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CEO Ron Gusek speculated that E&Ps will likely budget to hold production relatively flat in 2026 to maintain market share, barring a major economic dislocation. He also expressed confidence in securing additional power generation capacity for 2026 with a twelve-month lead time. CFO Michael Stock confirmed that maintenance CapEx for 2025 is expected to be a little below $200 million.

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CFO Michael Stock described the MOU as a long-term partnership for an industrial park, with CEO Ron Gusek adding that the model provides energy cost certainty. Gusek explained the focus on smaller data centers reflects the current project pipeline and customer demand for speed. He noted Q2 visibility is strong, but H2 clarity depends on macroeconomic factors that will take time to resolve.

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CEO Ron Gusek explained that contract durations range from short-term (2-3 years for bridge power) to long-term (20+ years for firm power agreements). He detailed the strategic choice of natural gas reciprocating engines due to their superior fuel efficiency (44% vs. ~33% for turbines), which is key for long-term competitiveness. He noted turbines are considered for applications requiring greater fuel flexibility or higher power density.

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CEO Christopher Wright detailed a flexible contracting approach: new fleets receive locked-in pricing that guarantees returns, while legacy fleets with partners might have pricing structures that adjust upwards as the market firms. CFO Michael Stock outlined the 2025 free cash flow drivers, primarily lower CapEx in the completions business. This will be partially offset by an increase in the cash tax rate to approximately 100% of the book rate, with working capital expected to be flat for the year.

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President & CEO William Hendricks noted that customers are seeking price stability before committing to higher activity, but the company is entering the tender season with its high-spec frac equipment fully utilized. EVP & CFO Andrew Smith deferred specific 2026 CapEx guidance but explained the $8 million in 'other operating income' was primarily from an insurance settlement and income from joint ventures.

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CEO William Hendricks opined that the natural gas market should remain steady. On the oil side, he expects any potential softening to affect drilling and completions similarly, without a significant divergence or build-up of DUCs. Regarding pricing, he anticipates a slight, low-single-digit decline in drilling due to legacy contracts rolling off, but expects completions pricing to remain stable as it was largely set at the end of the prior year.

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CEO William Hendricks acknowledged that E&P customers pushed pricing down in late 2024 but noted the market for natural gas-powered frac equipment is expected to be sold out in Q2 and Q3, creating a positive dynamic for future pricing. CFO C. Smith added that cost-cutting efforts are focused on streamlining back-office systems and processes following recent acquisitions, with benefits expected over the next year.

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CEO William Hendricks acknowledged that both pricing pressure and activity gaps contributed to the profit decline but expects pricing to stabilize in early 2025. He identified the biggest internal advantage of integrated contracts as the excitement and contagious enthusiasm it creates among the teams, which he believes drives better performance and future work.

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CEO & Chair Douglas Pferdehirt stated that he anticipates further growth in Subsea EBITDA margin in 2026, driven by a robust backlog and accretive new orders. He described the all-electric retrofit opportunity as a 'game changer,' aiming to replace hydraulic systems on the large installed base with robotic solutions, drastically reducing well downtime from months to days.

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CEO Douglas Pferdehirt stated that iEPCI 2.0 projects have significantly lower execution risk, a fact validated by the 80% of business coming from repeat direct awards. CFO Alf Melin attributed strong free cash flow to milestone-based payment terms in contracts. He expects a more balanced cash flow profile for the year with a net working capital inflow, and noted that underlying EBITDA-to-FCF conversion consistently exceeds 50%.

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Chair and CEO Douglas Pferdehirt described flexible pipe as a 'game changer' and a key differentiator for its iEPCI offering, which is driving growth outside of Brazil by enabling simplified field architecture and accelerating first oil. He noted that the high backlog coverage, growing services business, and overall visibility de-risk the 2025 forecast, giving the company confidence in its provided revenue guidance.

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President and CEO Girish Saligram confirmed that while Mexico's revenue contribution has fallen significantly, activity levels have now stabilized. Regarding cash flow, he expressed confidence that payments from Pemex would improve in the second half of the year, but noted the timing remains uncertain and is not substantially factored into Q3 guidance.

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President and CEO Girish Saligram stated that at the current reduced activity level in Mexico, they feel comfortable it will remain flattish. He noted the key variable remains the timing of payments, but as revenue exposure decreases, so does the associated risk. For free cash flow, Saligram confirmed the guidance implies a lower absolute number but a healthy level, with working capital being the biggest lever.

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CEO Girish Saligram confirmed that Saudi Arabia is expected to grow for Weatherford due to its historical under-penetration, allowing it to gain share even as the overall market declines. He noted this growth is supported by a strong line of sight on contracts. Saligram also highlighted Brazil, Argentina, Norway, and several countries in Asia and the Middle East (Kuwait, Oman, Qatar) as other growth areas. He stated that Russia will see a significant decline, contributing to the overall international revenue drop.

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Executive Girish Saligram responded that while growth is slowing, activity remains resilient, and the orders demonstrate Weatherford's ability to win business. Executive Arunava Mitra added that reaching the sub-25% working capital target sustainably depends on reducing accounts receivable concentration, particularly in Mexico, a multi-year effort. He noted a slower market could actually help working capital by reducing inventory build-up.

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EVP & CFO Ahmed Moghal explained that while the Q2 net tariff impact was approximately $15 million, primarily affecting IET, the second-half impact is expected to exceed $100 million. This is due to the timing of inventory roll-through and supply chain surcharges. He detailed that positive developments, like a temporary easing of US-China tariffs, were largely offset by negative announcements, such as increased US tariffs on steel, aluminum, and copper. He confirmed the company's mitigation actions are in place, giving them confidence in the maintained $100-200 million full-year net EBITDA impact estimate, assuming no further escalations.

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EVP & CFO Ahmed Moghal explained that the Q2 impact was approximately $15 million, but the second half impact is expected to exceed $100 million due to inventory roll-through and supplier surcharges. He noted that positive developments, like a temporary easing of U.S.-China tariffs, were largely offset by new negative announcements on steel, aluminum, and copper tariffs. This balance of factors led to maintaining the full-year estimate, assuming no further escalation.

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CEO Lorenzo Simonelli attributed the revenue decline to deferred discretionary spending and a significant activity pause in Mexico, where rig activity fell 72% from its 2023 peak. CFO Ahmed Moghal stated that while the 20% margin target remains a commitment, the challenging environment of a nearly 10% drop in upstream spending makes it difficult. He guided for sequential margin improvement in Q2 to approximately 18.6%, with restructuring benefits expected to help in the second half.

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Chairman and CEO Lorenzo Simonelli identified "mix" as the most significant growth driver for Gas Tech Services. He explained that the serviceable installed base for LNG, which has higher service attachment rates, is projected to grow by over 50% through 2030, outpacing the overall 20% installed base growth. He also noted that equipment upgrades are poised for increasing demand.

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Nancy Buese, CFO, clarified that the Q3 revenue shortfall was entirely due to timing-related delays for large Gas Technology Equipment (GTE) projects, specifically involving suppliers and vessels. She assured that this revenue is not lost and will be recognized in Q4 and Q1. Lorenzo Simonelli, Chairman and CEO, added that such quarterly lumpiness is normal for long-cycle businesses and does not change their confidence in the backlog conversion and margin targets.

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Chairman, President & CEO Jeff Miller outlined a plan to reduce both variable and fixed costs, targeting structural cost savings in the 1% range over the coming quarters. Regarding LSTK contracts, he described it as a strength, noting that such collaborative projects already represent over 20% of international business. He emphasized that any LSTK bid would be subject to Halliburton's highly disciplined, returns-focused tendering process.

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Chairman, President & CEO Jeff Miller explained that the company is taking action on both variable and structural costs, initially targeting reductions in the 1% range over a couple of quarters. Regarding LSTK contracts, Miller stated that Halliburton has 'very strong muscles' in this area, with project management and collaborative-style work already representing over 20% of its international business. He views a shift to LSTK as advantageous but reiterated that all bids are subject to a highly disciplined, returns-focused process.

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CFO Eric Carre explained that the tariff impact is about 60% in the C&P division and 40% in D&E, affecting components for lift, chemicals, and drilling. He confirmed the second-half margin outlook includes current tariff knowledge. CEO Jeffrey Miller reiterated that international growth is driven by contract start-ups in Europe/Africa, growth engines in the Middle East, and a strong Q4 expected in Latin America, particularly Brazil and Argentina.

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Chairman, President and CEO Jeffrey Miller detailed that all four engines will have a meaningful impact, highlighting global demand for unconventional technology, differentiated intervention tech, and significant upside in artificial lift. Regarding Mexico, he confirmed the outlook reflects an activity reset due to a new administration but expressed confidence that the country's reliance on oil and gas would lead to a recovery, though the timing is unclear.

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CEO Jeffrey Miller affirmed a stable offshore outlook, stating that rig contracting status does not significantly impact Halliburton's business as they work directly with operators. While not providing specifics, he confirmed having line of sight on 2025 fleet profitability, noting Halliburton's technology commands premium pricing. CFO Eric Carre confirmed that a CapEx target of around 6% of revenue is a reasonable assumption for next year.

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Chairman and CEO Sherif Foda clarified that the overall MENA market is now expected to be 'flat to 3% up,' and NESR is confident it can at least double that growth rate. He stressed that moving equipment within the region is 'very easy' for an established player like NESR but 'impossible' for newcomers, which is a key competitive advantage that allows them to quickly reallocate resources to growth markets.

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CEO John Turner explained the full margin benefit of the Dune Express is dependent on reaching higher volumes. COO Chris Scholla noted commissioning is progressing well and the system is stabilizing. CFO Blake McCarthy added that logistics margins expanded significantly by March and are expected to reach the 20% range in Q2. Regarding cash flow, McCarthy cited high Q1 CapEx and a large working capital build as temporary factors that should normalize, and affirmed the company's confidence in its contract enforceability.

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CEO Jillian Evanko highlighted the company's diverse end markets, strong backlog, and robust aftermarket (RSL) business as key buffers against macro uncertainty, while noting caution in industrial gas and Americas hydrogen. She confirmed the data center opportunity has accelerated, with a tangible $400 million pipeline built from recent customer discussions, driven by demand for air coolers, fans, and cryogenic cooling solutions.

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CEO Jillian Evanko provided a detailed outlook, forecasting growth across all four segments in 2025, with RSL growing high-single-digits to 10% and HTS benefiting from LNG projects. She explained that revenue from large LNG orders typically materializes 6-8 months post-booking, leading to a second-half weighted 2025. Evanko confirmed that projects utilizing the company's IPSMR process technology are positive contributors to HTS segment margins.

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CEO Jillian Evanko highlighted that while new builds are important, aftermarket now constitutes 30-35% of revenue. To manage large projects, she explained that Chart has established global 'One Chart' teams for commercial, engineering, and project management. These integrated teams work together from the initial contract phase through execution to ensure discipline and support sustainable cash generation.

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Executive Chairman Matt Wilks attributed the activity increase to operators resuming work after Q4 budget exhaustion and noted that while demand allows for price increases, ProFrac is prioritizing long-term, stable customer relationships. CFO Austin Harbour added that the majority of 2025 CapEx is for the Stimulation Services and Proppant segments, focused on projects meeting return thresholds, and clarified that a $41 million Q4 asset sale was a sale-leaseback of stimulation assets.

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Executive Chairman Matthew Wilks explained that the new year saw a strong return to work by operators, increasing demand. He stated ProFrac is prioritizing long-term, stable customer relationships over aggressive short-term price increases. Regarding Livewire, he noted the initial focus is on internal demand while patiently evaluating other markets. CFO Austin Harbour added that the $41 million in asset sales was from a sale-leaseback transaction on Stimulation Services assets and that all growth capital is deployed against strict economic return thresholds.

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Executive Chairman Matthew Wilks confirmed an expected Q1 pickup from Q4/Q3 levels, though noted the year-over-year outlook is flat to slightly down. He and CEO Ladd Wilks explained that vertical integration provides significant control over fixed costs and operating leverage, which helps offset pricing pressures. CFO Austin Harbour stated it was too early to provide 2025 CapEx guidance but would offer more color on the next call.

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Executive Chairman Matt Wilks confirmed an expected Q1 2025 activity pickup from Q4 levels, though noted year-over-year activity would be flat to slightly down. Both Matt Wilks and CEO Ladd Wilks highlighted that ProFrac's vertical integration allows for significant control over fixed costs via operating leverage, which helps offset pricing pressures. CFO Austin Harbour stated it was too early to provide 2025 CapEx guidance.

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SVP and CFO Kevin Vann projected that once fully operational, the eight legacy H&P rigs in Saudi would contribute close to $20 million in annual EBITDA and margin. For the KCAD assets, Vann stated that even with current headwinds, the business is roughly breakeven on cash flow and could contribute approximately $100 million in free cash flow annually once performance returns to historical levels.

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