Josh Jayne • Daniel Energy Partners

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EVP & President of Sand and Logistics Chris Scholla explained that the PropFlo acquisition completes their wellsite value chain, offering customers a system that enables continuous 24/7 pumping. He noted the wet vs. dry sand decision is driven by total delivered cost and doesn't foresee new capital for market expansions. Regarding customer mindset, he senses more stability but noted many operators are still finalizing Q4 and 2026 plans.

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President & CEO D. Bradley Childers reiterated strong confidence in the business's stable, long-term growth, stating that the current market valuation makes buybacks an attractive, price-sensitive tool for value creation. CFO Doug Aron added that Archrock's industry-low leverage provides the flexibility for these actions. Childers expects the average time on location, currently over six years, to continue extending as the fleet mix shifts further toward large, infrastructure-based horsepower.

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EVP & COO Piers Middleton conveyed a very positive long-term outlook for Africa, anticipating a significant ramp-up in 2026 as projects enter the vessel-intensive development phase, despite a potential near-term pause. President & CEO Quintin Kneen explained the $500 million buyback figure was based on the company's ability to execute it over approximately a year, considering current cash, excess liquidity from the new revolver, and strong quarterly free cash flow generation.

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Executive West Gotcher described the corporate debt markets as constructive for Tidewater but noted that financing for newbuilds remains limited for the broader industry due to past losses. President & CEO Quintin Kneen stated that while there's no set target for capital returns, the aggressive 2024 share repurchases indicate their approach, with a priority on first establishing an optimal long-term capital structure.

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CEO Anton Dibowitz stated that customers remain confident, citing the strong economics of offshore projects (many with breakevens below $50/barrel) and are proceeding with plans. He noted the Saudi rig count is stable and Valaris's position is secure with long-term contracts. CFO Chris Weber and CEO Anton Dibowitz reiterated a commitment to capital returns, noting it may not be linear but that strong performance and the upcoming rig sale provide increased flexibility.

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CEO Michael Jardon described customer sentiment as convicted in executing existing deepwater projects but more cautious on initiating new, short-cycle activities due to market uncertainty. CFO Sergio Maiworm stated his primary focus is on increasing free cash flow conversion by expanding EBITDA margins, improving capital deployment efficiency, and optimizing processes. He emphasized his goal is to help a great company become even better by finding accretive growth opportunities and fine-tuning strategic objectives.

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CEO Michael Jardon affirmed that the value proposition for efficiency-driving technology remains strong. On M&A, he said the focus is on long-term industrial logic, not short-term price moves. He and CFO Quinn Fanning detailed a pre-existing cost initiative, now being accelerated, focused on improving operating leverage through process efficiency and technology, not just headcount cuts.

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VP - Commercial Daniel Stuart indicated that while other opportunities exist, they are generally framework agreements rather than firmly contracted work, with demand expected to increase in 2026. Regarding the North Sea, COO Scotty Sparks stated that the decision to reactivate the Seawell depends on the award of large decommissioning tenders. He expects to know by Q4 2025 whether Helix will return to a two-vessel market in 2026.

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President and CEO Girish Saligram expressed a bullish outlook on MPD, highlighting its evolution toward a holistic 'managed pressure wells' concept. He noted significant customer interest and quotation activity, but stated that a meaningful revenue uptick from these deepwater projects is not expected until the second half of 2026 and into 2027, as MPD becomes a key differentiator for rig operators.

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CEO David Cherechinsky estimated that the U.S. business is approximately 70% upstream-levered. He acknowledged potential rig count declines but stated that the revenue impact is uncertain and could be fully offset by price increases from tariffs. Regarding M&A, Cherechinsky noted that while recent oil price volatility might cause some seller caution, DNOW has several active conversations and has not yet seen tangible evidence of sellers pulling back, describing the current M&A activity level as normal.

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President and CEO David Cherechinsky projected relatively flat activity for both Canada and international markets in 2025, noting a strategic high-grading in the international business to improve long-term profitability. Executive Brad Wise addressed M&A, stating the opportunity pipeline is steady. He affirmed DNOW's capacity to simultaneously fund organic growth, pursue acquisitions, and execute its share buyback program, as demonstrated in 2024. The company will favor M&A for the right deal but will otherwise prioritize share repurchases.

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President and COO Keelan Adamson explained that future technology development will focus on assisting crews with critical decision-making and preventing harm during major accident hazard activities. CEO Jeremy Thigpen noted that while a favorable political administration would be positive for the Gulf of Mexico, any resulting increase in demand would take time to materialize due to long project cycles.

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