Core Insights - NOV Inc. reported first-quarter 2025 adjusted earnings of 19 cents per share, missing the Zacks Consensus Estimate of 25 cents, and down from 30 cents in the prior year, primarily due to margin pressures in the Energy Equipment segment [1] - Total revenues reached $2.1 billion, slightly exceeding the Zacks Consensus Estimate by 0.2%, driven by stronger-than-expected performance in the Energy Equipment segment, although revenues declined 8.9% year-over-year [1] Financial Performance - The Energy Products and Services segment reported revenues of $992 million, missing predictions and decreasing by 2.5% from the previous year due to lower industry activity levels [3] - Adjusted EBITDA was $145 million, falling short of the estimate of $153 million and down from $174 million in the same period of 2024 [4] - The Energy Equipment segment's revenues decreased 2.7% year-over-year to $1.1 billion but beat estimates by 1%, with the decline attributed to the sale of the Pole Products business and lower aftermarket support revenues [4] Shareholder Returns - In Q1 2025, NOV repurchased 5.4 million shares for $81 million and returned a total of $109 million to shareholders, including dividends [2] - The company plans to return at least 50% of excess free cash flow to shareholders through dividends and stock buybacks, aligning with its strategy to enhance shareholder value [7] Outlook - For Q2 2025, NOV expects consolidated revenues to decline by 1% to 4% year-over-year, with adjusted EBITDA projected between $250 million and $280 million [7] Segment Highlights - The Energy Equipment segment saw new orders of $437 million, an increase of $47 million from the previous year, resulting in a book-to-bill ratio of 80 [5] - As of March 31, 2025, the backlog for Energy Equipment capital orders was $4.4 billion, up by $458 million from the prior year [5] Balance Sheet - As of March 31, 2025, NOV had cash and cash equivalents of $1.2 billion and long-term debt of $1.7 billion, with a debt-to-capitalization ratio of 20.7% [6] - The company generated $135 million in operating cash flow and $51 million in free cash flow during the quarter [6] Key Achievements - NOV secured significant contracts, including a partnership with Petrobras for deepwater CO2 applications and a contract for an advanced cable-lay system for a Japanese vessel [9][10] - The company entered the Icelandic geothermal market and achieved record drilling performance in the U.S. Utica shale [13]

Core Insights - TechnipFMC plc reported first-quarter 2025 adjusted earnings of 33 cents per share, missing the Zacks Consensus Estimate of 36 cents, primarily due to a 4.8% year-over-year increase in costs and expenses, although the earnings improved from 22 cents in the same quarter last year driven by better performance in the Subsea segment [1] - The company's revenues of $2.2 billion also missed the Zacks Consensus Estimate by 1.1%, but increased from $2 billion in the year-ago quarter [1] Financial Performance - Adjusted EBITDA for the Subsea unit was $334.9 million, exceeding the Zacks Consensus Estimate of $331 million, while the Surface Technologies unit's adjusted EBITDA was $46.6 million, beating the consensus mark of $41.94 million [2] - First-quarter inbound orders increased by 11.3% year-over-year to $3.1 billion, with the order backlog totaling $15.8 billion as of March-end, up 17.2% from the previous year [2] Segment Analysis - Subsea segment revenues totaled $1.9 billion, up 11.6% from $1.7 billion in the year-ago quarter, driven by higher project activity in Asia Pacific and Brazil, although it missed projections by 5.3% [4] - Surface Technologies segment recorded revenues of $297.4 million, down 3.2% year-over-year, but beat projections of $288.4 million; adjusted EBITDA increased by 12.6% due to higher project activity in North America, despite an 18.1% drop in inbound orders [5] Shareholder Returns - The board declared a quarterly cash dividend of 5 cents per share, unchanged from the previous quarter, to be paid on June 4, 2025 [3] - The company repurchased 8.9 million common shares for a total of $250.1 million, with total shareholder returns for the quarter amounting to $271.1 million, including a dividend payment of $21 million [3] Financial Position - TechnipFMC reported costs and expenses of $2 billion, up 4.8% from $1.9 billion in the year-ago quarter; the company generated $441.7 million in cash flow from operations, with free cash flow increasing to $379.9 million [6] - As of March 31, the company had cash and cash equivalents of $1.2 billion and long-term debt of $410.8 million, resulting in a debt-to-capitalization ratio of 11.8% [6] 2025 Outlook - The company expects Subsea unit revenues in the range of $8.4 billion to $8.8 billion and Surface Technologies unit revenues between $1.2 billion and $1.35 billion for 2025 [8] - Anticipated adjusted EBITDA margins are 19-20% for the Subsea segment and 15-16% for the Surface Technologies segment [8] - Free cash flow is expected to be between $1 billion and $1.15 billion, an increase from the prior guidance of $850 million to $1 billion [9]

美国财政部长贝森特曾提出力争每天增产300万桶。总统高级顾问纳瓦罗以这一增产为前提表示，"如果 原油价格下降到每桶50美元，将有助于抑制通货膨胀"。 但目前美国的能源生产并未增加。美国石油服务公司贝克休斯（Baker Hughes）4月17日公布的数据显 示，石油和天然气钻机运行数量为585台，比去年同期减少了34台。 这是因为特朗普政府的关税政策加剧了世界经济放缓的隐忧，导致原油价格大幅下跌。特别是特朗普4 月2日宣布对等关税后，原油价格的跌幅巨大。 美国得克萨斯州的原 油生产设备 "钻吧，宝贝，钻吧"。特朗普在大选期间反复呼吁增产原油。但其关税政策导致原油价格走 低，正在打乱自身的能源构想。目前原油的市场行情已低于新项目开发的盈利线，特朗普的 支持基础——美国能源行业受到打击…… 美国总统特朗普的关税政策导致原油价格走低，正在打乱他自身的能源构想。特朗普的战略是增产原 油，降低汽油价格，扩大液化天然气（LNG）的出口。目前原油的市场行情已低于新项目开发的盈利 线，正在给特朗普的支持基础——美国能源行业带来打击。 "钻吧，宝贝，钻吧"（Drill，Baby，Drill）。特朗普在2024年大选期间反复呼吁通 ...

Core Viewpoint - Oceaneering International, Inc. (OII) reported strong financial results for the first quarter of 2025, with adjusted profit and revenue exceeding expectations, driven by robust performance in several segments, particularly Subsea Robotics and Offshore Projects Group [1][2]. Financial Performance - Adjusted profit for Q1 2025 was 43 cents per share, surpassing the Zacks Consensus Estimate of 36 cents and significantly up from 14 cents in the same quarter last year [1]. - Total revenues reached $674.5 million, exceeding the Zacks Consensus Estimate of $664 million and reflecting a year-over-year increase of approximately 12.6% from $599.1 million [1]. Segment Performance - **Subsea Robotics**: Revenues totaled $206 million, up from $186.9 million year-over-year, but missed the estimate of $214.2 million. Operating income was $59.6 million, an increase from $44.2 million, but also below the estimate of $64.1 million [3][4]. - **Manufactured Products**: Revenues increased to $135 million from $129.5 million year-over-year, beating the estimate of $129.6 million. However, operating profit decreased to $8.7 million from $13.2 million, missing the estimate [4][5]. - **Offshore Projects Group**: Revenues surged by about 43.4% to $164.9 million from $115.1 million year-over-year, exceeding the estimate of $151.9 million. Operating income rose to $35.7 million from $0.8 million, also beating the estimate [6]. - **Integrity Management & Digital Solutions**: Revenues increased to $71.4 million from $69.7 million year-over-year, surpassing the estimate. Operating income slightly decreased to $3.5 million from $3.6 million, matching the projection [7]. - **Aerospace and Defense Technologies**: Revenues fell to $97.2 million from $98 million year-over-year, missing the estimate. Operating income dropped to $10.7 million from $12.8 million, also below the estimate [8]. Capital Expenditure and Balance Sheet - Capital expenditure for Q1 2025, including acquisitions, totaled $27.8 million. As of March 31, 2025, OII had cash and cash equivalents of $382 million and long-term debt of approximately $483.3 million, resulting in a debt-to-total capital ratio of 38.3% [9]. Outlook - OII expects full-year 2025 EBITDA to be in the range of $380 million to $430 million, with consolidated revenues projected to increase in Q2 2025 compared to Q2 2024. The company anticipates improvements in operating profitability across several segments [10][11][12].

Financial Data and Key Metrics Changes - Revenue for the first quarter of 2025 was $977 million, a sequential increase of 4% from $944 million in the prior quarter [30] - Net income decreased to $20 million from $52 million in the prior quarter, while adjusted net income fell to $7 million from $17 million [31] - Adjusted EBITDA increased by 8% to $168 million from $156 million in the prior quarter [31] - General and administrative expenses rose to $66 million from $56 million in the prior quarter, primarily due to stock-based compensation [31][32] - Cash balance at the end of the quarter was $24 million, with net debt increasing to $186 million [33] Business Line Data and Key Metrics Changes - High utilization of track and wireline fleets contributed to improved performance across all business lines [30] - Permian sand mines were fully utilized despite adverse weather conditions and oversupplied market conditions [31] - Growth in CNG fuel delivery was noted, indicating diversification in service offerings [31] Market Data and Key Metrics Changes - The oil and gas industry remains cyclical, with current market conditions influenced by tariff negotiations and OPEC plus production strategies [11][14] - North American producers are evaluating macroeconomic scenarios, but no significant changes in oily customer activity have been observed [16][19] - Natural gas fundamentals are favorable due to rising LNG export capacity demand, which may benefit gas producers [15] Company Strategy and Development Direction - The company is focused on maintaining a strong balance sheet while navigating market uncertainties through greater scale, vertical integration, and technological advancements [12][23] - Strategic investments in equipment technology and digitization are aimed at enhancing operational efficiency and safety [21] - The acquisition of IMG is expected to accelerate entry into the PJM market and expand power services beyond the oil field [25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate market uncertainties and maintain profitability amid tariff impacts and geopolitical tensions [11][38] - The outlook for the second quarter is strong, with expectations for sequential growth in revenue and profitability [23][36] - Management is closely monitoring market conditions and evaluating macroeconomic scenarios to stay ahead of potential changes in activity [36] Other Important Information - The company launched the Hive, a digital intelligence hub for monitoring frac operations, enhancing real-time decision-making [22] - The average life expectancy of equipment components has significantly increased, demonstrating the effectiveness of predictive maintenance strategies [22] Q&A Session Summary Question: Demand for high-quality assets and pricing discussions - Management noted that while there was a downward trend in pricing, current utilization is based on pricing set during the RFP season, and additional inquiries are coming from existing customers [44][45] Question: Impact of raw material costs on maintenance CAPEX - Management indicated that they do not expect significant changes in raw material pricing, with some costs offset by volume discounts [48][49] Question: Updates on the PowerGen business pipeline - Management expressed excitement about the pipeline of opportunities, which exceeds current capacity, and highlighted advanced conversations with E&P partners [55][56] Question: Full-year guidance and CAPEX - Management confirmed that full-year guidance remains intact, with strong visibility into Q2 performance [59][60] Question: Activity trends with WTI at $60 per barrel - Management suggested that a stable oil price around $60 would lead to modest activity changes, with larger producers likely to maintain their announced CAPEX budgets [110] Question: Flexibility in CAPEX and Digi fleet deliveries - Management confirmed flexibility in adjusting deliveries and capital expenditures based on market conditions [121][102] Question: Attrition rate and reinvestment requirements - Management stated that the company uses a 10% attrition rate and could pause new builds without significantly impacting deployable horsepower [142][143]

Table of Contents As filed with the Securities and Exchange Commission on June 20, 2024 Registration No. 333-279119 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to Form S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Tamboran Resources Corporation (302) 658-7581 (Name, address, including zip code, and telephone number, including area code, of agent for service) Copies to: (Exact name of registrant as specified in its charter) Delaware 1311 93-4111196 (S ...