Here are 1-2 brief analogies for KLX Energy Services (KLXE):

• Like Halliburton or Schlumberger for U.S. onshore oil and gas companies.
• The United Rentals for the oil and gas industry.

Major services offered by KLX Energy Services (KLXE):

• Pressure Pumping Services: Provides hydraulic fracturing and cementing services essential for well completion and stimulation.
• Completion and Production Services: Offers a suite of services including coiled tubing, wireline, rental equipment, and flowback to optimize well performance throughout its lifecycle.
• Wellsite Services: Delivers remote accommodations and other site support services to facilitate oil and gas operations.

KLX Energy Services (KLXE) primarily sells its services and products to other companies within the oil and natural gas industry, rather than to individual consumers.

According to their Form 10-K filing for the fiscal year ended December 31, 2023, KLX Energy Services noted customer concentration, with their largest customer accounting for approximately 11% of their consolidated revenue during that period. However, the company does not publicly disclose the specific names of these individual major customers in their SEC filings or other publicly available investor materials.

Generally, KLX Energy Services serves a broad base of companies within the energy sector, which can be categorized as:

• Large integrated oil and natural gas companies
• Independent oil and natural gas exploration and production (E&P) companies
• Other oilfield service companies

Christopher J. Baker President and Chief Executive Officer
Mr. Baker has served as President and CEO of KLX Energy Services since KLX merged with Quintana Energy Services (QES) in 2020. He brings over 25 years of experience in the oil and gas industry. Prior to the merger, he was President and CEO of QES and a member of its Board of Directors. His career includes executive roles such as managing director of oilfield services for Quintana Capital Group, senior associate for Citigroup Global Markets Inc., and vice president of operations for Theta II Enterprises, Inc. Quintana Capital Group is noted as a private equity firm. Mr. Baker holds a bachelor's degree in mechanical engineering from Louisiana State University and an MBA from Rice University.

Keefer M. Lehner Executive Vice President and Chief Financial Officer
Mr. Lehner has been the Executive Vice President and Chief Financial Officer of KLX Energy Services since July 2020. He co-founded Quintana Energy Services (QES), where he previously served as Executive Vice President and CFO before the merger with KLX. Mr. Lehner also held executive positions, including Vice President, within Quintana Capital Group, a private equity firm, where he was responsible for sourcing, evaluating, and executing investments, as well as managing and monitoring the activities of Quintana's portfolio companies. Before joining Quintana, he worked in the investment banking division of Simmons & Company International, focusing on mergers, acquisitions, and capital raises for public and private clients in the energy industry. He earned a bachelor's degree in finance from Villanova University.

Max L. Bouthillette Executive Vice President, General Counsel and Chief Compliance Officer
Mr. Bouthillette serves as the Executive Vice President, General Counsel and Chief Compliance Officer of KLX Energy Services. Previously, he was the executive vice president, general counsel, chief compliance officer and corporate secretary of Quintana Energy Services (QES) since its IPO, and also a member of QES LP's Board of Directors.

John Horgan Vice President, Operations
Mr. Horgan has been the Vice President of Operations at KLX Energy Services since July 2020. He possesses over 35 years of industry experience, with a significant portion of his career spent at Halliburton, where he held various engineering, sales, and operational roles across the US, the Middle East, and Europe. Before the merger with KLX in 2020, he led the Completion and Production Services division at QES.

Jay Survant Vice President, Human Resources
Mr. Survant has served as the Vice President of Human Resources at KLX Energy Services since 2014. With over 20 years of experience in HR and organizational development, he leads KLX's HR strategies. Prior to joining KLX, he was the Vice President of Human Resources at Stallion Oilfield Services.

The key risks to KLX Energy Services (KLXE) are:

1. Dependence on Oil and Natural Gas Industry Capital Spending and Commodity Price Volatility: KLX Energy Services' business is highly reliant on domestic capital spending by the oil and natural gas industry. Fluctuations in oil and natural gas prices directly influence this spending, and any reductions can materially and adversely affect the company's business, financial condition, and operational results.
2. Intense Industry Competition and Pricing Pressure: The energy services sector in which KLXE operates is highly competitive. The company faces significant competition from both large service providers and smaller, regional players. This intense competition can lead to pressure on pricing and may result in reduced profit margins, as KLXE may be unable to maintain current prices or implement increases for its services.
3. Environmental, Social, and Governance (ESG) Matters and Climate Change Initiatives: Growing attention to environmental, social, and governance (ESG) issues, alongside climate change initiatives and efforts to promote alternative energy sources, poses a notable risk to KLXE. These factors could lead to higher operating and capital costs for the company and its customers, restrict areas for oil and gas production, and decrease demand for KLXE's services. Additionally, increasing negative sentiment and activism against the oil and gas industry among investors could negatively impact KLXE's reputation, stock price, and ability to access capital markets.

• Accelerating Global Energy Transition and Decarbonization Efforts: The fundamental, long-term shift away from fossil fuels towards renewable energy sources and sustainable practices poses a significant threat to the demand for oil and gas, thereby impacting the addressable market for KLX Energy Services. This transition is evidenced by increasing government regulations and incentives for renewables, growing corporate ESG (Environmental, Social, and Governance) mandates, significant investment reallocation by financial institutions towards clean energy, and public pressure to reduce carbon footprints across industries.
• Sustained Capital Discipline and Production Growth Restraint by E&P Customers: KLX Energy Services' primary customers, North American exploration and production (E&P) companies, have fundamentally shifted their operational strategy from prioritizing production growth to focusing on free cash flow generation, debt reduction, and returning capital to shareholders. This strategy, driven by investor demands and market pressures, results in moderated capital expenditures for new drilling and completion activities, directly limiting the demand and pricing power for oilfield services providers like KLXE.

KLX Energy Services (KLXE) operates in several key segments within the North American oilfield services market, primarily focusing on completion, intervention, and production activities. The addressable markets for their main products and services in North America are substantial.

• North American Oilfield Services Market: The North America Oilfield Services Market was valued at approximately USD 46.27 billion in 2024 and is projected to reach USD 61.03 billion by 2033, exhibiting a compound annual growth rate (CAGR) of 3.12% from 2025. The United States alone held an 83.2% share of the North American oilfield services market in 2023.

• North American Completion Services Market: The North America completion equipment and services market was valued at USD 2.40 billion in 2024 and is projected to grow to USD 3.04 billion by 2034, with a CAGR of 2.40% between 2025 and 2034. Another estimate indicates the well completion equipment and services market in North America was valued at US$ 2,377.24 million in 2021 and is expected to reach US$ 3,012.32 million by 2028, growing at a CAGR of 3.4%. Completion services accounted for 34.2% of the North American oilfield services market share in 2024.

• North American Wireline Services Market: The North America Wireline Services Market is expected to exceed USD 6.7 billion in 2024 and reach USD 12.3 billion by 2031, growing at a CAGR of approximately 8.5% from 2024 to 2031. North America held the largest market share for wireline services, with a valuation of USD 3.50 billion in 2023 and USD 3.71 billion in 2024. The U.S. wireline services market alone is estimated to be valued at USD 2.92 billion in 2025.

• North American Coiled Tubing Services Market: The North America coiled tubing market was valued at USD 3.70 billion in 2023 and USD 3.96 billion in 2024. The U.S. market for coiled tubing services is estimated to reach USD 3.48 billion in 2025.

• North American Hydraulic Fracturing Market: The North America hydraulic fracturing market was valued at USD 38.65 billion in 2025 and is projected to expand at a CAGR of 8.41%. Another report estimates the Hydraulic Fracturing Market size in North America commanded 68.10% market share in 2024, with the global market estimated at USD 47.63 billion in 2025 and expected to reach USD 67.27 billion by 2030.

• North American Equipment Rental Market (relevant to Rental Tools): The North America construction equipment rental market generated USD 60,383.0 million in revenue in 2023. It is expected to grow at a CAGR of 3.8% from 2024 to 2030, reaching US$ 78,184.2 million by 2030. The North American construction equipment rental market is valued at USD 36.76 billion in 2025 and is forecasted to reach USD 45.16 billion by 2030.

Drivers of Future Revenue Growth for KLX Energy Services (KLXE)

1. Expansion in Key Basins and Gas-Directed Markets: KLXE is strategically targeting growth in specific geographic areas, particularly the Permian Basin, and expanding its presence in gas-directed markets. This focus aims to capitalize on increasing Liquefied Natural Gas (LNG) demand and the associated rise in rig counts within basins like the Haynesville and Northeast regions. The Northeast Mid-Con segment has already demonstrated significant sequential revenue increases, driven by higher asset utilization and increased regional gas-focused activity.
2. Strategic Acquisitions and Industry Consolidation: The company views industry consolidation as a significant growth opportunity, positioning itself as a preferred partner for mergers and acquisitions. KLXE anticipates that accretive, deleveraging M&A activities can enhance market share and shareholder value. An example of this strategy is the 2023 acquisition of Greene's Energy Group, which expanded KLX's presence in the Permian and Eagle Ford basins and augmented its service offerings.
3. Technological Advancements and New Product/Service Offerings: KLXE is investing in technological infrastructure upgrades and developing specialized equipment to improve efficiency and service capabilities. The company is actively expanding its integrated suite of proprietary technology and products, including over 50 completions products and services like the VISION Suite of downhole tools. The successful introduction of new or improved products and services is expected to directly influence future sales and earnings.
4. Increased Asset Utilization and Operational Efficiency: A core focus for KLXE is to enhance asset and crew utilization, which directly contributes to revenue growth. The company has highlighted its improved efficiency and commitment to operational discipline, especially in regions such as the Mid-Con/Northeast, where better utilization has led to sequential revenue increases. Furthermore, KLXE aims to expand its "share of wallet" with its top customers.
5. Rebound in Overall Oil & Gas Activity, particularly Natural Gas: Despite recent commodity price volatility, KLXE management expresses optimism for a potential rebound in natural gas market activity in 2026. The company is well-positioned to benefit from any broader increase in drilling and completion activities, especially within gas-focused basins. An environment with Brent crude prices around $80 per barrel in early 2025 is also seen as favorable for companies like KLXE.

Share Repurchases

No significant dollar amount of share repurchases were made between April 1, 2025, and June 30, 2025.

Share Issuance

• An equity distribution agreement, established in June 2021 and amended in November 2022 and March 2025, permits the company to offer and sell shares of common stock through "at the market" offerings.
• A prospectus supplement in March 2025 detailed an offering of common stock with an aggregate offering price of $25 million.
• The number of issued shares increased from 17.5 million to 18.4 million between a prior period (likely 2024) and the third quarter of 2025.

Outbound Investments

• In March 2023, KLXE acquired all of the equity interests of Greene's Energy Group, LLC through an all-stock transaction, including $1.7 million in cash that remained at Greene's, which was subsequently adjusted to $1.1 million.

Capital Expenditures

• Capital expenditures were approximately $60 million in 2023.
• In 2024, capital spending was also around $60 million, partially focused on upgrading equipment to fully electric based on customer demand, including coiled tubing units and its Whisper series for wireline and snubbing businesses.
• For 2025, expected gross capital expenditures are in the range of $40 million to $50 million, with net capital expenditures between $30 million and $40 million, primarily for maintenance of pressure pumping, coiled tubing, and accommodation fleets, as well as continued equipment upgrades.