Energizing the World… Soberly Chris Wright, Chairman & CEO | Liberty Energy (LBRT) Piper Sandler 24th Annual Energy Conference | March 19, 2024 FORWARD LOOKING STATEMENTS The information in this presentation includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, statements abo ...

Liberty Energy's Performance and Strategy - Liberty Energy is the 4th largest North American Oilfield Services (OFS) company[7, 39] - The company boasts a 12-year average Cash Return on Capital Invested (CROCI) of 24%[11, 39] - Liberty's Adjusted EBITDA for the trailing twelve months (TTM) is $11 billion, with a net income of $431 million and EPS of $250[39] - Liberty has repurchased 13% of its shares since July 2022[35, 39] - The company's annualized dividends are payable at $028 per share[39] Energy Market Dynamics and Liberty's Position - Hydrocarbons still account for 85% of global energy consumption[64, 65] - Liberty expects 90% of its fleets to be primarily natural gas-powered by the end of 2024[29] - Liberty's lateral feet completed have increased by 27% since 2022[24] Return of Capital Program - Liberty has returned $388 million through buybacks[35] - The company's cumulative return of capital is $459 million[35] - Since 2021, Liberty's return of capital is over $600 million[35]

Company Overview - SLB is reorienting its business to adapt to depressed activity levels, particularly in the onshore US market, with a focus on long-term growth in its New Energy and Digital businesses [1] Investment Strategy - Narweena, an asset manager led by Richard Durant, seeks to identify market dislocations due to poor understanding of long-term business prospects, aiming for excess risk-adjusted returns through secular growth opportunities in markets with barriers to entry [1] - The research process emphasizes company and industry fundamentals to uncover unique insights, with a high risk appetite and long-term investment horizon targeting deeply undervalued stocks [1] Market Dynamics - An aging population with low growth and stagnating productivity is expected to create new investment opportunities, contrasting with industries facing stagnation or secular decline, which may improve business performance due to reduced competition [1] - The economy is increasingly dominated by asset-light businesses, leading to a declining need for infrastructure investments, resulting in a large pool of capital chasing limited investment opportunities, driving up asset prices and compressing risk premia over time [1] Leadership Background - Richard Durant holds undergraduate degrees in engineering and finance from the University of Adelaide and an MBA from Nanyang Technological University, along with having passed the CFA exams [1]

Core Insights - Halliburton Company (HAL) has secured a significant contract to support GeoFrame Energy's lithium extraction and geothermal project in East Texas, with operations set to begin in late 2025 [1][10] - The project aims to produce approximately 83,500 metric tons of battery-grade lithium carbonate annually, which is expected to meet the current U.S. demand entirely [1][10] - This initiative is anticipated to enhance domestic lithium production and decrease reliance on foreign supply chains [1] Group 1: Project Details - Halliburton will lead the drilling phase by designing, constructing, and operating the demonstration wells, playing a central role in scaling the project to full field development [2][10] - GeoFrame's project is designed to be the first in the U.S. to deliver battery-grade lithium carbonate from the Smackover Formation, focusing on sustainable mining practices [3] - The facility will utilize geothermal brine to generate zero-emission electricity, which will power the lithium production process and allow surplus energy to be sold to the grid [3] Group 2: Halliburton's Position - Halliburton's extensive experience in well construction and its strong commitment to innovative energy solutions position the company uniquely to advance GeoFrame's vision [4] - The recent contract highlights the growing convergence between energy services and advanced technology solutions, enhancing Halliburton's growth initiatives [5] - Securing new contracts is expected to create a positive financial outlook for Halliburton and its stakeholders [5]

Core Insights - Halliburton Company (HAL) has formed a strategic collaboration with Petronas Carigali to implement advanced technologies for subsurface modeling and reservoir management [1][6] - The partnership focuses on utilizing Halliburton Landmark's DecisionSpace 365 Geosciences Suite and Unified Ensemble Modeling solutions to enhance operational efficiency and reduce time to first oil [1][9] Technology Deployment - The collaboration introduces scalable, live-earth modeling and probabilistic ensemble forecasting, moving away from traditional grid-based methods [2] - These technologies facilitate real-time collaboration among Petronas' exploration and asset teams, leading to improved reserve estimation and faster scenario analysis [2][9] - The Unified Ensemble Modeling solution allows asset teams to automatically generate multiple probabilistic geological scenarios, enhancing forecasting accuracy and decision-making confidence [3][5] Advantages of Halliburton's Technology - Halliburton's Geosciences Suite is an AI-driven technology that optimizes returns and enhances subsurface understanding, supporting better collaboration and productivity [4] - The technology aims to mitigate errors and data gaps while ensuring seamless integration and reducing redundancy [4] Alignment with Petronas' Objectives - The collaboration aligns with Petronas' vision for faster project delivery and seamless continuity from exploration through production [6] - It builds on a comprehensive benchmarking of Petronas' practices across both greenfield and mature assets [6] Company Overview - Halliburton is one of the largest oilfield service providers globally, offering a range of services to the energy, industrial, and government sectors [7] - Currently, Halliburton holds a Zacks Rank 4 (Sell) [7]

June 20, 2025 04:27 AM GMT Energy Sub-Sector Playbook June 2025 Marketing Deck 2025 June 19, 2025 Morgan Stanley & Co. LLC Devin McDermott Equity Analyst and Commodities Strategist Devin.McDermott@morganstanley.com +1 212 761-1125 Joe Laetsch, CFA Equity Analyst Joe.Laetsch@morganstanley.com +1 212 761-8804 Robert S. Kad Equity Analyst Robert.Kad@morganstanley.com +1 212 761-0065 Dan Kutz, CFA Equity Analyst Dan.Kutz@morganstanley.com +1 212 761-0899 Brian Gibbons, CFA Credit Analyst Brian.Gibbons@morgansta ...

Key Takeaways SLB outperformed the oil-energy sector and peers over the past six months. SLB trades above its 50-day SMA and has a VGM Score of B, showing value and positive earnings surprises. Strong global exposure, new energy ventures and data center growth support SLB despite oil price risksShares of SLB (SLB) have fallen 6.5% in the past six months, outperforming the oil-energy sector’s decline of 8.2%. The company also outperformed its peers, Core Laboratories (CLB) and Oceaneering International, In ...

Core Insights - Chevron Corporation's subsidiary, Chevron U.S.A. Inc., has partnered with Halliburton Company to introduce an innovative hydraulic fracturing method that enhances efficiency and asset performance in shale production [1][3][20] Group 1: Technological Advancements - The collaboration has led to the development of an intelligent fracturing process that automates completion operations, replacing manual intervention with machine-driven decision-making [2][10] - Halliburton's ZEUS IQ platform is central to this system, utilizing advanced technologies like the OCTIV auto frac system and Sensori monitoring to create a dynamic closed-loop system [4][9] - The system adapts to geological changes in real time, ensuring optimal energy delivery and reducing waste during hydraulic fracturing operations [5][14] Group 2: Operational Efficiency - The automated system significantly reduces execution variability, leading to more consistent results across different stages and wells compared to traditional methods [11][12] - Chevron's proprietary algorithms leverage historical and real-time data to make immediate adjustments to fracturing strategies, enhancing overall asset performance [6][13] - The closed-loop system minimizes excess pumping and fluid consumption, contributing to a lower carbon footprint and more environmentally responsible operations [15][16] Group 3: Strategic Collaboration - The partnership between Chevron and Halliburton exemplifies the integration of digital infrastructure with field operations, enabling rapid deployment and testing of innovations [8][10] - This collaboration is positioned to serve as a model for future global oilfield operations, potentially transforming how wells are completed and optimized [17][18] Group 4: Future Implications - The intelligent system's scalable architecture and machine learning capabilities suggest a promising future for widespread adoption across North America and beyond [18][20] - As the industry faces more complex reservoirs and environmental challenges, such innovations will be crucial for enhancing energy recovery while maintaining operational control [20]

Group 1 - Baker Hughes Company (BKR) has entered into a multi-year framework agreement with Equinor ASA (EQNR) to provide plug and abandonment (P&A) services at the Oseberg East field, with the planning phase already initiated and well abandonment activities expected to commence in 2026 [1][2][9] - The Mature Assets Solutions team at Baker Hughes will manage the planning and execution of the P&A campaign, utilizing advanced technologies and innovative solutions to enhance efficiency and speed in the abandonment process [3][4] - A P&A Center of Excellence will be established in Bergen and Stavanger to centralize operations and ensure the implementation of reliable and cost-effective well abandonment solutions [5][9] Group 2 - Baker Hughes has a strong track record in managing mature oil and gas assets, which positions the company well to execute integrated P&A programs effectively [3] - The company’s well abandonment portfolio includes cutting-edge technologies such as PRIME Powered Mechanical Applications and diagnostic tools like Casing Integrity & Cement Mapping (CICM) [4] - Both Baker Hughes and Equinor currently hold a Zacks Rank 3 (Hold), indicating a neutral outlook in the market [6]

Rayonier Advanced Materials (RYAM) FY Conference June 11, 2025 11:30 AM ET Speaker0 We're gonna go through these these slides fairly quick, make sure we leave plenty of time for q and a at the end because I know there's probably a lot of questions of the market and then ProPetro in general. So our our current thesis of ProPetro is We have strong free cash flow. Currently, going forward, we've invested over a billion dollars since '22 to refresh our current assets. We purchased some new technology, and we di ...