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Analyst
David Anderson
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q2 (7 quarters).
- Questions
- 34on tracked calls
- Challenge rate
- 6%2 of 34 questions
- Companies
- 3questioned at least once
- Reporting periods
- 7with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 34 of 34 questions from 3 companies
SLBSchlumberger14 questions · 7 reporting periods · 0 of 14 challenging
Calendar 2026 Q2
FIDs this year have already surpassed full year '25, deepwater rig count are as well.
Show response
CEO endorsed the direction and named active basins but declined to quantify 2027 offshore growth, citing FID timing dependence.
On the Middle East, you had mentioned production is going to take longer to return.
Show response
CEO defended the cautious view with country-by-country grading of security conditions and production capacity constraints.
Calendar 2026 Q1
you had talked about deepwater looking particularly attractive in that outlook. Obviously, that is part of the long-cycle story. Can you talk about where you see the most upside
Show response
Detailed response covering Africa, Americas, and Asia deepwater opportunities with specific OneSubsea awards in Malaysia and South China Sea.
I was wondering if you could expand a bit more on your views on how the investment cycle has changed. You mentioned a broad-based recovery in 2027 and 2028.
Show response
Olivier gave a thorough answer citing inventory replenishment, energy security, and both short-cycle and long-cycle investment drivers into 2027-2028.
Calendar 2025 Q4
Where is your confidence that this can be scaled up to create, say, hundred-plus megawatt geothermal plants in the next few years?
Show response
Olivier explained the Ormat partnership combines SLB's subsurface leadership with Ormat's geothermal plant expertise. Will develop and appraise assets to validate unconventional geothermal before scaling.
Was wondering if you could talk a little bit more specifically about the growth opportunity in the next few years as we think about OneSubsea, ChampionX, artificial lift
Show response
Olivier described production recovery as a new company chapter. Customer response very positive in challenging commodity environment, focus on getting more from producing assets through lift, digital production, and chemistry.
Calendar 2025 Q3
do you think the production should outpace the upstream-driven part of the portfolio through the end of the decade?
Show response
Olivier confirmed production recovery is an expanding market complementing upstream E&D. OpEx-driven spending growing faster than CapEx, and SLB has broadest portfolio with ChampionX.
I was wondering if you could kind of just talk a little bit about how we should be thinking about those four segments, how they should be trending
Show response
Stephane expects ARR approaching $1B next year. Olivier detailed: platforms driven by cloud/AI adoption, digital operations 50% YoY growth, exploration variable, professional services supporting pull-through.
Calendar 2025 Q2
are you concerned about just kind of near-term activity just slowing here? Is Namibia sort of one-off
Show response
Olivier characterized Namibia as a temporary appraisal pause, highlighting Brazil, Guyana, and East Hemisphere gas markets as supporting a 2026 deepwater rebound.
I am curious if you have seen a noticeable change in customer behavior since OPEC started bringing barrels back
Show response
Olivier stated most international adjustments are complete; remaining softness is in short-cycle markets. H2 guidance reflects growth driven by Production Systems and digital.
Calendar 2025 Q1
Can you talk about how you see Saudi playing out kind of from here for the rest of the year?
Show response
Olivier noted Saudi's decline from 13M to 12M bpd capacity adjustment is flowing through. Gas and unconventional remain priorities, with likely uptick into 2026.
how you see North America from here at these oil prices. And how does this factor into your guide to mid-single-digit growth in the second half
Show response
Olivier explained SLB's NA resilience comes from offshore, digital, production, and data center exposure, not frac fleets. ChampionX will further enhance the mix.
Calendar 2024 Q4
where are the two or three regions or countries that are kind of have the most upside for you, have the potential to get better
Show response
Olivier highlighted Middle East (UAE, Iraq, Kuwait gas expansion) as the top bright spot, with deepwater FIDs positioning 2026-27 for growth despite 2025 white space.
Looking forward, how are you viewing sort of the growth trajectory of, kind of, the overall production driven business?
Show response
Olivier confirmed production and recovery across Reservoir Performance, Production Systems, and Digital will outpace exploration development growth in 2025.
HALHalliburton13 questions · 7 reporting periods · 2 of 13 challenging
Calendar 2026 Q2
talk about your offshore business and kind of how you see that performing over the next 12 to 18 months
Show response
Slocum said the offshore tightening/inflection is more a 2027 event, likely the later half of 27, not Q4, while Halliburton is winning across deepwater markets.
Calendar 2026 Q1
Could you talk about some of this white space shrinking? Are you starting to see E&P customers showing signs of picking up activity
Show response
Slocum confirmed Q2 white space eliminated, H2 firming. Noted larger operators invest through cycle, smaller/medium ones move quicker. Positioned HAL as only fully integrated N.A. service company.
with global supply now a priority, how does this shape your views over the next few years? And how has that really changed over the last sixty days
Show response
Miller described a fundamental shift: supply overhang removed, energy security no longer a talking point but a driver of activity for several years. Comprehensive and forward-looking assessment.
Calendar 2025 Q4
I'm wondering how pricing is holding up here and whether or not you see this firming up throughout the year
Show response
Miller confirmed pricing stability at current levels. Identified positive forces: no new equipment investment, accelerating wear, international reallocation, deliberate stacking. Characterized as at a bottom.
how should we think about kind of where the rest of the year shakes out in the margin side? And perhaps you could also just talk a little bit how MultiChem
Show response
Carre provided detailed Q4-to-Q1 margin walk: over half from completion tool roll-off (3x normal Q4), 25% from international seasonality, rest from geographic mix. MultiChem sale positive but immaterial.
Calendar 2025 Q3
How much of that was in this current quarter? I'm just kind of curious as to how much it impacted the numbers
Show response
Carre confirmed half the Q3 beat came from earlier-than-expected labor cost reductions. Other beat drivers: less N.A. white space, strong Gulf of America, solid international completion tools and cementing.
I'm curious about a couple of things. Obviously, we know VoltaGrid is bringing the power. So I guess maybe you could just sort of simplify for us what HAL is bringing
Show response
Miller outlined HAL's contribution: industrial scale, international boots on ground, execution skills, manufacturing, customer relationships. Confirmed alignment with VoltaGrid on project size and scale.
Calendar 2025 Q2
how big this now -- right now is in your international portfolio? And how big it could actually be in a couple of years
Show response
Miller confirmed double-digit growth in international frac. Named Argentina, Saudi, UAE, Australia, North Africa as opportunity markets. Gas demand seen as key driver. Did not quantify current portfolio share.
where are we right now in terms of these E&Ps resetting their programs? You talked about some meaningful schedule gaps coming up
Show response
Miller framed recovery signposts as demand consuming spare capacity and production declines. Confirmed below maintenance level in N.A. and Mexico. Will stack fleets rather than work at uneconomic rates.
Calendar 2025 Q1
Margins came down this quarter in both segments below the guidance that we were expecting. You just -- you're looking towards second quarter coming down again
Show response
Carre provided detailed Q1-to-Q2 walk-through and D&E H2 margin recovery guidance. Miller added context on Zeus contract resilience and technology differentiation protecting margins.
Do you see Saudi growing in the Halliburton portfolio this year, there are a number of tenders for Jafurah to be announced, is that the big swing factor for the year
Show response
Miller directly confirmed Saudi growth expected in 2025. Cited growth engines in unconventionals, intervention, and artificial lift all contributing positively.
Calendar 2024 Q4
how do you get paid for these efficiencies? And is it enough to offset some of these deflationary trends? And if you could please just touch on the recent announcement you had with Coterra
Show response
Miller argued HAL is at the leading edge of efficiency, creating outsized value. Cited Coterra as example of technology value creation. Did not quantify specific pricing for Auto Frac or Sensori services.
can you maybe talk about a little bit kind of how you did that? Was it pricing, more resilient cost structure? Then secondarily, just talked about lower negotiated prices
Show response
Miller acknowledged pricing pressure but emphasized Zeus technology and efficiencies as margin offsets. Confirmed all fleets contracted but at high end of range. Did not specify which fleets or customers were repriced.
BKRBaker Hughes7 questions · 7 reporting periods · 0 of 7 challenging
Calendar 2026 Q2
Could You Talk About What Drove Outperformance this quarter and then, kind of, Setting Aside Middle East
Show response
Direct. Moghal named three drivers: stronger activity outside the Middle East, better than assumed Middle East product revenue, and SSPS revenue up about 10% sequentially.
Calendar 2026 Q1
I was hoping you could spend a little bit more time on the Power Solutions side of the orders
Show response
Lorenzo outlined power demand doubling by 2040 driven by data centers, electrification and energy security. Behind-the-meter market reaching $60B by 2030. Power Systems $1.4B was 30% of IET orders. Cordant power orders doubled YoY. Confident in exceeding $40B Horizon 2 target.
Calendar 2025 Q4
Does this also mean you've expanded NovaLT capacity as well? I think it was about a year ago you announced a doubling of initial capacity
Show response
Ahmed confirmed Nova capacity doubling on track for H1 2027. Slots fully committed through 2028 with 2 GW booked in 2025. Any further expansion will follow disciplined return thresholds. Monitoring supply-demand fundamentals for additional capacity decisions.
Calendar 2025 Q3
I was wondering if you could please talk about some of the various opportunities you're seeing today and over the next several years in power generation
Show response
Lorenzo detailed broad power demand across data centers (1.2 GW year-to-date), oil and gas (Dynamis 1 GW+ aeroderivatives), geothermal (Fervo 300 MW), and industrial markets. Each expands installed base driving recurring aftermarket revenue.
Calendar 2025 Q2
Gas Tech Equipment was a bit light, but Services was surprisingly strong. I was just wondering how you think these components should trend the rest of the year?
Show response
Lorenzo detailed strong H1 driven by non-LNG markets. Expects LNG orders to strengthen in H2 with several projects in pipeline. GTS year-to-date up 28%, upgrades up 165%. Data center over $650M year-to-date. Expects 2026 IET orders consistent with 2025.
Calendar 2025 Q1
do you still expect to hit 18% margin this year and 20% next year in light of the headwinds with tariffs
Show response
Ahmed confirmed 18% IET margin achievable for 2025, driven by higher-margin GTE backlog conversion and productivity gains offsetting tariff headwinds. Path to 20% in 2026 still visible.
Calendar 2024 Q4
I just want to ask you a question about the OFSE side, specifically around how you see the various components playing out in '25
Show response
Lorenzo addressed NA spending down mid-single-digit, international flat to down, with Mexico/Saudi/North Sea soft. Production-weighted portfolio provides resilience.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| SLB Schlumberger | 14 | 0%none of 14 questions |
| HAL Halliburton | 13 | 15%2 of 13 questions |
| BKR Baker Hughes | 7 | 0%none of 7 questions |
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 5 | 20%1 of 5 questions | 3 |
| 2025 Q1 | 5 | 20%1 of 5 questions | 3 |
| 2025 Q2 | 5 | 0%none of 5 questions | 3 |
| 2025 Q3 | 5 | 0%none of 5 questions | 3 |
| 2025 Q4 | 5 | 0%none of 5 questions | 3 |
| 2026 Q1 | 5 | 0%none of 5 questions | 3 |
| 2026 Q2 | 4 | 0%none of 4 questions | 3 |
- 2024 Q45 questions · challenge rate 20% (1 of 5 questions) · 3 companies
- 2025 Q15 questions · challenge rate 20% (1 of 5 questions) · 3 companies
- 2025 Q25 questions · challenge rate 0% (none of 5 questions) · 3 companies
- 2025 Q35 questions · challenge rate 0% (none of 5 questions) · 3 companies
- 2025 Q45 questions · challenge rate 0% (none of 5 questions) · 3 companies
- 2026 Q15 questions · challenge rate 0% (none of 5 questions) · 3 companies
- 2026 Q24 questions · challenge rate 0% (none of 4 questions) · 3 companies
Topics
Topics tagged on this analyst’s questions.
- Demand18
- Geographic Expansion9
- Revenue Growth7
- Capex Investment7
- Margin6
- Macroeconomic6
- Innovation & R&D5
- Cloud & AI5
- Competitive Dynamics5
- Pricing4
Show all 14 topics
- M&A2
- Guidance Reliability1
- Cost Pressure1
- Trade Tariffs1