Earnings Reports - Home Depot Inc. is expected to report quarterly earnings of $3.85 per share on revenue of $41.14 billion [2] - Helmerich and Payne Inc. reported a loss of 1 cent per share for the fourth quarter, with quarterly sales of $1.012 billion, exceeding the analyst consensus estimate of $973.678 million [2] - Medtronic PLC is anticipated to post quarterly earnings of $1.31 per share on revenue of $8.87 billion [2] - Aecom is expected to report quarterly earnings of $1.34 per share on revenue of $4.31 billion [2] Stock Movements - Home Depot shares fell 0.4% to $356.70 in after-hours trading [2] - Helmerich and Payne shares dipped 8.2% to $25.34 in after-hours trading [2] - Medtronic shares rose 0.1% to $96.29 in after-hours trading [2] - Aecom shares gained 0.8% to $132.99 in after-hours trading [2] Mergers and Acquisitions - Akzo Nobel N.V. and Axalta Coating Systems Ltd. agreed to an all-stock merger of equals, resulting in Axalta Coating shares jumping 13.2% to $31.90 in after-hours trading [2]

Core Viewpoint - Calfrac Well Services Ltd. is initiating a rights offering to raise C$35,000,000, fully backed by existing directors and shareholders, to address debt maturities and enhance financial stability [1][5]. Rights Offering Details - The rights offering is expected to be completed around December 23, 2025, allowing the company to access a C$120,000,000 term loan and potentially an additional C$15,000,000 from existing facilities [2]. - The proceeds will be used to redeem approximately US$120,000,100 of outstanding 10.875% second lien secured notes before their 2026 maturity [2]. - Eligible shareholders will receive one transferable right for each common share held as of November 21, 2025, with each right allowing the subscription for 0.1514872 of a common share at a price of $2.69, representing a 15% discount to the average trading price [3][4]. Standby Purchase Agreement - A standby purchase agreement has been established with major shareholders, ensuring that they will exercise their rights and purchase any unsubscribed shares, thereby guaranteeing the company will achieve the C$35,000,000 target [5][7]. - The major shareholders collectively hold over 60% of the outstanding common shares, indicating strong support for the company's strategy [7]. Financial Strategy and Outlook - The CFO highlighted that the refinancing plan aims to reduce debt and interest expenses, aligning with the company's financial priorities [8]. - The company anticipates a significant reduction in long-term debt and borrowing costs, supported by strong operating results and decreased capital spending in 2026 [8]. Regulatory and Procedural Information - The rights will be listed on the TSX under the symbol "CFW.RT" starting November 21, 2025, and will expire on December 19, 2025 [4][10]. - Detailed information regarding the rights offering will be provided in a circular and notice available on SEDAR+ [9].

Core Insights - Calfrac Well Services Ltd. reported financial results for Q3 and the first nine months of 2025, showing improvements in net income and cash flow despite a decline in revenue compared to the previous year [2][9][17]. Financial Performance - Adjusted EBITDA for Q3 2025 was $48.5 million, down 25% from $65.0 million in Q3 2024, while net income from continuing operations was $4.3 million compared to a loss of $6.7 million in the same quarter last year [2][17]. - Revenue for Q3 2025 was $323.4 million, a decrease of 25% from $430.1 million in Q3 2024, primarily due to lower activity in Argentina and a reduced operating footprint in North America [9][13]. - For the first nine months of 2025, revenue was $1.1 billion, down 8% from $1.2 billion in the same period of 2024, with North American operations particularly affected by extreme weather and lower commodity prices [9][22]. Operational Highlights - The company operated an average of 10 fracturing fleets in Q3 2025, down from 13 in Q3 2024, reflecting a strategic alignment with reduced oil-directed activity [20]. - In Argentina, revenue decreased by 39% to $85.8 million in Q3 2025, attributed to a slowdown in industry activity, while revenue for the first nine months increased by 18% to $370.3 million due to the commencement of a new fracturing fleet [25][30]. Debt Management and Capital Structure - The company successfully repatriated significant funds from Argentina, leading to a reduction in long-term debt during Q3 2025 [2][27]. - A rights offering was approved to raise $35 million, with major shareholders agreeing to purchase any unsubscribed shares, demonstrating confidence in the company's strategy [3][4]. Future Outlook - The company anticipates a decline in overall industry activity in North America heading into Q4 2025, with expectations for a moderate increase in oil-directed activity in 2026 [16][18]. - The completion of the Tier IV fleet modernization program positions the company well for future growth, particularly in the Vaca Muerta shale play in Argentina [19][26].

Core Viewpoint - SLB's acquisition of ChampionX Corp. for $7.8 billion aims to enhance its portfolio amid aging shale fields, while the company faces scrutiny for its continued operations in Russia despite sanctions [2][5][6] Group 1: Acquisition and Market Position - SLB agreed to acquire ChampionX Corp. for $7.8 billion in an all-stock deal, which will strengthen its position in the oilfield services market [2] - The acquisition is seen as a strategic move to provide better technology to U.S. drillers as they seek to maintain oil and gas production from aging shale fields [2] Group 2: Continued Operations in Russia - Despite U.S. sanctions imposed in January 2025, SLB has been reported to continue transferring proprietary drilling technology to Russian manufacturers as late as February 2025 [3][4] - SLB generated $1.4 billion in revenue from Russia in 2024, accounting for approximately 4% of the company's global total, indicating a significant ongoing presence in the Russian market [6] - The company has been criticized for its role in the Russian oil-service market, occupying 8% and contributing over $4.5 billion in taxes to the Russian economy [5][6] Group 3: Regulatory and Enforcement Challenges - SLB operates through a complex corporate structure that complicates U.S. enforcement of sanctions, allowing it to navigate regulatory gray areas [12][15] - The enforcement of sanctions has reportedly loosened under the current political climate, providing SLB with more flexibility in its operations [13][14] - The company has been actively recruiting young Russian engineers, suggesting a long-term commitment to its operations in Russia [9]

Financial Data and Key Metrics Changes - Overall third quarter revenue was $295.3 million, down 9.8% sequentially and 12.2% year-over-year [16] - Adjusted EBITDA for Q3 2025 was $64 million, representing a margin of 21.7%, consistent with Q2 2025 levels despite lower revenues [17] - Adjusted EPS for Q3 2025 was $0.16, including adjustments totaling $2.3 million [18] - Gross debt totaled $332.9 million, and net debt was $263.3 million, with a net debt-to-adjusted EBITDA ratio of 0.93 [19] Business Line Data and Key Metrics Changes - Revenue decline was primarily due to the transition between major contracts in Saudi Arabia, partially offset by growth in Kuwait, Qatar, and Iraq [16][17] - Growth was noted in Kuwait, Oman, Egypt, Algeria, Iraq, and Libya, indicating a diversified performance across regions [17] Market Data and Key Metrics Changes - The company is experiencing a positive activity inflection in Kuwait and Saudi Arabia, with increased activities across most operational countries [5][6] - The Gulf Cooperation Council (GCC) is positioned as a leader in the AI revolution, which is expected to drive energy demand [6][7] Company Strategy and Development Direction - The company has secured a multi-billion dollar contract for the Jafurah project, which is a cornerstone achievement and part of a broader growth strategy [4][10] - NESR's countercyclical investment strategy allows it to capitalize on global market weaknesses, positioning the company for growth while others are cutting back [12][13] - The company aims to maintain operational readiness and efficiency while investing during downturns, which is expected to yield long-term benefits [14][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a $2 billion revenue run rate by the end of 2026, supported by awarded contracts and operational execution [20][72] - The outlook for 2026 and beyond remains positive, with expectations of continued growth driven by strategic investments and market opportunities [24][73] Other Important Information - The company is in the process of refinancing its debt facility, expected to enhance financial flexibility [23] - NESR is focused on maintaining disciplined debt reduction and improving working capital efficiency [24] Q&A Session Summary Question: Can you explain how NESR was able to price competitively for the Jafurah contract while maintaining margins? - Management highlighted their deep understanding of the local ecosystem and cost control measures that allowed them to maintain profitability [30][31] Question: What is the roadmap for development at Jafurah and expected activity levels? - Management indicated plans to ramp up to 1,500 stages per month by 2026, with flexibility to adjust based on client needs [34][35] Question: What is the expected incremental EBITDA from the Jafurah project? - Management confirmed an approximate incremental EBITDA of $100 million for 2026, based on current margins [38] Question: Can you provide updates on NEDA projects and water initiatives? - Management stated that several pilot projects are underway, with results expected to be shared in future calls [66][68] Question: What is the confidence level in achieving the $2 billion exit run rate for 2026? - Management expressed a 99% confidence level in achieving the $2 billion run rate, supported by signed contracts and ongoing work [72]

Ariel Investments, an investment management company, released its “Ariel Focus Fund” third-quarter investor letter.  A copy of the letter can be downloaded here. US equities increased significantly in the third quarter, driven by the Federal Reserve’s first rate cut, strong corporate earnings growth, and broadening market participation. In this environment, the fund increased by 20.76%, outperforming the 5.33% gain for the Russell 1000 Value Index and the 8.12% return for the S&P 500 Index. In addition, ple ...

Summary of National Energy Services Reunited (NESR) Conference Call Company Overview - **Company**: National Energy Services Reunited (NASDAQ: NESR) - **Founded**: 2017 as a SPAC - **Current Revenue Run Rate**: Approximately $1.3 billion, with a clear path to exceed $2 billion [2][5][160] Industry Insights - **Focus**: Oilfield Services (OFS) in the Middle East and North Africa (MENA) - **Market Position**: NESR is the largest national OFS company in the MENA region, following the big three international companies [5][11] Key Market Dynamics - **Middle East Oil Production**: National oil companies (NOCs) in the region are focused on long-term planning, with a shift towards gas and renewable energy [10][11] - **Growth Projections**: The Middle East is expected to see a year-on-year growth of 7-10% [20][24] - **Kuwait's Capacity**: Kuwait aims for a steady increase to 4 million barrels by 2035-2040, having recently surpassed 200 rigs [13][15] - **UAE's Aspirations**: The UAE is targeting 5 million barrels by 2027 and aims to stop gas imports by 2030 [15][16] Strategic Initiatives - **Local Value Addition**: NESR is positioned as a national champion, benefiting from local perception and compliance with in-country value programs [27][31] - **Investment in R&D**: NESR has established a research and development facility and is investing in local innovation ecosystems, such as the Ahmadi Innovation Valley in Kuwait [34][41] Technology and Service Delivery - **Technology Development**: NESR is focusing on proprietary technology in advanced drilling and decarbonization, with plans to commercialize new tools in the near future [52][53] - **Service Quality**: NESR aims to maintain high service quality, scoring top metrics in various service segments [58][60] Financial Outlook - **Revenue Growth**: NESR anticipates a growth rate of 30-40% year-on-year, significantly outpacing the overall market growth of 5% [102][104] - **Margin Maintenance**: The company aims to maintain profit margins in the range of 20-25% despite competitive pricing pressures [130][136] - **CapEx Plans**: NESR plans to modestly increase capital expenditures to around $120-150 million, leveraging favorable market conditions to acquire equipment at lower costs [151][154] Future Growth Opportunities - **Expansion Plans**: NESR is exploring opportunities in North Africa and Asia, with a focus on maintaining a strong presence in Libya, Algeria, and Egypt [161][162] - **Cash Flow Management**: The company expects to generate significant free cash flow, allowing for flexibility in growth investments or potential dividends in the future [181][186] Conclusion - **Investment Recommendation**: The CEO suggests that NESR remains undervalued and encourages investors to consider purchasing shares [190]

Core Insights - Delek US Holdings, Inc. (DK) reported third-quarter 2025 adjusted earnings per share of $1.52, significantly exceeding the Zacks Consensus Estimate of 28 cents, and showing a substantial improvement from the adjusted loss of $1.45 in the same quarter last year, driven by enhanced performance across segments and an 18.1% reduction in operating expenses [1][2][8] Financial Performance - Net revenues decreased by 5.1% year over year to $2.9 billion, primarily due to lower revenues from the refining segment, but still surpassed the Zacks Consensus Estimate by $177 million [2] - Adjusted EBITDA for the quarter was $759.6 million, a sharp increase from $70.6 million reported a year earlier, and also exceeded estimates by $177 million [2] - Total operating expenses fell by approximately 18.1% year over year to $2.6 billion, with capital program expenditures amounting to $90.6 million [8] Segment Performance - The refining segment achieved an adjusted EBITDA profit of $696.9 million, a significant rise from the $10.2 million profit in the prior-year quarter, surpassing profit estimates of $3.1 million [4][11] - The logistics segment reported adjusted EBITDA of $131.5 million, up from $106.1 million in the year-ago quarter, driven by recent acquisitions and higher wholesale margins, also beating estimates of $85.2 million [7][11] Dividends and Share Repurchase - The board of directors approved a regular quarterly dividend of 25.5 cents per share, to be paid on November 17, 2025, to shareholders of record as of November 10, 2025 [3] - During the same period, the company repurchased approximately $15 million worth of its common shares and distributed $15.3 million in dividends [3][11] Future Guidance - The company anticipates a strong close to the fourth quarter, with expected operating expenses between $205 million and $220 million, and general and administrative expenses of $52 million to $57 million [12] - Projected crude throughput is expected to remain healthy, ranging from 252,000 to 284,000 barrels per day [13] - For 2025, the company expects improved cash-flow visibility, targeting at least $180 million in annual run-rate improvement under the Enterprise Optimization Plan, and anticipates receiving about $400 million from the monetization of historical Small Refinery Exemption credits [14]

Core Insights - TC Energy Corporation (TRP) reported third-quarter 2025 adjusted earnings of 56 cents per share, matching the Zacks Consensus Estimate, but down from 76 cents in the same period last year, primarily due to weak performance in the Power and Energy Solutions segment [1] - The company's quarterly revenues reached $3.7 billion, exceeding the Zacks Consensus Estimate by $49 million, although this represents a 10.1% decrease year over year [2] Financial Performance - Comparable EBITDA for TC Energy was C$2.7 billion, down from C$2.8 billion in the prior year and missing the estimate of C$2.8 billion [2] - The board declared a quarterly dividend of 85 Canadian cents per common share, translating to an annualized rate of $3.40 [3] Segment Performance - Canadian Natural Gas Pipelines reported a comparable EBITDA of C$913 million, an 8% increase from the previous year, driven by contributions from Coastal GasLink, but missed the estimate of C$979 million [4] - U.S. Natural Gas Pipelines reported a comparable EBITDA of C$1,062 million, a 6% increase year over year, primarily due to higher earnings from Columbia Gas and increased transportation rates [6][7] - Mexico Natural Gas Pipelines saw a comparable EBITDA of C$416 million, up 57% from C$265 million in the prior year, exceeding the estimate of C$314.2 million, driven by higher earnings from TGNH following the completion of the Southeast Gateway pipeline [9][10] - Power and Energy Solutions reported a comparable EBITDA of C$266 million, down 18.4% from C$326 million in the previous year, missing the estimate of C$328 million, mainly due to lower contributions from Bruce Power and reduced power prices [11] Operational Metrics - Canadian Natural Gas Pipelines averaged deliveries of 23.0 Bcf/d, a 2% increase year over year, with NGTL system receipts averaging 14.0 Bcf/d, reflecting a 1% increase [5] - U.S. Natural Gas Pipelines maintained average daily flows of 26.3 Bcf/d, unchanged from the previous year, with LNG-related activity increasing to an average of 3.7 Bcf/d, a 15% year-over-year rise [8] Capital Expenditures and Guidance - As of September 30, 2025, TC Energy's capital investments totaled C$1.5 billion, with cash and cash equivalents of C$1.8 billion and long-term debt of C$44.4 billion, resulting in a debt-to-capitalization ratio of 59.5% [13] - The company expects 2025 comparable EBITDA to be between C$10.8 billion and C$11 billion, with capital expenditures trending toward the lower end of the $6.1 billion to $6.6 billion guidance [14] - Looking ahead to 2026, TC Energy anticipates EBITDA to rise to C$11.6 billion to C$11.8 billion, indicating a 6-8% year-over-year increase [15]

Core Insights - The article discusses the investment potential in specific companies, highlighting their market positions and financial performance [1][2][3] Company Analysis - The companies mentioned have shown significant growth in their stock prices, indicating strong investor interest and market confidence [1] - Financial metrics such as revenue and profit margins are analyzed to assess the companies' operational efficiency and profitability [2] - The article emphasizes the importance of conducting thorough due diligence before making investment decisions based on the presented information [3] Industry Trends - The overall industry is experiencing shifts that could impact future performance, including regulatory changes and market demand fluctuations [1][2] - Emerging technologies and innovations within the industry are identified as potential growth drivers for the companies discussed [3]