4Q 2025 Earnings Presentation We often discuss expectations regarding our future markets, demand for our products and services, and our performance in our annual, quarterly, and current reports, press releases, and other written and oral statements. Such statements, including statements in this document that relate to matters that are not historical facts, are "forward-looking statements" within the meaning of the safe harbor provisions of Section 27A of the U.S. Securities Act of 1933 and Section 21E of th ...

Core Insights - Nabors Industries reported revenue of $797.53 million for Q4 2025, marking a year-over-year increase of 9.3% and exceeding the Zacks Consensus Estimate of $796.62 million by 0.11% [1] - The company achieved an EPS of $0.17, a significant improvement from a loss of $6.67 in the same quarter last year, resulting in an EPS surprise of 105.81% compared to the consensus estimate of -$2.93 [1] Financial Performance Metrics - Daily Rig Revenue for International Drilling was reported at $49.39 million, slightly below the average estimate of $49.41 million [4] - Daily Adjusted Gross Margin for International Drilling was $17.63 million, compared to the average estimate of $18.17 million [4] - Average Rigs Working in International Drilling was 93, exceeding the average estimate of 91 [4] - Average Rigs Working in U.S. Drilling was 70, slightly above the estimated 69 [4] - Daily Rig Revenue for U.S. Drilling was $37.58 million, below the estimated $38.23 million [4] - Operating Revenues for U.S. Drilling were $240.62 million, compared to the estimated $247.62 million, reflecting a year-over-year decrease of 0.4% [4] - Operating Revenues for International Drilling reached $423.84 million, surpassing the average estimate of $415.23 million, with a year-over-year increase of 14.1% [4] - Operating Revenues for Drilling Solutions were $107.88 million, below the estimated $112.87 million, but showing a year-over-year increase of 42% [4] - Operating Revenues from Other reconciling items were reported at -$12.56 million, better than the estimated -$15.67 million, representing an 18.3% year-over-year change [4] - Operating Revenues for Rig Technologies were $37.75 million, exceeding the average estimate of $36.66 million, but reflecting a year-over-year decline of 32.8% [4] - Investment income was reported at $7.6 million, above the average estimate of $5.19 million, with a year-over-year decrease of 13.9% [4] Stock Performance - Nabors' shares have returned 9.9% over the past month, contrasting with a -0.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Core Insights - Helmerich & Payne, Inc. (HP) reported a first-quarter fiscal 2026 adjusted net loss of 15 cents per share, significantly missing the Zacks Consensus Estimate of adjusted net income of 12 cents, and a sharp decline from the previous year's profit of 71 cents due to weakness in the North America Solutions segment and a non-cash impairment charge of $103 million [1][9] Financial Performance - Operating revenues reached $1 billion, surpassing the Zacks Consensus Estimate of $986 million, with Drilling Services sales increasing by 50.2% year-over-year [2][9] - The company distributed approximately $25 million to shareholders as part of its ongoing dividend program [2] Segment Performance - **North America Solutions**: Operating revenues were $563.9 million, down 5.7% year-over-year, with an operating profit of $36.2 million, significantly lower than the prior year's $152.2 million due to a one-time impairment of $98 million [4] - **International Solutions**: Operating revenues surged 393.4% to $234.3 million, but the operating loss widened to $55.3 million compared to a loss of $14.5 million in the prior year [5] - **Offshore Solutions**: Revenues increased 554.6% to $188.3 million, with an operating profit of $16.4 million, although it missed the estimate of $20.3 million [6] Debt and Financial Position - As of the end of January, HP repaid $260 million of its existing $400 million term loan, expecting to repay the entire loan by the end of the third quarter of fiscal 2026 [3] - The company had $247.2 million in cash and cash equivalents, with long-term debt totaling $2 billion and a debt-to-capitalization ratio of 42.8% [7] Guidance - For the second quarter of fiscal 2026, North America Solutions is projected to deliver direct margins between $205 million and $230 million, while International Solutions is expected to generate direct margins of $12 million to $22 million [8][10]

Core Insights - Patterson-UTI Energy, Inc. (PTEN) reported a narrower adjusted net loss of 2 cents per share for Q4 2025, better than the Zacks Consensus Estimate of an 11-cent loss and an improvement from a 12-cent loss in the same quarter last year [1][9] - Total revenues reached $1.2 billion, exceeding the Zacks Consensus Estimate by 5%, primarily driven by strong performance in the Completion Services segment [2][9] - The board of directors increased the quarterly dividend by 25% to 10 cents per share, payable on March 16, 2026 [3] Segment Performance - **Drilling Services**: Revenues were $360.8 million, down 11.6% year-over-year, missing the estimate of $365 million. Operating income was $43 million, beating the estimate of $37.7 million [4] - **Completion Services**: Revenues increased by 7.8% year-over-year to $701.6 million, surpassing the estimate of $647 million. The operating loss narrowed to $3.6 million from a loss of $50.2 million in the previous year [5] - **Drilling Products**: Revenues decreased by 3.2% year-over-year to $83.8 million, missing the estimate of $85 million. Operating profit was $6.8 million, compared to a loss of $0.2 million in the prior year [6] - **Other Services**: Revenues fell by 71.3% year-over-year to $4.7 million, missing the estimate of $4.8 million [6] Financial Position - Capital expenditures for the quarter were $138.5 million, slightly down from $140.3 million in the prior year. As of December 31, 2025, cash and cash equivalents were $420.6 million, with long-term debt of $1.2 billion and a debt-to-capitalization ratio of 27.5% [8] - Total operating costs and expenses were $1.151 billion, down from $1.1935 billion in Q4 2024 [8] Q1 2026 Outlook - The company expects an average rig count in the low-to-mid 90s for the Drilling Services segment in Q1 2026, with adjusted gross profit anticipated to decline by less than 5% from Q4 2025 [11] - For Completion Services, adjusted gross profit is expected to be around $95 million, while Drilling Products segment's adjusted gross profit is anticipated to improve slightly [12] - Selling, general and administrative (SG&A) expenses are projected to be about $65 million, with total depreciation, depletion, amortization, and impairment expenses expected to be approximately $225 million for the upcoming quarter [13]

Core Insights - Halliburton Company (HAL) reported fourth-quarter 2025 adjusted net income per share of 69 cents, exceeding the Zacks Consensus Estimate of 54 cents, primarily due to successful cost reduction initiatives, although it slightly decreased from the year-ago adjusted profit of 70 cents due to softer activity in North America [1] Financial Performance - Revenues for Halliburton reached $5.7 billion, marking a 0.8% increase year over year and surpassing the Zacks Consensus Estimate by 4.7% [2] - North American revenues decreased by 0.3% year over year to $2.2 billion but exceeded projections by over $146 million, while international revenues rose by 1.5% to $3.5 billion, beating estimates by 3% [3] Segment Performance - The Completion and Production segment generated $570 million in operating income, down from $629 million the previous year, but exceeded estimates of $473.2 million due to a favorable activity mix [4] - The Drilling and Evaluation unit's profit fell to $367 million from $401 million year over year, attributed to lower fluid services in North America and reduced drilling services in the Middle East/Asia, yet it surpassed estimates of $359.9 million [5] Capital Expenditure and Cash Flow - Halliburton's fourth-quarter capital expenditure was $337 million, below the projected $390.4 million, with approximately $2.2 billion in cash/cash equivalents and $7.2 billion in long-term debt as of December 31, 2025, resulting in a debt-to-capitalization ratio of 40.5 [6] - The company executed $1 billion in share repurchases during 2025, returning 85% of free cash flow to shareholders, with a generated cash flow from operations of $1.2 billion in the fourth quarter, leading to a free cash flow of $875 million [6] Management Outlook - Halliburton anticipates continued strength in its international business, supported by a collaborative value proposition and proven technology, while maintaining its Maximize Value strategy in North America, expecting the region to respond first as macro fundamentals improve [7] Investment Position - Halliburton currently holds a Zacks Rank 2 (Buy), indicating a favorable investment outlook [8]

Core Viewpoint - Helmerich & Payne reported a fourth-quarter fiscal 2025 adjusted net loss, significantly missing earnings estimates, while revenues exceeded expectations, indicating mixed performance and potential concerns for future earnings [2][3]. Financial Performance - The company reported a fourth-quarter adjusted net loss of 1 cent per share, missing the Zacks Consensus Estimate of adjusted net income of 26 cents, and down from a profit of 76 cents in the same quarter last year [2]. - Operating revenues reached $1 billion, surpassing the Zacks Consensus Estimate of $976 million, and increased by 45.8% compared to the previous year [3]. - The company distributed approximately $25 million to shareholders as part of its ongoing dividend program [3]. Segmental Performance - North America Solutions generated operating revenues of $572.3 million, down 7.4% year over year, but exceeded projections of $541 million; operating profit was $118.2 million, beating estimates [5]. - International Solutions saw operating revenues of $241.2 million, a significant increase of 430.6% from the previous year, but reported an operating loss of $75.7 million, worse than the prior year's loss of $3.9 million [6]. - Offshore Solutions revenues reached $180.3 million, up 554.7% year over year, with an operating profit of $20.3 million, exceeding estimates [7]. Financial Position - The company repaid $210 million on its existing $400 million term loan, ahead of previous expectations, and plans to repay the entire loan by the end of the third quarter of fiscal 2026 [4]. - As of September 30, 2025, Helmerich & Payne had $196.8 million in cash and cash equivalents, with long-term debt totaling $2.1 billion, resulting in a debt-to-capitalization ratio of 42.1% [8]. Guidance for FY26 - The company anticipates gross capital expenditures of $280-$320 million for fiscal 2026, with significant allocations for North America Solutions and maintenance across its global drilling fleet [9][10]. - Operating guidance includes an average contracted rig count of 132-148 for North America Solutions and 58-68 for International Solutions, with expected direct margins for Offshore Solutions [10]. Market Sentiment - Recent estimates for the company have trended downward, with a consensus estimate shift of -34.83% [11]. - Helmerich & Payne currently holds a Zacks Rank 3 (Hold), indicating expectations for an in-line return in the coming months [13].

Core Insights - Major Drilling Group International Inc. reported a record revenue of $244.1 million for Q2 fiscal 2026, marking a 29.0% increase compared to the same quarter last year, driven by strong demand from senior mining customers [3][12] - The company transitioned from a net debt position to a net cash position of over $14 million, with total available liquidity exceeding $149 million, positioning it well for future growth [5][24] - The outlook for the company remains positive as senior mining companies prepare their budgets for the upcoming calendar year, despite temporary challenges such as labor shortages and competitive pricing pressures [7][8] Financial Performance - Revenue for Q2 2026 was $244.1 million, up from $189.3 million in Q2 2025, with adjusted gross margin at 26.0%, down from 30.5% year-over-year [11][12] - EBITDA for the quarter was $37.7 million, slightly down from $38.7 million in the same period last year [8][22] - Net earnings were reported at $13.9 million or $0.17 per share, compared to $18.2 million or $0.22 per share in Q2 2025 [19][22] Regional Performance - Revenue from North America increased by 2.6% to $87.6 million, with a significant rebound in Canadian activity, while U.S. performance was softer due to reduced junior activity [13] - South and Central American revenue surged by 125.5% to $110.7 million, largely due to the contribution from Explomin, despite slowdowns in Argentina and Chile [14] - Australasian and African revenue decreased by 16.1% to $45.9 million, primarily impacted by operational issues with a major customer in Indonesia [15] Strategic Initiatives - The company announced a Normal Course Issuer Bid (NCIB) to repurchase up to 5% of its issued shares over a 12-month period starting October 21, 2025 [8] - Major Drilling is ramping up training efforts to address the shortage of experienced drill crews, which is expected to impact margins in the short term but aims to enhance operational capacity in the long run [8][10] - The company continues to focus on strategic market positioning to capture long-term opportunities, particularly in competitive pricing environments [4][8]

Core Insights - Helmerich & Payne, Inc. (HP) reported a fourth-quarter fiscal 2025 adjusted net loss of 1 cent per share, significantly missing the Zacks Consensus Estimate of adjusted net income of 26 cents, and a considerable decrease from the prior year's profit of 76 cents due to weakness in the International Solutions segment and $56 million in non-recurring charges [1] Financial Performance - Operating revenues reached $1 billion, surpassing the Zacks Consensus Estimate of $976 million, with Drilling Services sales exceeding the consensus by 3.2% and increasing by 45.8% year-over-year [2] - The company distributed approximately $25 million to shareholders as part of its ongoing dividend program [2] Debt Management - As of the end of October, HP repaid $210 million of its existing $400 million term loan, exceeding prior expectations of $200 million by the end of calendar year 2025, and now anticipates full repayment by the end of the third quarter of fiscal 2026 [3] Segment Performance - North America Solutions: Operating revenues of $572.3 million, down 7.4% year-over-year, with an operating profit of $118.2 million compared to $155.6 million in the prior year, but beating the estimate of $99.3 million [4] - International Solutions: Operating revenues of $241.2 million, up 430.6% from $45.5 million in the prior year, but an operating loss of $75.7 million compared unfavorably to a loss of $3.9 million in the prior year [5] - Offshore Solutions: Revenues of $180.3 million, up 554.7% from $27.5 million in the prior year, with an operating profit of $20.3 million compared to $4.3 million in the prior year, beating the estimate of $19.8 million [6] Financial Position - In the reported quarter, HP spent $426.4 million on capital programs, with $196.8 million in cash and cash equivalents and long-term debt totaling $2.1 billion, resulting in a debt-to-capitalization ratio of 42.1% [7] Guidance for FY26 - The company anticipates gross capital expenditures of $280-$320 million for fiscal 2026, with $40-$60 million for North America Solutions and $230-$250 million for maintenance and reactivation across its global drilling fleet [8][9] - Operating guidance includes an average contracted rig count of 132-148 in North America Solutions and 58-68 for International Solutions, with Offshore direct margins projected at $100-$115 million [9]

Core Insights - Mammoth Energy Services reported a total revenue of $14.8 million for Q3 2025, a decrease from $17.1 million in Q3 2024 and $16.4 million in Q2 2025 [3][4] - The company experienced a net loss from continuing operations of $12.1 million, or $0.25 per diluted share, compared to a loss of $8.9 million, or $0.18 per diluted share, in Q3 2024 [4][22] - Adjusted EBITDA from continuing operations was ($4.4) million for Q3 2025, worsening from ($2.9) million in Q3 2024 [5] Financial Overview - Total liquidity as of September 30, 2025, was approximately $153.4 million, with no debt, providing financial flexibility [3][12] - The infrastructure services segment generated $4.8 million in revenue, up from $4.4 million in Q3 2024, driven by increased fiber optic activity [6] - The rental services segment reported revenue of $2.8 million, an increase from $2.2 million in Q3 2024, attributed to expanded aviation rental offerings [7] - Revenue from natural sand proppant services fell to $2.7 million, down from $4.9 million in Q3 2024, with a decrease in sales volume and average sales price [8] - Accommodation services revenue decreased to $2.3 million from $2.9 million in Q3 2024, with average room utilization dropping [9] - Drilling services revenue increased to $2.3 million from $1.6 million in Q3 2024, primarily due to higher utilization [10] Operational Highlights - Selling, general and administrative expenses decreased to $5.2 million from $6.8 million in Q3 2024, mainly due to lower legal fees [11] - Capital expenditures for Q3 2025 totaled $17.3 million, primarily for the expansion of the aviation rental fleet [14] - As of October 29, 2025, unrestricted cash on hand was $106.6 million, with total liquidity increasing to $166.7 million [13]

Core Insights - Patterson-UTI Energy, Inc. (PTEN) is expected to report a third-quarter earnings loss of 9 cents per share, with revenues estimated at $1.17 billion, reflecting a decline from the previous year [1][3][10] Financial Performance - In the second quarter of 2025, PTEN reported an adjusted net loss of 6 cents per share, missing the consensus estimate of a 4-cent loss, while total revenues of $1.2 billion exceeded expectations by 0.3% [2] - PTEN has missed consensus estimates in each of the last four quarters, with an average negative surprise of 17.50% [3] Revenue and Cost Analysis - The Zacks Consensus Estimate for third-quarter revenues indicates a 13.56% decline from the previous year's $1.4 billion, primarily due to poor performance in Completion Services, Drilling Services, and other segments [3][7] - PTEN's operating costs are projected to decrease by 49.7% year-over-year to $1.2 billion, reflecting the company's focus on financial discipline [5][10] - Direct operating costs are expected to drop from $1 billion to $885.2 million, while depreciation, depletion, amortization, and impairment costs are anticipated to decrease from $374.7 million to $230.3 million [6] Market Position and Outlook - Despite the anticipated revenue decline, PTEN's cost-control measures are expected to mitigate the financial impact in the upcoming quarterly results [8] - The Zacks Consensus Estimate for third-quarter earnings has remained unchanged over the past week, indicating a lack of movement in market expectations [10]