Oilfield Services & Equipment

ACDC ProFrac Holding Corp.

ProFrac is one of the largest providers of well stimulation services in the United States.

Owner earnings 2020–2025 ($3M)($44M)$148M$287M$112M$20M

Retained capital Paid out $751M more than it earned over 2020–2025; annual owner earnings grew $106M.

Balance sheet Net debt against an operating loss, $997M

AESI Atlas Energy Solutions Inc.

Atlas Energy Solutions Inc. is a leading proppant producer, logistics, and distributed power solutions provider, primarily serving the Permian Basin of West Texas and New Mexico.

Owner earnings 2021–2025 $2M$179M$259M$158M($31M)

Retained capital Retained $336M of earnings over 2021–2025; annual owner earnings fell $18M, $-0.05 per $1 retained.

Balance sheet Net debt against an operating loss, $579M

AROC Archrock

We are an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping our customers produce, compress and transport natural gas in a safe and environmentally responsible way.

Owner earnings 2016–2025 $157M($20M)$51M$102M$195M$140M$39M$144M$236M$365M

Retained capital Paid out $243M more than it earned over 2016–2025; annual owner earnings grew $186M.

Balance sheet Heavy net debt, $2.4B · buybacks at an average near $16.08 · dividend paid 10 of 10 yrs, never cut

BKR Baker Hughes Company

Baker Hughes Company is an energy technology company with a diversified portfolio of technologies and services that span the energy and industrial value chain.

Owner earnings 2016–2025 ($162M)($1.5B)$767M$886M$330M$1.5B$899M$1.8B$2.1B$2.5B

Retained capital Paid out $11.5B more than it earned over 2016–2025; annual owner earnings grew $2.4B.

Balance sheet Modest net debt, $2.4B · buybacks at an average near $30.11 · dividend paid 9 of 10 yrs

BORR Borr Drilling Limited

We are an offshore shallow-water drilling contractor providing worldwide offshore drilling services to the oil and gas industry.

Owner earnings 2017–2025 ($206M)($159M)($190M)($92M)($78M)($19M)($162M)$23M$164M

Retained capital not read

Balance sheet Heavy net debt, $2.3B

CLB Core Laboratories Inc.

Core Laboratories Inc. is a Delaware corporation.

Owner earnings 2021–2025 $23M$15M$14M$45M$26M

Retained capital Retained $96M of earnings over 2021–2025; annual owner earnings grew $11M, $0.11 per $1 retained.

Balance sheet Modest net debt, $88M · buybacks at an average near $12.50 · dividend paid 5 of 5 yrs, never cut

FET Forum Energy Technologies Inc.

Forum Energy Technologies, Inc. is a global manufacturing company serving the oil, natural gas, defense and renewable energy industries.

Owner earnings 2016–2025 $48M($67M)($22M)$89M$2M($18M)($25M)$239K$84M$64M

Retained capital Paid out $1.5B more than it earned over 2016–2025; annual owner earnings grew $63M.

Balance sheet Heavy net debt, $259M

FLOC Flowco Holdings Inc.

Revenue is led by Downhole Components (34%) and Surface Equipment (32%), with 2 more lines behind.

Owner earnings 2023–2025 $38M$89M$167M

Retained capital not read

Balance sheet Modest net debt, $163M

FTI TechnipFMC plc Ordinary Share

TechnipFMC plc is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

Owner earnings 2016–2025 $181M($45M)($554M)$436M$401M$590M$194M$468M$679M$1.4B

Retained capital Paid out $7.0B more than it earned over 2016–2025; annual owner earnings grew $1.0B.

Balance sheet Modest net debt, $2.7B · buybacks at an average near $23.18 · dividend paid 8 of 10 yrs, cut at least once

HAL Halliburton Company

Halliburton Company is one of the world's largest providers of products and services to the energy industry.

Owner earnings 2016–2025 ($2.5B)$1.1B$1.6B$915M$1.2B$1.1B$1.2B$2.5B$2.8B$1.7B

Retained capital Paid out $8.0B more than it earned over 2016–2025; annual owner earnings grew $2.3B.

Balance sheet Meaningful net debt, $5.3B · buybacks at an average near $29.34 · dividend paid 10 of 10 yrs, cut at least once

HLX Helix Energy Solutions Group Inc.

We are an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention, robotics and decommissioning operations.

Owner earnings 2016–2025 ($75M)($57M)$60M$29M$79M$132M$18M$133M$163M$120M

Retained capital Paid out $58M more than it earned over 2016–2025; annual owner earnings grew $163M.

Balance sheet Meaningful net debt, $147M

HP Helmerich & Payne

We provide performance-driven drilling solutions and technologies that are intended to make hydrocarbon recovery safer and more economical for oil and gas exploration and production companies.

Owner earnings 2017–2025 ($26M)$91M$397M$398M$54M($17M)$438M$190M$117M

Retained capital Paid out $1.8B more than it earned over 2017–2025; annual owner earnings grew $94M.

Balance sheet Heavy net debt, $1.8B · dividend paid 9 of 9 yrs, cut at least once

INVX Innovex International Inc.

Innovex designs, manufactures, sells and rents mission critical engineered products to the global oil and natural gas industry.

Owner earnings 2016–2023 $221M$80M$13M$3M($33M)$28M($25M)$53M

Retained capital Paid out $344M more than it earned over 2016–2023; annual owner earnings fell $86M.

Balance sheet Net cash, +$178M · buybacks at an average near $37.98 · no dividend paid

LBRT Liberty Energy

The Company is a leading integrated energy services and technology company, and one of the largest providers of innovative completions services and related technologies to onshore oil, natural gas, and enhanced geothermal exploration and production companies.

Owner earnings 2016–2025 ($82M)$114M$226M$66M($18M)($63M)$207M$593M$324M$14M

Retained capital Retained $531M of earnings over 2016–2025; annual owner earnings grew $225M, $0.42 per $1 retained.

Balance sheet Meaningful net debt, $219M · buybacks at an average near $15.31 · dividend paid 8 of 10 yrs, cut at least once

LSE Leishen Energy Holding Co. Ltd.

Revenue is led by Saleof Clean Energy Equipment (46%) and Saleof New Energy (40%), with 2 more segments behind.

Owner earnings 2022–2025 ($7M)$4M$14M($4M)

Retained capital Retained $27M of earnings over 2022–2025; annual owner earnings grew $1M, $0.04 per $1 retained.

Balance sheet Net cash, +$16M

NBR Nabors Industries

Nabors owns and operates one of the world's largest land-based drilling rig fleets and is a provider of offshore platform rigs in the United States and numerous international markets.

Owner earnings 2016–2025 $136M($512M)($133M)$257M$154M$195M$128M$97M$14M($23M)

Retained capital Paid out $4.7B more than it earned over 2016–2025; annual owner earnings grew $199M.

Balance sheet Heavy net debt, $70.4B · buybacks at an average near $155 · dividend paid 7 of 10 yrs, cut at least once

NE Noble Corporation plc A

Noble Corporation plc is a leading offshore drilling contractor for the oil and gas industry.

Owner earnings 2020–2025 $124M$107M$273M$227M$432M

Retained capital Paid out $3.8B more than it earned over 2020–2025; annual owner earnings grew $143M.

Balance sheet Meaningful net debt, $1.5B · dividend paid 3 of 5 yrs, never cut

NESR National Energy Services Reunited Corp

National Energy Services Reunited Corp is one of the largest oilfield services providers in the Middle East and North Africa region.

Owner earnings 2023–2025 $109M$124M$121M

Retained capital not read

Balance sheet Modest net debt, $131M

NGS Natural Gas Services Group Inc.

We are a premier provider of natural gas and electric compression equipment, technology and services to the energy industry.

Owner earnings 2016–2025 $28M$4M$2M$6M$17M$3M$4M($9M)$35M$26M

Retained capital Retained $28M of earnings over 2016–2025; annual owner earnings grew $6M, $0.22 per $1 retained.

Balance sheet Heavy net debt, $230M · dividend paid 1 of 10 yrs, never cut

NOV NOV Inc.

NOV Inc. is a leading independent equipment and technology provider to the global energy industry.

Owner earnings 2016–2025 $676M$640M$277M$481M$700M$90M($393M)($140M)$953M$876M

Retained capital Paid out $11.1B more than it earned over 2016–2025; annual owner earnings grew $32M.

Balance sheet Meaningful net debt, $1.2B · dividend paid 10 of 10 yrs, cut at least once

OII Oceaneering International

Oceaneering International is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace and manufacturing industries.

Owner earnings 2016–2025 $227M$43M($73M)$10M$76M$175M$40M$109M$96M$208M

Retained capital Paid out $396M more than it earned over 2016–2025; annual owner earnings grew $72M.

Balance sheet Net cash, +$196M · buybacks at an average near $22.88 · dividend paid 1 of 10 yrs, cut at least once

OIS Oil States International Inc.

Oil States International, Inc., through its subsidiaries, is a global provider of manufactured products and services to customers in the energy, military and industrial sectors.

Owner earnings 2016–2025 $120M$60M$15M$81M$120M($10M)$13M$26M$8M$74M

Retained capital Paid out $1.1B more than it earned over 2016–2025; annual owner earnings fell $29M.

Balance sheet Net debt against an operating loss, $1.1B · buybacks at an average near $7.08

OMSE OMS Energy Technologies Inc.

We are a growth-oriented manufacturer of surface wellhead systems, or SWS, and oil country tubular goods, or OCTG products used in the oil and gas industry.

Owner earnings 2023–2025 $28M$38M

Retained capital not read

Balance sheet Net cash, +$66M

PDS Precision Drilling Corporation

An oil and gas business, whose fortunes rise and fall with a price it does not set.

Owner earnings 2016–2025 (C$81M)C$42MC$179MC$128MC$165MC$63MC$53MC$276MC$265MC$149M

Retained capital Paid out C$505M more than it earned over 2016–2025; annual owner earnings grew C$184M.

Balance sheet Modest net debt, C$594M

PTEN Patterson-UTI Energy

We operate under three reportable business segments: drilling services, completion services, and drilling products.

Owner earnings 2016–2025 $185M($266M)$89M$349M$133M($71M)$129M$390M$497M$372M

Retained capital Paid out $4.8B more than it earned over 2016–2025; annual owner earnings grew $417M.

Balance sheet Net debt against an operating loss, $803M · dividend paid 10 of 10 yrs, cut at least once

PUMP ProPetro Holding Corp.

We are a leading integrated energy service company, located in Midland, Texas, focused on providing innovative hydraulic fracturing, wireline, and other complementary energy and power generation services to leading upstream oil and gas companies engaged in the E&P of North American oil and natural gas resources.

Owner earnings 2016–2025 ($32M)$54M$305M$310M$39M$11M$172M$155M$112M$45M

Retained capital Paid out $25M more than it earned over 2016–2025; annual owner earnings fell $5M.

Balance sheet Heavy net debt, $30M

RES RPC

RPC is a Delaware corporation originally organized in 1984 as a holding company for several OFS companies and is headquartered in Atlanta, Georgia.

Owner earnings 2016–2025 $68M$16M$226M$39M$13M($20M)$118M$287M$217M$53M

Retained capital Retained $25M of earnings over 2016–2025; annual owner earnings grew $82M.

Balance sheet Net cash, +$180M · buybacks at an average near $7.49 · dividend paid 8 of 10 yrs, cut at least once

RIG Transocean Ltd (Switzerland)

Transocean Ltd (Switzerland) is a leading international provider of offshore contract drilling services for oil and gas wells.

Owner earnings 2016–2025 $636M$673M$374M($47M)$133M$367M($269M)($263M)$193M$626M

Retained capital Paid out $11.8B more than it earned over 2016–2025; annual owner earnings fell $376M.

Balance sheet Net debt against an operating loss, $9.1B

RNGR Ranger Energy Services Inc.

Ranger Energy Services Inc. is a provider of onshore high specification well service rigs, wireline services, and additional processing solutions and ancillary services in the United States.

Owner earnings 2016–2025 ($12M)($39M)($3M)$28M$18M($45M)$31M$54M$50M$43M

Retained capital Paid out $11M more than it earned over 2016–2025; annual owner earnings grew $67M.

Balance sheet Net cash, +$7M · dividend paid 4 of 10 yrs, never cut

SDRL Seadrill Limited

We are an offshore drilling contractor providing worldwide offshore drilling services to the oil and gas industry.

Owner earnings 2023–2025 $186M($69M)($138M)

Retained capital not read

Balance sheet Heavy net debt, $624M

SEI Solaris Energy Infrastructure Inc.

Solaris serves multiple U.S. end markets, including data center, energy, and other commercial and industrial sectors.

Owner earnings 2016–2025 $729K$20M$98M$88M$39M($3M)$38M$53M$12M$125M

Retained capital Paid out $16M more than it earned over 2016–2025; annual owner earnings grew $24M.

Balance sheet Net cash, +$169M · buybacks at an average near $11.41 · dividend paid 8 of 10 yrs, never cut

SLB SLB Limited

SLB is an oilfield services company. It sells the technology, equipment, and crews that oil and gas producers use to drill wells and bring hydrocarbons to the surface. It makes its money on contracts to construct wells and to supply the production systems that operate them, so it is paid out of its customers' spending budgets rather than out of oil it does not own.

Owner earnings 2016–2025 $4.2B$3.6B$3.6B$3.7B$1.8B$3.5B$2.1B$4.7B$4.7B$4.8B

Retained capital Paid out $23.0B more than it earned over 2016–2025; annual owner earnings grew $950M.

Balance sheet Modest net debt, $10.5B · dividend paid 10 of 10 yrs, cut at least once

STAK STAK Inc.

We generate revenues primarily from sales of specialized oilfield vehicles, sales of specialized oilfield equipment, automation solutions services and others.

Owner earnings 2023–2025 ($2M)($3M)($3M)

Retained capital not read

Balance sheet Net cash, debt-free, +$1M

TTI Tetra Technologies Inc.

TETRA Technologies, Inc. is an energy services and solutions company with operations on six continents focused on developing environmentally conscious services and solutions that help make people's lives better.

Owner earnings 2016–2025 $35M$13M($95M)($18M)$48M($16M)($21M)$32M($24M)$20M

Retained capital Paid out $212M more than it earned over 2016–2025; annual owner earnings grew $25M.

Balance sheet Heavy net debt, $277M

WBI Waterbridge Infrastructure LLC

WaterBridge is a holding company, the principal asset of which is units representing limited liability company interests in OpCo.

Owner earnings 2023–2025 $37K($4M)$19M

Retained capital not read

Balance sheet Heavy net debt, $1.4B

WFRD Weatherford International plc

Weatherford International plc is a leading global energy services company providing equipment and services used in the drilling, evaluation, well construction, completion, production, intervention, and responsible abandonment of wells in the oil and natural gas exploration and production industry as well as new energy platforms.

Owner earnings 2016–2025 ($508M)($613M)($428M)$56M$237M$217M$623M$493M$450M

Retained capital Paid out $10.3B more than it earned over 2016–2025; annual owner earnings grew $1.0B.

Balance sheet Modest net debt, $914M · dividend paid 2 of 9 yrs, never cut

WHD Cactus

Cactus Inc. is a holding company whose only material assets are CC Units, which Cactus Inc. holds both directly and indirectly.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$121M

WTTR Select Water Solutions

Select Water Solutions, Inc. and its consolidated subsidiaries is a leading provider of sustainable water-management solutions to the energy industry in the U.S.

Owner earnings 2016–2025 ($31M)($102M)$67M$94M$85M($56M)($39M)$283M$231M$209M

Retained capital Paid out $424M more than it earned over 2016–2025; annual owner earnings grew $263M.

Balance sheet Heavy net debt, $298M · dividend paid 4 of 10 yrs