Oil States International, Inc.

Hello, everyone. Thank you for joining us and welcome to the Oil State's third quarter 2026 earnings call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Brian Mizell, Vice President, Investor Relations, Business Development and Marketing. Brian, please go ahead.

Good morning and welcome to Oil Estate's third quarter 2026 earnings conference call. Our call today will be led by our President and CEO, Lloyd Hajdik and Matt Autenrieth, Oil Estate's Executive Vice President and Chief Financial Officer. Before we begin, we would like to caution listeners regarding forward-looking statements. To the extent that our remarks today contain information other than historical information, please note that we are relying on the safe harbor protections afforded by federal law. No one should assume that these forward-looking statements remain valid later in the quarter or beyond. Any such remarks should be weighed in the context of the many factors that affect our business, including those risks that closed in our 2025 Form 10-K and Form 10-Ka, along with other recent SEC filings. This call is being webcast and can be accessed through Oil Estate's website. A replay of the conference call will be available two hours after the completion of this call and will continue to be available for 12 months. I will now turn the call over to Lloyd.

Thanks, Brian, and good morning, everyone. Thank you for joining our conference call today where we will discuss our third quarter 2026 results and share our thoughts on the market trends in addition to discussing our company-specific strategy and opportunities ahead as we finish the year. As we approach the end of 2026, our industry continues to be influenced by a combination of strengthening long-term fundamentals and ongoing near-term uncertainties. Crude oil prices remain elevated and volatile, driven largely by supply disruptions and inventory reductions resulting from the ongoing conflicts in the Middle East and Europe. The sustained disruption of access to Middle East exports has emphasized the global need for secure, reliable, and diversified energy supplies and continues to strengthen the multi-year outlook for offshore and international investments, particularly in Brazil, Guyana, and across the Asia region. While we remain cautious regarding the timing of a broader recovery in the Middle East, we believe the underlying investment drivers remain firmly intact. These favorable macro fundamentals are demonstrated by our continued backlog bookings momentum with a year-to-date book-to-bill ratio of 1.2 times in our offshore manufactured product segment. Given the higher commodity price environment, we believe operator spending in the U.S. should strengthen as well in 2027. During the third quarter, we generated revenues of $170 million and adjusted EBITDA of $20 million, up 8% and 6% sequentially, respectively. We are pleased that these results exceeded our guidance, with revenue growth led by our offshore manufactured products and downhill technology segments. We are encouraged by this progress and continue working to improve the profitability of our differentiated products and services. 72% of our consolidated revenues generated in the first nine months of 2026 were driven by offshore and international activity, which is a substantial increase from around 50% in 2023. This strategic shift in business mix has positioned oil states well for sustained long-term growth. Our offshore manufactured product segment generated sequential revenue growth and higher adjusted segment EBITDA, although project and service mix tempered margins. Production platform, military, and connector products, as well as higher service activity, provided positive uplift in the quarter. Backlog increased to its highest level in almost 12 years, totaling $482 million, supported by bookings of $135 million which resulted in a quarterly book to bill ratio of 1.3 times. Our completion and production services segment maintained a strong margin profile despite a modest sequential decrease in revenue. Changes in customer activity within the U.S. land markets in which we operate impacted quarterly results. We are responding by closely monitoring costs and pursuing additional opportunities in both international and domestic markets. Third quarter adjusted segment EBITDA margin of 26% reflects the recent high grading of our service lines that are now more concentrated on our proprietary extended reach tools, Gulf of America service operations, and certain international markets. In our downhole technology segment, revenue continued to improve supported by stronger completion in perforating product sales. Revenue and adjusted segment EBITDA were both substantially higher than a year ago, reflecting significant progress achieved with our expanded product portfolio and higher U.S. activity levels. These improvements were achieved despite the significant headwinds faced in the current period associated with premium explosive powder availability and increased raw material costs. We believe that our focus on international growth, product design improvements, and inventory procurement plans should provide support for long-term revenue growth and margin expansion. Looking ahead, we remain enthusiastic about prospects for our differentiated technologies, including our managed pressure drilling system. The booking of another MPD rental project during the quarter further reflects our continued momentum in customer adoption. We also see future subsea intervention opportunities that will support long-term growth with solutions that leverage our proven riser, connector, and pressure control capabilities for well maintenance, work over, and decommissioning applications. Further, deep sea mineral gathering system opportunities also continue to progress. With our strong backlog and extensive portfolio of differentiated technologies, oil stays as well positioned to support our customer evolving requirements. We will continue to invest selectively in technologies that improve performance, efficiency and reliability in increasingly complex operating environments. Matt will now review our operating results along with our financial position in more detail. Thank you, Lloyd, and good morning, everyone.