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CEO Simon Johnson noted a significant increase in exploration work and expects a market improvement in 2026. CCO Samir Ali added that project economics remain strong. CFO Grant Creed indicated Q1 2025 EBITDA would be weaker due to rig downtime, with potential upside later in the year. He provided a key OpEx metric of circa $150,000 per day for the drillship fleet.

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CEO Brady Murphy explained that CS Neptune projects and electrolyte shipments to Eos are already providing benefits in H1 2025, while commercial-scale water desalination is more of a 2026 event. CFO Elijio Serrano affirmed high conviction in the H1 2025 forecast due to a record offshore backlog but noted that while full visibility for H2 is challenging, the company expects to continue outperforming the industry.

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CEO Brady Murphy explained that the desalinization process involves multiple stages, from lab analysis to field pilots, with several pilots expected in 2025. He noted that E&P customers are responsible for permitting. CFO Elijio Serrano added that CS Neptune projects are expected to push Completion Fluids segment margins into the low-30% range. CEO Brady Murphy also clarified the new Brazil award is a material, non-Neptune heavy brine project.

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An executive confirmed that 'normalized' pricing refers to the mid-$20s per ton range, not the lows seen in Q4. Regarding Moser, an executive clarified that commentary on new contracts reflects the strong inbound customer interest since the deal was announced, which points to future growth potential. An executive, likely Bud Brigham, outlined a vision where Atlas continues to innovate and leverage its scale to serve the increasingly efficient, factory-model Permian, benefiting from rising sand intensity.

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CFO Blake McCarthy noted that Q4 volumes are uncertain due to a potential prolonged holiday slowdown, but 2025 contract discussions are very positive. CEO John Turner stated that the Dune Express was underwritten with conservative, low trucking rates and that current market rates are unsustainable for trucking operators. Executive Chris Scholla added that Atlas's structural logistics advantage remains intact regardless of price fluctuations.

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CFO David Schorlemer projected that the PROPWR business would significantly impact earnings in 2026, estimating $300,000 to $400,000 in EBITDA per megawatt annually with a 3- to 4-year payback. CEO Sam Sledge added that initial equipment deliveries will begin mid-2025. Regarding pricing, Sledge attributed stability to ProPetro's exclusive focus on blue-chip E&P customers and next-generation equipment within the Permian Basin, differentiating their experience from the broader market.

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CFO David Schorlemer estimated decremental margins would be in the 26% to 30% range. CEO Sam Sledge described pricing resilience as a continuum, with e-fleets being the strongest, followed by dual-fuel (DGB), and then conventional diesel. For free cash flow, Sledge stated the company will exceed 50% conversion for the current year and that a 30% to 50% range is a reasonable target for next year, pending final budgets.

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EVP and CCO Roddie Mackenzie defined 'commodity 7G' rigs as those with lower hook loads and single derricks, distinguishing them from Transocean's more capable, high-specification assets. CEO Jeremy Thigpen acknowledged that customers use market conditions for leverage but emphasized that Transocean prices its unique, high-value assets accordingly for long-term programs.

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CEO Jeremy Thigpen attributed the company's confidence to direct, long-term customer conversations not visible to the market, highlighting that deepwater projects have low breakevens (around $40/barrel) and are crucial for reserve replacement. CCO Roddie Mackenzie added that these projects are long-cycle and less sensitive to short-term oil price swings. President & COO Keelan Adamson pointed to a high number of FIDs and long-lead equipment orders as tangible proof supporting future activity.

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President and CEO Robert Eifler stated that while current dayrates are in the mid-to-high $400s, the visible demand for 2026 supports optimism for higher pricing after a flatter 2025. Regarding Norway, he confirmed positive signals for increased jack-up demand, noting the potential for 1-2 additional units is better now than in recent years, with hopes that the worst of regulatory headwinds have passed.

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CFO Richard Barker noted that a full quarter including Diamond would have yielded an illustrative EBITDA near $350 million, suggesting significant potential upside from the H1 2025 run-rate, contingent on securing new contracts. President and CEO Robert Eifler added that 2025 guidance was deferred due to the high volume of ongoing negotiations. On capital allocation, Mr. Eifler confirmed satisfaction with the current capital structure and reiterated the plan to use excess free cash flow for share buybacks after paying the dividend.

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CFO Carey Ford attributed the Q1 Canadian margin dip to rig reactivation costs and a mix shift towards Super Singles, not a decline in day rates. President and CEO Kevin Neveu added that he expects pricing traction to build throughout the year, aided by demand from LNG Canada. On tariffs, Neveu stated the risk is manageable as the proposed rate is lower than initially feared and is less impactful than commodity or FX volatility, noting Precision has a diverse supply chain to mitigate costs.

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CEO Kevin Neveu explained that the Canadian strength is driven by high realized oil prices and the certainty of export capacity from the Trans Mountain pipeline expansion. He noted that while customers have been historically cautious, the trend towards longer-term contracts is growing for Montney development drilling as they anticipate a rig shortage once LNG Canada is at full capacity. Precision aims for a balanced portfolio of contracted and spot-exposed rigs.

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CEO William Hendricks outlined a significant long-term opportunity, citing a potential 4-gigawatt off-grid power demand gap in the Permian over the next decade. He stated that Patterson-UTI's strategy is not to rush into the market but to pursue differentiated, project-by-project opportunities. He expressed hope that the business could become a separate segment in a couple of years if it achieves material scale, but emphasized it is a long-term play.

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CEO William Hendricks affirmed a 'very, very strong conviction' in the 2025 recovery based on direct communication from customers planning to restart early in the year. For Drilling Products, he estimated international revenue is 30-40% of the total and expressed excitement for growth potential in markets like Saudi Arabia and offshore. CFO C. Smith added that the segment's product-based model allows for more nimble international expansion.

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CEO Girish Saligram clarified that the company's guidance for Mexico is conservative and does not assume a dramatic second-half ramp-up; any such recovery would represent upside. He emphasized that the projected revenue ramp from Q1 to Q2 is based on a strong line of sight to contract starts and activity increases. Regarding Russia, Saligram explained that while the company remains in compliance with all sanctions, the increasing complexity and FX volatility necessitate a cautious outlook, leading to an expected continued decline in the business.

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Executive Girish Saligram credited strong internal communication and an established culture focused on cash and margins as the primary tools for maintaining discipline. He noted that while pricing is always a topic of conversation with customers, pressure has not significantly intensified. He attributed this to Weatherford's value-based selling, customers' need for supply security in differentiated technologies, and a general lack of surplus capacity in the industry.

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President and CEO John Lindsay stated the acquisition provides immediate global scale and that learnings are already identifying significant cost synergies. He clarified that the Saudi rig suspensions are budget-driven and industry-wide, not a reflection of KCAD's performance. He also noted some suspended rigs have had contracts extended, underscoring the temporary nature of the situation and dispelling concerns of cannibalization.

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President and CEO John Lindsay acknowledged that efficiencies will continue to improve but noted the Middle East conventional drilling market is far more complex than the U.S. market. He clarified that H&P's FlexRigs are targeting the distinct unconventional plays in Saudi Arabia, similar to their work in Argentina. Executive Dave Wilson added that H&P's rig count in West Texas has remained resilient despite market-wide efficiency gains, underscoring H&P's value proposition.

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Chairman and CEO Lorenzo Simonelli agreed that while both business segments are critically important, the IET segment is expected to become a larger portion of Baker Hughes' overall revenue mix over time. He attributed this shift to the considerable addressable market and growth opportunities for IET.

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Chairman, President and CEO Jeffrey Miller confirmed that power generation is on their radar and that Halliburton is already in the business through its investment in VoltaGrid, which he described as a major player. Regarding the revenue growth, he stated it would be driven by a continued drumbeat of new technology introductions and targeted bolt-on M&A, building on technology development that has been underway for several years.

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CEO Jeffrey Miller attributed customer optimism to a more consolidated base of large, well-capitalized operators who plan through cycles and prioritize technology and efficiency. CFO Eric Carre and Miller confirmed that the CapEx plan includes e-fleet deliveries in 2025 based on customer demand. Carre noted that while this year's CapEx will be slightly above 6% of revenue due to timing, the 6% target for next year reflects a balanced allocation across the business.

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CEO Anton Dibowitz emphasized a disciplined portfolio management approach, using the company's scale to warm stack rigs and manage costs while awaiting the right long-term opportunities. He clarified they will pursue 'meaningful bridge programs' but will not chase low-value, non-accretive work. Regarding the stock, he expressed confidence in the long-term cycle fundamentals, stating Valaris will manage the business based on those solid macros rather than 'fickle' market sentiment.

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Chairman, President and CEO Clay Williams confirmed that margin improvement in 2025 is expected from a higher-quality backlog, cost savings, and new product introductions, though he did not quantify the savings. He explained that NOV's digital strategy is both an internal efficiency driver and an external revenue generator, with strong customer adoption of its MAX platform serving as a foundation for selling advanced hardware and automation solutions.

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Chair and CEO Douglas Pferdehirt stated that customer conviction is driven by the superior economics of high-quality offshore reservoirs combined with the cycle-time reductions offered by iEPCI and Subsea 2.0. CFO Alf Melin added that the share repurchase is backed by strong cash flow generation and a commitment to grow distributions, which are expected to nearly double in 2024 versus the prior year.

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