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    Sean Mitchell • Pickering Energy Partners

    Sean Mitchell's questions to Core Laboratories Inc (CLB) leadership

    Sean Mitchell's questions to Core Laboratories Inc (CLB) leadership • Q2 2025

    Question

    Sean Mitchell of Daniel Energy Partners inquired about a new proppant design partnership in West Texas and sought details on Core Lab's new product and service pipeline for the next 12-18 months, with a focus on the Middle East.

    Answer

    Chairman, President & CEO Lawrence Bruno clarified that Core Lab's role in the proppant project was diagnostic, using tracers to confirm the effectiveness of a client's new proppant design rather than designing the proppant itself. For new offerings, Bruno highlighted a major initiative in formation damage testing and the recent opening of an unconventional resources laboratory in Dammam, Saudi Arabia, to support regional growth and their partnership with Saudi Aramco.

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    Sean Mitchell's questions to Core Laboratories Inc (CLB) leadership • Q1 2025

    Question

    Sean Mitchell questioned the international outlook, referencing peer guidance reductions in Mexico, and asked for potential trouble spots and more detail on the timing of new client engagements in the Middle East and Africa.

    Answer

    Executive Lawrence Bruno clarified that Core Lab had already exited the challenging Mexican market, so peer issues there are not applicable. He provided a regional outlook, stating the Middle East remains strong, Africa is a long-term play with some progress expected in H2 2025, and Asia Pacific is mixed with Australia and Indonesia strong but Malaysia soft. He identified Colombia as an inhospitable environment due to political decisions but noted potential rebounds in Ecuador and continued optimism for Brazil.

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    Sean Mitchell's questions to Core Laboratories Inc (CLB) leadership • Q3 2024

    Question

    Sean Mitchell inquired about the nature of revenue from Carbon Capture and Storage (CCS) projects and the long-term market opportunity for Core's new 'Pulverizer' plug and abandonment (P&A) technology.

    Answer

    Executive Lawrence Bruno explained that CCS projects are typically front-loaded and not a life-of-field engagement like traditional oilfields. He added that the P&A market for the Pulverizer technology is substantial and in its very early stages, with Core Lab now ready to market the solution globally after successful trials.

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    Sean Mitchell's questions to Aris Water Solutions Inc (ARIS) leadership

    Sean Mitchell's questions to Aris Water Solutions Inc (ARIS) leadership • Q1 2025

    Question

    Sean Mitchell of Daniel Energy Partners asked for an estimate of the oil price at which Aris's large customers might adjust their activity levels and inquired about the skim oil price assumption used for the Q2 forecast.

    Answer

    President and CEO Amanda Brock stated that the exact price threshold is the "million-dollar question" but emphasized the resilience of their blue-chip customer base (like Chevron, Conoco, Oxy), who have historically been less reactive to price swings than smaller operators. CFO Stephan Tompsett clarified that for skim oil pricing, the company simply uses the current WTI price strip in its forecast.

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    Sean Mitchell's questions to Aris Water Solutions Inc (ARIS) leadership • Q3 2024

    Question

    Sean Mitchell asked for more detail on the operational improvements that led to the sustainable increase in skim oil recoveries mentioned in the prepared remarks.

    Answer

    CEO Amanda Brock attributed the improvement to a combination of factors. Primarily, the company dedicated a specialized team in the field to focus exclusively on skim oil recovery, which improved efficiency. She also noted that there has been some increase in the amount of skim oil present in the produced water being processed.

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    Sean Mitchell's questions to Patterson-UTI Energy Inc (PTEN) leadership

    Sean Mitchell's questions to Patterson-UTI Energy Inc (PTEN) leadership • Q1 2025

    Question

    Sean Mitchell inquired about the deployment of natural gas-capable completion fleets between oil and gas basins and asked about potential M&A opportunities for the Drilling Products segment in a softer market.

    Answer

    CEO William Hendricks stated that the deployment of gas-capable equipment mirrors the company's overall 70/30 oil-to-gas basin split, noting that their CNG logistics make it economical to use this technology in the Permian. CFO C. Smith acknowledged that they are always evaluating M&A opportunities for the Drilling Products platform if the right asset becomes available at the right price. Hendricks added that the Altera acquisition was a strategic move to add a low-CapEx business.

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    Sean Mitchell's questions to Weatherford International PLC (WFRD) leadership

    Sean Mitchell's questions to Weatherford International PLC (WFRD) leadership • Q1 2025

    Question

    Sean Mitchell of Daniel Energy Partners asked for an updated outlook on Weatherford's plugging and abandonment (P&A) business, with a specific interest in its performance and prospects.

    Answer

    President and CEO Girish Saligram described the P&A business as an area with significant future growth prospects, highlighting successes in the U.S. offshore, North Sea, and Continental Europe. He noted the business benefits from project management capabilities and the integration of the Ardyne acquisition, which added efficient cut-and-pull technology, positioning it as a significant future platform.

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    Sean Mitchell's questions to Atlas Energy Solutions Inc (AESI) leadership

    Sean Mitchell's questions to Atlas Energy Solutions Inc (AESI) leadership • Q4 2024

    Question

    Sean Mitchell questioned the outlook for the proppant market, asking about potential consolidation or attrition given flat U.S. activity. He also asked if the trend of higher sand intensity per well, or simul-fracs, was expanding beyond large E&Ps to smaller operators.

    Answer

    CFO Blake McCarthy noted that while Atlas isn't pursuing dilutive acquisitions, he expects supply attrition to continue as recent weather events exposed the fragility of competitors, leading to more rational pricing. COO Chris Scholla confirmed that the trend of higher-intensity completions is expanding, with smaller independent customers now adopting these technologies for the first time.

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    Sean Mitchell's questions to Atlas Energy Solutions Inc (AESI) leadership • Q3 2024

    Question

    Sean Mitchell asked if the company is observing a change in customer demand mix between wet sand and dry sand, particularly as operators adopt simul-frac and other high-intensity completion techniques.

    Answer

    CEO John Turner and executive Chris Scholla responded that the primary driver of efficiency is not wet versus dry sand, but rather the proximity of the sand source to the well site. They explained that the Dune Express effectively moves their high-quality dry sand mines virtually into the heart of the Delaware Basin, which, like their Encore mines, reduces logistics costs and enables more efficient 24/7 operations.

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    Sean Mitchell's questions to Precision Drilling Corp (PDS) leadership

    Sean Mitchell's questions to Precision Drilling Corp (PDS) leadership • Q4 2024

    Question

    Sean Mitchell inquired about drilling activity from private E&P companies and whether it could offset potential declines from public operators. He also asked about the industry's ability to source labor for a potential rig count increase in 2026 after a prolonged period of flat activity.

    Answer

    President and CEO Kevin Neveu confirmed seeing a return of private capital to the E&P space, viewing it as a positive leading indicator. Regarding a future ramp-up, Neveu expressed confidence that technology-focused drillers like Precision would gain market share in a flat 2025. He does not anticipate labor constraints, citing the success of their post-COVID recruiting programs and the advantage that large-scale drillers have in attracting talent.

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    Sean Mitchell's questions to PFHC leadership

    Sean Mitchell's questions to PFHC leadership • Q3 2024

    Question

    Sean Mitchell questioned the potential for an activity uptick in the Haynesville basin next year as operators work through DUCs. He also asked for an outlook on localized sand volumes and pricing in the region a year from now.

    Answer

    CEO Ladd Wilks stated it is difficult to predict the timing of a Haynesville rebound, as it depends on weather and LNG project timelines, but emphasized ProFrac is committed to the basin for the long term. Executive Chairman Matthew Wilks reinforced this, noting the company's history and competitive advantages in HPHT wells and its strategy to maintain a balanced portfolio between liquids and natural gas plays.

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    Sean Mitchell's questions to PFHC leadership • Q3 2024

    Question

    Sean Mitchell questioned the potential for a Haynesville activity recovery in the coming year as operators complete DUCs, and asked how this might affect localized sand volumes and pricing for ProFrac's large in-basin operation.

    Answer

    CEO Ladd Wilks responded that the timing of a Haynesville rebound is difficult to predict, depending on factors like weather and LNG project schedules, but affirmed ProFrac's long-term commitment to the basin. Executive Chairman Matt Wilks reiterated the company's strategy to maintain a balanced portfolio between liquids and natural gas, highlighting their historical efficiency and competitive advantages in high-pressure, high-temperature (HPHT) wells common to the region.

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    Sean Mitchell's questions to Magnolia Oil & Gas Corp (MGY) leadership

    Sean Mitchell's questions to Magnolia Oil & Gas Corp (MGY) leadership • Q3 2024

    Question

    Sean Mitchell asked if finding attractive bolt-on acquisition opportunities is becoming more difficult. He also sought clarification on whether potential future power grid problems are related to generation or transmission.

    Answer

    President and CEO Christopher Stavros responded that finding bolt-ons is not necessarily harder, but requires patience and a thoughtful, creative approach, and he believes opportunities will continue to be available. Regarding power issues, he stated it's likely "all of the above" (generation and transmission) and characterized it as a growing issue across the entire Lower 48, not just specific to Magnolia's operations.

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    Sean Mitchell's questions to ProPetro Holding Corp (PUMP) leadership

    Sean Mitchell's questions to ProPetro Holding Corp (PUMP) leadership • Q3 2024

    Question

    Sean Mitchell of Daniel Energy Partners was called on during the Q&A session but indicated that his question had already been answered by previous exchanges.

    Answer

    After being introduced by the operator, Sean Mitchell stated that his question had been addressed earlier in the call and withdrew from the queue. CEO Sam Sledge briefly acknowledged him.

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    Sean Mitchell's questions to MRC Global Inc (MRC) leadership

    Sean Mitchell's questions to MRC Global Inc (MRC) leadership • Q2 2024

    Question

    Sean Mitchell of Daniel Energy Partners asked if the current soft patch in North America makes M&A a more attractive use of capital. He also inquired about MRC Global's outlook for power generation demand, particularly from data centers, and how the company expects to benefit from the associated infrastructure build-out.

    Answer

    CEO Rob Saltiel responded that while the company continually scans for M&A opportunities, the landscape hasn't changed significantly in recent months. He emphasized that simplifying the capital structure, including addressing the preferred shares, is also a key consideration. On power generation, Saltiel reiterated that the growing demand for electricity, driven by data centers, will necessitate more gas-fired power stations. This, in turn, will drive demand for the gathering, processing, and transportation infrastructure that benefits MRC's business.

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