Group 1 - Fidelis Insurance Holdings Limited (FIHL) has been added to the Zacks Rank 5 (Strong Sell) List due to a 42.9% downward revision in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - Flowco Holdings Inc. (FLOC) is also on the Zacks Rank 5 (Strong Sell) List, with a 3.4% downward revision in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - WhiteHorse Finance, Inc. (WHF) has been included in the Zacks Rank 5 (Strong Sell) List, experiencing a 4.1% downward revision in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2]

Company Overview - Nine's business is largely driven by technology-based services, with approximately 60% of revenue coming from completion tools and cementing[9] - The company's strategy focuses on growing completion tool revenue in both domestic and international markets[9] - In Q2 2025, completion tool revenue increased by approximately 9% quarter-over-quarter, driven by increased sales in the Northeast and Haynesville regions, as well as an increase in international tool sales[75] - Total H1 2025 international tools revenue increased by approximately 20% compared to H1 2024[70] Financial Performance - The company's asset-light model reduces capital expenditure needs, with the average 3-year capex from 2017-2019 being approximately $53 million, compared to approximately $21 million for the 4-year average from 2021-2024, a reduction of approximately 60%[20] - Q2 2025 revenue was at the upper end of management's original guidance[70] - The company reported net cash provided by operating activities of $10.1 million for Q2 2025[77] - As of June 30, 2025, the company had cash of $14.2 million, total debt of $349.4 million, and net debt of $335.2 million[76] Market Position and Technology - The company has a significant share in the US dissolvable plug market, with approximately 75% of the market concentrated among four competitors, including Nine[46] - The company's dissolvable pumpdown rings have been shown to reduce horsepower requirements by approximately 48%, water usage by approximately 28%, and diesel fuel usage by approximately 42%[61]

Core Insights - PHX Energy reported consolidated revenue of $167.7 million for Q2 2025, a 9% increase from $154.2 million in Q2 2024, marking the highest second-quarter revenue on record [3][6][24] - Adjusted EBITDA for Q2 2025 was $27.4 million, representing 16% of consolidated revenue, down from $30 million (19% of revenue) in Q2 2024 [3][9][32] - Earnings for Q2 2025 were $8.5 million ($0.17 per share), a decrease of 34% from $12.9 million ($0.26 per share) in Q2 2024 [4][9][42] Financial Highlights - Revenue from directional drilling services increased by 8% to $153.9 million in Q2 2025, while motor rental revenue rose by 28% to $12.8 million [24][27] - The Canadian division reported revenue of $39.6 million, a 4% increase from $38.2 million in Q2 2024, despite a 6% decline in Canadian industry drilling days [8][25] - Excess cash flow for Q2 2025 was $9.3 million, a significant increase of 163% from $3.5 million in Q2 2024 [4][12] Operational Performance - The US division's revenue grew by 10% to $128.1 million in Q2 2025, despite a 5% decline in the average number of active rigs in the US [7][46] - The average revenue per day for directional drilling services improved by 7% to $22,476 in Q2 2025, driven by higher RSS activity [26][27] - The Canadian division's average revenue per day increased by 16% to $16,409, supported by the expansion of RSS activity [8][26] Cost and Expenses - Direct costs increased by 13% to $143.4 million in Q2 2025, primarily due to higher equipment repair expenses and increased costs from tariffs [30][31] - SG&A costs rose by 21% to $16.7 million in Q2 2025, mainly due to rising personnel-related costs [33][34] - Depreciation and amortization expenses on drilling and other equipment increased by 13% to $12.6 million in Q2 2025 [31][42] Shareholder Returns - The company declared a dividend of $0.20 per share, totaling $9.1 million, paid on July 15, 2025 [11][12] - The corporation repurchased and cancelled 100,000 common shares for $0.9 million under the Normal Course Issuer Bid (NCIB) [15][16] - Since 2017, 28% of outstanding shares have been purchased and cancelled as part of the Return of Capital Strategy (ROCS) [5][12] Outlook - The company anticipates continued strong activity and revenue in the second half of 2025, focusing on its premium Rotary Steerable Systems (RSS) offerings [5][6] - Despite a softer market expected through 2025, there are opportunities for growth in natural gas-focused drilling rigs due to increasing LNG exports [5][6] - The company plans to apply for the renewal of its NCIB to continue rewarding shareholders [16][12]

Financial Data and Key Metrics Changes - In Q2 2025, Atlas generated $70.5 million of adjusted EBITDA on $288.7 million of sales, resulting in a 24% adjusted EBITDA margin, which was at the low end of the guidance range of $70 million to $80 million [6][23] - The company experienced a slight sequential decline in volumes due to a slowdown in Permian Basin completion activity, primarily driven by customer pauses and delays rather than outright crew reductions [6][7] - Operating cash flow improved significantly to $88.6 million, driven by better working capital intensity and customer collections [27] Business Line Data and Key Metrics Changes - Proppant sales totaled $126.3 million, logistics contributed $146.4 million, and power rentals added $16 million in Q2 2025 [25] - Proppant volumes were 5.4 million tons, down approximately 4% from Q1 levels, with an average revenue per ton of $23.29, boosted by shortfall revenue [25] - The average sales price is expected to decline to approximately $20.5 in Q3 2025, reflecting ongoing market challenges [26] Market Data and Key Metrics Changes - The Permian frac crew count has declined from approximately 95 crews in Q1 2025 to around 80, the lowest since 2017, excluding the COVID downturn [7][8] - Atlas has expanded its market share from 15% at the time of its IPO to approximately 35% of all sand sold today, bolstered by the Hi Crush acquisition [8][9] - Spot prices for West Texas sand remain in the mid to high teens, insufficient for continued reinvestment by many in the industry [10] Company Strategy and Development Direction - Atlas aims to be the primary provider of sand and logistics in the Permian Basin, focusing on integration and operational efficiency to outperform competitors [19][20] - The company is strategically positioned to capitalize on pricing recovery when completion activity rebounds, with the Dune Express fully operational [10][11] - The acquisition of Mosier Energy Systems and PropFlo is part of a strategy to enhance market position and earnings potential through innovative solutions [14][15] Management's Comments on Operating Environment and Future Outlook - Management acknowledges ongoing challenges in the West Texas oilfield services market but believes these conditions will create significant opportunities for Atlas [14][31] - The company expects third-quarter volumes to increase sequentially, driven by recent customer wins and new Dune Express trials, despite a forecasted decline in average proppant sales price [24] - Management is optimistic about the growth potential of the Power business, with a focus on longer-term contracts that stabilize cash flows [13][15] Other Important Information - The Dune Express has significantly reduced public road traffic and admissions in the area, enhancing operational efficiencies [11] - The company is maintaining its dividend of $0.25 per share, representing a 7.9% yield as of the last close [27] Q&A Session Summary Question: What is driving the share gains in the Permian market? - Management attributes share gains to a strong reputation as a reliable sand provider, operational efficiencies, and strategic investments in logistics and technology [35][39] Question: How does the company prioritize capital allocation in a soft market? - The company focuses on maintaining a low-cost structure while continuing to invest in logistics and technology, balancing capital returns to shareholders with necessary investments [45][48] Question: Can you elaborate on the opportunities in the power business outside of oil and gas? - Management highlights the potential for growth in commercial and industrial sectors, with a focus on long-term contracts that provide stable cash flows [53][56] Question: What evidence is there of supply contraction in the sand market? - Management confirms that some major mines have shut down, indicating a tangible reduction in supply capacity [60][63] Question: How is the operator mindset changing in the current market? - Operators are generally more cautious but are beginning to stabilize their strategies as they approach budget season [91]

Core Points - Nexera Energy Inc. has successfully closed a non-brokered private placement, issuing a total of 40,000,002 units at a price of $0.015 per unit, raising an aggregate of $600,000 [1][5] - Each unit consists of one common share and one share purchase warrant, with the warrants allowing the purchase of additional shares at $0.10 for 24 months [1][5] - The net proceeds from the offering will be utilized to enhance oil and gas services, including a well optimization program and equipment acquisition [3][4] Financial Details - The breakdown of the anticipated use of proceeds includes: - Equipment purchases and refurbishing: $140,000 - Well optimization program: $280,000 - Labor: $100,000 - Remaining balance for working capital [4] Company Overview - Nexera Energy Inc. operates in the energy sector with oil-producing properties in Southwest Texas and owns 100% of Production Resources Inc. [6]

Financial Data and Key Metrics Changes - The company reported second quarter earnings per share of $1.67, a 17% increase year over year from $1.43 in 2024 [5] - Total Marine revenues increased by $7.8 million or 2% compared to 2024, and operating income increased by $4.2 million or 4% [13] - Distribution and Services segment revenues were $363 million with operating income of $35 million and operating margin of 9.8% [19] Business Line Data and Key Metrics Changes - Inland marine transportation saw barge utilization rates in the low to mid 90% range, with pricing gains and operating margins in the low 20% range [6][7] - Coastal marine transportation revenues increased 3% year over year and 14% sequentially, with operating margins in the high teens [17] - Power generation revenues increased 31% year over year, driven by robust demand from data centers and industrial customers [9] Market Data and Key Metrics Changes - Spot market rates increased in the low single digits sequentially and in the mid single digits year over year [7] - Average coastal barge utilization was in the mid to high 90% range, reflecting strong customer demand [8] - The oil and gas segment experienced a 27% year over year decline in revenues, although operating income increased significantly due to cost management [22] Company Strategy and Development Direction - The company aims to maintain capital discipline while pursuing long-term value creation through strategic investments and acquisitions [30] - There is a focus on adapting to macroeconomic conditions and maintaining strong operational performance despite challenges [28] - The company anticipates continued growth in inland marine revenues in the low to mid single digits for the full year [31] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment has become more complex, with trade policy shifts introducing uncertainty [28] - Despite some demand softness, the company expects 15% to 25% year over year growth in earnings for 2025 [29] - The outlook for the power generation segment remains strong, with a growing backlog and increased orders [53] Other Important Information - The company expects to generate cash flow from operations of $620 million to $720 million for 2025 [25] - Capital expenditures are projected to range between $60 million and $290 million for the year, with some growth initiatives deferred to 2026 [26] - The company has a strong balance sheet with $68 million in cash and total debt of approximately $1.12 billion [23] Q&A Session Summary Question: Update on inland business demand and spot pricing - Management indicated that while the second quarter was strong, there are signs of demand pullback in July, particularly from chemical customers [40][41] Question: Clarification on growth guidance and margin impacts - Management stated that if demand remains muted, they may finish closer to the lower end of their guidance range, but there is potential for recovery [61][62] Question: Insights on power generation segment and backlog - Management confirmed that the power generation segment is seeing strong demand, with a backlog increase of 15% to 20% [52][105] Question: Discussion on capital allocation between M&A and stock buybacks - Management expressed a preference for stock buybacks in the absence of acquisitions, while remaining open to potential M&A opportunities [78][80] Question: Inquiry about the frac market and power generation quotes - Management noted that most power generation orders are now coming from data centers, with a significant increase in inquiries compared to previous periods [104][106]

Financial Data and Key Metrics Changes - The company reported revenue of $423 million for Q2 2025, an increase of $32 million or approximately 8% compared to the previous year [34] - EBITDA grew to $94 million, representing a sequential increase of approximately $18 million or 24% from Q1 2025, with an EBITDA margin of 22%, marking the best quarterly result in the company's history [35][36] - Free cash flow on an adjusted basis was $36 million, or 9% of revenue, with a commitment to repurchase $40 million in shares [7][36] Business Line Data and Key Metrics Changes - North and Latin America (NLA) revenue was $143 million, up $8 million quarter over quarter, driven by higher well construction activity [42] - Europe and Sub-Saharan Africa (ESSA) revenue increased by $20 million to $132 million, primarily due to activity in the North Sea and Angola [43] - Middle East and North Africa (MENA) revenue was $91 million, slightly lower than Q1, driven by reduced well construction revenue in Saudi Arabia and the UAE [43] - Asia Pacific (APAC) revenue was $57 million, an increase of $6 million, reflecting higher well flow management activity in Malaysia, Indonesia, and Brunei [44] Market Data and Key Metrics Changes - The company secured new order awards of $595 million in Q2 2025, marking the second highest quarter of new order intakes in its history [10] - The backlog increased to approximately $2.3 billion at the end of Q2 2025, indicating a healthy pipeline of future work [11] - The Brent crude price fluctuated within a $20 per barrel range, peaking at $80 per barrel in June, impacting market dynamics [12][13] Company Strategy and Development Direction - The company is focused on maintaining cost and capital discipline while expanding EBITDA margins and free cash flow generation [15][46] - The strategic focus is on well intervention, production optimization, and digital services, aligning with market trends towards optimizing existing assets [14][15] - The company aims to leverage its strong international and offshore presence to navigate market fluctuations and capitalize on growth opportunities [15][46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the oil and gas industry despite recent challenges, with expectations for new project approvals to return to growth in 2026 [14][26] - The company anticipates mid-single-digit revenue growth for 2025, supported by customer scheduled activities and product delivery [27] - Management highlighted the importance of customer engagement and operational execution in maintaining a positive outlook [96] Other Important Information - The company is implementing a cost optimization program called Drive 25, targeting $30 million in run rate cost savings [44] - Total available liquidity at the end of Q2 was approximately $343 million, with a new credit facility providing up to $500 million in available liquidity [45] Q&A Session Summary Question: Was the strong Q2 orders mostly timing or indicative of future growth? - Management indicated that the strong orders were a mix of contract renewals and timing, with robust bidding activity continuing [51][52] Question: What are the opportunities for improved free cash flow conversion? - Management emphasized ongoing margin expansion and cost efficiency initiatives, with flexibility in CapEx spending to enhance free cash flow [53][56] Question: How does the company view the segments for the remainder of the year? - Management expects continued margin expansion and stable performance across segments, with a solid execution quarter in Q2 [64] Question: What is the outlook for the subsea well access segment? - Management noted that the recent decline in revenue is not expected to be sustained, with a strong fourth quarter anticipated [78][80] Question: What are the dynamics in the MENA region? - Management highlighted that MENA remains the most profitable geography, with strong activity levels, particularly in Saudi Arabia and Algeria [86]

Core Insights - Weatherford International plc has been awarded a significant contract for Managed Pressure Drilling (MPD) services for the Trion project in Mexico, enhancing its market leadership in high-performance MPD [1][2] - The contract includes MPD services for an initial 8 wells, with the potential to expand to 24 wells, indicating a strong growth opportunity in Mexico's offshore energy sector [2] - The deployment of the Victus™ intelligent MPD system is set to improve drilling safety, efficiency, and performance, showcasing Weatherford's technological advancements in the industry [3] Company Overview - Weatherford provides innovative energy services that integrate proven technologies with advanced digitalization, aiming to maximize value and return on investment for its clients [5] - The company operates in approximately 75 countries with around 17,300 team members, representing over 110 nationalities and 310 operating locations [5] Project Details - The Trion project is located in deepwater (~2,500 meters) of the Gulf of Mexico, approximately 180 kilometers east of Tamaulipas and 30 kilometers south of the US-Mexico maritime border [4] - The project is a joint venture between Woodside Petróleo Operaciones de México (60% operator) and Petróleos Mexicanos-PEMEX (40%) [4]

Core Viewpoint - Mammoth Energy Services, Inc. will release its second quarter financial results for 2025 on August 8, 2025, and will hold a conference call to discuss these results [1][2]. Company Overview - Mammoth Energy Services is an integrated, growth-oriented company focused on providing products and services primarily in the oil and natural gas and infrastructure industries [3]. - The company offers a variety of services including rental services, infrastructure services, natural sand proppant services, accommodation services, and drilling services [3]. - The rental services segment provides equipment for oilfield, construction, and aviation activities [3]. - Infrastructure services include engineering, design, and fiber optic services for the utility industry [3]. - Natural sand proppant services involve mining, processing, and selling natural sand proppant for hydraulic fracturing [3]. - Remote accommodation services offer housing, kitchen, dining, and recreational facilities for workers in remote areas [3]. - Drilling services focus on directional drilling for oilfield operators [3].

Core Insights - Core Laboratories reported Q2 2025 GAAP revenue of $130.2 million, exceeding analyst expectations of $129.1 million, with adjusted EPS of $0.19 matching consensus estimates [1][3] - Revenue remained essentially unchanged compared to Q2 2024, indicating a lack of significant year-over-year growth despite operational progress [2][3] Financial Performance - Adjusted EPS for Q2 2025 was $0.19, down 13.6% from $0.22 in Q2 2024 [3] - Revenue of $130.2 million showed a slight decline of 0.3% from $130.6 million in the same quarter last year [3] - Operating income decreased by 11.6% to $14.5 million from $16.4 million year-over-year [3] - Free cash flow fell by 27% to $10.4 million compared to $14.3 million in Q2 2024 [3] Business Overview - Core Laboratories specializes in reservoir optimization and production enhancement services for the oil and gas industry, operating through two main segments: Reservoir Description and Production Enhancement [4][5] - The company emphasizes technological innovation and international expansion, with 66% of revenue generated outside the U.S. for the years ended December 31, 2024, and 2022 [5] Segment Performance - The Reservoir Description segment maintained steady performance, with flat revenue year-over-year but a 7% increase from the previous quarter, driven by demand for laboratory instrumentation [6][7] - The Production Enhancement segment experienced a 1.0% year-over-year revenue decline but a 3% sequential increase, with an operating income margin of 9%, reflecting a 50-basis point improvement [8] Financial Discipline - Free cash flow increased by 160% sequentially to $10.4 million, with net debt reduced to $94.8 million, the lowest in eight years [9] - The company maintained its quarterly dividend at $0.01 per share, consistent with prior quarters [9] Future Guidance - For Q3 2025, management forecasts GAAP revenue between $127.5 million and $134.5 million, with operating income expected to range from $13.6 million to $16.2 million [10] - Reservoir Description revenue is anticipated to remain flat sequentially, while Production Enhancement may see slight growth [10] Market Outlook - Management highlighted ongoing risks related to oil and gas industry cycles and unpredictable U.S. market activity, while emphasizing the importance of international project wins and cost discipline [11]