BOSTON--(BUSINESS WIRE)--Orbia Advance Corporation, S.A.B. de C.V. (BMV: ORBIA*) ("Orbia†or "the Company†) announced today that James P. "Jim†Kelly will retire as Chief Financial Officer after four years of service. The Company also announced that Cristian "Cape†Capellino will assume the role of Chief Financial Officer effective March 15, 2026. Kelly joined Orbia in 2021 and played a critical role in reinforcing financial and capital allocation discipline, enhancing reporting and internal controls and g ...

Core Insights - The focus is on long-term investment strategies in U.S. and European equities, emphasizing undervalued growth stocks and high-quality dividend growers [1] - Sustained profitability, characterized by strong margins, stable and expanding free cash flow, and high returns on invested capital, is highlighted as a more reliable driver of returns than valuation alone [1] - The investment approach is informed by an interdisciplinary background, enhancing both quantitative analysis and market narrative interpretation [1] Investment Strategy - The portfolio management is conducted publicly on eToro, where the company has achieved the status of a Popular Investor, allowing others to replicate real-time investment decisions [1] - The investment philosophy aims to balance asset accumulation with the freedom to choose work that aligns with personal values and expression [1]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Oil Services - **Focus**: Implications of the political situation in Venezuela on global oil services companies Core Insights and Arguments - **Venezuela's Oil Production Recovery**: - Production may increase slightly in the short term, potentially reaching several hundred thousand barrels per day over the next 2-3 years if a US-supported government is established and sanctions are lifted [2][10] - Historical peak production was approximately 3 million barrels per day in the mid-2000s, with Venezuela holding about 20% of global proven oil reserves [2][11] - **Investment Requirements**: - Any recovery in production will be gradual and necessitate substantial investment [2] - Companies like Chevron, ENI, and Repsol currently have operations in Venezuela, with Chevron being the only US oil major still active [17] - **OCTG Market Potential**: - Demand for Oil Country Tubular Goods (OCTG) in Venezuela could reach 140,000 to 240,000 tons by 2030, translating to a market size of $0.6 to $1 billion [4][30] - The current addressable OCTG market for Tenaris and Vallourec is estimated at 5.7 million tons and approximately $18 billion, indicating that the Venezuelan market could add 3-4% in volume and 3-5% in dollar terms [36] - **Tenaris and Vallourec's Position**: - Tenaris has a long-standing presence in Venezuela and supplies Chevron's OCTG needs, benefiting from logistical advantages due to local operations [3][27] - Vallourec, while currently absent from Venezuela, could supply the market from its Brazilian plant, leveraging a competitive cost base [28] - **US Oil Services Companies**: - Companies like SLB, Halliburton, and Weatherford International are positioned to benefit from increased activity in Venezuela [8][44] - SLB has indicated its ability to scale operations in Venezuela if activity increases, while Halliburton and Weatherford have historical ties and expertise that could be advantageous [8][45][46] Additional Important Insights - **Long-term Oil Price Implications**: - A recovery in Venezuelan production to 2 million barrels per day by 2030 could pose significant downside risks to long-term oil prices, potentially reducing Brent oil price forecasts by $4 per barrel [11] - Current estimates suggest that Brent prices could average $58 per barrel if production declines, and $54 per barrel if production increases [10] - **Technical Requirements for OCTG**: - The extraction of heavy crude from the Orinoco Oil Belt requires complex, high-performance OCTG solutions due to the challenging conditions [29] - The majority of Venezuela's proven reserves are high-sulfur and heavy crude, necessitating robust materials and testing protocols for well integrity [29] - **Rig Count and Well Drilling**: - The estimated rig count needed to support a production level of 2 million barrels per day by 2030 is between 40 to 50 active rigs, with an annual drilling of 480 to 600 new wells [31][32] This summary encapsulates the critical insights and potential implications for the oil services industry stemming from the evolving situation in Venezuela, highlighting both opportunities and risks for companies involved in this sector.

As filed with the U.S. Securities and Exchange Commission on December 19, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 EUPEC International Group Limited (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's Name into English) Cayman Islands 1389 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Indus ...

Summary of the Conference Call on the Oil Services Industry Industry Overview - The report focuses on the oil services industry, specifically the period from 2000 to 2050, highlighting the evolution and future outlook of the sector [6][11]. Key Periods in the Oil Services Journey - The journey is divided into five periods: 1. The Golden Age (2000-2014) 2. The Great Disruption (2015-2024) 3. Drill, Baby Drill (2025-2029) 4. The Age of Sustainability (2030-2035) 5. The Age of Circularity (2036-2050) [11]. Core Insights and Arguments - The oil market is currently perceived as oversupplied, with a short-term supply increase peaking in early 2025, but a rapid rebalancing is anticipated in 2026 [7][9]. - A significant IEA report indicates that 90% of current oil and gas capital expenditures (capex) are for maintaining production rather than increasing it, suggesting a structural under-supply in the long term [10]. - The need for new drilling is underscored by projected decline rates of oil production, estimated at approximately 8% CAGR post-2025, necessitating new investments [15]. Investment and Capex Plans - Aramco's CFO highlighted the importance of massive investments in subsurface data acquisition and computing power, indicating a shift towards more data-driven operations [18]. - ADNOC announced a $150 billion capex plan for 2026-2030, aimed at maintaining operations and meeting growing global energy demand [25]. - Argentina's Vaca Muerta shale play is experiencing rising oil production, with production surpassing 447,000 barrels per day in March 2025, although rig counts remain historically low [20][23]. Market Dynamics and Future Projections - The report suggests that the current "Drill, Baby Drill" cycle may peak around 2028, driven by various factors including new offshore basins with low break-even prices and increasing global oil demand [29][38]. - SLB, Saipem, and Tenaris have forecasted a rebound in upstream spending in Saudi Arabia, indicating improved prospects for the oil services industry [39]. Company-Specific Insights - SLB is positioned as a key beneficiary of the improved market outlook, particularly in the Middle East, with a market share of nearly 10% in the region [39]. - Subsea 7 and Saipem are expected to create a new entity, "Saipem7," which will enhance their competitive positioning in the subsea market [44]. - Technip Energies is projected to have a record year for order intake in 2026, with several significant projects likely to be sanctioned [45]. Pricing Power and Market Conditions - The pricing power thesis for Tenaris and Vallourec remains intact, supported by tight capacity for premium tubes and rising costs [33]. - The report anticipates a gradual recovery in pricing conditions starting from the second half of 2026 as inventories clear [33]. Conclusion - The oil services industry is undergoing significant changes, with a focus on innovation, investment in technology, and a shift towards sustainability. The upcoming years are expected to bring both challenges and opportunities as companies adapt to evolving market dynamics and increasing global energy demands [11][39].

Core Viewpoint - Tenaris reported a surprising 2% increase in third-quarter net sales, driven by stable drilling activity in North America, despite warnings of margin impacts from tariff costs [1][3]. Financial Performance - Third-quarter net sales rose to $2.98 billion from $2.91 billion year-over-year, marking the first revenue increase in eight quarters, while analysts had anticipated a decline to $2.85 billion [2]. - Earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 9% to $753 million, aided by a $34 million gain from the return of U.S. anti-dumping deposits on imports from Argentina [5]. Regional Performance - Sales in the U.S. and Canada remained stable, supporting the overall sales figures, while the Argentine fracking and coiled tubing services unit faced challenges due to reduced drilling activity [2][3]. - European sales were negatively impacted by lower demand in the North Sea, contributing to the overall regional weakness [3]. Market Conditions - The European steel industry is operating at only 67% capacity due to rising imports and U.S. tariffs, prompting the European Commission to propose significant cuts to tariff-free steel import quotas [4]. - The U.S. has implemented tariffs of 25% on most steel and aluminum imports, which were increased to 50% for many countries, affecting the competitive landscape for steel producers [4].

Summary of Global Oil Services Conference Call Industry Overview - The report discusses the **Global Oil Services** industry, focusing on the outlook for 2H25 and FY26, highlighting both positive and negative signals in the market [1][2]. Key Insights 1. **Financial Strength**: The industry is currently in a strong financial position, although it is trading at historically low multiples. Many investors have not capitalized on the O&G capex recovery from 2022-24 [1][2]. 2. **Conflicting Signals**: There are concerns regarding oil supply and price stability, with questions about whether oil will remain oversupplied and if prices might decline. Additionally, there are indications of weakening International/Offshore activity, which could be exacerbated by high consensus expectations [1][2]. 3. **US Market Activity**: The Dallas Fed survey indicates a rapid deterioration in US activity expected in 4Q25, despite a stabilizing rig count. Current consensus expectations for the US market are low [1][2]. 4. **Optimism from Key Players**: Companies like GTT and Viridien express optimism ahead of 3Q25, contrasting with the overall cautious sentiment [1][2]. Regional Activity Recovery 1. **Diverging Opinions**: There are differing views on whether North America or international markets will lead the recovery. SLB suggests North America will remain constrained due to economic challenges, while Halliburton believes it is positioned for recovery [3][4]. 2. **Investment Implications**: The outlook for 2026-27 is more positive than generally perceived, with potential catalysts for the sector. The report suggests that 4Q25 may represent a low point for North America, and given the sector's low valuation (approximately 1.3x EV/Revenue), there is significant upside potential for various stocks [4][6]. Preferred Investment Calls - **Next 6 Months**: GTT (Target Price €193), Viridien (Target Price €94), SLB (Target Price $47.60) - **Next 12 Months**: SBM (Target Price €24), Rubis (Target Price €38.7), Vallourec (Target Price €22.6), Tenaris (Target Price €21) - **Next 18 Months**: Adnoc Drilling (Target Price AED6.76), Saipem (Target Price €3.54), Subsea (Target Price NOK240) - Notably, GTT, SBM, and Rubis are largely de-correlated from oil prices [6]. Conclusion - The Global Oil Services industry is at a critical juncture with mixed signals regarding future activity and investment opportunities. The financial strength of the sector, combined with low valuations, presents potential upside for select stocks, while regional disparities in recovery expectations highlight the complexity of the market landscape [1][4][6].