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    Waqar Syed • ATB Capital Markets

    Waqar Syed's questions to Precision Drilling Corp (PDS) leadership

    Waqar Syed's questions to Precision Drilling Corp (PDS) leadership • Q2 2025

    Question

    Waqar Syed of ATB Capital Markets asked about the technical capabilities of the upgraded U.S. rigs compared to other top-tier rigs and what clients aim to achieve with them, such as drilling longer laterals or horseshoe wells.

    Answer

    President and CEO Kevin Neveu stated the upgrades position their rigs at the 'point of the arrow' in terms of capability, with peak hook loads and mud pump sizes. He emphasized that combining this enhanced hardware with Precision's comprehensive Alpha automation technology creates a unique service offering. Neveu confirmed the rigs are being designed to meet client demand for drilling the longest-reach horizontal wells, including four-mile laterals, in plays like the Haynesville and Marcellus.

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    Waqar Syed's questions to Precision Drilling Corp (PDS) leadership • Q1 2025

    Question

    Waqar Syed of ATB Capital Markets inquired about the costs for rig reactivations, the impact of trade tariffs on expenses, and whether Precision is experiencing pricing pressure in Canada.

    Answer

    CFO Carey Ford estimated rig reactivation costs at $500k to $1M and noted that tariff impacts are manageable, primarily affecting drill pipe for which the company is well-stocked. CEO Kevin Neveu firmly stated that despite customer pressure, Precision is focused on maintaining and increasing margins in Canada through efficiency and is not projecting any price reductions.

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    Waqar Syed's questions to Precision Drilling Corp (PDS) leadership • Q4 2024

    Question

    Waqar Syed asked about Precision's international operations, focusing on a contract expiring in the second half and the confidence in maintaining the current rig count. He also inquired about winter seasonality in the U.S. Rockies and the quantitative impact of FX and inflation on the CapEx budget.

    Answer

    President and CEO Kevin Neveu expressed high confidence the international rig count would remain at 8, noting they will seek an extension for the rig in Kuwait and have other active bids available. He confirmed seasonal downtime for 2 rigs in the Rockies, which are expected back in the spring. CFO Carey Ford quantified the impact of the weaker Canadian dollar, stating it accounted for an approximate $8 million increase in the year-over-year maintenance capital budget.

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    Waqar Syed's questions to Precision Drilling Corp (PDS) leadership • Q2 2024

    Question

    Waqar Syed asked about Precision's long-term strategic evolution in light of peer M&A, and the timing for achieving its sub-1x leverage target and increasing shareholder returns to 50% of free cash flow.

    Answer

    CEO Kevin Neveu stated that while Precision is open to opportunistic tuck-in acquisitions, it has no strategic objective to enter new service lines or make large international bets. CFO Carey Ford projected that the sub-1x leverage target could be reached in 2025, sooner than previously thought. He confirmed this year's returns are via buybacks and future capital return strategies will be evaluated as leverage goals are met.

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    Waqar Syed's questions to ProPetro Holding Corp (PUMP) leadership

    Waqar Syed's questions to ProPetro Holding Corp (PUMP) leadership • Q2 2025

    Question

    Waqar Syed asked about the potential impact of declining completion activity on Permian production, the mix of working fleets between next-gen and diesel, and the performance trajectory for the Wireline and Cementing segments.

    Answer

    CEO Sam Sledge opined that current activity levels are likely insufficient to sustain Permian production long-term. He confirmed that while some diesel equipment is working, next-gen fleets are more resilient, and some Tier 4 DGB equipment is down. He added that Wireline performance will track fracking, while Cementing's larger decline was due to the full-quarter impact of lower rig counts.

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    Waqar Syed's questions to ProPetro Holding Corp (PUMP) leadership • Q1 2025

    Question

    Waqar Syed of ATB Capital Markets sought projections on the number of active frac crews in the Permian by June, given commodity prices. He also asked if the reduced CapEx guidance was due to lower activity or cost optimization, and questioned the rationale for using a mix of turbines and reciprocating engines for the mobile power business.

    Answer

    CEO Sam Sledge projected a potential downtick to 75-85 active fleets in the Permian by summer and confirmed the CapEx reduction was driven almost entirely by successful cost optimization and extending equipment life, not lower activity. He explained the mix of power generation equipment provides strategic flexibility to serve diverse applications and navigate supply chain constraints. Executive Matt Augustine added the CapEx range reflects flexibility for activity levels.

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    Waqar Syed's questions to ProPetro Holding Corp (PUMP) leadership • Q4 2024

    Question

    Waqar Syed asked a series of questions covering Q1 2025 guidance, the progress of the AquaProp acquisition, the pricing environment for Cementing and Wireline, the impact of E&P consolidation, the timing of the fifth e-fleet, and how ProPetro is mitigating operational risks for the new PROPWR business.

    Answer

    CEO Sam Sledge indicated Q1 performance should be similar to Q2/Q3 of last year and noted the Cementing business is a 'bright spot' while Wireline pricing is weaker. He stated the fifth e-fleet is due mid-year and viewed E&P consolidation as healthy. To mitigate PROPWR risk, Sledge emphasized building a strong team and leveraging ProPetro's existing operational infrastructure. CFO David Schorlemer reiterated the 14-15 fleet count guidance for Q1 but did not provide specific revenue or EBITDA targets.

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    Waqar Syed's questions to ProPetro Holding Corp (PUMP) leadership • Q3 2024

    Question

    Waqar Syed sought clarification on the expected Q4 revenue change, the rationale for a sharp decline in payables, and the comparative economics and financing structure (lease vs. buy) for upcoming FORCE electric fleets.

    Answer

    CFO David Schorlemer projected a low-double-digit sequential revenue decline for Q4, driven by normal seasonality. CEO Sam Sledge explained the working capital change was a strategic supply chain decision to build goodwill and secure supplier discounts. Regarding future fleets, Sledge noted that e-fleet pricing is trending slightly up, and both he and Schorlemer emphasized that the lease-versus-buy decision is dynamic, based on which option offers the most value within their overall capital allocation strategy.

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    Waqar Syed's questions to Helmerich and Payne Inc (HP) leadership

    Waqar Syed's questions to Helmerich and Payne Inc (HP) leadership • Q2 2025

    Question

    Waqar Syed from ATB Capital Markets questioned whether the acquired KCA Deutag rigs need additional capital to achieve H&P's high-performance standards and asked about the outlook for day rates and super-spec rig supply/demand in the U.S. market.

    Answer

    President and CEO John Lindsay explained that the international market is different (mostly conventional drilling) and that improving performance is a long-term goal involving deploying H&P's performance culture, processes, and technology, with customers already showing interest. Regarding the U.S. market, Lindsay acknowledged softness in pricing but emphasized that the super-spec market remains relatively tight due to many rigs being idle for extended periods. He stressed that H&P's value proposition is lowering well costs through efficiency and technology, not just low day rates.

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    Waqar Syed's questions to Helmerich and Payne Inc (HP) leadership • Q1 2025

    Question

    Waqar Syed questioned the potential for deploying H&P's drilling technology on the international and legacy KCA Deutag rig fleets and asked about the expected recognition timeline for KCAD's $5.5 billion contract backlog.

    Answer

    President and CEO John Lindsay confirmed a significant, margin-accretive opportunity exists to deploy H&P's technology on both legacy and newly acquired international rigs, stating that internal teams are actively developing these plans. Regarding the backlog, Lindsay said a detailed recognition timeline was not yet available but praised the finance team's efforts in managing the complex acquisition closing.

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    Waqar Syed's questions to Liberty Energy Inc (LBRT) leadership

    Waqar Syed's questions to Liberty Energy Inc (LBRT) leadership • Q1 2025

    Question

    Waqar Syed asked how activity would trend if WTI stayed at $60/barrel, whether recent price cuts have fully impacted results, and if customers are seeking further price reductions.

    Answer

    CEO Ron Gusek projected only "modest ripples" in activity at $60 WTI, with a more significant but not catastrophic pullback if prices fall into the $50s. He confirmed that all prior pricing adjustments were fully implemented in Q1 and stated that customers recognize service pricing is at a sustainable level and are not currently asking for additional cuts.

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    Waqar Syed's questions to Liberty Energy Inc (LBRT) leadership • Q4 2024

    Question

    Waqar Syed from ATB Capital Markets asked about the inventory of drilled wells that are not yet connected to pipelines and the key regional opportunities for Liberty's new power business.

    Answer

    CEO Ron Gusek acknowledged the inventory of such wells but did not provide a specific size, noting they would likely come online with stronger gas prices. For the power business, he identified Texas as the primary area for initial deployments due to high demand, with the East Coast also presenting opportunities. He stressed the company's approach will be thoughtful and focused to ensure high service quality.

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    Waqar Syed's questions to Liberty Energy Inc (LBRT) leadership • Q3 2024

    Question

    Waqar Syed inquired about the timeline for Liberty Power Innovations (LPI) to contribute materially to revenue. He also asked which basins are expected to see an activity pickup next year and whether current pricing pressures are affecting all fleet types or are still concentrated in lower tiers.

    Answer

    CEO Christopher Wright suggested a 2-to-3 year timeframe for LPI to have a material impact is a 'not unreasonable expectation.' He anticipates a broad-based activity increase across oil basins within six months and a likely pickup from low levels in gas basins. Regarding pricing, he noted that while pressure is strongest on legacy equipment, the soft market creates 'a little bit of pressure everywhere,' though newbuild fleets continue to command strong economics.

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    Waqar Syed's questions to Patterson-UTI Energy Inc (PTEN) leadership

    Waqar Syed's questions to Patterson-UTI Energy Inc (PTEN) leadership • Q4 2024

    Question

    Waqar Syed asked for the planned 2025 CapEx allocation between business segments, whether current U.S. drilling margins represent a bottom, and the outlook for the completions business beyond the first quarter.

    Answer

    CFO C. Smith detailed the 2025 CapEx allocation: approximately 35% to drilling, 50% to completions, and the remainder to products and other segments. CEO William Hendricks stated that drilling rig pricing is relatively steady and sees potential for slight margin improvement. For completions, he anticipates a tight market in Q2 and Q3 as natural gas-powered equipment is expected to be fully utilized, which could be a challenge for the industry if activity increases.

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    Waqar Syed's questions to Patterson-UTI Energy Inc (PTEN) leadership • Q3 2024

    Question

    Waqar Syed asked about plans for new e-fleet builds in 2025, how current e-fleets are deployed, the fleet's composition of Tier 4 DGB and electric horsepower, and whether the Q4 drilling margin guidance represents a bottom.

    Answer

    CEO William Hendricks confirmed plans to invest in new high-tech, 100% natural gas-burning equipment within a lower 2025 CapEx budget. He explained e-fleets are deployed in various configurations, including as standalone fleets and as supplements to Tier 4 DGB fleets. He estimated about 70% of the active fleet is Tier 4 DGB or electric. Regarding drilling margins, he noted things are relatively steady but deferred a definitive call on the bottom.

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    Waqar Syed's questions to Nov Inc (NOV) leadership

    Waqar Syed's questions to Nov Inc (NOV) leadership • Q4 2024

    Question

    Waqar Syed asked how NOV would benefit from increased North American natural gas activity beyond drilling and completions, and also inquired about the potential for future jack-up rig orders from the Middle East following a recent booking.

    Answer

    CEO Clay Williams detailed NOV's broad exposure to the natural gas value chain, including market leadership in upstream D&C technologies, production chokes, composite flow lines, and natural gas dehydration systems. CFO Jose Bayardo added context on FLNG processing systems. Regarding the jack-up order, Williams confirmed it's for a new shipyard in Saudi Arabia and expressed confidence in future orders, but declined to provide a specific timeline or frequency.

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    Waqar Syed's questions to TechnipFMC PLC (FTI) leadership

    Waqar Syed's questions to TechnipFMC PLC (FTI) leadership • Q3 2024

    Question

    Waqar Syed asked about the 2025 growth outlook for the Surface Technologies business in international markets and whether the Middle East's shift to unconventional gas presents new opportunities for the company.

    Answer

    Chair and CEO Douglas Pferdehirt expressed confidence in the international Surface business, citing both strong market activity and the benefits from FTI's specific investments in Saudi Arabia and the UAE. He confirmed that the move toward unconventional gas is a positive trend for FTI, as it requires higher-specification equipment, which aligns with the company's product and service offerings in the region.

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