Stephen Gengaro

Miller noted early innings with smaller companies moving first while big publics come later. Smaller operators taking capacity out of market creating tightness. Commodity prices structurally higher supporting activity for all sizes.

Miller distinguished between equipment choice (diesel vs gas) and equipment additions. Commodity value and demand are the primary drivers of tightness, not fuel arbitrage. Arbitrage makes economics more favorable but is secondary.

Miller assessed current activity at or below maintenance levels. Emphasized technology as key to improving recovery. Noted drilling services growing despite rig count declines. Continuous pumping at physical limits.

Miller attributed strength to quality customer base with long-term unconventional development view and technology focus. Suggested this pattern may persist over time.

Miller confirmed competitive landscape favorable for lift share gains. Cited Intelevate software/AI, differentiated pumps, and no international footprint at acquisition vs outsized growth today. ESP seen as secular growth opportunity.

Miller acknowledged N.A. likely flattish to down slightly in 2026. Each E&P doing what they need to do, with capital conservation as priority. No signs of doubling down.

Miller confirmed the double-digit C&P Q4 step-down implied by guidance math. Brief and direct confirmation.

Miller declined to share pricing strategy details. Reiterated value-based approach and willingness to walk away from uneconomic work. Industry fleet attrition expected to accelerate.

Miller confirmed contracts extended at value-consistent pricing with 40% under term contracts targeting 50%. Did not disclose repricing mechanisms or specific pricing trends.

Miller acknowledged the commoditization risk concern and drew parallel to HAL's differentiation strategy in frac. Emphasized technology-driven sustainable advantage but provided limited specifics on VoltaGrid's moat.

Miller responded by citing continued Zeus deliveries and contract extensions rather than directly addressing the dual fuel vs electric preference survey. Pivoted to platform value.

Miller explained strategic decision to not own power for fleets, protected via VoltaGrid relationship. Not concerned about power availability or pricing. Clear strategic rationale.

Napoli said licensing/selling components via Lucid Technologies is actively being explored, but only after the business is stabilized.

Winterhoff said licensing discussions continue but progress slowly as OEMs grapple with tariffs, while Uber/Nuro is a partnership beyond licensing.

Winterhoff said Atlas is on track to match or beat current efficiency at much lower cost, debuting on the Midsize platform.

Winterhoff cited strong order inflow above the Air GT and an almost sold-out Dream Edition, with test-drive and studio cars rolling out.

Boussaid did not guide breakeven timing but said scale is the key lever, with Gravity contributing and Midsize the real fixed-cost absorption program.

Dhingra guided significant 2025 gross margin improvement on the 2024 trajectory but declined to share the Air/Gravity split.

Ahmed outlined 4 strategic criteria: critical technology applications, life cycle aftermarket models, commercial synergies, and earnings durability. Waygate plus HMH generating $1.6B. Total ~$3B gross proceeds in 2026. Near-term focus on closing and integrating Chart.

Lorenzo emphasized the evaluation is a continuation of disciplined approach that delivered 300bps of margin expansion and 60% EBITDA growth in Horizon One. Wouldn't speculate on specifics but signaled ongoing portfolio actions with the Board.

Lorenzo detailed LNG momentum ($1.7B over two quarters), data center wins (350+ MW in Q1), 120+ MTPA supply agreements, and Frontier Infrastructure CCS+power partnership. Not seeing customers pull back.

Nancy detailed OFSE self-help (centralization, rightsizing, operational excellence) and IET drivers (GTE volume leverage, higher-priced backlog, GTS digital offerings, R&D cost declines, IT factory throughput). Both segments targeting 20%+ beyond 2026.

Olivier highlighted Production Systems' technology-driven market gains in artificial lift, completions, and subsea, with long-cycle exposure providing resilience.

Stephane confirmed even in downside scenarios, lower working capital requirements would buffer cash flow, maintaining confidence in the $4B commitment.

Olivier outlined the mix shift without specific segment guides: Production Systems and Reservoir Performance growth offset by Well Construction decline, with D&I margin expansion.

Olivier said it's too early to call Mexico's recovery given PEMEX leadership transition, but SLB's diversified LatAm portfolio (Argentina, Brazil) offsets.

York confirmed 3-year C&I CAGR of low-to-mid 20s% from Investor Day. Enercon adds ~50 bps to C&I segment margins. Expect mid-to-high teens EBITDA margins by 2028 as scale builds. Aaron cited $700M backlog and $600M NTP as visibility into 2027 growth.

Aaron cited 25-year CAGR of ~15% for the category. Penetration varies widely: West Virginia 23-24%, Michigan 17%, California and Texas near median. NERC warns half of U.S. at high risk for reliability shortfalls, adding structural demand driver beyond weather.