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    Kurt Hallead

    Research Analyst at The Benchmark Company

    Kurt Hallead is Head of Global Energy Technology & Services and Managing Director at The Benchmark Company, specializing in equity research across the energy and industrials sectors. He has covered publicly traded companies such as ProPetro Holding Corp, Superior Energy Services, and numerous others, with documented coverage of 30 stocks, issuing 456 price targets. Hallead's performance track record includes a price target met ratio of 51.89%, a success rate of 33%, and instances of significant upside calls, though overall average returns have varied. With a career spanning over 30 years, Hallead previously served as Head of Global Energy Research at RBC Capital Markets and was a portfolio manager at Cambridge Investment Partners before joining Benchmark; he is additionally noted for professional securities credentials such as FINRA registration and relevant licenses.

    Kurt Hallead's questions to Seadrill (SDRL) leadership

    Kurt Hallead's questions to Seadrill (SDRL) leadership • Q4 2024

    Question

    Kurt Hallead inquired about the tone of client conversations regarding project economics and a potential acceleration in contracting, and also requested color on the H1 vs. H2 2025 EBITDA progression and full-year operating expense expectations.

    Answer

    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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    Kurt Hallead's questions to Seadrill (SDRL) leadership • Q3 2024

    Question

    Kurt Hallead asked for context on balancing the competitive pricing environment in 2025 with the goal of maximizing cash margins. He also questioned the potential for share buybacks in 2025 and whether the market lull has created M&A opportunities.

    Answer

    EVP and CCO Samir Ali clarified that the focus is on cash flow generation per rig, not headline day rates. President and CEO Simon Johnson added that economies of scale and dynamic cost management are key to delivering superior margins. On capital allocation, EVP and CFO Grant Creed explained that buybacks are evaluated through a financial policy framework that weighs accretive uses of capital. Simon Johnson noted that while no M&A is imminent, the current market could create opportunities from less resilient competitors, and the board is supportive of potential growth.

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    Kurt Hallead's questions to TETRA TECHNOLOGIES (TTI) leadership

    Kurt Hallead's questions to TETRA TECHNOLOGIES (TTI) leadership • Q4 2024

    Question

    Kurt Hallead inquired about the expected timing and potential for meaningful contribution from emerging growth opportunities, such as water desalination and electrolytes, in 2025. He also asked about the company's confidence in its second-half 2025 EBITDA outlook, given the strong first-half guidance.

    Answer

    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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    Kurt Hallead's questions to TETRA TECHNOLOGIES (TTI) leadership • Q3 2024

    Question

    Kurt Hallead inquired about the commercialization process for water desalinization, including E&P adoption and permitting timelines, and sought to quantify the potential revenue from new Brazil and CS Neptune projects.

    Answer

    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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    Kurt Hallead's questions to Atlas Energy Solutions (AESI) leadership

    Kurt Hallead's questions to Atlas Energy Solutions (AESI) leadership • Q4 2024

    Question

    Kurt Hallead sought clarification on what management considers 'normalized' sand pricing. He also asked for more context on the Moser acquisition commentary regarding new contracts, and requested Bud Brigham's 3-5 year vision for the company's evolution.

    Answer

    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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    Kurt Hallead's questions to Atlas Energy Solutions (AESI) leadership • Q3 2024

    Question

    Kurt Hallead asked about the anticipated magnitude of the Q4 volume decline, pricing discussions for 2025, and how depressed trucking rates are impacting the margin profile and value proposition of the Dune Express.

    Answer

    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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    Kurt Hallead's questions to Valaris (VAL) leadership

    Kurt Hallead's questions to Valaris (VAL) leadership • Q4 2024

    Question

    Kurt Hallead sought confirmation on current market day rates, referencing peer commentary of mid-to-high $400,000s for ultra-deepwater rigs. He also asked for clarification that the 94% contracted revenue figure directly translates to the EBITDA guidance.

    Answer

    CEO Anton Dibowitz confirmed that recent fixtures for high-specification assets have been in the mid-to-high $400,000s, aligning with the company's view of the market. He reiterated the strategy to be patient for the right long-term contracts. The call moved on before his second question on EBITDA translation was addressed.

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    Kurt Hallead's questions to Valaris (VAL) leadership • Q3 2024

    Question

    Kurt Hallead questioned the strategy for idle assets, asking if Valaris would wait for better long-term rates or accept lower rates for short-term work, and why the stock price seems disconnected from strong market fundamentals.

    Answer

    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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    Kurt Hallead's questions to Valaris (VAL) leadership • Q3 2024

    Question

    Kurt Hallead questioned Valaris's strategy for its idle assets during the 2025 market lull, asking if the company would wait for better rates or accept lower-rate work sooner. He also asked for management's perspective on the disconnect between the stock's performance, which suggests the cycle is over, and the company's stated conviction in strong market fundamentals.

    Answer

    President and CEO Anton Dibowitz emphasized a strategy of prudent fleet management, stating Valaris will pursue meaningful bridge programs but will not chase low-value, short-term work. He affirmed the company is willing to warm stack rigs to wait for the right long-term opportunities. Regarding the market disconnect, he attributed it to fickle markets, reiterating his confidence in the cycle's strength and duration based on solid macro fundamentals.

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    Kurt Hallead's questions to OCEANEERING INTERNATIONAL (OII) leadership

    Kurt Hallead's questions to OCEANEERING INTERNATIONAL (OII) leadership • Q4 2024

    Question

    Kurt Hallead inquired about how Oceaneering is factoring potential rig downtime or 'white space' into its 2025 ROV utilization forecast, given recent commentary from offshore drillers. He also requested an update on the mobile robotics forklift business and asked for more detail on the drivers of margin improvement within the Manufactured Products segment.

    Answer

    President and CEO Roderick Larson stated that flattish rig activity is already factored into their plan and that growing market share in Brazil provides a buffer against potential white space. On mobile robotics, he noted satisfaction with the outsourced manufacturing and a focus on converting trial customers to volume buyers. For Manufactured Products margins, CFO Alan Curtis highlighted that improved margins are already in the backlog and that continuous factory throughput enhances overhead absorption, while Larson pointed to strong underlying indicators like tree orders.

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    Kurt Hallead's questions to OCEANEERING INTERNATIONAL (OII) leadership • Q3 2024

    Question

    In a follow-up, Kurt Hallead of Benchmark asked for an update on the company's share repurchase strategy, questioning if it would be programmatic or opportunistic, and revisited the capital allocation policy regarding shareholder returns as a percentage of free cash flow.

    Answer

    President and CEO Roderick Larson described the share repurchase approach as a mix of programmatic and opportunistic, with a primary goal of managing or eliminating dilution from employee stock plans. He reiterated the company's capital allocation hierarchy: 1) organic growth, 2) inorganic growth, and 3) return of capital to shareholders. He emphasized a cautious approach to spending while highlighting a significant pipeline of growth opportunities. SVP and CFO Alan Curtis added that the M&A pipeline is focused on IMDS, aerospace/defense, and mobile robotics.

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    Kurt Hallead's questions to ProPetro Holding (PUMP) leadership

    Kurt Hallead's questions to ProPetro Holding (PUMP) leadership • Q4 2024

    Question

    Kurt Hallead inquired about the potential revenue and EBITDA generation from ProPetro's new PROPWR business, specifically for 150-200 megawatts, and asked for clarification on the company's view of stable frac pricing in the Permian Basin.

    Answer

    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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    Kurt Hallead's questions to ProPetro Holding (PUMP) leadership • Q3 2024

    Question

    Kurt Hallead asked for the expected decremental EBITDA margin on the Q4 revenue decline, the pricing resilience of Tier IV DGB fleets compared to e-fleets, and the company's target for free cash flow conversion.

    Answer

    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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    Kurt Hallead's questions to Transocean (RIG) leadership

    Kurt Hallead's questions to Transocean (RIG) leadership • Q4 2024

    Question

    Kurt Hallead asked for a definition of a 'commodity 7G drillship' to understand market tiering and questioned how Transocean is navigating pricing discussions for 2026-2027 contracts amid short-term market softness.

    Answer

    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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    Kurt Hallead's questions to Transocean (RIG) leadership • Q3 2024

    Question

    Kurt Hallead of The Benchmark Company asked about the disconnect between Transocean's positive long-term outlook and the market's negative sentiment, questioning what gives customers the conviction to contract rigs at high rates for work starting as far out as 2028.

    Answer

    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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    Kurt Hallead's questions to Noble Corp (NE) leadership

    Kurt Hallead's questions to Noble Corp (NE) leadership • Q4 2024

    Question

    Kurt Hallead asked about the potential for dayrate improvements in 2026 given the expected demand rebound and inquired about the demand outlook for jack-up rigs in Norway.

    Answer

    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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    Kurt Hallead's questions to Noble Corp (NE) leadership • Q3 2024

    Question

    Kurt Hallead of The Benchmark Company asked for insight into the potential magnitude of the EBITDA inflection expected in the second half of 2025. He also inquired about Noble's capital allocation strategy, particularly the balance between share repurchases and managing the increased debt following the Diamond Offshore acquisition.

    Answer

    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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    Kurt Hallead's questions to PRECISION DRILLING (PDS) leadership

    Kurt Hallead's questions to PRECISION DRILLING (PDS) leadership • Q4 2024

    Question

    Kurt Hallead asked for clarity on the trajectory of Canadian margins for 2025, following the guided year-over-year decline in Q1. He also inquired about the potential business risks from U.S. tariffs on Canadian energy and the adequacy of Precision's preparations.

    Answer

    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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    Kurt Hallead's questions to PRECISION DRILLING (PDS) leadership • Q2 2024

    Question

    Kurt Hallead inquired about the primary drivers for the accelerated customer activity in Canada and whether customers share Precision's concern about a potential rig shortage. He also asked for an update on the long-term contracting strategy for rigs supporting LNG export capacity.

    Answer

    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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    Kurt Hallead's questions to NABORS INDUSTRIES (NBR) leadership

    Kurt Hallead's questions to NABORS INDUSTRIES (NBR) leadership • Q4 2024

    Question

    Kurt Hallead from Benchmark asked for clarification on Nabors' 2025 free cash flow guidance, the meaning of 'substantially reducing gross debt,' the outlook for Saudi rig releases, and the expected progression of international margins.

    Answer

    CFO William Restrepo explained that Nabors expects to generate approximately $150 million in free cash flow outside of its SANAD joint venture, which will be allocated to reducing gross debt. Chairman, President & CEO Anthony Petrello added that their Saudi partner remains committed to the newbuild program despite short-term market softness, citing the program's unparalleled returns. Restrepo also noted that Nabors' Saudi fleet is focused on natural gas, a priority area, making further rig reductions less likely. Petrello confirmed that international margins are expected to progress gradually throughout 2025 as new, higher-priced rigs are deployed.

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    Kurt Hallead's questions to PATTERSON UTI ENERGY (PTEN) leadership

    Kurt Hallead's questions to PATTERSON UTI ENERGY (PTEN) leadership • Q4 2024

    Question

    Kurt Hallead posed a strategic question about the long-term investment level required to achieve scale in the power business and whether it could eventually become a stand-alone reporting segment.

    Answer

    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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    Kurt Hallead's questions to PATTERSON UTI ENERGY (PTEN) leadership • Q3 2024

    Question

    Kurt Hallead sought to confirm the source of conviction in the 2025 completions activity recovery, asking if it was based on direct customer feedback. He also requested an update on the Drilling Products segment's international revenue mix and growth outlook.

    Answer

    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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    Kurt Hallead's questions to Weatherford International (WFRD) leadership

    Kurt Hallead's questions to Weatherford International (WFRD) leadership • Q4 2024

    Question

    Kurt Hallead from Benchmark questioned the basis for a potential second-half recovery in Mexico, asking if it was based on firm indicators or instinct. He also asked for the rationale behind highlighting the decline in Russia, given its relatively small contribution to overall revenue.

    Answer

    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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    Kurt Hallead's questions to Weatherford International (WFRD) leadership • Q3 2024

    Question

    Kurt Hallead of The Benchmark Company asked how management maintains discipline within the organization to avoid taking low-margin work in a moderating market. He also inquired if customer pressure to reduce prices has intensified recently.

    Answer

    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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    Kurt Hallead's questions to Helmerich & Payne (HP) leadership

    Kurt Hallead's questions to Helmerich & Payne (HP) leadership • Q1 2025

    Question

    Kurt Hallead asked about key learnings from the KCA Deutag acquisition that build confidence in future profitability and inquired about the dynamics of Saudi rig suspensions, including any risk of cannibalization from H&P's new rigs.

    Answer

    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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    Kurt Hallead's questions to Helmerich & Payne (HP) leadership • Q4 2024

    Question

    Kurt Hallead asked about the long-term impact of drilling efficiency on U.S. rig attrition and whether H&P sees a prospect for its unconventional rigs to displace other rigs in Saudi Arabia.

    Answer

    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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    Kurt Hallead's questions to Baker Hughes (BKR) leadership

    Kurt Hallead's questions to Baker Hughes (BKR) leadership • Q4 2024

    Question

    Kurt Hallead posed a long-term, big-picture question about the company's business mix, asking if the IET segment could potentially represent half or more of the total business by 2030 given its strong growth trajectory.

    Answer

    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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    Kurt Hallead's questions to HALLIBURTON (HAL) leadership

    Kurt Hallead's questions to HALLIBURTON (HAL) leadership • Q4 2024

    Question

    Kurt Hallead questioned if Halliburton was considering entering the power generation business in the Permian Basin, similar to a competitor. He also sought clarification on whether the projected $2.5 to $3 billion in incremental revenue from growth engines would come from adopting existing technologies or from new, evolving product introductions.

    Answer

    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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    Kurt Hallead's questions to HALLIBURTON (HAL) leadership • Q3 2024

    Question

    Kurt Hallead asked what is driving the constructive outlook from Halliburton's E&P customers despite broader market concerns about oil demand. He also sought to connect the Q4 CapEx increase to new e-fleet deployments and clarify if the 2025 CapEx plan includes further e-fleet additions.

    Answer

    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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    Kurt Hallead's questions to SCHLUMBERGER LIMITED/NV (SLB) leadership

    Kurt Hallead's questions to SCHLUMBERGER LIMITED/NV (SLB) leadership • Q4 2024

    Question

    Kurt Hallead followed up on the digital business, asking for an update on the adoption rate and early success of the Lumi platform. He also asked for a macro view on whether customers are growing more wary of project economics or just taking a temporary pause.

    Answer

    CEO Olivier Le Peuch said that while it is too early to share revenue numbers for the recently launched Lumi platform, there is very strong customer interest and a high number of pilots. On the macro outlook, he reiterated that the recent moderation was due to oversupply concerns, but the long-term outlook remains steady for 2025 with signs of a pickup in 2026.

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    Kurt Hallead's questions to SCHLUMBERGER LIMITED/NV (SLB) leadership • Q3 2024

    Question

    Kurt Hallead asked if pricing concessions are becoming a topic with customers in the moderate growth environment and what surprising feedback emerged from client discussions about generative AI after the Digital Forum.

    Answer

    CEO Olivier Le Peuch stated that pricing pressure is mitigated by SLB's performance, technology differentiation, and tight industry capacity, noting the current cycle's capital discipline is different from the past. Regarding the Digital Forum, he was surprised by how many customers realized the comprehensive nature of SLB's digital offerings and the emergence of AI as a key 'x-factor' for unlocking value, with the new Lumi platform generating significant interest.

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    Kurt Hallead's questions to NOV (NOV) leadership

    Kurt Hallead's questions to NOV (NOV) leadership • Q3 2024

    Question

    Kurt Hallead of The Benchmark Company asked for confirmation that NOV expects margin expansion in a flat 2025 revenue scenario and inquired about the market adoption and revenue model for its digital solutions.

    Answer

    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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    Kurt Hallead's questions to TechnipFMC (FTI) leadership

    Kurt Hallead's questions to TechnipFMC (FTI) leadership • Q3 2024

    Question

    Kurt Hallead explored the disconnect between short-term oil market concerns and the constructive long-term outlook of FTI's customers. He also asked about the timing and strategy for deploying the newly increased share repurchase authorization.

    Answer

    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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