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    J. David Anderson • Barclays

    J. David Anderson's questions to Ormat Technologies Inc (ORA) leadership

    J. David Anderson's questions to Ormat Technologies Inc (ORA) leadership • Q2 2025

    Question

    J. David Anderson of Barclays asked for details on Ormat's exploration program, including capital allocation and drilling activity, and inquired about the growth outlook for the product segment given a recent decrease in its backlog.

    Answer

    CEO Doron Blachar detailed a robust exploration program with $125M-$150M in annual CapEx, including active full-size drilling at two U.S. sites. Regarding the product segment, he explained that backlog fluctuates due to the timing of large EPC contracts and pointed to a strong future pipeline, particularly from New Zealand and Indonesia, which will support future growth.

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    J. David Anderson's questions to Aspen Aerogels Inc (ASPN) leadership

    J. David Anderson's questions to Aspen Aerogels Inc (ASPN) leadership • Q2 2025

    Question

    J. David Anderson from Barclays asked about the company's ability to adjust costs in the thermal barrier business if GM volumes decline, and questioned the slowdown in the Subsea business given the strong backlog at key customers like TechnipFMC.

    Answer

    President and CEO Don Young explained that the company's cost structure is now better positioned to achieve its 35% gross margin target and has flexibility. Regarding Subsea, he clarified that Aspen is in a temporary lull after two exceptionally strong years averaging $30 million in revenue, and noted that not all subsea projects require their specific pipe-in-pipe insulation.

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    J. David Anderson's questions to Cactus Inc (WHD) leadership

    J. David Anderson's questions to Cactus Inc (WHD) leadership • Q2 2025

    Question

    J. David Anderson of Barclays asked for an outlook on how the drilling, completions, and production components of the U.S. business are expected to trend in the second half of the year. He also inquired about Cactus's strategic approach to turning around the newly acquired Baker Hughes surface pressure control business in the Middle East.

    Answer

    CEO Scott Bender clarified that both completions and production businesses softened in Q2, and he expects frac-related activity to decline more significantly than drilling activity for the remainder of the year. Regarding the Baker Hughes business, Bender stated that while Baker has improved its international operations, Cactus will bring a flatter organization, its own supply chain philosophy, and a more focused cultural approach to enhance the business further.

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    J. David Anderson's questions to Tenaris SA (TS) leadership

    J. David Anderson's questions to Tenaris SA (TS) leadership • Q2 2025

    Question

    J. David Anderson asked for the outlook for the Middle East into 2026, with a specific focus on Saudi Arabia, and also questioned the impact of Pemex's slowdown in Mexico and the potential opportunity for the coming year.

    Answer

    COO Gabriel Podskubka stated that while Saudi activity is down, inventories are now lean, and the broader MENA region remains resilient, leading to stable shipment expectations into 2026. Chairman & CEO Paolo Rocca commented that Pemex's new financing is a positive sign, with rig counts already recovering, which should help support Tenaris's North American sales.

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    J. David Anderson's questions to Solaris Energy Infrastructure Inc (SEI) leadership

    J. David Anderson's questions to Solaris Energy Infrastructure Inc (SEI) leadership • Q2 2025

    Question

    J. David Anderson asked about Solaris's growth plans beyond its current 1.7-gigawatt order book, inquiring about the queue for new OEM orders and whether M&A is a viable path for acquiring additional capacity.

    Answer

    Founder, Chairman & CEO William Zartler stated that the company constantly evaluates a 'build versus buy' decision for new capacity, emphasizing a preference for high-quality assets with favorable maintenance and emissions profiles. He noted that new equipment orders now have extended delivery times, and any future orders would likely be tied to specific project needs.

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    J. David Anderson's questions to TechnipFMC PLC (FTI) leadership

    J. David Anderson's questions to TechnipFMC PLC (FTI) leadership • Q2 2025

    Question

    J. David Anderson of Barclays inquired about the composition of the strong Subsea order book, whether the strength in Subsea Services is a sustainable trend, the mix of future awards, and the potential for achieving $10 billion in orders again in 2026.

    Answer

    CEO & Chair Douglas Pferdehirt confirmed that Subsea Services strength is a sustainable trend driven by the company's growing installed base from its iEPCI model, not a one-off event. He stated that second-half awards will come from both the public opportunities list and a growing private list of direct awards. Pferdehirt also affirmed that another $10 billion in Subsea inbound for 2026 is a reasonable assumption.

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    J. David Anderson's questions to Weatherford International PLC (WFRD) leadership

    J. David Anderson's questions to Weatherford International PLC (WFRD) leadership • Q2 2025

    Question

    J. David Anderson asked for details on the market dynamics in Saudi Arabia, questioning how Weatherford is achieving growth amid softness and when a recovery might occur, while also inquiring about the broader international outlook for 2026.

    Answer

    President and CEO Girish Saligram explained that despite market softness in Saudi Arabia, Weatherford is growing by addressing its underpenetration with new technology and strong execution. He anticipates continued softness through 2025, with a potential recovery not expected until the second half of 2026. Saligram noted this trend of a delayed recovery extends across most international markets, particularly offshore.

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    J. David Anderson's questions to Baker Hughes Co (BKR) leadership

    J. David Anderson's questions to Baker Hughes Co (BKR) leadership • Q2 2025

    Question

    J. David Anderson of Barclays asked for an expansion on the IET order performance, questioning the trend for gas tech equipment versus the surprisingly strong services orders. He also inquired about the outlook for the remainder of the year and what could drive the high end of the order guidance, as well as how orders are shaping up for 2026, particularly with data center demand exceeding targets.

    Answer

    Chairman & CEO Lorenzo Simonelli expressed satisfaction with the $3.5 billion in IET orders, which brought the year-to-date total to $6.7 billion. He highlighted that growth was driven by non-LNG markets like data centers and gas infrastructure, with over $550 million in data center power generation orders in the quarter alone. He noted the company is on track to meet its $1.5 billion three-year data center target ahead of schedule. Simonelli also pointed to strong GasTech Services and Cordant Solutions orders. He expressed confidence in the full-year guidance, expecting LNG orders to strengthen in the second half, and projected that 2026 IET orders would be consistent with 2025 levels.

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    J. David Anderson's questions to Baker Hughes Co (BKR) leadership • Q2 2025

    Question

    J. David Anderson of Barclays requested more detail on the IET segment's order performance, asking about the trend for gas tech equipment versus services, the path to the high end of the order guide, and the outlook for 2026, particularly given the strong data center orders.

    Answer

    Chairman & CEO Lorenzo Simonelli stated he was very pleased with the $3.5 billion in IET orders, driven by non-LNG markets like data centers and gas infrastructure. He highlighted record data center awards for NovaLT turbines, strong GasTech services and upgrades, and record Cordant Solutions orders. He expressed confidence in the full-year guide, expecting LNG orders to strengthen in H2, and projected that 2026 IET orders would be consistent with 2025 levels.

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    J. David Anderson's questions to Halliburton Co (HAL) leadership

    J. David Anderson's questions to Halliburton Co (HAL) leadership • Q2 2025

    Question

    J. David Anderson of Barclays asked about the timeline for E&P program resets in North America, questioning if a Q4 bottom is likely and seeking more detail on pricing concessions. He also inquired about the current and potential future scale of Halliburton's international unconventional business.

    Answer

    Chairman, President & CEO Jeff Miller explained that a market recovery hinges on demand absorbing spare capacity and natural production declines. He confirmed Halliburton is stacking frac fleets rather than accepting uneconomic work. Regarding international unconventionals, he highlighted double-digit year-on-year growth and significant opportunities beyond Argentina and Saudi Arabia, including in Australia, the UAE, and North Africa.

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    J. David Anderson's questions to Halliburton Co (HAL) leadership • Q2 2025

    Question

    J. David Anderson of Barclays asked for an assessment of the current E&P program reset in North America, questioning if a Q4 bottom is likely and seeking more detail on pricing pressure. He also inquired about the current and potential future scale of Halliburton's international unconventional services business.

    Answer

    Chairman, President & CEO Jeff Miller explained that a market bottom depends on when demand absorbs spare capacity and production declines manifest, noting current activity is below maintenance levels. On pricing, he emphasized that Halliburton will choose to stack fleets rather than accept uneconomic work. Regarding international unconventionals, Miller described it as a significant growth area with double-digit year-over-year growth, highlighting opportunities in Argentina, the UAE, and North Africa, driven by both oil and gas demand.

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    J. David Anderson's questions to National Energy Services Reunited Corp (NESR) leadership

    J. David Anderson's questions to National Energy Services Reunited Corp (NESR) leadership • Q1 2025

    Question

    J. David Anderson from Barclays asked about the upstream spending dynamics in Saudi Arabia amid OPEC production changes, the potential for a rig count floor, and the impact of unconventional gas projects on NESR's outlook. He also inquired about the drivers of Q1 margin compression and the timeline for returning to target margin levels.

    Answer

    Chairman and CEO Sherif Foda explained that while conventional Saudi activity will soften, growth in unconventional gas, where NESR is well-exposed, will drive outperformance. He expects key tender results in the next quarter. CFO Stefan Angeli clarified that returning to 25% margins is a goal for 2026, not 2025, with full-year 2025 margins expected to be 100-200 basis points below the 2024 exit rate.

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