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    Jeff LeBlanc

    Director in Equity Research at TPH&Co.

    Jeff LeBlanc is a Director in Equity Research at TPH&Co., specializing in oil and gas sector analysis with a focus on the Permian Basin, Eagle Ford, and Marcellus Shale. He covers leading public upstream operators and is known for providing detailed rig count forecasts and market guidance, as evidenced by his widely cited outlooks and published industry reports. Since joining TPH&Co., LeBlanc has distinguished himself with actionable research in the energy space following prior experience as an Associate at Bazean, and he holds a BS in Petroleum Engineering from Texas A&M. He is based in Houston and brings a strong technical background to his research, enhancing his credibility with institutional investors.

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

    Jeff LeBlanc's questions to Helmerich & Payne (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 (AESI) leadership

    Jeff LeBlanc's questions to Atlas Energy Solutions (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 NABORS INDUSTRIES (NBR) leadership

    Jeff LeBlanc's questions to NABORS INDUSTRIES (NBR) leadership • Q2 2025

    Question

    Jeff LeBlanc from TPH&Co. asked for commentary on the future trajectory of daily drilling costs in the Lower 48 and where management expects them to stabilize in the long term.

    Answer

    CEO Anthony Petrello responded that managing costs is a primary focus and that the company has the situation under control. He noted a lack of significant cost inflation and stated that efforts are ongoing to optimize both direct costs through the supply chain and the support structure to align with the current rig count.

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    Jeff LeBlanc's questions to NABORS INDUSTRIES (NBR) leadership • Q2 2025

    Question

    Jeff LeBlanc from TPH&Co. asked for commentary on the trajectory of U.S. Lower 48 daily drilling costs and where management expects them to stabilize in the long term, noting it was a previous focus area.

    Answer

    CEO Anthony Petrello responded that drilling costs are well under control, with minimal inflation currently observed. He stated that the company's primary focus remains on optimizing the cost structure by securing favorable supply chain deals and right-sizing the support organization to align with the active rig count, suggesting further improvements are possible.

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    Jeff LeBlanc's questions to NABORS INDUSTRIES (NBR) leadership • Q2 2025

    Question

    Jeff LeBlanc asked for commentary on the trajectory of Lower 48 daily drilling costs and where management expects them to ultimately stabilize.

    Answer

    CEO Anthony Petrello responded that managing costs is a key focus and that the company has the situation under control. He noted minimal cost inflation and ongoing efforts to optimize both direct costs through the supply chain and indirect costs by rightsizing the support structure for the current rig count.

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    Jeff LeBlanc's questions to NABORS INDUSTRIES (NBR) leadership • Q2 2025

    Question

    Jeff LeBlanc from TPH&Co. asked for commentary on the future trajectory of U.S. Lower 48 daily drilling costs and where management expects them to stabilize in the long term, noting it was a previously mentioned focus area.

    Answer

    CEO Anthony Petrello confirmed that managing costs remains a key focus. He stated that the company is actively right-sizing its operations and support structure to align with the current rig count. Petrello also mentioned that cost inflation is not a significant issue at present and that the company is focused on optimizing its supply chain and overall cost structure, with an expectation of continued improvement.

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

    Jeff LeBlanc's questions to ProPetro Holding (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 (LBRT) leadership

    Jeff LeBlanc's questions to Liberty Energy (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 (PTEN) leadership

    Jeff LeBlanc's questions to PATTERSON UTI ENERGY (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 (SEI) leadership

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

    Question

    Jeff LeBlanc asked why the significant Q2 capacity acceleration is unlikely to repeat and questioned the challenges of integrating different technologies under their 'generation agnostic' approach.

    Answer

    CFO & President Kyle Ramachandran attributed the Q2 acceleration to the company's nimbleness in meeting unexpected demand, which is difficult to forecast. Chairman & CEO William Zartler added that their team is highly experienced in integrating diverse equipment, such as reciprocating engines and various turbine models, viewing this technical capability as a competitive moat.

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