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    Josh Jane • Daniel Energy Partners

    Josh Jane's questions to MRC Global Inc (MRC) leadership

    Josh Jane's questions to MRC Global Inc (MRC) leadership • Q4 2024

    Question

    Josh Jane of Daniel Energy Partners questioned the outlook for international markets in 2025, asking about bright spots and how the current backlog compares historically. He also inquired about capital allocation priorities, specifically the attractiveness of M&A versus the share repurchase program.

    Answer

    CEO Rob Saltiel stated that the international backlog is at its highest level in years and the business continues to be strong, driven by margin-accretive valve sales for projects in Europe and Asia Pacific. He highlighted strength in Norway, the U.K., and Central Europe, as well as more activity in energy transition projects abroad. On capital allocation, Saltiel emphasized the priority of achieving a 1.5x net debt leverage ratio in 2025 while also executing on the new share buyback program starting in Q2. He noted that with the balance sheet now strengthened, M&A will be considered again after a decade-long hiatus.

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    Josh Jane's questions to Noble Corporation PLC (NE) leadership

    Josh Jane's questions to Noble Corporation PLC (NE) leadership • Q4 2024

    Question

    Josh Jane inquired if modifications are needed for the Globetrotter rigs to compete in the intervention market and asked for more detail on potential tariff impacts.

    Answer

    President and CEO Robert Eifler stated that no significant modifications are needed for the Globetrotters, as most intervention equipment is transferable and provided by service companies. CFO Richard Barker addressed tariffs, calling the situation fluid but noting that the 2025 guidance already includes a 3-4% general cost inflation assumption to account for such risks.

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    Josh Jane's questions to Weatherford International PLC (WFRD) leadership

    Josh Jane's questions to Weatherford International PLC (WFRD) leadership • Q4 2024

    Question

    Josh Jane from Daniel Energy Partners asked about the success of Weatherford's Managed Pressure Drilling (MPD) offerings and the outlook for that technology. He also inquired about the sense of urgency in the offshore market and which regions might see a pickup in activity in the second half of the year.

    Answer

    CEO Girish Saligram expressed continued excitement for the MPD product line, noting that its new Motus system will see a significant contribution in the coming year. On the offshore market, Saligram stated that while the cycle has long-term strength, there is some near-term choppiness. He identified Brazil, the Caspian region, and the Norwegian North Sea as positive areas, while noting challenges in the U.K. He confirmed the company has good line of sight to a pickup in activity based on firm rig schedules and contracts.

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