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EVP & COO Michael Skarke clarified that while AV Farms is a partnership, Select is positioned to be the long-term owner and operator, handling all aspects of the asset. He also noted that the Water Infrastructure segment faces no material impact from tariffs as its supply chain is domestic and uses polyethylene, not steel. EVP & CFO Chris George explained that the Chemical Technologies supply chain has been largely domesticated to the U.S., with less than 50% of sourcing being international, mitigating risks and improving resiliency.

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CFO Michael Stock explained that the acquired solar projects will likely be developed with partners and highlighted IMG's valuable expertise as a market provider in PJM. He clarified that Liberty is currently focused on high-efficiency reciprocating engines, not gas turbines, noting the latter have very long delivery lead times.

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CEO Ron Gusek stated Liberty is 'incredibly well positioned' due to deep, long-standing partnerships with key suppliers like Caterpillar and Cummins, ensuring access to equipment. He confirmed Liberty will leverage its in-house engineering and packaging capabilities and noted the power business is significantly less labor-intensive than frac services, expressing confidence in attracting the necessary specialized talent.

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President Ron Gusek detailed several key initiatives supporting margins: improved maintenance profiles for longer-lived Digi fleets, automation across sand handling and pump operations, and logistics optimization via the Sentinel platform, which has cut sand-hauling trucks by ~30%. CFO Michael Stock stated that there are no quantified 2025 targets for LPI to share at this time, with more clarity expected on the January call.

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CEO Joe Mastrangelo detailed that subassembly automation will lower labor costs and improved containerization processes will boost productivity, both driving margin expansion. CCO Nathan Kroeker added that high-margin service revenue will grow with the installed base. For the revenue guidance, Mastrangelo identified the successful scaling of manufacturing throughput via automation and new containerization processes as the key internal variables determining where they land within the $150M-$190M range.

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CFO Ricardo Rodriguez clarified the cost savings are aimed at protecting EBITDA and net income, not directly tied to gross margin. CEO Don Young added that the actions are already complete. He also stated the LNG business is strong and poised for more growth, with the Energy Industrial segment's geographic mix expected to remain relatively stable.

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CFO Ricardo Rodriguez clarified that there are no major equipment-related gating items, as much of the long-lead equipment was procured in 2021 and is already on-site, making the project now more about building completion. CEO Donald Young detailed that the Cryogel product line, driven by LNG, has grown from ~10% to ~30% of the product mix and could reach 40%, highlighting the company's move from maintenance work to competing for large new-build projects.

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Executive Dave Wilson attributed the GHG reduction to improved fleet efficiency and greater use of high-line power, which is a collaborative effort with customers. President and CEO John Lindsay added that automated engine power management is also a key contributor. Regarding competition, Lindsay acknowledged that some U.S. peers are moving rigs internationally but stated H&P's pending KCA Deutag acquisition will provide a much larger footprint and greater opportunities to deploy its FlexRig fleet globally.

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