Financial Data and Key Metrics Changes - Revenues decreased by 5% to $426 million compared to Q3 2025 [9] - Adjusted diluted EPS was $0.04 in the fourth quarter, with adjustments totaling $0.06 related to wireline cables and acquisition-related costs [11] - Adjusted EBITDA was $55.1 million, down from $67.8 million, with an adjusted EBITDA margin decreasing by 230 basis points to 12.9% [12] Business Line Data and Key Metrics Changes - Technical services, representing 95% of total revenues, decreased by 4% [9] - Pressure pumping revenues accounted for 27.6%, wireline for 24.1%, downhole tools for 22.4%, coiled tubing for 9.7%, cementing for 5.9%, and rental tools for 3.4% [9] - Cudd Pressure Control revenues increased by 1% sequentially, with snubbing up by 13% [5][8] Market Data and Key Metrics Changes - The Western MidCon region was flat sequentially, while weakness was noted in the International and Rocky Mountain regions [4] - The Southeast and Northeast regions experienced revenue growth [3] Company Strategy and Development Direction - The company aims to leverage its strong balance sheet and maximize long-term shareholder returns while focusing on less capital-intensive service lines [8] - There is a strategic emphasis on organic growth, investment in new technologies, and M&A within existing markets [15] Management Comments on Operating Environment and Future Outlook - Management noted that 2025 was challenging, with year-end oil prices at their lowest since COVID, but recent improvements in oil and gas prices are encouraging [15] - The company is cautious about the impact of weather on early 2026 operations, particularly in the Permian and MidCon regions [22] Other Important Information - The decision to expense wireline cables instead of capitalizing them was made due to changes in work type and increased activity [10][50] - Capital expenditures for 2026 are expected to be in the range of $150 million to $180 million, with adjustments based on activity levels [13][66] Q&A Session Summary Question: Impact of weather on Q1 performance - Management acknowledged the uncertainty due to weather impacts but noted that the situation is not insignificant [22] Question: Competitors moving equipment overseas - Management indicated some competitors are reorganizing, which may reduce competition in certain service lines [24] Question: Potential for stock buybacks - Management stated that buybacks are one of the options being evaluated, but no immediate changes are expected [25] Question: Reactivation of idled fleet - Management emphasized the need for better pricing and steady activity before reactivating the fleet [39] Question: M&A strategy in a limited buyer market - Management agreed that there is less competition for traditional oilfield services companies and emphasized a patient approach to M&A [42] Question: Updated wireline accounting treatment - Management explained the change was due to evolving work types and the need for accurate accounting treatment [50] Question: Growth potential in Thru Tubing Solutions - Management expressed hope for improvement in international markets, particularly in the Middle East, but noted it is not currently factored into forecasts [56] Question: Current state of the pressure pumping market - Management reported no dramatic changes in competition but noted ongoing discipline in pricing and operations [58]