The following is a summary of the Oil States International, Inc. (OIS) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 2024 revenues were $174 million, with adjusted consolidated EBITDA at $22 million, and adjusted net income at $2.7 million, or $0.04 per share.

• Offshore/Manufactured Products segment achieved $102 million in revenues with adjusted EBITDA of $23 million.

• Completion and Production Services segment revenues totaled $40 million, with adjusted EBITDA falling to $5.4 million.

• Downhole Technologies segment reported revenues of $32 million and adjusted EBITDA of $1 million.

• Generated $29 million in operational cash flows, leading to a net debt reduction of $20 million.

• Expects to achieve net debt zero in 2025.

Business Progress:

• Announced a strategic non-exclusive collaboration with Seadrill Limited to increase safety and efficiency of offshore MPD operations.

• Delivered first Integrated Riser Joints to Seadrill for MPD operations in Brazil.

• Exited underperforming locations and business lines in the U.S., including the sale of drilling rigs and exit from flowback and well testing operations.

• Transitioned Well Site Services to Completion and Production Services to align with future strategy.

Opportunities:

• Global collaboration with Seadrill and Halliburton supports increased market penetration of managed pressure drilling technology.

• Initiatives to secure long-term contracts with international customers for the supply of perforating products are gaining traction.

• Expanded EPIC portfolio of perforating systems offers increased flexibility and revenue opportunities in completion operations.

Risks:

• Decline in crude oil prices and potential reduction of voluntary production cuts by OPEC+ in 2025 pose risks to demand and revenue.

• Weaker U.S. market conditions influenced by record U.S. production and an 8% sequential decline in U.S. frac spread count.

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