Q3 2025 Earnings Presentation October 23, 2025 © 2025 TechnipFMC. All rights reserved. The information contained in this document is company confidential and proprietary property of TechnipFMC and its affiliates. It is to be used only for the benefit of TechnipFMC and may not be distributed, transmitted, reproduced, altered, or used for any purpose without the express written consent of TechnipFMC. Disclaimer Forward-looking statements This communication contains "forward-looking statements" as defined in S ...

Core Insights - ProPetro Holding Corp. (PUMP) reported a second-quarter 2025 adjusted loss per share of 7 cents, missing the Zacks Consensus Estimate of a profit of 3 cents, primarily due to weak pricing and reduced activity [1] - Revenues totaled $326.2 million, slightly below the consensus mark of $327 million, and down 8.6% from the prior-year quarter's $357 million, attributed to lower service revenues in the Cementing segment [2] - Adjusted EBITDA was $49.6 million, down 31.8% from $72.7 million in the previous quarter, and also missed the model estimate of $61.1 million [3] Revenue and Segment Performance - The Pressure Pumping segment contributed 100% to total revenues, with service revenues decreasing 8.6% to $326.2 million from the prior-year quarter, but slightly above the estimate of $325.4 million [6] - The Cementing segment's service revenues totaled $32.4 million, down 3% from the consensus estimate [2] Costs and Financial Position - Total costs and expenses were $329.3 million, down 7.9% from the prior-year quarter but exceeding the prediction of $322.2 million [7] - Cash and cash equivalents stood at $74.8 million, with total liquidity of $178 million, including $103 million in available credit [8] Capital Expenditures and Investments - The company spent $73 million on capital projects in Q2, with $43 million allocated to PROPWR equipment development [9][10] - Full-year 2025 capital expenditures are expected to be between $270 million and $310 million, indicating a reduction at the midpoint compared to previous guidance [12] Operational Outlook - The company anticipates operating 10 to 11 hydraulic fracturing fleets in Q3, down from 13 to 14 due to market conditions [10][13] - ProPetro expects to secure long-term agreements for all currently ordered PROPWR equipment (220 megawatts) by the end of 2025 [14]

Financial Performance & Metrics - As of July 29, 2025, the share price was $30.25, with 2.7 million diluted shares outstanding, resulting in an equity value of $82.7 million[10] - The company's enterprise value is $82.5 million, calculated with $7.7 million in total debt, $17.5 million in non-controlling interest, and $25.4 million in cash[10] - The company has a strong cash position, with net debt (cash) at $(17.7) million and net working capital of $64.0 million[10] - Q2 2025 total revenue reached $36.5 million, a 23% increase compared to Q2 2024[53] - The company's adjusted EBITDA for Q2 2025 was $2.2 million, a $1.3 million increase compared to Q2 2024[53] - The company anticipates full year 2025 revenue to be between $168 million and $176 million, representing a 6% year-over-year increase at the midpoint[57] - The company projects adjusted EBITDA for full year 2025 to be between $21 million and $24 million[57] Strategic Initiatives & Acquisitions - NCS acquired ResMetrics in July 2025 for up to $7.15 million, with $5.90 million in cash and assumed debt at close, and an earnout of up to $1.25 million[29, 42] - ResMetrics is expected to contribute $4 million to $5 million in revenue to NCS in 2025 (August through December)[42] Market Expansion & Diversification - NCS has expanded its addressable market, with revenue increasing from $98 million in 2016 to $163 million in 2024[38] - The customer base has grown from over 140 customers in 2016 to over 200 customers in 2024[38]

Core Viewpoint - NCS Multistage Holdings, Inc. reported strong operational and financial performance in Q2 2025, with revenues and Adjusted EBITDA exceeding expectations and demonstrating a year-over-year revenue growth of 23% [2][3]. Financial Performance - Total revenues for Q2 2025 were $36.5 million, a 23% increase from $29.7 million in Q2 2024, driven by increased fracturing systems activity and frac plug sales in North America [8][9]. - Net income for Q2 2025 was $0.9 million, or $0.34 per diluted share, compared to a net loss of $(3.1) million, or $(1.21) per share, in Q2 2024 [15][9]. - Adjusted EBITDA for Q2 2025 was $2.2 million, reflecting a $1.3 million improvement year-over-year, with an Adjusted EBITDA margin of 6% compared to 3% in the same period last year [16][9]. Operational Highlights - The company maintained a strong balance sheet with over $25 million in cash and only $8 million in debt as of June 30, 2025 [4][9]. - The acquisition of Reservoir Metrics, LLC for $5.9 million is expected to enhance NCS's tracer diagnostics service line, with ResMetrics generating over $10 million in revenue and an EBITDA margin exceeding 30% [5][22]. Market Conditions - The company remains cautiously optimistic about the second half of 2025, despite deteriorating market conditions, including declining U.S. rig counts and potential oversupply in the oil market [6][2]. Geographic Revenue Breakdown - In Q2 2025, U.S. revenues totaled $13.6 million, while Canadian revenues reached $18 million, reflecting strong product sales despite a decline in Canadian rig counts [36][37]. - International revenues decreased primarily due to reduced tracer diagnostics activity in the Middle East, although there was an increase in sales of well construction products in other regions [8][10]. Cash Flow and Capital Expenditures - Cash flow from operating activities for the first half of 2025 was a source of cash of $1.9 million, a decrease from $4.1 million in the same period of 2024 [17]. - Capital expenditures for the first half of 2025 were $0.5 million, slightly up from $0.4 million in the same period of 2024 [20]. Liquidity and Working Capital - As of June 30, 2025, NCS had a working capital of $87.2 million, an increase from $80.2 million at the end of 2024, with net working capital at $64.0 million [18][19].

Financial Data and Key Metrics Changes - The company generated revenues of $165 million and adjusted consolidated EBITDA of $21 million in the second quarter [14] - Net income totaled $3 million or $0.05 per share, with adjusted net income at $5 million or $0.09 per share after excluding certain charges [14] - Cash flow from operations grew 61% sequentially, generating $15 million in the second quarter [11][15] Business Line Data and Key Metrics Changes - Offshore Manufactured Products segment revenues increased 15% sequentially to $107 million, with adjusted segment EBITDA rising 18% [8][14] - Completion and Production Services segment revenues declined 15% to $29 million, while adjusted segment EBITDA was $8 million [10][15] - Downhole Technologies segment generated revenues of $29 million with adjusted segment EBITDA of $1 million, impacted by impairment charges [15] Market Data and Key Metrics Changes - 72% of consolidated revenues were generated from offshore and international projects, reflecting a strategic shift towards these markets [5] - U.S. Land drilling and completion activity saw significant declines, with rig count down 8% and frac spread count down 14% from the previous quarter [6] Company Strategy and Development Direction - The company is focused on optimizing U.S. Land operations while expanding international project-driven revenues [5] - Strategic decisions included exiting three additional land-based facilities and reducing the U.S. Land workforce [10] - The company aims to leverage technology and innovation to drive growth, as evidenced by recent awards for engineering excellence [12] Management's Comments on Operating Environment and Future Outlook - Management noted resilience in offshore and international markets despite geopolitical instability and lower crude oil prices [4] - The company maintains full-year EBITDA guidance between $88 million to $93 million, while revenue guidance is updated to $685 million to $700 million due to U.S. Land operations streamlining [20] - Strong demand for offshore and international products is expected to continue, with a backlog at a decade-high level [18] Other Important Information - Backlog increased to $363 million, with robust bookings of $112 million, yielding a quarterly book ratio of 1.1 times [9] - Capital expenditures in the second quarter were elevated due to ongoing construction of a new manufacturing facility in Indonesia [12] Q&A Session Summary Question: Offshore market outlook and project timing - Management indicated that their projects are more focused on production infrastructure rather than discretionary investments, which are less affected by short-term macroeconomic issues [26] Question: Impact of tariffs on operations - Management anticipates modest cost increases primarily in the downhole segment due to tariffs, but overall impact is expected to be manageable [28] Question: Free cash flow outlook and capital expenditures - Capital expenditures are guided to be around $30 million, with expectations of continued asset sales to offset costs [31][33] Question: Revenue mix and U.S. Land operations - Management clarified that the U.S. Land business is a smaller portion of their overall revenue mix, with ongoing restructuring efforts to improve margins [38][40] Question: Full-year revenue and EBITDA guidance - Management confirmed a step-up in revenues and EBITDA in the fourth quarter, primarily driven by the Offshore Manufactured Products segment [58] Question: Future order flow and offshore activity - Management expressed optimism for continued strong order flow and backlog growth, with expectations for increased offshore activity in 2026 [66]

Core Insights - Patterson-UTI Energy, Inc. (PTEN) reported a second-quarter 2025 adjusted net loss of $0.06 per share, which was wider than the Zacks Consensus Estimate of a $0.04 loss, and a decline from a profit of $0.05 in the same quarter last year [1][9] - Total revenues reached $1.2 billion, exceeding the Zacks Consensus Estimate by 0.3%, but decreased by 9.6% year over year due to weaker contributions from various segments [2][9] Financial Performance - **Drilling Services**: Revenues totaled $403.8 million, down 8.3% from $440.3 million in the prior year, but exceeded the estimate of $365.1 million. Operating income was $40.6 million, down from $76.1 million year over year, yet above the estimate of $24.1 million [4] - **Completion Services**: Revenues were $719.3 million, a drop of 10.7% from $805.4 million year over year, and missed the estimate of $762.4 million. The operating loss was $29.2 million compared to a profit of $10.7 million in the previous year, but was narrower than the estimated loss of $43.4 million [5] - **Drilling Products**: Revenues increased by 2.7% to $88.4 million from $86.1 million year over year, beating the estimate of $85.8 million. Operating profit was $6.8 million, down 21.1% from the previous year, and missed the estimate of $20.6 million [6] - **Other Services**: Revenues fell 52.7% to $7.8 million from $16.5 million year over year, but exceeded the estimate of $5.6 million. The operating loss was $2 million compared to a profit of $0.4 million in the prior year, missing the estimated operating income of $0.1 million [7] Capital Expenditure & Financial Position - PTEN spent $144.2 million on capital programs in the reported quarter, up from $130.5 million in the prior year [8] - As of June 30, 2025, the company had cash and cash equivalents of $185.9 million and long-term debt of $1.2 billion, with a debt-to-capitalization ratio of 26.7% [8] Shareholder Returns - The board declared a quarterly dividend of $0.08 per share, unchanged from the previous quarter, to be paid on September 15, 2025 [3][9] - The company returned $56 million to shareholders in Q2 2025, including $20 million in share repurchases [10] Q3 Outlook - PTEN anticipates an average rig count of approximately 90 for its Drilling Services segment in Q3 2025, with expected adjusted gross profit of around $130 million [11] - The company expects adjusted gross profit for Completion Services to remain steady, while Drilling Products is anticipated to improve slightly [12] - Total depreciation, depletion, amortization, and impairment expense is expected to be approximately $230 million for Q3 [13] - Net capital expenditures for full-year 2025 are anticipated to be less than $600 million, with a reduction in maintenance capital expenditures due to lower activity [14]

Company Overview and Strategy - Oil States is a technology-focused manufacturing and energy services company advancing affordable and reliable energy[5] - The company is focused on supporting traditional oil and gas customers while enabling pathways toward a lower carbon, multi-source energy mix[5] - Approximately 55% of Oil States' revenues are derived from international and offshore markets[20] Financial Performance and Outlook - In 2023, Oil States' consolidated revenues totaled $782 million and Adjusted Segment EBITDA was $128 million[13] - The company generated $31 million in free cash flow in 2023[96] - As of December 31, 2023, the Offshore/Manufactured Products segment backlog totaled $333 million[28] Segment Highlights - Offshore EPC investment for 2023 totaled $38.3 billion, with significant spending in the Middle East (36%) and Latin America (26%)[23] - U S shale market represented 75% of 2023 segment revenues for Downhole Technologies[14] - Well Site Services has over 31,500 stages now successfully completed[41] Technology and Innovation - Oil States has over 50 renewables projects globally since 2009[67] - The company's ActiveHub platform provides remote monitoring and control of assets across the well site[50] - Oil States' Merlin Deepsea Mineral Riser System received OTC's Spotlight on New Technology® award in May 2021[75]

Q3 2024 Operational Highlights - Subsea Opportunities List expands to $25 billion and extends through 2026[9] - Subsea inbound orders of $2.5 billion, resulting in a book-to-bill ratio of 1.2[9] - Total Company backlog increased to $14.7 billion, the highest level since the formation of TechnipFMC[9] - Share repurchase authorization increased by $1 billion, allowing for repurchases up to $1.2 billion, which is more than 10% of outstanding shares (as of 10/23/24)[9] Q3 2024 Financial Results - Subsea revenue reached $2.028 billion, a 1% increase QoQ and a 19% increase YoY[11] - Subsea adjusted EBITDA was $371 million, a 4% increase QoQ and a 44% increase YoY, with an adjusted EBITDA margin of 18.3%[11] - Surface Technologies revenue was $320 million, a 1% increase QoQ but an 8% decrease YoY[11] - Surface Technologies adjusted EBITDA was $49 million, a 7% increase QoQ but a 2% decrease YoY, with an adjusted EBITDA margin of 15.3%[11] - Total Company adjusted EBITDA was $389 million, excluding the impact of foreign exchange[12] - Free cash flow improved to $225 million[12] 2024 Full-Year Financial Guidance - Subsea revenue is projected to be in the range of $7.6 - $7.8 billion, with an adjusted EBITDA margin in the range of 16.5% - 17%[20] - Surface Technologies revenue is expected to be in the range of $1.2 - $1.35 billion, with an adjusted EBITDA margin in the range of 13% - 15%[17] - Free cash flow is projected to be in the range of $425 - $575 million[20]

Financial Data and Key Metrics Changes - The company reported revenues of $160 million for Q1 2025, meeting the guidance range of $160 million to $170 million, with adjusted EBITDA of $19 million, exceeding the expected range of $17.5 million to $18.5 million [4][11] - Adjusted net income totaled $4 million, or $0.06 per share, after excluding facility exit charges of $1 million [11] - Cash flow from operations was $9 million, reversing the historical trend of negative cash flow in Q1 due to seasonal working capital [5][12] Business Line Data and Key Metrics Changes - Offshore Manufactured Products segment generated revenues of $93 million with an adjusted EBITDA of $18 million, resulting in an adjusted EBITDA margin of 19%, down from 23% in the previous quarter [11][12] - Completion and Production Services segment reported revenues of $35 million and adjusted EBITDA of $9 million, with an adjusted EBITDA margin of 25%, significantly up from 12% in the fourth quarter [11][12] - Downhole Technologies segment generated revenues of $33 million with adjusted EBITDA of $2 million [12] Market Data and Key Metrics Changes - The company experienced strong demand in international and offshore regions, leading to bookings of $136 million and the highest backlog since September 2015, with a book-to-bill ratio of 1.5 times for the quarter [5][14] - Despite economic volatility and potential tariff impacts, the company anticipates that the majority of its backlog, which consists of projects outside the U.S., will remain largely unaffected [14][16] Company Strategy and Development Direction - The company plans to focus on organic growth opportunities, research and development, debt repayment, and share repurchases to drive value for customers and stockholders [16] - Strategic actions have been implemented to mitigate potential negative impacts from tariffs, including optimizing the supply chain and adjusting pricing to customers [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing demand for offshore and international products, despite potential pressures from domestic market conditions and crude oil prices [14][16] - The company expects strong free cash flow generation for the full year, with cash flow from operations projected to range between $65 million and $75 million [13][16] Other Important Information - The company plans to be opportunistic regarding share repurchases due to low stock prices and aims to maintain a robust free cash flow yield [16][32] - The anticipated impact of tariffs on costs is estimated to be in the range of 5% to 10% higher, particularly affecting the Downhole Technologies segment [38] Q&A Session Summary Question: Insights on bookings and backlog - Management noted that long-term development drilling programs are less affected by short-term commodity price fluctuations, indicating confidence in ongoing projects [20][21] Question: Sequential improvement in Completion and Production Services - Management highlighted that the recovery in Gulf operations and cost reduction efforts contributed to improved margins, with expectations for continued positive performance [25][28] Question: Balance sheet and capital allocation strategy - Management confirmed a focus on aggressive share repurchases and debt reduction, given the current low stock price and upcoming debt maturity [30][32] Question: Impact of tariffs on costs - Management indicated that the tariff impacts are expected to be minimal, with similar cost increases anticipated across competitors in the Downhole Technologies segment [38][40]

Company Overview - Forum Energy Technologies, Inc. (FET) is a global manufacturer serving the oil and gas, industrial, and renewable energy sectors [1] - The company operates through two main segments: Drilling and Completions, and Artificial Lift and Downhole [1] Segment Details - The Drilling and Completions segment focuses on selling capital equipment [1] - The Artificial Lift and Downhole segment is also a key area of operation for the company [1]