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    Joshua Jayne

    Research Analyst at Daniel Energy Partners

    Josh Jayne is Managing Director at Daniel Energy Partners, specializing in energy sector research with a focus on U.S. oilfield services and capital equipment companies. He is known for covering key market participants such as DistributionNOW and others in the supply chain, notable for providing actionable insights on rig activity, M&A timing, and energy sector financial drivers. Jayne began his career at Simmons & Company before joining Daniel Energy Partners, where he has since built a reputation for incisive field-based analysis and executive-level industry engagement. His credentials include extensive sector experience and a deep professional network, contributing to Daniel Energy Partners’ standing as a trusted source of energy market intelligence.

    Joshua Jayne's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership

    Joshua Jayne's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership • Q2 2025

    Question

    Joshua Jayne of Daniel Energy Partners questioned the timeline for achieving the stated growth market share goals, asked for details on offshore defense orders, and inquired about the cyclical bottom for the stimulation and intervention business.

    Answer

    President & CEO Neal Lux projected a 3-5 year timeframe for the market share expansion, noting it leverages existing resources without significant CapEx. He clarified that defense orders include a mix of long-term projects like a submarine rescue system (2-year delivery) and shorter-term ROV system sales. Regarding the stimulation business, Lux explained the bottom is tied to stage counts, not just frac fleet counts, which could bottom sooner. EVP & CFO D. Lyle Williams added that international unconventional development provides growth opportunities for this segment.

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    Joshua Jayne's questions to FORUM ENERGY TECHNOLOGIES (FET) leadership • Q2 2025

    Question

    Joshua Jayne from Daniel Energy Partners inquired about the expected timeframe to achieve the goal of doubling market share in growth markets. He also asked for more details on offshore defense orders, their lead times, and how close the stimulation and intervention business is to a bottom.

    Answer

    President and CEO Neal Lux explained that doubling market share is a long-term vision expected over the next three to five years as it involves customer acquisition and geographic expansion. He noted that defense orders include a mix of standard products and longer-term projects like a rescue submarine system delivering over two years. Regarding the stimulation business, Lux stated the bottom is tied more to drilling stages than frac fleet counts, which could bottom sooner. CFO D. Lyle Williams added that international unconventional development in South America and the Middle East is creating new demand for these traditionally US-focused products.

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    Joshua Jayne's questions to Seadrill (SDRL) leadership

    Joshua Jayne's questions to Seadrill (SDRL) leadership • Q2 2025

    Question

    Joshua Jayne from Daniel Energy Partners asked about Seadrill's strategy for Managed Pressure Drilling (MPD) as a competitive advantage. He also inquired about the signs the company is looking for to resume its share buyback program.

    Answer

    President & CEO Simon Johnson detailed that eight drillships are MPD-equipped and that Seadrill is a thought leader in the space, viewing it as an integrated operational tool. On share buybacks, Mr. Johnson stated the current focus is on cash conservation amid macro uncertainty, though shareholder returns are a top priority. EVP & CFO Grant Creed added that the repricing of legacy Brazil contracts from Q2 2026 will be a key milestone for cash flow generation, which is important for future capital returns.

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    Joshua Jayne's questions to Seadrill (SDRL) leadership • Q4 2024

    Question

    Joshua Jayne asked about the main internal focus areas for Seadrill in 2025, following the significant strategic initiatives completed in 2024 like asset sales and share buybacks.

    Answer

    CEO Simon Johnson identified two key priorities for 2025: first, continuously improving safety performance, and second, maintaining a laser-like focus on the cost base. He stressed the importance of being a low-cost, agile, and efficient operator, regardless of the revenue environment.

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    Joshua Jayne's questions to Seadrill (SDRL) leadership • Q3 2024

    Question

    Joshua Jayne requested more detail on the company's plan to 'optimize operations' in 2025. He also asked about the potential impact of a new U.S. administration on the Gulf of Mexico market.

    Answer

    President and CEO Simon Johnson explained that 'optimizing operations' involves being agile and lean, managing the cost base in real-time by making tough decisions like stacking rigs if work is unavailable, and right-sizing the organization to avoid excess capacity. Regarding U.S. politics, Johnson stated they 'don't really care who's in the White House,' as long-term fundamentals favor offshore oil. EVP and CCO Samir Ali reinforced this, noting that geology and economics, not politics, will drive drilling activity.

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    Joshua Jayne's questions to FLOTEK INDUSTRIES INC/CN/ (FTK) leadership

    Joshua Jayne's questions to FLOTEK INDUSTRIES INC/CN/ (FTK) leadership • Q2 2025

    Question

    Joshua Jayne of Daniel Energy Partners asked for clarification on the drivers behind the low and high ends of the full-year guidance and questioned the company's strategic focus for the next six to nine months, specifically regarding execution versus further M&A.

    Answer

    CFO Bond Clement identified the outlook for the North American chemistry business as the primary variable in the guidance range. CEO Ryan Ezell addressed strategy, stating that while execution on newly acquired and built assets is a primary focus, the company will continue to selectively look for immediately accretive inorganic opportunities to expand both its chemistry and data analytics businesses.

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    Joshua Jayne's questions to FLOTEK INDUSTRIES INC/CN/ (FTK) leadership • Q1 2025

    Question

    Joshua Jayne asked for the strategic rationale behind acquiring the specific PWRtek assets at this time and inquired about the company's strategy for building out its team and organization to manage future growth with a larger budget.

    Answer

    CEO Ryan Ezell explained the acquisition was a natural evolution of a long-term partnership with ProFrac, leveraging Flotek's core data technology to enter the growing grid support market and add stable, high-margin revenue. Regarding organizational growth, Ezell stated that increasing free cash flow will fund higher CapEx for building more revenue-generating assets with quick ROIs. CFO J. Clement added that the transaction's structure provides significant 'dry powder' for investment while allowing for rapid debt paydown, maintaining a clear balance sheet.

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    Joshua Jayne's questions to FLOTEK INDUSTRIES INC/CN/ (FTK) leadership • Q4 2024

    Question

    Joshua Jayne of Daniel Energy Partners asked if increased gas-directed activity would lead to higher margins in the Chemistry business. He also inquired about the North American outlook regarding customer budgets given oil price volatility and the key drivers behind the strong growth from external customers.

    Answer

    CEO Ryan Ezell explained that gas-heavy basins often require more advanced, value-add technologies, which typically improves the product mix and leads to better margins. On the North American outlook, he noted that while oil prices face headwinds, a bullish view on natural gas and Flotek's diversification provide insulation. Ezell attributed the strong external customer growth to the success of Flotek's prescriptive and predictive chemistry management, which delivers significant ROI and improved well performance, resonating with capital-disciplined operators.

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    Joshua Jayne's questions to FLOTEK INDUSTRIES INC/CN/ (FTK) leadership • Q3 2024

    Question

    Joshua Jayne of Daniel Energy Partners questioned the drivers behind the Chemistry segment's 7% growth in a weak market and asked for the outlook on the U.S. land cycle. He also inquired about the conversion of working capital, particularly accounts receivable, to cash in the coming quarters.

    Answer

    CEO Ryan Ezell attributed the Chemistry segment's strength to sticky transactional business and growth in international markets, which he expects will help Flotek outperform. He anticipates a soft Q4 for the overall market but sees operational intensity increasing in mid-2025. CFO Bond Clement explained that a significant portion of the working capital build is the annually-settled order shortfall penalty receivable from a related party, and that underlying days sales outstanding (DSOs) actually improved by 12% during the quarter.

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    Joshua Jayne's questions to Select Water Solutions (WTTR) leadership

    Joshua Jayne's questions to Select Water Solutions (WTTR) leadership • Q2 2025

    Question

    Joshua Jayne of Daniel Energy Partners asked for an outlook on the Chemical Technologies business into 2026 and whether the company could sustain current margin levels, given recent performance.

    Answer

    EVP & CFO Christopher George expressed confidence in the segment's resilience, citing market share gains from new product development and operational efficiencies from in-basin manufacturing. He believes margins can be sustained and potentially grow. President, CEO & Chairman John Schmitz added that the chemistry business is increasingly vital for supporting complex, high-volume frac operations by improving water transfer efficiency with products like drag-reducing agents, which adds significant value for customers and carries high margins for Select.

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    Joshua Jayne's questions to NCS Multistage Holdings (NCSM) leadership

    Joshua Jayne's questions to NCS Multistage Holdings (NCSM) leadership • Q2 2025

    Question

    Joshua Jayne from Daniel Energy Partners asked about the potential long-term EBITDA margins for the newly acquired ResMetrics business and sought commentary on the current mindset and sense of urgency among U.S. and Canadian customers.

    Answer

    CEO Ryan Hummer projected long-term operational synergies of $1-2 million from the ResMetrics acquisition by implementing best practices across the combined portfolio, rather than focusing on a specific margin target for the acquired business alone. He described the U.S. customer mindset as 'cautiously optimistic' amid oil price stability but wary of potential OPEC+ supply increases. For Canada, he noted a slower Q3 start after a pull-forward in activity, with weak local gas prices impacting some gas-directed work.

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    Joshua Jayne's questions to TETRA TECHNOLOGIES (TTI) leadership

    Joshua Jayne's questions to TETRA TECHNOLOGIES (TTI) leadership • Q2 2025

    Question

    Joshua Jayne from Daniel Energy Partners asked about TETRA's assumptions for its Water and Flowback business given the uncertainty in U.S. land completions. He also posed a longer-term question about the company's strategy for capital returns to shareholders as its growth projects mature and begin generating significant cash flow.

    Answer

    President & CEO Brady Murphy explained that while U.S. land activity is declining, TETRA's automated technology and focus on produced water recycling should help maintain revenue and improve margins. SVP & CFO Elijio Serrano added that the segment is supported by stable contracts in Argentina and offshore rig cooling. Regarding capital returns, Serrano stated that the company will address its strategy in detail at its upcoming Investor Day in September.

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    Joshua Jayne's questions to TETRA TECHNOLOGIES (TTI) leadership • Q3 2024

    Question

    Joshua Jayne asked about the level of customer urgency for automation in Water & Flowback services and the expected timing for financial contributions from the new TETRA X corrosion inhibitor.

    Answer

    CEO Brady Murphy reported strong customer acceptance for automation, driven by cost savings and safety benefits, noting that current automated equipment is at maximum utilization. For TETRA X, he explained it will initially be marketed as a premium blend with completion fluids for high-temperature wells, targeting a sizable market, but was not yet ready to quantify its financial impact or its potential as a standalone product.

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    Joshua Jayne's questions to Drilling Tools International (DTI) leadership

    Joshua Jayne's questions to Drilling Tools International (DTI) leadership • Q1 2025

    Question

    Joshua Jayne of Daniel Energy Partners asked for more detail on the North American outlook, questioning which regions might be most at risk for a pullback and which might hold up better. He also requested specifics on the growth CapEx program, including what technologies and regions are being targeted.

    Answer

    CEO Wayne Prejean stated that basin resiliency depends on oil price economics, noting that gas-heavy areas like the Haynesville may be more sustainable. He emphasized that DTI's diverse operational spread allows it to shift resources to the most vibrant basins as needed. Regarding CapEx, management clarified that growth spending is focused on new technologies with high potential, such as their RotoSteer product line, new stabilizer technology, and MechLOK swivels, to secure long-term commercial traction with clients.

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    Joshua Jayne's questions to MAMMOTH ENERGY SERVICES (TUSK) leadership

    Joshua Jayne's questions to MAMMOTH ENERGY SERVICES (TUSK) leadership • Q1 2025

    Question

    Joshua Jayne inquired about Mammoth's sand business, specifically the drivers behind Q1 volume growth and the outlook for pricing. He also asked about potential cost-cutting measures in the pressure pumping segment if activity weakens and how management views the relationship between adjusted EBITDA and CapEx for the year.

    Answer

    Executive Mark Layton explained that strong demand in Western Canada drove Q1 sand volumes and he anticipates a stable pricing environment for the remainder of 2025. Regarding potential weakness, Layton stated that the primary cost levers in pressure pumping are staffing and maintenance, and the team is prepared to adjust spending to align with customer demand.

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    Joshua Jayne's questions to EXPRO GROUP HOLDINGS (XPRO) leadership

    Joshua Jayne's questions to EXPRO GROUP HOLDINGS (XPRO) leadership • Q4 2024

    Question

    Joshua Jayne inquired about the iTONG advanced tubular solution, asking about the customer's sense of urgency for adoption, the number of systems currently deployed, and the potential growth runway for the technology.

    Answer

    CEO Mike Jardon highlighted that IOC customers are showing significant interest in iTONG, driven by its HSE benefits of removing personnel from the red zone. He emphasized that Expro is being patient with the rollout to command appropriate pricing that reflects the technology's high value, rather than discounting for faster uptake. The long-term goal is to have the technology on over 75% of the floating rigs where Expro operates.

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    Joshua Jayne's questions to HELIX ENERGY SOLUTIONS GROUP (HLX) leadership

    Joshua Jayne's questions to HELIX ENERGY SOLUTIONS GROUP (HLX) leadership • Q4 2024

    Question

    Joshua Jayne of Daniel Energy Partners followed up on the contracting outlook for the Q4000 and Q5000 vessels beyond 2025, asking about long-term opportunities. He also questioned the more aggressive share repurchase plan, asking if it represents a strategic shift in capital allocation.

    Answer

    COO Scotty Sparks confirmed the Q5000 is in a 'very tight position' for the next 2-3 years and that the Q4000 has significant interest for multi-year contracts from several operators upon its return to the Gulf of Mexico. CEO Owen Kratz explained the shift to a more aggressive buyback plan is driven by the company's strong balance sheet and attractive current share price. He framed the 25% of free cash flow target as a minimum, which could increase if suitable M&A opportunities do not materialize.

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    Joshua Jayne's questions to HELIX ENERGY SOLUTIONS GROUP (HLX) leadership • Q3 2024

    Question

    Joshua Jayne of Daniel Energy Partners asked for details on the Robotics business outlook for 2025, including contract visibility, and inquired about future CapEx levels and the types of growth opportunities Helix would pursue with its strong free cash flow.

    Answer

    COO Scott Sparks described the Robotics outlook as having the 'best visibility we've ever had,' especially in trenching, with tenders out to 2028-2030 and work contracted through 2027. CEO Owen Kratz outlined growth opportunities across all segments, including adding trenching and robotics capacity and potentially expanding shallow water services to new regions. He noted a need for more well intervention vessels but remains cautious on asset pricing. CFO Erik Staffeldt confirmed maintenance CapEx should remain in the $70-$80 million annual range, excluding growth projects.

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    Joshua Jayne's questions to Archrock (AROC) leadership

    Joshua Jayne's questions to Archrock (AROC) leadership • Q4 2024

    Question

    Joshua Jayne of Daniel Energy Partners asked for an update on lead times for new compression equipment and inquired about the potential risk of future tariffs impacting equipment costs.

    Answer

    President and CEO Brad Childers stated that lead times are currently in a normal range of 42-44 weeks. Regarding tariffs, he noted it's difficult to predict but mentioned that Archrock and its key vendors source most materials domestically, mitigating immediate impact. He concluded the risk is being monitored but is not considered material at this time.

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    Joshua Jayne's questions to OCEANEERING INTERNATIONAL (OII) leadership

    Joshua Jayne's questions to OCEANEERING INTERNATIONAL (OII) leadership • Q4 2024

    Question

    Joshua Jayne asked for more detail on the strong performance and outlook for the Offshore Projects Group (OPG), the supply/demand dynamics in the vessel-class ROV market, and whether M&A opportunities have become more frequent recently.

    Answer

    President and CEO Roderick Larson attributed the OPG strength to high-margin light well intervention work and long-term infrastructure projects in the Gulf of Mexico and West Africa. Regarding the vessel market, he noted that utilization for the types of vessels Oceaneering targets is strong. On M&A, Larson confirmed they are seeing more opportunities and highlighted the recent GDi acquisition as a strategic fit that creates a 'double bonus' by driving more dive time for their ROVs.

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    Joshua Jayne's questions to Core Laboratories Inc. /DE/ (CLB) leadership

    Joshua Jayne's questions to Core Laboratories Inc. /DE/ (CLB) leadership • Q4 2024

    Question

    Joshua Jayne from Daniel Energy Partners asked for a more detailed geographic breakdown of the expected mid-single-digit international growth and requested specifics on the Q1 2025 weather impacts.

    Answer

    Executive Lawrence Bruno identified the Middle East, the South Atlantic margin, Australia, Indonesia, and Norway as key growth areas for 2025, while noting the company has exited operations in Mexico. He also quantified the Q1 weather impact, stating that facility closures in Texas and Louisiana for 2-3 days resulted in an estimated $1 million revenue loss.

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    Joshua Jayne's questions to Smart Sand (SND) leadership

    Joshua Jayne's questions to Smart Sand (SND) leadership • Q3 2024

    Question

    Joshua Jayne asked for details on the potential growth of the Industrial Product Solutions (IPS) business, the strategy behind shareholder returns like the special dividend, and the company's outlook for the Canadian market.

    Answer

    CEO Charles Young clarified that the IPS growth to 10% of volumes is based on new contracts being pursued, particularly with glass and foundry customers. CFO Lee Beckelman addressed shareholder returns, stating that consistent free cash flow and a strong capital structure allow for opportunistic dividends or buybacks. Regarding Canada, both executives expressed optimism, highlighting the Blair facility's logistical advantages and the strong natural gas demand expected from new LNG projects.

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    Joshua Jayne's questions to Smart Sand (SND) leadership • Q2 2024

    Question

    Joshua Jayne from Daniel Energy Partners inquired about Smart Sand's sales volume in the Canadian market and its future potential, the total annual demand for Northern White sand in Canada, differences in sand grades sold to Canada versus the Marcellus, and the company's maximum production capacity at its Oakdale facility based on current staffing and yields.

    Answer

    Chief Financial Officer Lee Beckelman stated that Canada currently represents about 10% of sales volume, with the total Canadian market estimated at 8-10 million tons annually and poised for growth. Chief Operating Officer William Young explained that the Blair mine's coarser sand is well-suited for Canadian demand, creating a balanced product mix. Regarding capacity, executives explained that the company's integrated asset base allows for significant volume increases with only modest incremental staffing, with Lee Beckelman noting they could reach over 7 million tons with a 5-10% staff increase.

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    Joshua Jayne's questions to Valaris (VAL) leadership

    Joshua Jayne's questions to Valaris (VAL) leadership • Q3 2024

    Question

    Joshua Jayne sought clarification on whether the $70/barrel oil price for project profitability applied to all offshore or just deepwater, and asked if Valaris would use potential 2025 downtime for rig upgrades.

    Answer

    CEO Anton Dibowitz clarified the metric was for all offshore projects but stressed that many key deepwater developments are highly compelling with breakevens in the $20-$40/barrel range. He confirmed that Valaris would use idle periods during warm stacking and ramp-ups to prudently perform value-enhancing upgrades, such as for MPD systems or EHS-E emissions reduction, to improve rig capability and avoid future downtime.

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    Joshua Jayne's questions to Valaris (VAL) leadership • Q3 2024

    Question

    Joshua Jayne sought clarification on the breakeven economics for offshore projects, specifically asking if the $70/barrel profitability metric applied to all offshore or just deepwater. He also asked if Valaris might use the 2025 period of utilization softness to perform strategic upgrades on idle rigs in anticipation of the 2026 recovery.

    Answer

    President and CEO Anton Dibowitz confirmed the metric applies to all offshore projects and noted that many large deepwater developments have compelling economics with breakevens in the $20-$40 per barrel range. He affirmed that it is a 'fair assumption' that Valaris would use downtime during a warm stack ramp-up to perform prudent upgrades, such as for MPD systems or emissions reduction, to better position rigs for future contracts.

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