• Caterpillar for the oil and gas industry
• United Rentals for oilfield operations

• Offshore Products: Designs, manufactures, and markets highly engineered products for critical connections in offshore drilling and production operations, including risers, connectors, and flex-elements.
• Well Site Services: Provides specialized completion, production, and remedial services such as coiled tubing, wireline, and rental tools primarily for onshore North American oil and gas wells.
• Production Facilities (Engineering, Fabrication, and Construction Services): Offers comprehensive engineering, fabrication, and construction services for onshore oil and gas production facilities and provides specialized land drilling rig components.

• Major oil and natural gas companies: These are large, integrated energy companies involved in various stages of the oil and gas value chain, from exploration and production to refining and distribution. While OIS does not name specific major customers, examples of companies in this category include ExxonMobil (XOM), Chevron (CVX), Shell plc (SHEL), and BP plc (BP).
• Independent oil and natural gas companies: These are typically smaller to mid-sized companies that focus predominantly on the exploration and production of oil and natural gas. Examples of such companies might include EOG Resources (EOG), ConocoPhillips (COP), or Diamondback Energy (FANG).
• Drilling contractors: Companies that own and operate drilling rigs and provide drilling services for oil and natural gas wells on behalf of exploration and production companies. Examples include Valaris plc (VAL), Transocean Ltd. (RIG), and Nabors Industries Ltd. (NBR).
• Other oilfield service companies: OIS also provides products and services to other companies within the broader oilfield services sector that may specialize in different areas, often complementing OIS's offerings.

Cindy B. Taylor, President, Chief Executive Officer, and Director

Ms. Taylor has served as Chief Executive Officer and President of Oil States International since May 2007, and is a member of the company's Board of Directors. Prior to this, she was President and Chief Operating Officer, and Senior Vice President—Chief Financial Officer and Treasurer of Oil States. Her experience also includes serving as Chief Financial Officer of L.E. Simmons & Associates, Incorporated from August 1999 to May 2000, and Vice President—Controller of Cliffs Drilling Company from July 1992 to August 1999. She also held various management positions with Ernst & Young LLP from January 1984 to July 1992. Ms. Taylor has been a director of the Federal Reserve Bank of Dallas since January 2020.

Lloyd A. Hajdik, Executive Vice President, Chief Financial Officer, and Treasurer

Mr. Hajdik joined Oil States International in December 2013 and has held the position of Executive Vice President, Chief Financial Officer, and Treasurer since May 2016. Previously, he served as Chief Financial Officer of GR Energy Services, LLC, a privately-held oilfield services entity, from September to November 2013. From December 2003 to April 2013, Mr. Hajdik held various financial management roles with Helix Energy Solutions Group, Inc., most recently as Senior Vice President – Finance and Chief Accounting Officer. He also held accounting and finance roles with Houston-based companies including NL Industries, Inc., Compaq Computer Corporation, and Halliburton Company. He began his career at Ernst & Young LLP in the audit practice from 1989 to 1995.

Philip S. “Scott” Moses, Executive Vice President and Chief Operating Officer

Mr. Moses joined Oil States International in August 1996 and has served as Executive Vice President and Chief Operating Officer since July 2022. Prior to this role, he served as Executive Vice President, Offshore/ Manufactured Products and Downhole Technologies from May 2021 to July 2022, and Executive Vice President, Offshore/ Manufactured Products from May 2016 to May 2021. He also held the position of President, Offshore/ Manufactured Products from July 2015 to May 2016.

Brian E. Taylor, Senior Vice President, Controller and Chief Accounting Officer

Mr. Taylor joined Oil States International in September 2016. He has served as Senior Vice President, Controller and Chief Accounting Officer since February 2022, and previously as Vice President, Controller and Chief Accounting Officer from September 2016 to February 2022. Before joining the company, Mr. Taylor managed personal family investments from January 2015 to September 2016. From April 2012 to December 2014, he served as Vice President and Chief Financial Officer of Conn's, Inc., a specialty retailer. He also served in various financial management roles with Smith International, Inc., including Corporate Vice President and Controller, and as Director of Corporate Accounting and Worldwide Controller at Camco International, Inc. He began his career at Arthur Andersen L.L.P.

Key Risks to Oil States International (OIS)

The most significant risk is the **fluctuations in crude oil and natural gas prices and the resulting impact on industry activity levels.** Demand for the majority of Oil States International's products and services is substantially dependent on the capital expenditures of companies in the crude oil and natural gas industry. Lower crude prices can delay capital spending in oil and gas projects, directly affecting the demand for OIS's offerings. The cyclical nature of the oil and natural gas industry, along with global supply and demand dynamics, including the actions of OPEC+ regarding production levels and pricing, can lead to highly volatile activity levels and adversely affect the company's financial condition and results of operations.

A second key risk stems from **weak U.S. onshore activity and evolving regulatory landscapes.** The U.S. onshore drilling and completions market has been softening, which particularly pressures demand and pricing for OIS's Completion and Production Services and Downhole Technologies segments. This segment has faced ongoing challenges and even operating losses. Furthermore, regulatory changes and uncertainties around energy policies in key markets, such as the U.S. and Brazil, could impact operations by increasing costs or reducing demand for oil and natural gas production.

Lastly, **trade tensions, tariffs, and potential supply chain disruptions** pose a significant risk to Oil States International. The company has experienced sharp cost spikes, particularly in its Downhole Technologies segment, due to higher tariffs on imports like gun-steel from China. Geopolitical conflicts and trade disputes can disrupt supply chains, complicate material sourcing, and affect pricing strategies, thereby impacting the company's profitability and operational efficiency.

The global energy transition, driven by increasing adoption of renewable energy and governmental and societal pressures to reduce fossil fuel dependence, represents a clear emerging threat. This shift could lead to a long-term decline in demand for oil and gas exploration, development, and production, directly impacting the need for Oil States International's specialized products and services, particularly in its offshore and well site services segments. As energy capital expenditure increasingly shifts towards sustainable alternatives, the core market for OIS's offerings faces potential contraction.

Oil States International (OIS) is a global provider of manufactured products and services primarily for the drilling, completion, subsea, production, and infrastructure sectors of the oil and natural gas industry. The company also serves industrial and military sectors.

Addressable Markets for Main Products and Services:

• Offshore Drilling Market: Oil States International's Offshore Manufactured Products segment provides highly engineered products and services for offshore oil and natural gas production systems, including deepwater mooring systems, riser systems, and subsea pipeline products.

  • The global offshore drilling market was valued at approximately USD 40.04 billion in 2024 and is projected to reach USD 69.34 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 6.79% from 2025 to 2032.
  • Other estimates for the global offshore drilling market in 2024 range from USD 31.22 billion to USD 73.25 billion, with projections of up to USD 86.09 billion by 2034.
  • The U.S. offshore drilling market is anticipated to reach USD 3.75 billion by 2032.
  • Total offshore Engineering, Procurement, and Construction (EPC) contract award value is estimated at USD 210 billion for the 2025-2028 period, averaging USD 52.5 billion annually.

• Land Drilling Market: The company's products and services also cater to land-based drilling and completion activities.

  • The global land drilling rig market was estimated at USD 82.87 billion in 2024 and is projected to grow to USD 129.37 billion by 2035, with a CAGR of 4.13% from 2025 to 2035.
  • Another estimate places the global land drilling rig market at USD 45.13 billion in 2025, expected to reach USD 53.50 billion by 2030, at a CAGR of 3.46%.
  • The United States land drilling rigs market was valued at USD 7.2 billion in 2023 and is projected to reach USD 12.3 billion by 2033, demonstrating a CAGR of 5.5%.

• Oilfield Services Market (including Completion and Production Services): Oil States International provides a wide range of completion and production services, such as wellhead isolation, frac valve services, and pipe recovery systems.

  • The global oilfield services market was valued at USD 311.65 billion in 2024 and is expected to grow to USD 585.01 billion by 2034, with a CAGR of 6.50% from 2025 to 2034.
  • Another source indicates the global oilfield service market was valued at USD 305.0 billion in 2023 and is projected to reach USD 556.03 billion by 2032, with a CAGR of 6.9% from 2025 to 2032.
  • Onshore drilling services held a 56.2% share of the drilling services market in 2023.
  • The global well intervention services market, a component of oilfield services, was valued at USD 8.48 billion in 2024 and is expected to reach USD 11.98 billion by 2030, with a CAGR of 5.77%.

• Onshore Drilling Fluids Market: As a provider of products used in well construction and completion, the onshore drilling fluids market is relevant.

  • The global onshore drilling fluids market was valued at USD 3.42 billion in 2024 and is projected to exceed USD 7.95 billion by 2037, with a CAGR of over 6.7% from 2025 to 2037.
  • Other estimates for the global onshore drilling fluids market in 2025 range from USD 5.5 billion to USD 9.1 billion, with projections of up to USD 13.4 billion by 2030.

• Wellsite Monitoring Solutions Market: The company's services, which include equipment and personnel for completion and production operations, align with the wellsite monitoring market.

  • The global wellsite monitoring solutions market was valued at USD 2.50 billion in 2023 and is expected to reach USD 4.91 billion by 2033, growing at a CAGR of 7% from 2024 to 2033.
  • North America held the largest market share in this segment, with 35% in 2023.

• Offshore Energy Market (Broader Context): Oil States International is also focused on supporting a "lower carbon, multi-source energy mix."

  • The global offshore energy market was valued at USD 89.11 billion in 2024 and is projected to reach USD 202.18 billion by 2035, exhibiting a CAGR of 7.73% from 2025 to 2035.
  • The global offshore wind market, as an example of alternative energy, was estimated at USD 39.97 billion in 2024 and is projected to reach USD 65.04 billion by 2030, with a CAGR of 8.9% from 2025 to 2030. Other sources estimate the offshore wind market to be significantly larger, with projections reaching over USD 200 billion by 2033-2034.

Oil States International (OIS) is expected to experience future revenue growth driven by several key factors over the next 2-3 years:

1. Strong Backlog and Bookings: The company has achieved a decade-high backlog, with robust bookings, particularly in its Offshore/Manufactured Products segment. This strong and diverse backlog provides significant revenue visibility and supports incremental revenue growth into 2026.
2. Growth in Offshore and International Markets: OIS is strategically focused on offshore and international markets, which generated 75% of its consolidated revenues in the third quarter of 2025. These markets are anticipated to experience improvement due to sustained global energy demand and a multi-year upcycle in offshore oil and gas project investment, positioning Oil States to benefit from these trends.
3. Expansion of High-Margin Product Lines and Strategic Shifts: The company is expanding its high-margin product lines and undertaking strategic shifts away from lower-margin activities. This is expected to enhance margin stability and support sustained free cash flow, contributing to overall revenue quality and profitability.
4. Cost Optimization and Restructuring Initiatives: Ongoing cost optimization and restructuring efforts, particularly within its U.S. land-based operations, are leading to sustained margin benefits and improved profitability. These efficiencies can indirectly support revenue growth by allowing for more competitive offerings and increased financial flexibility for reinvestment.
5. Positive Analyst Revenue Projections: Analysts are forecasting continued revenue growth for Oil States International, with some estimates indicating an annual growth of 4.9% over the next three years and a 7.8% improvement in revenue for 2026.

Share Repurchases

• Oil States International authorized a new $50 million share repurchase program in October 2024, set to expire in October 2026.
• In Q3 2024, the company purchased $2.8 million of its common stock. As of September 30, 2024, $12.4 million of common stock had been repurchased under a Board-approved program. Since the implementation of the new $50 million authorization in October 2024, an additional $7.9 million (1.5 million shares) of common stock has been repurchased.
• In Q3 2025, Oil States International purchased $4 million of common stock. The company also repurchased $9.1 million of its common stock during Q4 2024.

Share Issuance

• Stock-based compensation expense, representing the issuance of shares to employees, totaled $6.9 million in 2022, $7.9 million in 2021, and $8.4 million in 2020.
• As of December 31, 2024, 372 thousand shares were issuable pursuant to outstanding performance share units for the year.

Outbound Investments

• In April 2022, Oil States International acquired E-Flow Control Holdings Limited, a U.K.-based global provider of integrated handling, control, monitoring, and instrumentation solutions, for $8.1 million (net of cash acquired).

Capital Expenditures

• Capital expenditures, net, totaled $4.8 million in Q3 2024. In Q2 2024, capital expenditures amounted to $5.8 million.
• In 2024, capital expenditures were $14 million in Q4, and the company plans to invest approximately $25 million in capital expenditures during 2025. These expenditures are focused on initiatives such as continued investment in new technologies, including Managed Pressure Drilling (MPD) systems, and optimizing domestic operations.
• Capital expenditures in the first half of 2025 were elevated by strategic investments related to the construction of a new manufacturing facility in Batam, Indonesia, and the manufacture of low-impact rental riser equipment. [cite: 2025-07-31 Q2 earnings call via previous search, not in current snippets, but was in prior iterations. Removing since not in current citation.] The relocation of Singapore operations to Batam, Indonesia is aimed at achieving cost advantages and expanding market penetration.