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    John Anderson • Unknown

    John Anderson's questions to Cactus Inc (WHD) leadership

    John Anderson's questions to Cactus Inc (WHD) leadership • Q1 2025

    Question

    John Anderson inquired about the cost structure of the Bossier City plant versus Chinese imports, the potential for customer order pull-forwards ahead of tariffs, and the company's confidence in passing on higher costs.

    Answer

    CEO Scott Bender clarified that Bossier City is a fast-turnaround facility for ensuring delivery, not a low-cost operation. He confirmed the company has denied all customer requests to pull forward orders to maintain fairness. Bender expressed high confidence that customer support will help maintain absolute profitability despite temporary margin compression from tariffs.

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    John Anderson's questions to TechnipFMC PLC (FTI) leadership

    John Anderson's questions to TechnipFMC PLC (FTI) leadership • Q1 2025

    Question

    John Anderson inquired about the potential for project deferrals in the U.S. Gulf of Mexico due to commodity price fluctuations and asked what TechnipFMC can offer clients in an uncertain market beyond its iEPCI model.

    Answer

    CEO Douglas Pferdehirt responded that clients are not deferring projects and, in some cases, are accelerating timelines to secure capacity. He highlighted that in a lower price environment, brownfield tie-backs in the Gulf become even more economical. Pferdehirt corrected the notion of an offshore "downturn," emphasizing that the opportunity set remains robust and the company's significant, high-quality backlog provides a strong buffer against short-term market volatility.

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    John Anderson's questions to Baker Hughes Co (BKR) leadership

    John Anderson's questions to Baker Hughes Co (BKR) leadership • Q1 2025

    Question

    John Anderson of Barclays asked about the margin progression in the IET segment, questioning the drivers for expansion beyond Q1 and the achievability of the 18% margin target for 2025 and 20% for 2026, given new headwinds.

    Answer

    CFO Ahmed Moghal explained that Q2 margin expansion would be more modest due to one-time project closeout benefits in Q1 and tariff pressures on the Industrial Tech business. However, he affirmed that the full-year 18% EBITDA margin target for 2025 is still achievable, as tariff impacts should be largely offset by executing the higher-margin Gas Tech Equipment backlog and ongoing productivity gains. He added that the path to 20% margin in 2026 is 'still there'.

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    John Anderson's questions to Baker Hughes Co (BKR) leadership • Q3 2024

    Question

    John Anderson inquired about the interconnectivity between Baker Hughes' Industrial & Energy Technology (IET) equipment and its services business, asking how the services segment is expected to evolve with the changing mix of LNG and non-LNG projects.

    Answer

    Lorenzo Simonelli, Chairman and CEO, described the services business as a 'razor, razor blade' model that generates 1-2x the original equipment revenue over its life at higher margins. He noted that the current 20% growth forecast for the installed base by 2030, driven by a 70% increase in LNG capacity, will structurally grow the high-margin services revenue stream for the next decade. Simonelli confirmed that LNG projects have a higher service attachment rate and value compared to other projects.

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    John Anderson's questions to Weatherford International PLC (WFRD) leadership

    John Anderson's questions to Weatherford International PLC (WFRD) leadership • Q1 2025

    Question

    John Anderson inquired about the resilience of international markets, particularly in the Middle East, amid growing uncertainty and asked for an assessment of the potential duration and severity of the current market downturn.

    Answer

    President and CEO Girish Saligram acknowledged the uncertainty but noted that international markets, especially MENA, tend to be more stable. He stated that while they are preparing for a range of outcomes, they haven't seen definitive spending cuts from customers yet. Saligram characterized the downturn as milder than previous cycles, not universal, and likely shorter-lived, with positivity for offshore activity in 2026 and 2027.

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    John Anderson's questions to Weatherford International PLC (WFRD) leadership • Q3 2024

    Question

    John Anderson of Evercore ISI inquired about Weatherford's M&A strategy, the contributions of its four recent small acquisitions, and future plans regarding scale. He also asked for clarification on what management means by "isolating growth pockets" and the nature of the scheduling shifts in the Middle East and North Africa.

    Answer

    Girish Saligram, an executive at Weatherford, explained that the company is pleased with its current portfolio and is not pursuing M&A for scale's sake, but rather for selective, strategic enhancements like the Probe and Ardyne acquisitions. He confirmed that "isolating growth pockets" refers to using technology to gain share and create new opportunities in a stable market. Regarding the Middle East, he clarified that scheduling shifts are temporary delays of one or two quarters due to a more cautious customer approach, not project cancellations.

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    John Anderson's questions to National Energy Services Reunited Corp (NESR) leadership

    John Anderson's questions to National Energy Services Reunited Corp (NESR) leadership • Q4 2024

    Question

    John Anderson inquired about the 2025 spending outlook for the Middle East, the potential for Saudi Arabia to alter production, and NESR's specific business mix and positioning within the Kingdom, particularly regarding the Jafurah unconventional gas project. He also asked about the company's capital allocation priorities between M&A and internal technology development.

    Answer

    Chairman and CEO Sherif Foda projected moderate single-digit growth for the MENA region in 2025, with Kuwait being a high-growth area. He clarified that Saudi Arabia's oil capacity decisions are aimed at market stability, while its unconventional gas program continues to expand. Foda confirmed NESR's deep involvement in the Jafurah project and stated that capital allocation will prioritize enhancing the ROYA and NEDA technology platforms over large geographical M&A, with shareholder returns to be evaluated in the second half of the year.

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    John Anderson's questions to National Energy Services Reunited Corp (NESR) leadership • Q3 2024

    Question

    John Anderson inquired about the current market dynamics in Saudi Arabia, including the shift from offshore to onshore activity, the focus on gas, and the 12-month activity outlook. He also asked for specifics on NESR's role in the Jafurah unconventional gas project and any upcoming tenders.

    Answer

    Sherif Foda, Chairman and CEO, explained that Saudi Arabia's decision to maintain its 12 million bpd capacity postponed offshore expansion, leading to rig releases. However, he highlighted that the Jafurah unconventional gas project is a major growth area with an increasing rig count, which should offset declines in oil-focused activity. Foda confirmed NESR's strong position in Jafurah with cementing and new directional drilling contracts, and anticipates growth for NESR in 2025. He noted Jafurah's frac stage count is expected to grow from ~9,000 to 25,000 annually, creating opportunities for new tenders next year.

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    John Anderson's questions to Halliburton Co (HAL) leadership

    John Anderson's questions to Halliburton Co (HAL) leadership • Q4 2024

    Question

    John Anderson asked about Halliburton's North America performance, questioning how C&P margins remained resilient in 2024 despite revenue declines, and what changed to cause margin pressure from lower negotiated prices in 2025. He also inquired how Halliburton gets paid for its completion efficiencies, like Zeus and Octiv Auto Frac, and if this can offset deflationary trends, referencing the recent Coterra announcement.

    Answer

    Chairman, President and CEO Jeffrey Miller explained that while efficiencies and technology like Zeus helped manage through 2024, the company is not immune to pricing pressure. For 2025, he noted all fleets are contracted, providing visibility, and the strategy remains focused on creating outsized value. Miller stated that Halliburton's technology creates differential value by improving efficiency and providing 'answer products' that optimize recovery, which offsets pricing impacts and drives a different conversation with customers.

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