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    John Daniel

    Research Analyst at Daniel Energy Partners

    John Daniel is the Founder and Managing Partner at Daniel Energy Partners, specializing in research and analysis of the energy services sector with a particular focus on North American oilfield services and equipment companies. His coverage spans notable public and private firms in the sector, including Halliburton, Schlumberger, Patterson-UTI, and Nabors Industries, with a reputation for delivering actionable insight through field-based, data-driven research. With over two decades in energy investment, Daniel began his career at Simmons & Company International and Lazard Frères before establishing Daniel Energy Partners in 2018, where he is recognized for hosting the widely attended 'Permian Basin BBQ'. He holds Series 7, 63, and 65 securities licenses and has been featured as an expert in industry media for his contributions to energy market analysis.

    John Daniel's questions to Drilling Tools International (DTI) leadership

    John Daniel's questions to Drilling Tools International (DTI) leadership • Q2 2025

    Question

    John Daniel inquired about the source of pricing pressures, asking if they were prompted by customer RFPs or proactive competitor actions, and also requested a summary of DTI's exposure to Western Canada and U.S. natural gas markets like the Haynesville and Marcellus.

    Answer

    President, CEO & Director Wayne Prajon clarified that pricing pressure is primarily a result of collaborative negotiations with major clients seeking cost reductions in response to lower commodity prices, rather than being driven by competitor price cuts. He also confirmed DTI maintains a solid presence in the Haynesville and Northeast U.S., and has a very strong business in Canada, its second-largest distribution center.

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    John Daniel's questions to NATURAL GAS SERVICES GROUP (NGS) leadership

    John Daniel's questions to NATURAL GAS SERVICES GROUP (NGS) leadership • Q2 2025

    Question

    John Daniel from Daniel Energy Partners asked about the mix of inquiries between new and existing customers, the useful life of compression equipment and the potential for a future replacement cycle, and the company's greatest stress points or challenges amid its strong performance.

    Answer

    CEO Justin Jacobs responded that while there are new customer opportunities, the dollar amount of inquiries is clearly skewed towards existing customers. He detailed the book life of equipment (15-25 years depending on size) and noted that with proper maintenance, assets can last longer. For challenges, Jacobs highlighted labor, especially in the Permian, and the ongoing opportunity to improve utilization of the small and medium horsepower fleet as key areas of focus.

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    John Daniel's questions to NATURAL GAS SERVICES GROUP (NGS) leadership • Q4 2024

    Question

    John Daniel of Daniel Energy Partners inquired about the timing for placing equipment orders for the second half of 2026 and 2027, and asked about the typical contract negotiation cycle for future deployments.

    Answer

    CEO Justin Jacobs explained that orders for 2026 are currently being placed as contracts are signed. He noted that conversations for 2026 needs began in Q4 2024, indicating a 12 to 18-month planning and negotiation lead time with major customers. He also stated that the company has not yet started planning for 2027.

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    John Daniel's questions to KLX Energy Services Holdings (KLXE) leadership

    John Daniel's questions to KLX Energy Services Holdings (KLXE) leadership • Q2 2025

    Question

    Inquired about the drivers for increased M&A discussions and valuation expectations, the significance and enforcement of standard operating procedures (SOPs) by major operators, and the potential for a less severe seasonal Q4 slowdown in gas markets.

    Answer

    Management attributes increased M&A talks to 'capitulation' from smaller, struggling service companies, though valuation realism is TBD. They confirmed that strict SOPs are highly significant for blue-chip majors, especially for pressure-related services, and that enforcement has seen a 'step change'. Regarding Q4, they don't expect significant budget exhaustion in the Haynesville but are monitoring the Marcellus/Utica, which had a robust start to the year.

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    John Daniel's questions to KLX Energy Services Holdings (KLXE) leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners asked about the drivers behind increased M&A discussions and valuation expectations, the operational significance of Standard Operating Procedures (SOPs) for service companies, and the potential for a less severe seasonal slowdown in gas markets in Q4.

    Answer

    President & CEO Christopher Baker attributed heightened M&A discussions to "capitulation" from smaller service providers struggling to meet the stringent SOP and HSE requirements of major operators, leading to a performance bifurcation. He confirmed a "step change" in the enforcement of these standards. Regarding Q4 seasonality, Baker noted that clients in the Haynesville do not appear to be planning a significant slowdown, though the outlook for the Marcellus is less certain due to its robust activity earlier in the year.

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    John Daniel's questions to KLX Energy Services Holdings (KLXE) leadership • Q4 2024

    Question

    Inquired about the company's M&A strategy, specifically whether the focus is on consolidation or adding new services and how E&P consolidation influences this strategy. Also asked for commentary on the potential for price increases in the Haynesville and for the pro forma cash and debt balance after the recent refinancing.

    Answer

    The executive stated the M&A focus is on accretive, deleveraging transactions that add scale to existing product lines, not on entering new services. E&P consolidation reinforces this strategy. Regarding the Haynesville, a recovery is expected to be driven by people utilization before asset utilization, and a strong rally there would lift pricing across all basins as competitors redeploy assets. Post-refinancing, pro forma debt consists of $232 million in new notes and $55 million drawn on the ABL, with a resulting cash balance of approximately $65 million.

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    John Daniel's questions to PFHC leadership

    John Daniel's questions to PFHC leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners inquired about the nature of increased customer engagement for 2026 and the drivers behind the recent activity uptick since the Q2 trough.

    Answer

    Matthew Wilks, Executive Chairman of ProFrac, confirmed that discussions for 2026 suggest an increase over current activity levels. He also noted the recent uptick was broad-based across both oil and gas, with a more significant increase seen in gas markets compared to the Permian.

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    John Daniel's questions to PFHC leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners inquired about the recent increase in customer engagement for 2026, asking if it signals higher future activity levels, and sought color on whether recent activity upticks were primarily gas or oil-driven.

    Answer

    Executive Chairman Matthew Wilks confirmed that customer dialogue for 2026 indicates an increase over current activity levels. He also clarified that the recent activity rebound since the Q2 trough has occurred across both gas and oil markets, with a notable increase in gas but also an uptick in the Permian.

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    John Daniel's questions to PFHC leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners inquired about the nature of increased customer engagement for 2026 and the drivers behind the recent activity uptick since the Q2 trough.

    Answer

    Matthew Wilks, Executive Chairman of ProFrac, confirmed that dialogues for 2026 suggest higher activity levels than the present. He also noted the recent activity increase since late June is broad-based across both gas and oil markets, with a notable increase in gas and a modest recovery in the Permian from the June lows.

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    John Daniel's questions to PFHC leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners inquired about the nature of increased customer engagement for 2026 and sought clarification on whether the recent activity uptick since late Q2 was primarily driven by oil or natural gas markets.

    Answer

    Executive Chairman Matthew Wilks confirmed that customer planning for 2026 indicates an increase over current activity levels. He elaborated that the recent activity rebound since the June lows has been broad-based, occurring across both gas and oil basins, with a notable uptick in gas-related work.

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    John Daniel's questions to PFHC leadership • Q1 2025

    Question

    John Daniel inquired about the record-breaking performance of two specific fleets mentioned on social media, asking if the work occurred in Q2 and what operational changes drove the success. He also asked about Q4 seasonality in the Marcellus and Haynesville, comparing Q4 '24 to Q3 '24 and seeking expectations for the current year.

    Answer

    Executive Chairman Matt Wilks and CEO Ladd Wilks attributed the record pump times to their field operations team and the company's asset management program, which standardizes maintenance, equipment, and parts for higher efficiency. On seasonality, Matt Wilks suggested that a stronger natural gas market might mute the typical Q4 slowdown this year, noting that the current tariff-related uncertainty in West Texas is less impactful than the seasonal slowdown observed in late 2024.

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    John Daniel's questions to PFHC leadership • Q1 2025

    Question

    John Daniel inquired about the record-breaking pumping hours of two specific fleets mentioned on social media, asking what operational changes drove this success. He also asked about historical Q4 seasonality in the Marcellus and Haynesville and expectations for the current year.

    Answer

    Executive Chairman Matt Wilks and CEO Ladd Wilks attributed the record performance to their field teams and the asset management program, which standardizes equipment and maintenance procedures for higher efficiency. On seasonality, Matt Wilks noted that while Q4 typically slows down, a stronger gas market may mute the effect this year, adding that the current tariff-related uncertainty is less impactful than the typical Q3-to-Q4 seasonal slowdown.

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    John Daniel's questions to PFHC leadership • Q1 2025

    Question

    John Daniel inquired about the record-breaking pumping hours for two specific fleets, asking if the work occurred in Q2 and what operational changes drove the performance. He also asked about Q4 seasonality in the Marcellus and Haynesville, comparing Q4 '24 to Q3 '24 and seeking expectations for the current year.

    Answer

    Executive Chairman Matt Wilks attributed the record performance to the operations team and the asset management program, which standardizes maintenance and equipment for higher efficiency. CEO Ladd Wilks added that they are in the 'early innings' of the program's benefits. Regarding seasonality, Matt Wilks suggested a stronger gas market may mute the typical Q4 slowdown, noting the current tariff-related uncertainty is less impactful than last year's Q3-to-Q4 slowdown.

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    John Daniel's questions to PFHC leadership • Q1 2025

    Question

    John Daniel inquired about the record-breaking performance of two specific fleets, asking if the work occurred in April and what operational changes drove the efficiency gains. He also asked about historical Q4 vs. Q3 seasonality and expectations for the current year.

    Answer

    Executive Chairman Matt Wilks and CEO Ladd Wilks attributed the record pump times to their field teams and the company's asset management program, which standardizes equipment and maintenance. Matt Wilks noted that while some pads started in Q1, the performance reflects ongoing efficiency. Regarding seasonality, he suggested a stronger gas market could mute the typical Q4 slowdown this year, viewing the current tariff uncertainty as less impactful than the Q3-to-Q4 slowdown of 2024.

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    John Daniel's questions to Nine Energy Service (NINE) leadership

    John Daniel's questions to Nine Energy Service (NINE) leadership • Q2 2025

    Question

    John Daniel from Daniel Energy Partners asked for more details about the new completion tools facility, whether smaller private operators in gassy markets could be additive to margins, and the specific drivers behind the market share gains in the remedial wireline business.

    Answer

    President and CEO Ann Fox detailed that the new completion tool facility in Jacksboro, opening next year, will feature advanced testing capabilities crucial for international clients. She confirmed that smaller, operationally-focused private operators can be favorable for margins due to their decisiveness and focus on technology over procurement, especially in the less competitive gas basins. Fox attributed the remedial wireline share gains to a multi-year strategic initiative to diversify the wireline business beyond traditional pump-down work.

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    John Daniel's questions to Nine Energy Service (NINE) leadership • Q1 2025

    Question

    Inquired about the demand outlook for the Plug business due to longer laterals, whether technology offerings face similar pricing pressures, and if international tool sales could create pull-through opportunities for other services.

    Answer

    The executive confirmed that pricing pressure is universal across all segments. She expressed optimism for the frac plug business, as increasing well complexity drives demand for advanced technology. She clarified that the company is focused on international product and technology sales and has no plans to expand its physical service operations abroad.

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    John Daniel's questions to Nine Energy Service (NINE) leadership • Q3 2024

    Question

    John Daniel of Daniel Energy Partners posed a theoretical question about whether key customers would accept a price increase given market conditions and also asked about the likelihood of idled assets returning to work in the first quarter of 2025.

    Answer

    President and CEO Ann Fox responded that the company is not focused on seeking price increases in the current market. Instead, the strategy is to reduce internal costs and provide innovative technology, like the Pincer frac plug, to help customers lower their own costs per lateral foot. Fox also confirmed her sense that there will be an activity uplift in 2025, suggesting assets could return to work.

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    John Daniel's questions to OIL STATES INTERNATIONAL (OIS) leadership

    John Daniel's questions to OIL STATES INTERNATIONAL (OIS) leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners questioned the split of U.S. land business between production and completions, what an ideal land business would look like for the company, and if smaller competitors in niche tool markets are facing challenges.

    Answer

    President & CEO Cindy Taylor clarified that the remaining land business is almost entirely focused on completions. She identified their current Downhole Technologies and Tempress product lines as their ideal land businesses due to their consumable nature and market-leading technology. Regarding competition, she emphasized that Oil States is exiting commoditized land services, which will firm up the market for others, but consolidation is not their focus.

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    John Daniel's questions to KIRBY (KEX) leadership

    John Daniel's questions to KIRBY (KEX) leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners asked for details on the power generation business, including the volume of quotes versus 6-12 months ago, the mix of customers outside of oil and gas, and whether there were any international opportunities.

    Answer

    CEO David Grzebinski confirmed that quoting activity is accelerating, with the backlog growing 15-20% in Q2. He estimated that 95% of power generation orders are for non-oil and gas applications, primarily data centers. He also stated that the opportunities are almost entirely domestic, with very little international demand for their power generation solutions.

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    John Daniel's questions to PRECISION DRILLING (PDS) leadership

    John Daniel's questions to PRECISION DRILLING (PDS) leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners questioned whether U.S. natural gas customers are seeking term contracts, the typical duration, and Precision's willingness to lock in rates. He also asked about any customer interest in electric workover rigs in Canada.

    Answer

    President and CEO Kevin Neveu confirmed customers are seeking term contracts and that Precision is balancing day rate optimization with contract duration, targeting terms in the one-to-two-year range. On the well servicing side, Neveu stated there is currently no customer interest in electric workover rigs in Canada due to a significant oversupply of conventional rigs, making new builds unlikely for several years.

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    John Daniel's questions to PRECISION DRILLING (PDS) leadership • Q1 2025

    Question

    John Daniel of Daniel Energy Partners questioned the reasons behind exiting the U.S. well service business in North Dakota and whether there are implications for other smaller business units.

    Answer

    CEO Kevin Neveu clarified the decision was driven by their key Canadian customers selling their North Dakota assets. This left Precision competing with local, lower-cost providers in a price-sensitive market where the company's higher service quality was not sufficiently valued to achieve target returns.

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    John Daniel's questions to PRECISION DRILLING (PDS) leadership • Q2 2024

    Question

    John Daniel asked if the challenges smaller U.S. well service companies face with insurance costs and availability are also present in Canada, and if this could create opportunities for tuck-in acquisitions.

    Answer

    CEO Kevin Neveu confirmed the dynamic exists in Canada, stating that while larger companies have good access to insurance, the market is shrinking as some insurers exit the oil and gas space. This makes coverage trickier and more expensive for smaller companies, creating a real risk for them and a potential opportunity for scaled players like Precision. He also noted customers audit for proof of insurance on every contract.

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    John Daniel's questions to NABORS INDUSTRIES (NBR) leadership

    John Daniel's questions to NABORS INDUSTRIES (NBR) leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners asked if Nabors' management has considered re-entering production-oriented services, specifically mentioning the well service sector as a potential area of interest.

    Answer

    CEO Anthony Petrello stated that services which help operators maximize Estimated Ultimate Recovery (EUR) are logical considerations. He highlighted Nabors' existing downhole tools that assist with intelligent fracking as an example. While open to complementary services, CFO William Restrepo added that it is unlikely the company would get back into pressure pumping.

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    John Daniel's questions to NABORS INDUSTRIES (NBR) leadership • Q2 2025

    Question

    John Daniel from Daniel Energy Partners asked if Nabors has any interest in expanding into more production-oriented services, specifically questioning if they would ever reconsider entering the well service sector.

    Answer

    CEO Anthony Petrello stated that the company is open to services that help operators maximize estimated ultimate recovery (EUR) and complement Nabors' existing portfolio, such as their downhole tools that aid in intelligent fracking. However, both he and CFO William Restrepo explicitly confirmed that the company is unlikely to re-enter the pressure pumping business.

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    John Daniel's questions to NABORS INDUSTRIES (NBR) leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners asked if Nabors' management has considered re-entering production-oriented services, such as the well servicing sector.

    Answer

    CEO Anthony Petrello responded that the company is open to services that help operators maximize Estimated Ultimate Recovery (EUR) and lower costs per barrel, especially those contiguous to Nabors' current offerings. He highlighted the company's existing focus on downhole tools that aid in intelligent fracking. CFO William Restrepo explicitly added that a return to the pressure pumping business is unlikely.

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    John Daniel's questions to NABORS INDUSTRIES (NBR) leadership • Q2 2025

    Question

    John Daniel asked if Nabors' management would ever consider re-entering production-oriented services, such as the well servicing sector.

    Answer

    CEO Anthony Petrello stated that the company is open to complementary services that help operators maximize EUR, highlighting their existing downhole tools for intelligent fracking. He confirmed interest in contiguous services that make logical sense, while CFO William Restrepo explicitly added that a return to pressure pumping is unlikely.

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    John Daniel's questions to NABORS INDUSTRIES (NBR) leadership • Q1 2025

    Question

    John Daniel questioned if recent U.S. tariff policies could cause pushback from international operators against U.S. service providers and asked if management was positively or negatively surprised by their latest customer survey results.

    Answer

    Chairman, President & CEO Anthony Petrello expressed no concern about pushback from international customers due to tariffs. Regarding the survey, he was "positively surprised" that the results were not more negative given the macro environment, noting that a panic had not set in among customers. CFO William Restrepo added he was impressed by the team's ability to replace dropped rigs with other clients.

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    John Daniel's questions to ProPetro Holding (PUMP) leadership

    John Daniel's questions to ProPetro Holding (PUMP) leadership • Q2 2025

    Question

    John Daniel asked whether the frac market would be smaller if competitors had maintained pricing discipline and questioned the reasons behind ProPetro's customers idling fleets, asking if it was due to budget or price competition.

    Answer

    CEO Sam Sledge attributed recent market disruption to irrational pricing by 10-20 competing fleets. He candidly stated that ProPetro's own fleet reduction was a voluntary decision related to a single customer's 'frantic response' to market changes, with ProPetro choosing to protect its margins and equipment rather than work at sub-economic rates.

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    John Daniel's questions to ProPetro Holding (PUMP) leadership • Q1 2025

    Question

    John Daniel of Daniel Energy Partners inquired about ProPetro's Pro Power business, asking if its opportunities are focused solely on the Permian Basin. He also asked for clarification on the reduction in the active frac fleet, questioning if it was due to customer pullback, pricing discipline, or efficiency gains.

    Answer

    CEO Sam Sledge explained that while the Pro Power strategy is initially focused on Permian oil and gas operations, the company sees a clear path to expand into other geographies and industries. Regarding the fleet reduction, Sledge stated it's a combination of some customers reacting to lower oil prices and ProPetro's choice to walk away from sub-economic pricing, underscoring the resilience provided by their contracted, next-generation fleet.

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    John Daniel's questions to ProPetro Holding (PUMP) leadership • Q4 2024

    Question

    John Daniel asked for ProPetro's outlook on the active frac fleet count in the Permian Basin over the next year, considering efficiency gains, and sought details on the 2025 completions segment CapEx.

    Answer

    CEO Sam Sledge stated that he expects the Permian fleet count to remain relatively flat, noting that while the number is stable, the fleets are significantly larger and more efficient than in previous years. CFO David Schorlemer clarified that the $150 million to $200 million in 2025 completions CapEx includes refurbishment of Tier IV DGB equipment, which is a larger expenditure in 2025 compared to 2024, in addition to the fifth e-fleet.

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    John Daniel's questions to NOV (NOV) leadership

    John Daniel's questions to NOV (NOV) leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners asked about the opportunity for retrofitting the U.S. well service fleet to electric power. He also inquired about a potential structural redefinition in the size of coiled tubing (CT) units, specifically mentioning a two and seven-eighths inch unit.

    Answer

    Clay Williams, Chairman & CEO, discussed the broader trend of electrification in oilfield equipment, noting that converting well service rigs to electric offers significant benefits in control, safety, and predictive maintenance. Jose Bayardo, President & COO, addressed the coiled tubing question, explaining that the industry's push for longer laterals is driving demand for larger tubing and innovative technologies, like NOV's agitator systems, to extend the reach of coiled tubing drill outs.

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    John Daniel's questions to Ranger Energy Services (RNGR) leadership

    John Daniel's questions to Ranger Energy Services (RNGR) leadership • Q2 2025

    Question

    John Daniel from Daniel Energy Partners asked about the potential for rapid customer adoption of ECO rigs after initial deployment and inquired about the current and potential future timeline for completing the rig retrofit process.

    Answer

    CEO Stuart Bodden confirmed that both initial customers have options for additional rigs and are indicating a desire for more, suggesting rapid follow-on orders are likely. He noted that while the first retrofit took several months, the process can be significantly shortened. However, he highlighted that long-lead-time items, particularly batteries, are a key factor in the overall delivery schedule, requiring early customer commitments.

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    John Daniel's questions to Ranger Energy Services (RNGR) leadership • Q1 2025

    Question

    John Daniel of Daniel Energy Partners asked about Ranger's ability to pass through rising coil string costs via surcharges and the potential for tariff impacts. He also inquired about the market trend of smaller competitors closing down and if this is creating consolidation opportunities.

    Answer

    CEO Stuart Bodden acknowledged that coil tubing is the primary area for potential tariff impacts and that while it's a balanced conversation with customers, cost recovery is necessary. Both CEO Stuart Bodden and CFO Melissa Cougle confirmed they are seeing an acceleration of smaller competitors exiting the market due to financial pressure, which is creating more M&A opportunities for a well-capitalized consolidator like Ranger.

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    John Daniel's questions to Ranger Energy Services (RNGR) leadership • Q4 2024

    Question

    John Daniel from Daniel Energy Partners asked about the company's visibility into rig demand from major E&P companies over the next few quarters and whether Ranger is gaining market share from smaller competitors as operators consolidate.

    Answer

    CEO Stuart Bodden responded that the outlook from Ranger's largest customers is for consistent, steady activity in the coming quarters. He confirmed that the trend of gaining market share at the expense of smaller service providers, which was a factor in 2024, is expected to continue into 2025 as large customers with significant workover programs continue to consolidate their vendor lists.

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    John Daniel's questions to Ranger Energy Services (RNGR) leadership • Q3 2024

    Question

    John Daniel asked where Ranger would most likely allocate growth CapEx in 2025 and whether there were any associated equipment lead-time issues.

    Answer

    Executive Stuart Bodden responded that 2025 growth CapEx will likely focus on ancillary equipment, such as pipe hammers, power swivels, and pumps, to create complete well service rig packages for its largest customers. He confirmed that there are lead-time issues for certain equipment, with some items requiring over six months, which necessitates careful planning to align equipment delivery with rig deployments.

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    John Daniel's questions to Civeo (CVEO) leadership

    John Daniel's questions to Civeo (CVEO) leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners asked for an overview of the long-term market opportunity in Australia, specifically regarding providing accommodation support for U.S. service companies operating in the region.

    Answer

    CEO Bradley Dodson clarified that Civeo's oil and gas exposure in Australia is currently minimal. He identified potential future opportunities in supporting natural gas drilling projects, such as the Santos project. However, Dodson emphasized that more likely growth drivers are strategic acquisitions in their core village business and expansion of the integrated services segment, with all capital allocation decisions weighed against the share repurchase program.

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    John Daniel's questions to Liberty Energy (LBRT) leadership

    John Daniel's questions to Liberty Energy (LBRT) leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners asked if the historically high wear and tear on frac equipment in the Haynesville basin also affects Liberty's new generation technology like DigiFleets.

    Answer

    CEO Ron Gusek acknowledged the Haynesville is a high-intensity environment but stated that Liberty's next-generation assets have shown a 'real change in asset life.' He attributed this to two factors: the equipment was designed from the ground up for high-rate, high-pressure work, and the company's sophisticated asset monitoring and AI oversight (the 'Hive') allows for predictive maintenance, preventing minor issues from becoming major failures.

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    John Daniel's questions to Liberty Energy (LBRT) leadership • Q3 2024

    Question

    John Daniel asked if the potential for new private equity-backed E&P startups in 2025 was factored into Liberty's outlook. He also questioned if the pricing recovery could be substantial due to market attrition and if 2026 could see material improvement over 2025. Finally, he asked if power generation CapEx would have long-term contracts.

    Answer

    CEO Christopher Wright confirmed that potential E&P startups are not currently baked into the 2025 outlook. CFO Michael Stock acknowledged that a significant pricing recovery is possible, citing the 2021-22 rebound as a historical parallel. He also agreed that a material improvement in 2026 over 2025 is a 'very reasonable assumption' and confirmed that power generation investments would be backed by longer-term contracts than typical frac work.

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    John Daniel's questions to PATTERSON UTI ENERGY (PTEN) leadership

    John Daniel's questions to PATTERSON UTI ENERGY (PTEN) leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners asked, given that frac market returns remain weak despite high utilization of top-tier assets, at what point would the company proactively try to raise rates and let the market react.

    Answer

    EVP & CFO Andrew Smith responded that pushing for better rates is a constant conversation, not a single event, and that the company holds its teams accountable for pricing on new technology investments. President & CEO William Hendricks added that the market for high-end equipment is relatively tight and the company has no intention of reactivating idle Tier 2 diesel fleets, which supports market discipline.

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    John Daniel's questions to RPC (RES) leadership

    John Daniel's questions to RPC (RES) leadership • Q2 2025

    Question

    John Daniel of Daniel Energy Partners inquired about RPC's go-forward acquisition strategy, asking for its preference between scaling existing services versus diversifying into new ones. He also questioned how market pressures, like predatory pricing and a potential Q4 slowdown, might influence the timing of M&A, and asked for an update on the new large coiled tubing unit's field results and the potential for ordering a second unit.

    Answer

    President & CEO Ben Palmer stated that while the M&A strategy remains opportunistic, current market volatility makes valuations difficult, suggesting a more cautious approach without ruling out possibilities. He noted that a market shakeout could create new opportunities. Regarding the new coiled tubing unit, Mr. Palmer confirmed its performance has been 'very good' and it is staying 'very, very busy,' but the company has not yet considered ordering a second unit, emphasizing a selective and careful approach to capital investments.

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    John Daniel's questions to RPC (RES) leadership • Q1 2025

    Question

    John Daniel of Daniel Energy Partners questioned RPC about the market for used pumping equipment, the company's own plans for asset sales, the potential triggers for accelerating CapEx, and whether future M&A would be focused on the Permian or other basins.

    Answer

    President and CEO Ben Palmer stated that RPC is diligent about preventing its sold assets from re-entering the domestic frac market and rarely purchases used equipment. CFO Michael Schmit explained that CapEx spending is being carefully managed based on market conditions to preserve the balance sheet for potential M&A. Ben Palmer added that M&A strategy is not confined to the Permian, and the company is open to opportunities in other basins, including those with natural gas exposure.

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    John Daniel's questions to RPC (RES) leadership • Q3 2024

    Question

    John Daniel from Daniel Energy Partners asked about RPC's preference for using cash versus stock in acquisitions, the company's optimal frac fleet size in a stable market, and the profile of potential M&A targets.

    Answer

    President and CEO Ben Palmer explained that RPC has the flexibility for both cash and stock deals, though private sellers often prefer cash. He stated that in the current market, the optimal frac fleet size would be lower than the previous 10-11 fleets, with a focus on upgrading to more efficient assets. On M&A opportunities, Palmer described the target landscape as a combination of different types, including PE-backed and other private companies, rather than one single theme.

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    John Daniel's questions to ProFrac Holding (ACDC) leadership

    John Daniel's questions to ProFrac Holding (ACDC) leadership • Q1 2025

    Question

    Asked about the timing and reasons for recent record-breaking fleet performance, and inquired about expectations for Q4 seasonality in gas basins compared to the previous year.

    Answer

    Management attributed the record performance, which began in Q1, to their operations team and a new standardized asset management program that is still in its early stages. Regarding seasonality, they expect the typical Q4 slowdown to be muted this year due to a stronger gas market outlook and significant customer interest for work in the second half of the year.

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    John Daniel's questions to Ovintiv (OVV) leadership

    John Daniel's questions to Ovintiv (OVV) leadership • Q1 2025

    Question

    John Daniel of Daniel Energy Partners asked about the performance of spot frac crews in the Permian compared to dedicated crews and sought an outlook on Permian efficiency metrics for the remainder of the year.

    Answer

    Executive Gregory Givens noted that the company sees no significant change in productivity when using spot frac crews, though the ideal setup is a steady program. Executive Brendan McCracken expressed optimism for continued efficiency gains, driven by the company's deep private data sets and operational expertise, even if the pace of improvement moderates.

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    John Daniel's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership

    John Daniel's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership • Q1 2025

    Question

    John Daniel of Daniel Energy Partners inquired about the strength in Subsea bookings despite a slowdown in rig contracting and asked for details on the specific stimulation equipment products driving higher orders.

    Answer

    President and CEO Neal Lux explained that the Subsea business is benefiting from strong demand in offshore oil and gas, wind, and defense, driven by an aging ROV fleet and adoption of their new Unity software. For stimulation equipment, he clarified that the order increase was a rebound from a lean Q4 and is being driven by faster wear and tear on components like power ends and wireline cables due to higher operational intensity, even with flat completion crew counts.

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    John Daniel's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership • Q4 2024

    Question

    John Daniel inquired about a new product related to mobile power generation and sought clarification on the order outlook for traditional completion products like coiled tubing and wireline.

    Answer

    President and CEO Neal Lux explained that the new product, [PowerTron], is a heat exchanger for the gas power generation market, adapted from their successful frac industry technology. Regarding completion tools, Lux noted that consumables like wireline cables are being consumed at a steady rate, while he anticipates a potential spike in capital equipment orders in the coming quarters as customers' existing fleets continue to age.

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    John Daniel's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership • Q3 2024

    Question

    John Daniel inquired if FET would consider acquisitions in the currently challenged frac capital equipment market and asked about the impact of longer lateral wells on demand for its Global Tubing products.

    Answer

    CEO Neal Lux responded that FET's M&A strategy favors expanding its activity-based consumable sales, similar to the Variperm model, rather than entering the difficult frac capital equipment space. Regarding coiled tubing, Lux confirmed that longer wells are a positive driver, increasing demand for longer, thicker-walled strings. He highlighted FET's proprietary designs and advanced continuous quench and temper manufacturing process, which are key to meeting these demanding applications.

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    John Daniel's questions to NCS Multistage Holdings (NCSM) leadership

    John Daniel's questions to NCS Multistage Holdings (NCSM) leadership • Q1 2025

    Question

    John Daniel of Daniel Energy Partners inquired about NCSM's capital allocation strategy, asking if the company would lean toward tactical M&A or hoarding cash given its strong balance sheet and potential market disruptions. He also asked about the likely timing for such M&A opportunities.

    Answer

    CEO Ryan Hummer responded that NCSM will actively evaluate the M&A market, noting that it often takes time for seller price expectations to adjust during market shifts. He emphasized that if a suitable external opportunity doesn't arise, investing in NCSM itself through share buybacks or other capital returns is an excellent alternative. Hummer suggested that M&A opportunities might become more apparent in the next 6 to 9 months as the market recalibrates.

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    John Daniel's questions to NCS Multistage Holdings (NCSM) leadership • Q4 2024

    Question

    John Daniel from Daniel Energy Partners asked about NCS Multistage's M&A strategy, specifically if they are looking at small, tech-related bolt-on acquisitions given their growing cash balance. He also inquired about the R&D pipeline and any exciting new technologies that could come to market in the near future.

    Answer

    CEO Ryan Hummer confirmed that the company is actively evaluating M&A opportunities where there is a clear strategic fit and operational logic. He noted NCS could leverage its platform to help a target company expand into Canada and other international markets. Regarding R&D, Hummer stated that exciting products are in development and approaching the prototype and field trial stage, aimed at opening new market segments for NCS. He declined to provide specific details until the products are further validated.

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    John Daniel's questions to NCS Multistage Holdings (NCSM) leadership • Q3 2024

    Question

    John Daniel asked about the strategy for marketing the Canadian seismic mitigation case study to other customers and which international market with low penetration offers the most exciting near-term growth potential.

    Answer

    CEO Ryan Hummer explained that operational successes in Canada are often shared organically among operators and partners. NCS also proactively markets these solutions through white papers and technical conference presentations. Regarding international growth, Hummer highlighted two key opportunities: expanding the well construction portfolio, particularly the AirLock system, in the Middle East, and increasing penetration in the shallow-water North Sea, which is now more accessible due to the use of drill pipe conveyance.

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    John Daniel's questions to Select Water Solutions (WTTR) leadership

    John Daniel's questions to Select Water Solutions (WTTR) leadership • Q4 2024

    Question

    John Daniel asked about the potential for M&A to expand in the municipal and industrial water markets. He then questioned Select's positioning in the Haynesville, asking about water treatment rules, available capacity for a potential drilling ramp-up, and the extent of piped water transport in the region.

    Answer

    CFO Chris George responded that the current focus for the municipal venture is an organic resource play rather than broader M&A. On the Haynesville, COO Michael Skarke and CEO John Schmitz explained that Select has the largest disposal and gathering network in the basin, spanning both Texas and Louisiana, and is well-positioned to handle increased activity. They confirmed that the overwhelming majority of their water volume in the region is transported via pipeline, which has significantly reduced truck traffic.

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