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    Edward Kim • Wells Fargo

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

    Edward Kim's questions to Helmerich and Payne Inc (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.

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    Edward Kim's questions to Helmerich and Payne Inc (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.

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

    Edward Kim's questions to Atlas Energy Solutions Inc (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.

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    Edward Kim's questions to Valaris Ltd (VAL) leadership

    Edward Kim's questions to Valaris Ltd (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.

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    Edward Kim's questions to Valaris Ltd (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.

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    Edward Kim's questions to Expro Group Holdings NV (XPRO) leadership

    Edward Kim's questions to Expro Group Holdings NV (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.

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    Edward Kim's questions to Expro Group Holdings NV (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.

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    Edward Kim's questions to Expro Group Holdings NV (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.

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    Edward Kim's questions to Noble Corporation PLC (NE) leadership

    Edward Kim's questions to Noble Corporation PLC (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.

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    Edward Kim's questions to Patterson-UTI Energy Inc (PTEN) leadership

    Edward Kim's questions to Patterson-UTI Energy Inc (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.

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    Edward Kim's questions to Patterson-UTI Energy Inc (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.

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

    Edward Kim's questions to Liberty Energy Inc (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.

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    Edward Kim's questions to Liberty Energy Inc (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.

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

    Edward Kim's questions to ProPetro Holding Corp (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.

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    Edward Kim's questions to ProPetro Holding Corp (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.

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