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    Jeff LeBlanc • TPH&Co.

    Jeff LeBlanc's questions to Helmerich and Payne Inc (HP) leadership

    Jeff LeBlanc's questions to Helmerich and Payne Inc (HP) leadership • Q3 2025

    Question

    Jeff LeBlanc of TPH&Co. asked for color on rig churn dynamics in the North American market and H&P's success in securing work with new customers.

    Answer

    SVP Michael Lennox noted that churn is primarily seen with private operators. SVP Trey Adams added that H&P's teams have been successful in managing this by placing rigs with other privates or customers looking to high-grade their fleets. This success is largely due to strong, long-standing relationships within the E&P community.

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    Jeff LeBlanc's questions to Atlas Energy Solutions Inc (AESI) leadership

    Jeff LeBlanc's questions to Atlas Energy Solutions Inc (AESI) leadership • Q2 2025

    Question

    Jeff LeBlanc of TPH&Co. inquired about the expected volume of non-Dune Express logistics deliveries for the rest of the year and the comparative margin profiles of traditional logistics versus single and multi-trailer Dune Express operations.

    Answer

    CFO Blake McCarthy stated that non-Dune Express logistics volumes should increase in line with the company's overall mid-single-digit volume growth forecast for Q3. He and EVP Chris Scholla confirmed that Dune Express margins are significantly higher than traditional logistics, with multi-trailer operations being the most profitable. They noted the company is currently in an 'education phase' to help customers transition to the more efficient multi-trailer model.

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    Jeff LeBlanc's questions to ProPetro Holding Corp (PUMP) leadership

    Jeff LeBlanc's questions to ProPetro Holding Corp (PUMP) leadership • Q2 2025

    Question

    Jeff LeBlanc asked about the stability of pricing within ProPetro's long-term contracts, specifically inquiring about the existence of any price reopeners.

    Answer

    CEO Sam Sledge confirmed that the long-term contracts for dual-fuel and electric fleets have very stable pricing. He explained that any adjustments are typically semi-annual, formulaic, and result in only low single-digit changes, providing a high degree of predictability.

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    Jeff LeBlanc's questions to Liberty Energy Inc (LBRT) leadership

    Jeff LeBlanc's questions to Liberty Energy Inc (LBRT) leadership • Q2 2025

    Question

    Jeff LeBlanc of TPH&Co. asked about the mechanical details of the fleet repositioning, specifically whether Liberty was upgrading diesel assets or redeploying existing natural gas-burning assets to support simul-frac operations.

    Answer

    CEO Ron Gusek clarified that the company is not upgrading older Tier 2 diesel equipment, which is destined for retirement. The repositioning involves strategically moving the right assets to meet customer needs. CFO Michael Stock added that some existing fleets are being moved to support simul-frac work in the short term, serving as a temporary solution until the remaining new DigiFleets are rolled out later in the year.

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    Jeff LeBlanc's questions to Patterson-UTI Energy Inc (PTEN) leadership

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

    Question

    Jeff LeBlanc of TPH&Co. asked about the utilization of the completions fleet excluding the fully utilized Emerald and Tier 4 equipment. He also questioned what market conditions would be required for the company to consider idling this lower-tier equipment.

    Answer

    President & CEO William Hendricks clarified that the company is not investing any capital into its Tier 2 diesel equipment, which will naturally lead to its attrition from the fleet over time. He suggested this trend is industry-wide, as smaller competitors also struggle to maintain older equipment, leading to a gradual tightening of overall effective supply.

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    Jeff LeBlanc's questions to Solaris Energy Infrastructure Inc (SEI) leadership

    Jeff LeBlanc's questions to Solaris Energy Infrastructure Inc (SEI) leadership • Q2 2025

    Question

    Jeff LeBlanc asked for the reasons why the Q2 capacity acceleration is not expected to repeat and questioned the challenges of integrating multiple types of generation technologies in its agnostic approach.

    Answer

    CFO & President Kyle Ramachandran attributed the Q2 acceleration to a combination of factors, including nimble sourcing to meet unexpected demand. Chairman & CEO William Zartler added that integrating diverse technologies (reciprocating engines, various turbines) is a core competency and a competitive moat, managed through their in-house engineering talent and proprietary software like the Solaris Pulse app.

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