Financial Data and Key Metrics Changes - Total reported revenue for the quarter was $1,219 million, with a net loss attributable to common shareholders of $49 million or $0.13 per share, which included a $28 million impairment related to drilling operations in Colombia [22] - Adjusted EBITDA for the quarter totaled $231 million, and the company generated $70 million of adjusted free cash flow in the first half of the year [22][31] - The company closed the quarter with $186 million in cash and an undrawn $500 million revolving credit facility, with low leverage and an investment-grade credit rating [14][31] Business Line Data and Key Metrics Changes - In the Drilling Services segment, revenue was $404 million with an adjusted gross profit of $149 million, and the average operating rig count was 104 rigs [24] - Completion Services segment revenue totaled $719 million with an adjusted gross profit of $100 million, despite some calendar gaps in dedicated fleets [25] - Drilling Products revenue was $88 million with an adjusted gross profit of $39 million, showing improvement in the U.S. market despite overall industry activity moderation [26] Market Data and Key Metrics Changes - The U.S. market saw revenue improve compared to the prior quarter, delivering another quarter of record U.S. revenue per industry rig [18] - International revenue remained steady, with higher revenue in key markets including the Middle East [19] - The Canadian market, representing just under 10% of segment revenue, performed well despite seasonal impacts [20] Company Strategy and Development Direction - The company is focused on creating long-term value for shareholders through differentiated commercial strategies and investments in technology [10][12] - The integration of Patterson UTI and NexTier is expected to yield benefits beyond cost synergies, with a focus on automation and data-driven solutions [13] - The company aims to capitalize on the growing demand for digital and automation services in the oilfield services market [30] Management's Comments on Operating Environment and Future Outlook - Management noted that the oil market remains unsettled, with volatility impacting customer decision-making [6][7] - There are expectations for increased natural gas activity as LNG facilities come online, leading to incremental demand for drilling and completions in natural gas basins [9][35] - The company is optimistic about its long-term outlook, believing that current market conditions will lead to opportunities for top-tier service providers [34] Other Important Information - The company returned $46 million to shareholders during the quarter, including dividends and share repurchases, and has reduced its share count by 8% since the merger [23] - Capital expenditures for the second quarter were $144 million, with expectations for less than $600 million in total capital expenditures for 2025 [29][30] - The company is exploring ways to best utilize its cash to create long-term value for shareholders [31] Q&A Session Summary Question: What is the outlook for completion activity in Q4? - Management indicated that while there may be some moderation in Q4, it is too early to predict a steep decline, and they are encouraged by the current activity levels [41][43] Question: Can you provide more detail on the third quarter outlook for completion services? - The company expects steady activity in completions, with no significant commentary on one basin over another, and is working with solid customers in both gas and oil basins [50][51] Question: What are the expectations for gas-directed activity in 2026? - Management anticipates an increase in gas activity next year based on discussions with customers and the expected demand for LNG volumes [59][60] Question: How is the pricing dynamic for low-emission gas-burning assets? - The company noted that their Emerald fleet, which burns 100% natural gas, is in high demand and continues to receive premium pricing compared to lower-tier services [69][70] Question: What are the thoughts on the rig count and its impact on completion services? - Management acknowledged that while the overall rig count is declining, their exposure to higher technology rigs keeps their completion services relatively steady [108]

Core Viewpoint - Duke Energy plans to submit an application to build a new natural gas power plant in Anderson County, South Carolina, to meet the growing energy demands of the state due to economic development and population growth [1][2]. Group 1: Project Details - The construction application is expected to be submitted later this year, with construction anticipated to begin in summer 2027 and the plant expected to serve customers by early 2031 [3]. - The facility will be located on nearly 200 acres near Highway 81 South in Anderson County and is designed to provide approximately 1,400 megawatts of electricity [7]. Group 2: Strategic Importance - The project is the first request by Duke Energy to build new generation in South Carolina in a decade and aligns with state leaders' goals to enhance electricity capacity in response to growth [6][8]. - The facility will utilize existing infrastructure and is part of a partnership with GE Vernova to supply natural gas turbines, supporting advanced manufacturing and data centers [7]. Group 3: Community and Leadership Support - Local leaders, including Governor Henry McMaster and Senate President Thomas Alexander, emphasize the importance of reliable energy infrastructure for South Carolina's economic success and future prosperity [8][9]. - Duke Energy's commitment to this project reflects its ongoing partnership with Anderson County and aims to benefit the local economy and community [9]. Group 4: Company Overview - Duke Energy is a major energy holding company serving 8.6 million customers across several states and owns 55,100 megawatts of energy capacity [10]. - The company is focused on an energy transition that includes investments in cleaner generation sources such as natural gas, nuclear, renewables, and energy storage [11].