2023年全國碩士研究生考試考研英語一試題真題（含答案詳解+作文范文）_第1頁
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1、NthAmericaEquityResearch21June2019OilServicesit’sallaboutthatmix.Theldrillersinattendanceweresteadfastinthefaceofhedgefundskepticismthatappetitefsuperspecrigsremainsrocksolidthoughacknowledgingapauseinupgradecontractsint

2、helast12months.Aswe’vehighlightedrecentlyweexpecttherigupgradecycletoeventuallymarchondrivingfurtherrigcountmixshiftirrespectiveofthetrajectyoftheneartermcount.Nabsanticipatesrigcountgrowthfitssuperspecfleetwithanexpecte

3、d2019exitrateof~120activerigsintheL48upfrom~115currently(despitetheheadlinedeclineinL48activity).PrecisionalsoconfirmedexpectationstomaintainstrongutilizationintheL48(high70srigcountin2Q19)thankstosustainedsuperspecdemho

4、wever2H19visibilityintocustomerprogramsremainsposhouldimprovefollowing2Q19earnings.InCanadaPrecisionbenefitsfromsolidhighspecrigdemkeepingdayratesstablethankstoitsdominantmarketsharepositionwithitsACsupertriplerigs.PDdoe

5、snotseeincentivetomoveanyrigsfromCanadatotheU.S.atpresent(~$2mmcost)thoughitwouldconsiderthechangeifU.S.dayratesreachedthehigh$20kdayrange.?Pressurepumpingataleofbifurcationthe“haves”aretakingsharefromthe“havenots”.Thebi

6、furcationbetweenhighqualityefficientpressurepumpersmecommoditizedproviderslookstobemesignificantthanever.WethinkPUMP’spresentationourfiresidechatwithLBRTwereemblematicoftheeffect.Bothcompaniesindicatetheir“churnrate”amon

7、gentrylevelemployeesislessthanhalfoftheindustryaverage.ProPetrohasn’tseenanyinutilizationofitsfleetsevenwhilesomeofitscustomersmaybereducingwkwithotherproviders.Thecompanyowesthisstrengthtonotonlydeepcustomerrelationship

8、sbutarelentlessdrivefefficiencyinnovation(thenewDuraStimpumpswereapopulardiscussioninalotmemeetingsthanjustPUMP’s).LibertyalsoahighqualitypumperinourviewsimilarlystatedthatcustomerdemfhighperfmancewkthathelpsE&Psmeetbudg

9、etproductiongoalshasallowedthecompanytokeeputilizationhighevendeployanincrementalfleet.Asaresultmecommoditizedpumpers(PTENSPNCFWTCWamongothers)arebearingadisproptionatecostfromtheoversupplyofNAMhp.Withlittleprospectofpri

10、cingimprovementsfromastabledemenvironmentaturnaroundinthemarketwilllikelyonlycomefollowingaconstrictioninsupply.HALSLBthetwolargestpumpershaveeachcommittedtoabstainfromgrowthcapitalinvestment.Withlittlespendingexpectedat

11、tritionshouldacceleratecombinedwithcontinuedparkingofhpeventuallyleadtotightermarketbutwedon’texpectthistohappenuntilatleast2020.IntermsofcollateraldamageFETguideddownitsCompletionsrevenue~20%f2Qascannibalizationofequipm

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