to Helmerich & Payne (HP) leadership

    Edward Kim's questions to Helmerich & Payne (HP) leadership • Q2 2025

    Question

    Edward Kim from Barclays sought management's view on the potential magnitude of a U.S. land rig count decline if WTI prices remain around $60/barrel and asked about the probability of the first suspended KCA Deutag rig returning to work in the summer.

    Answer

    President and CEO John Lindsay declined to provide a specific rig count decline number, stating it's too early to determine and depends on the duration of lower prices. He characterized the current environment as a correction, not a downturn. Regarding the suspended rig, Lindsay explained there is no current indication it will return to work immediately in the July-August timeframe, but he reiterated that historically, suspended rigs in Saudi Arabia have eventually returned to service.

    Ask Fintool Equity Research AI

    Edward Kim's questions to Helmerich & Payne (HP) leadership • Q4 2024

    Question

    Edward Kim sought clarification on the 2025 U.S. land rig count forecast, particularly the reason for the expected second-half decline, and asked about free cash flow expectations for stand-alone H&P.

    Answer

    President and CEO John Lindsay clarified that the projected second-half rig count decline reflects normal seasonality and historical trends related to customer budgets and performance, rather than a specific forecast on natural gas prices. SVP and CFO J. Vann confirmed that with a nearly $200 million year-over-year reduction in CapEx, free cash flow for 2025 is expected to increase by a similar amount, assuming margins remain consistent.

    Ask Fintool Equity Research AI

    Edward Kim's questions to Atlas Energy Solutions (AESI) leadership

    Edward Kim's questions to Atlas Energy Solutions (AESI) leadership • Q1 2025

    Question

    Edward Kim sought to understand if the deferrals of development projects were concentrated among a few customers or were broad-based. He also questioned the confidence level that these projects would resume in the second half of 2025 and not slip into 2026, and asked for confirmation that the new annual volume expectation is 22 million tons.

    Answer

    CEO John Turner described the situation as a 'general pause in the market' affecting several projects, not just one customer. He confirmed the current allocated volume is 22 million tons, with 3 million tons of pending opportunities, but emphasized the company is being transparent about market uncertainty. Executive Chair Bud Brigham added that Atlas is built to thrive in cyclical downturns and expects to emerge with greater market share once uncertainty subsides.

    Ask Fintool Equity Research AI

    Edward Kim's questions to Valaris (VAL) leadership

    Edward Kim's questions to Valaris (VAL) leadership • Q1 2025

    Question

    Edward Kim asked for commentary on the pricing for the five-year jackup extensions in Saudi Arabia and whether these contracts signal an end to rig suspensions in the region. He also questioned at what Brent oil price level offshore Final Investment Decisions (FIDs) might face delays.

    Answer

    President and CEO Anton Dibowitz stated that while specific day rates for the Saudi contracts are confidential, they are at 'solid' levels above the historic rates. He emphasized the strength of the ARO Drilling joint venture. Regarding oil prices, Dibowitz confirmed Valaris has not seen any FIDs or programs being pushed back, noting that the economics of these long-cycle projects are compelling, with many deepwater programs having break-even points below $50 per barrel.

    Ask Fintool Equity Research AI

    Edward Kim's questions to Valaris (VAL) leadership • Q1 2025

    Question

    Edward Kim from Barclays questioned the pricing levels of the recent 5-year jackup extensions in Saudi Arabia and whether this signals an end to rig suspensions by Aramco. He also asked about the Brent oil price threshold that might cause customers to delay final investment decisions (FIDs) on offshore projects.

    Answer

    President and CEO Anton Dibowitz stated that while he could not disclose specific day rates for the Saudi extensions, the new rates are above the historic rates and described them as 'solid contracts.' He emphasized the strength of the ARO Drilling JV partnership with Aramco. Regarding oil prices, Dibowitz noted that Valaris has not seen any programs pushed back, as the economics for long-cycle offshore projects remain compelling well below current commodity prices, making them advantaged over other production sources.

    Ask Fintool Equity Research AI

    Edward Kim's questions to Valaris (VAL) leadership • Q3 2024

    Question

    Edward Kim asked about the trajectory of day rates for 2025 in light of market whitespace and deferred demand, and whether these deferrals were specific to deepwater and caused by solvable FPSO bottlenecks.

    Answer

    CEO Anton Dibowitz stated that while some variability is possible, he expects solid day rates in the mid-to-high $400s and into the $500s for high-specification assets, as customers will pay for quality. CCO Matt Lyne confirmed the demand deferrals are primarily a deepwater issue tied to FPSO and production equipment delays, which he views as a transitory supply chain problem that will stabilize.

    Ask Fintool Equity Research AI

    Edward Kim's questions to Valaris (VAL) leadership • Q3 2024

    Question

    Edward Kim inquired about the expected trajectory for offshore rig day rates over the next 12-18 months, given the anticipated market softness in 2025. He also asked whether deferred customer demand was primarily a deepwater or shallow water issue and sought color on the timeline for resolving FPSO-related shipyard bottlenecks.

    Answer

    President and CEO Anton Dibowitz acknowledged that day rates could see some variability, especially for shorter-term bridge work, but stated that customers are still paying solid rates in the mid-to-high $400s and into the $500s for high-spec assets. CCO Matt Lyne clarified that demand deferrals are more of a deepwater phenomenon tied to FPSO delays, which he views as a transitory issue as the supply chain stabilizes.

    Ask Fintool Equity Research AI

    Edward Kim's questions to EXPRO GROUP HOLDINGS (XPRO) leadership

    Edward Kim's questions to EXPRO GROUP HOLDINGS (XPRO) leadership • Q1 2025

    Question

    Edward Kim from Barclays sought to clarify whether the expectation for delayed offshore FIDs, particularly in West Africa, was based on direct customer feedback or Expro's own interpretation of market volatility. He also asked for an estimate of the potential EBITDA impact from recently announced tariffs.

    Answer

    CEO Michael Jardon clarified that the view on delayed FIDs is Expro's 'interpretation of the tea leaves' based on historical industry behavior during volatile periods, rather than specific customer announcements. CFO Quinn Fanning addressed the tariff question, stating the impact is expected to be more on overall activity levels than direct costs. He estimated a potential direct impact of less than $5 million for Expro, noting the company is primarily a services provider with 80% of its revenue generated outside the U.S.

    Ask Fintool Equity Research AI

    Edward Kim's questions to EXPRO GROUP HOLDINGS (XPRO) leadership • Q4 2024

    Question

    Edward Kim asked for clarification on Expro's full-year 2025 revenue guidance, which appears more optimistic than peers, and questioned the reasons for the steeper-than-usual sequential revenue decline forecasted for Q1 2025.

    Answer

    CEO Mike Jardon attributed the positive annual outlook to Expro's specific market mix, including minimal exposure to weaker U.S. land and Mexico markets and a focus on onshore gas in Saudi Arabia. He also cited benefits from strategic M&A and new technology adoption. CFO Quinn Fanning explained the Q1 decline was due to the non-repeat of strong Q4 subsea project deliveries and normal seasonality, which was previously masked by revenue from the Congo project's construction phase.

    Ask Fintool Equity Research AI

    Edward Kim's questions to EXPRO GROUP HOLDINGS (XPRO) leadership • Q3 2024

    Question

    Edward Kim asked if the moderated outlook for next year was tied to the 'white space' concerns voiced by offshore drillers and questioned the expected contribution from net pricing to EBITDA margins for the remainder of 2024 and into 2025.

    Answer

    CEO Michael Jardon explained the moderated view reflects general market sentiment and a potential 'tale of two halves' in 2025, rather than direct white space concerns from customers. He expects 2025 pricing gains to be modest, around 100 bps, and concentrated in the second half. CFO Quinn Fanning added that the revised 2024 guidance reflects a lower pricing contribution than the 200 bps previously hoped for.

    Ask Fintool Equity Research AI

    Edward Kim's questions to Noble Corp (NE) leadership

    Edward Kim's questions to Noble Corp (NE) leadership • Q1 2025

    Question

    Edward Kim sought examples of the metrics driving the performance bonuses, such as drilling time or safety, and asked what would be required to achieve the full bonus potential beyond the forecasted 40% capture rate. He also questioned if contract preparation expenses for these deals were higher than normal.

    Answer

    President and CEO Robert Eifler explained that while specific metrics are proprietary, a primary driver for the bonuses is drilling time ('days per well'), which creates a win-win scenario for Noble and its customers. CFO Richard Barker clarified that apart from the specified rig upgrade CapEx for the Shell contracts, the contract preparation expenses are in line with typical multiyear contracts and not unusually high.

    Ask Fintool Equity Research AI

    Edward Kim's questions to PATTERSON UTI ENERGY (PTEN) leadership

    Edward Kim's questions to PATTERSON UTI ENERGY (PTEN) leadership • Q1 2025

    Question

    Edward Kim asked about the potential for U.S. land rig count declines in the second half of the year if oil prices hold at current levels and inquired if the urgency for E&Ps to electrify their operations has diminished.

    Answer

    CEO William Hendricks acknowledged that a sustained low oil price could cause market softening but highlighted an expected 'bifurcation,' where lower-spec rigs for smaller E&Ps would be idled first, while Patterson-UTI's high-spec fleet with larger customers would be more resilient. On electrification, he stated the company has not earmarked specific capital for distributed power, instead evaluating each project on a case-by-case basis against strict return hurdles.

    Ask Fintool Equity Research AI

    Edward Kim's questions to PATTERSON UTI ENERGY (PTEN) leadership • Q3 2024

    Question

    Edward Kim asked if factors beyond seasonality and budget exhaustion, such as oil price volatility or OPEC uncertainty, were contributing to the significant Q4 slowdown in the completions business.

    Answer

    CEO William Hendricks attributed the slowdown primarily to high operational efficiency, which led customers to finish programs early and opt against pulling 2025 budgets forward. He stated he does not believe commodity volatility or OPEC uncertainty are factors, as customers have been more focused on their specific capital plans and have been neutral to recent price swings.

    Ask Fintool Equity Research AI

    Edward Kim's questions to Liberty Energy (LBRT) leadership

    Edward Kim's questions to Liberty Energy (LBRT) leadership • Q1 2025

    Question

    Edward Kim asked for more precision on the expected magnitude of Q2 EBITDA growth and questioned if tariffs would increase the per-megawatt CapEx for the remaining power assets on order.

    Answer

    CFO Michael Stock confirmed that mid-single-digit sequential EBITDA growth is a reasonable expectation for Q2. Regarding power CapEx, he noted that while tariffs are a moving target, the vast majority of the equipment content is U.S.-based, and the company is actively managing the situation.

    Ask Fintool Equity Research AI

    Edward Kim's questions to Liberty Energy (LBRT) leadership • Q3 2024

    Question

    Edward Kim asked for the primary reason behind the substantial market softening seen in Q4, questioning whether it was driven more by oil price volatility or by operators achieving their annual production targets earlier than expected.

    Answer

    CEO Christopher Wright responded that the softness was caused by 'a little bit of both.' He explained that significant productivity gains from consolidation and longer laterals allowed operators to hit production targets early. This, combined with softening oil prices, influenced decisions to pause activity. He noted, however, that these productivity gains are somewhat 'one-time' in nature.

    Ask Fintool Equity Research AI

    Edward Kim's questions to ProPetro Holding (PUMP) leadership

    Edward Kim's questions to ProPetro Holding (PUMP) leadership • Q4 2024

    Question

    Edward Kim questioned the 2025 outlook for the frac business, asking if the Q1 fleet count of 14-15 is a good run rate for the year, and inquired about the primary customers for the initial PROPWR power generation orders.

    Answer

    CEO Sam Sledge confirmed that a 14-15 fleet count is a reasonable run rate for 2025 in a flat market, adding that attrition among lower-tier competitors could naturally tighten the market. He clarified that the initial PROPWR orders are targeted at existing oil and gas customers for non-frac applications like production and midstream. CFO David Schorlemer reinforced this by highlighting the projected 2.5 gigawatts of load growth in the Permian's oil and gas sector.

    Ask Fintool Equity Research AI

    Edward Kim's questions to ProPetro Holding (PUMP) leadership • Q3 2024

    Question

    Edward Kim asked about ProPetro's fourth-quarter fleet utilization outlook, particularly how it compares to peers guiding for activity declines, and inquired about the contract durations for the fourth and fifth FORCE electric fleets.

    Answer

    CEO Sam Sledge stated that the active fleet count will hold steady at 14, with any slowdown attributed to normal holiday seasonality rather than a significant utilization decline. He explained this stability is due to ProPetro's fleets serving as the baseload for major customers. Regarding contracts for the new FORCE fleets, Sledge confirmed they are with different operators and that the company aims for multi-year agreements, but declined to provide specific term lengths, citing competitive sensitivity.

    Ask Fintool Equity Research AI