Marc Bianchi

Carre said the Middle East impact landed pretty much where they expected, though it is hard to isolate versus a no-conflict counterfactual.

Miller said Halliburton expects outsized, above-market growth driven by its growth engines and competitive advantages, particularly in deepwater and the Middle East.

Carre explained $1.1B vs prior $1.0B due to delayed capital equipment delivery, not market-driven. CapEx staying within 5-6% of revenue range. VoltaGrid 400MW investment does not happen in 2026, kept separate.

Slocum outlined recovery sequence: wells turning back on first (well-by-well complexity), then offshore drilling resuming beyond top holes. HAL positioned as market leader in intervention (HWO, coiled tubing). Miller added it is not an overnight process, supply chain gaps and shut-in complexity create extended timeline.

Miller cited offshore wins, strong integration value proposition, and completion tool order book at all-time high as evidence. Strong in Norway, LatAm, West Africa. Expected to stay strong in 2026.

Miller described mobilization capability in weeks, commercial resolution in months. Multiple paths: working for IOCs or existing operators. Strong willingness from multiple potential customers.

Miller confirmed co-investment without specifying percentage. Noted projects are imminently capitalizable. Indicated HAL is likely part of any VoltaGrid international capital announcement.

Miller confirmed exclusivity in targeted areas without full detail on agreement mechanics. Expressed confidence in partnership position and co-investment structure.

Both Miller and Carre confirmed C&P margins will hold above double digits through year-end. Brief but definitive.

Carre provided Q4 directional color: flat revenue at best, C&P revenue down, D&E up, margin softening in C&P, D&E strengthening. Acknowledged many moving parts. Did not give precise Q4 guide.

Asked by Esteban Albarracin on for Marc Bianchi. CEO said about 60% of the prior CFPP combined license work can be reused, starting once PPAs are in place.

Asked by Esteban Albarracin on for Marc Bianchi. CEO said Phase 1 FEED is complete and the project now enters pre-EPC, roughly a year from final notice to proceed, pending a new Romanian government.

Hopkins was cautious and would not give details, saying the price structure is somewhat established and cost certainty is factored into the final number.

Bianchi pressed on the RoPower FID slipping later than previously guided; management attributed it to Fluor's phased approach and a later notice-to-proceed, offering limited additional detail.

Management declined to quantify the H2 OpEx increase but confirmed a methodical rise tied to supply-chain investment for 12 modules, not to building beyond 12 speculatively.

Hopkins reframed toward signing near-term contracts and PPAs rather than MOUs but did not give a precise threshold defining a firm order.

Hopkins said it is too early to assess the draft executive orders but reaffirmed the 77-megawatt approval is on track for July.

Hopkins noted some front-loading and continuing EPC subcontract revenue through the year but explicitly declined to provide forward revenue guidance. (Asked by Esteban Albarracin, on for Marc Bianchi.)

Hopkins and Scott clarified NuScale is ordering long-lead materials for 12 modules -- not yet tied to a specific customer -- to front-load and expedite the first project. (Asked by Esteban Albarracin, on for Marc Bianchi.)

Hopkins said he has DOE meetings this week to clarify the award; management is cautious and undecided on whether to pursue it, evaluating with ENTRA1 and offtake partners. (Asked by Esteban Albarracin, on for Marc Bianchi.)

CEO stated the backlog already fully supports the target, which is why the company felt confident announcing it, with upside from scope expansion.

Stephane confirmed flat sequential EPS under the scenario where Middle East disruption persists through mid-Q2 then eases.

Confirmed potential upside to $9B target if FIDs accelerate, cited Subsea7 partnership and unique subsea processing portfolio as competitive advantages.

Olivier differentiated: FIDs improving in 2026 setting up 2027-2028 cycle. East Asia deepwater strengthening this year. Sub-Saharan FIDs (Namibia, Angola, Mozambique) being negotiated. Americas steady momentum in Brazil/Guyana.

Olivier acknowledged sustained pricing pressure both in NA and international markets. Using ChampionX mix shift, digital growth, and technology performance as differentiation to maintain margins despite pressure.

Partial. Moghal cited Middle East uncertainty, GTE backlog conversion and working capital variability, but did not quantify why the raise trailed the first half beat.

Lorenzo highlighted historical $0.5B Venezuelan revenue at peak, maintained ongoing presence as one of few American service companies. Over 1,200 installed production systems. Significant ramp would require investment in well integrity, off-grid power, and equipment replacement across both segments.

Ahmed quantified full-year NovaLT at $1B+ record year. One-third oil and gas, two-thirds data center/industrial. Significantly increasing manufacturing capacity. Delivery slots booked into 2028 and beyond.

Duke cited industrial weakness, Gulf Coast storms, and Canada pipeline transition. Expects improvement from better industrial margins, acquisitions, and LDC growth.