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    Grant Hynes • JPMorgan Chase & Co.

    Grant Hynes's questions to National Energy Services Reunited Corp (NESR) leadership

    Grant Hynes's questions to National Energy Services Reunited Corp (NESR) leadership • Q2 2025

    Question

    Grant Hynes asked for details on the production solutions opportunities in Kuwait and inquired about which area within the NEDA segment is seeing the most near-term demand.

    Answer

    CEO Sherif Fota explained that production-related tenders in Kuwait are ongoing and will be "extremely large," with awards expected in the next 3-6 months. For the NEDA segment, Mr. Fota identified water treatment and mineral recovery as the most advanced area due to regional water scarcity. He noted that pilot projects are underway to prove the economics, with more clarity expected in 3-6 months, which could unlock enormous demand.

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    Grant Hynes's questions to Helmerich and Payne Inc (HP) leadership

    Grant Hynes's questions to Helmerich and Payne Inc (HP) leadership • Q3 2025

    Question

    Grant Hynes of JPMorgan Chase & Co. asked about the types of customers adopting performance-based contracts and whether this contracting model is being explored in international markets.

    Answer

    SVP Michael Lennox stated that all customer types, from small privates to large majors, are utilizing performance contracts. SVP Trey Adams added that while the percentage of such contracts has been stable around 50%, the underlying value-based approach is applied more broadly. He confirmed that these conversations are actively happening internationally, with early-stage agreements in the Middle East and strong interest from global IOCs and NOCs.

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    Grant Hynes's questions to ProPetro Holding Corp (PUMP) leadership

    Grant Hynes's questions to ProPetro Holding Corp (PUMP) leadership • Q2 2025

    Question

    Grant Hynes asked about the impact of simul-frac work on overall utilization as fleet count declines and inquired about the deployment timeline and startup costs for the new 80-megawatt Pro Power contract.

    Answer

    CEO Sam Sledge stated that the proportion of simul-frac work is relatively stable quarter-over-quarter but remains a key part of their strategy, especially for electric fleets. Regarding Pro Power, he noted that startup costs are minimal and the 80 MW of assets will be deployed linearly from Q3 2025 through mid-2026, emphasizing a strategy of scaling the business quickly with meaningful orders.

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    Grant Hynes's questions to Nov Inc (NOV) leadership

    Grant Hynes's questions to Nov Inc (NOV) leadership • Q2 2025

    Question

    Grant Hynes of JPMorgan Chase & Co. requested more detail on the outperformance in the subsea flexible pipe business and the overall order outlook for the Energy Equipment segment. His follow-up question concerned the adoption rate of NOV's automation and robotic systems amid the offshore recovery.

    Answer

    Clay Williams, Chairman & CEO, provided a detailed breakdown of the Energy Equipment segment's book-to-bill ratio, noting that while flexible pipe orders were low in Q2, other areas like the APL business and gas processing were strong. He expressed confidence that flexible pipe orders would rebound in Q3. Jose Bayardo, President & COO, detailed the strong adoption of the NOVOS automation platform, with 220 systems sold, and highlighted growing interest in robotics, with 4 systems active and 11 more in the pipeline.

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    Grant Hynes's questions to Liberty Energy Inc (LBRT) leadership

    Grant Hynes's questions to Liberty Energy Inc (LBRT) leadership • Q2 2025

    Question

    Grant Hynes from JPMorgan Chase & Co. asked about the go-forward deployment cadence for DigiFleets and the flexibility in power-related CapEx for next year. He also inquired about the stability of natural gas basin activity and Liberty's exposure.

    Answer

    CEO Ron Gusek stated that while the 2025 DigiFleet deployments are committed, it is reasonably likely that Liberty will revert to maintenance-only CapEx on the completions side in 2026, deploying no new capacity, subject to market conditions. He also confirmed that Liberty is overweight in the Haynesville basin, which has provided a 'tailwind' with strong, stable activity relative to other operating areas.

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    Grant Hynes's questions to Patterson-UTI Energy Inc (PTEN) leadership

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

    Question

    Grant Hynes of JPMorgan Chase & Co. inquired about the company's integrated service offering, asking which customer types are most likely to adopt it, particularly with an expected rise in gas activity. He also sought to clarify if the previously mentioned margin uplift is driven more by technology attachment rates or operational efficiencies.

    Answer

    President & CEO William Hendricks explained that the integrated offering has been most successful with mid-tier customers who may lack large operational teams, but he sees potential for larger customers to adopt it as its benefits become more widely known. He confirmed the value is driven by both the pull-through of PTEN's various service lines and the efficiency gains that help customers accelerate production.

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    Grant Hynes's questions to Expro Group Holdings NV (XPRO) leadership

    Grant Hynes's questions to Expro Group Holdings NV (XPRO) leadership • Q4 2024

    Question

    Grant Hynes requested more details on the financial resolution of the Congo project, asking if the Q3 headwind was reversed in Q4 and seeking information on the potential for improved rates during the O&M phase.

    Answer

    CEO Mike Jardon confirmed that outstanding variation orders were successfully resolved post-Q3, ensuring the project's original 10-year economics will be met. He noted the lump-sum impact in Q4 was modest at a 'couple of million bucks,' but the resolution includes increased O&M rates tied to higher throughput and additional services. The project is now moving into a margin-accretive O&M phase.

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