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    James West • Evercore ISI

    James West's questions to Weatherford International PLC (WFRD) leadership

    James West's questions to Weatherford International PLC (WFRD) leadership • Q2 2025

    Question

    James West posed a two-part question, asking about Weatherford's M&A strategy given its strong balance sheet, and for new CFO Anuj Dhruv's initial impressions of the company and his key priorities.

    Answer

    President and CEO Girish Saligram addressed M&A, stating the company has a robust pipeline focused on well construction and production, but will remain disciplined on valuation and value creation. EVP & CFO Anuj Dhruv shared that his priorities include capital allocation, driving free cash flow and margins, business simplification, and acting as a strong business partner.

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    James West's questions to Weatherford International PLC (WFRD) leadership • Q3 2024

    Question

    James West from Evercore asked how Weatherford plans to grow and potentially outpace a stable market environment, and which areas represent its biggest strengths. He also followed up on the margin profile, questioning the potential for further expansion in a slower growth scenario.

    Answer

    Executive Girish Saligram stated that Weatherford aims for incremental growth through specific areas like the new Modus NPD launch and a strong focus on production optimization for mature fields. He noted that while multi-hundred basis point margin expansion is unlikely, the company is confident in achieving 25 to 75 basis points of annual margin growth in a flat market, driven by internal efficiencies, improved execution, and capturing more value.

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    James West's questions to Tidewater Inc (TDW) leadership

    James West's questions to Tidewater Inc (TDW) leadership • Q3 2024

    Question

    James West sought to clarify if the Q3 utilization miss was unplanned and whether recent day rate increases were pure rate hikes or influenced by a mix effect from high-rate vessels being active. He also asked about the timing of when customers might provide more clarity on 2025 plans.

    Answer

    CFO Sam Rubio detailed that the utilization drop was due to higher drydock days, repair days, and a vessel mobilization. CEO Quintin Kneen acknowledged a product mix impact on average day rates from the pullback in the high-rate North Sea region. CCO Piers Middleton expects more visibility on long-term plans by year-end, noting that customers remain committed to key long-cycle projects.

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    James West's questions to Sunrun Inc (RUN) leadership

    James West's questions to Sunrun Inc (RUN) leadership • Q3 2024

    Question

    James West inquired about the growth of Sunrun's virtual power plants (VPPs), asking what the primary impediments are to scaling this opportunity. He also asked about the potential opportunity set for Sunrun related to the growing energy demands from data centers and AI.

    Answer

    CEO Mary Powell identified the 'regulatory and utility environment' as the main factor for VPP growth, noting that grid strain from electrification and AI is making these distributed resources a mainstream solution. She described the AI opportunity as an extension of VPPs, stating that Sunrun's aggregated residential storage assets are a reliable solution for data centers seeking clean energy. She confirmed Sunrun is under NDAs with AI developers.

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    James West's questions to Halliburton Co (HAL) leadership

    James West's questions to Halliburton Co (HAL) leadership • Q3 2024

    Question

    James West questioned the timing of Halliburton's increased focus on its well intervention business and asked for context on its development and current strength. He also explored whether growth in this segment could lead to less cyclical earnings and a higher valuation multiple for the company.

    Answer

    Chairman, President and CEO Jeffrey Miller explained that the focus on intervention highlights its critical role in maintaining global production and showcases Halliburton's significant R&D investments, such as the new riserless intervention technology. He agreed that this business provides a stable, less cyclical revenue stream, as production decline is constant, thus justifying continued investment for outsized growth.

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    James West's questions to Baker Hughes Co (BKR) leadership

    James West's questions to Baker Hughes Co (BKR) leadership • Q3 2024

    Question

    James West from Evercore ISI asked for an update on the IET business, seeking confirmation on the full-year order forecast, an outlook on puts and takes for 2025 orders, and an estimate of when IET income might surpass that of the OFSE segment.

    Answer

    Lorenzo Simonelli, Chairman and CEO, expressed high confidence in achieving the midpoint of the $11.5B to $13.5B IET order guidance for the year, highlighting the portfolio's diversity. For 2025, he anticipates a similarly solid year, with an expected pickup in LNG FIDs and continued strength in FPSO markets. He did not provide a specific timeline for IET's income to exceed OFSE's, instead emphasizing the strong growth trajectory of both segments.

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    James West's questions to Borr Drilling Ltd (BORR) leadership

    James West's questions to Borr Drilling Ltd (BORR) leadership • Q2 2024

    Question

    James West asked about Borr Drilling's capital allocation strategy for 2025, questioning how the Board will prioritize the use of significant expected free cash flow between dividends, share buybacks, and debt reduction.

    Answer

    Executive Patrick Arnold Schorn quantified the potential for over $200 million in increased year-over-year cash flow for 2025, driven by lower newbuild CapEx, fewer special periodic surveys, and higher contracted day rates. CFO Magnus Vaaler added that the Board has multiple tools available, including the current dividend, a $100 million buyback authorization, and debt amortization. He stated the final decision will be based on what is most beneficial for shareholders at the time, considering the share price and market conditions.

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    James West's questions to Chart Industries Inc (GTLS) leadership

    James West's questions to Chart Industries Inc (GTLS) leadership • Q2 2024

    Question

    James West asked about the application and market size of Chart's cooling solutions for emerging areas like data centers and Small Modular Reactors (SMRs).

    Answer

    CEO Jillian Evanko explained that existing products like air-cooled heat exchangers and Howden's screw compressors are perfectly suited for these new, energy-intensive applications. She quantified the near-term data center opportunity at approximately $500 million, with potential for an additional $600 million to $800 million from heavy industrial chilling applications.

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