Our consolidated ends in the third quarter had been pushed by backlog development achieved over latest quarters together with stable execution of tasks. Oil States Worldwide, Inc. stays well-positioned to profit going ahead as oil and gasoline operators favor capital allocation to offshore tasks with increased manufacturing, slower decline curves, and decrease breakeven commodity costs. In the course of the third quarter, 75% of our consolidated revenues had been generated from offshore and worldwide tasks, a share that’s up each sequentially and yr over yr. This continued shift in income combine displays our multiyear technique to develop our offshore and worldwide project-driven content material which typically contains longer cycle increased margin work. Our offshore manufactured merchandise phase continued to ship sturdy efficiency.
Revenues elevated 2% sequentially whereas adjusted phase EBITDA rose 6% resulting from product and repair combine. Backlog elevated to $399 million, once more permitting us to realize our excessive ranges since June 2015. Sturdy bookings of $145 million, which represents a 29% quarter-over-quarter enhance, was boosted by sturdy army orders yielding a quarterly book-to-bill ratio of 1.3 instances. The energy and variety of our backlog helps our outlook for complete incremental income and earnings development as we transfer into 2026. US land completion exercise declined considerably through the interval with the typical US frac unfold depend down 11% sequentially.
These US exercise reductions stemmed from weaker crude oil costs and OPEC pluses, determination to quickly unwind over 2 million barrels per day of earlier manufacturing cuts. Our completion and manufacturing companies and downhole expertise phase, which signify a smaller portion of our enterprise combine, skilled sequential quarter income declines of 61%, respectively, primarily because of the important industry-wide discount in US land-based exercise. Sustained margin advantages stemming from our U.S. land-based optimization efforts, which had been initiated in 2024, and have continued in 2025 have led to year-over-year EBITDA development in our Completion and Manufacturing Companies phase regardless of weaker {industry} exercise ranges.
In the course of the third quarter, we grew our money circulation from operations to $31 million, a rise of 105% sequentially, and we generated $23 million of free money circulation. Our ongoing deleveraging efforts ought to unlock extra fairness worth for our stockholders as we repay our convertible senior notes at their maturity in April 2026. We’re dedicated to optimizing our operations and making focused investments in our highest-performing companies whereas leveraging cutting-edge applied sciences to drive development. Our industry-leading managed stress drilling or MPD system exemplifies this dedication to enhance operational security and efficiency ranges.
In the course of the quarter, Oil States Worldwide, Inc. was honored with two vitality workforce and expertise council security awards, together with the president’s gold award for well being, security, and atmosphere incident fee enchancment through the 2023 to 2024 interval, and the FellSafe Know-how Award for superior safer MPD operations in collaboration with Seadrill, a world chief in high-spec offshore drilling rigs. Together with our security tradition, we stay centered on three core priorities: rising our offshore and worldwide presence, managing volatility inherent in US land exercise, and driving significant money circulation era. Lloyd will now evaluation our working outcomes together with our monetary place in additional element.
Lloyd A. Hajdik: Thanks, Cindy. Good morning, everybody. In the course of the third quarter, we generated revenues of $165 million and adjusted consolidated EBITDA of $21 million. Web earnings totaled $2 million or $0.03 per share, which included facility exit, severance, and different costs totaling $4 million, nearly all of which associated to our US land restructuring. Our adjusted web earnings totaled $5 million or $0.08 per share after excluding these costs. Our Offshore Manufactured Merchandise phase revenues of $109 million and adjusted phase EBITDA of $22 million within the third quarter. Adjusted phase EBITDA margin was 21% within the third quarter.
In our Completion and Manufacturing Companies phase, we generated revenues of $28 million and adjusted phase EBITDA of $8 million within the third quarter. We achieved an adjusted phase EBITDA margin of 29%. In the course of the quarter, the phase recorded facility exit and different restructuring costs totaling $3 million. In our Downhole Applied sciences phase, we generated revenues of $29 million and an adjusted phase EBITDA lack of $1 million within the quarter because of the affect of upper prices resulting from tariffs and decrease worldwide exercise ranges. Turning to money circulation, we generated $31 million of money circulation from operations within the third quarter, double the quantity we generated within the second quarter.
Money flows had been used to fund $8 million of web CapEx. In the course of the quarter, we repurchased $4 million of our widespread inventory below our share repurchase authorization. As well as, we bought $6 million of our convertible senior notes at a slight low cost. Additional, as a testomony to our sturdy monetary place, as of September 30, we keep a stable money available place with no borrowings excellent below our asset-based revolving credit score facility. Given our sturdy free money circulation outlook, we intend to stay opportunistic with extra purchases of our widespread inventory and convertible senior notes, and we’ll proceed to prioritize returns to stockholders. Now Cindy will provide some market outlook and concluding feedback.
Cynthia B. Taylor: Regardless of latest financial volatility and continued uncertainty round commerce tariffs, we proceed to see stable demand for our offshore and worldwide services and products. Our backlog is at a decade-high degree, and we anticipate continued energy in future bookings with our fourth quarter book-to-bill ratio once more anticipated to exceed one time. Trade analysts have steered that whereas US land-based exercise could stay subdued into 2026, offshore and worldwide markets are anticipated to enhance. Analysts level to a rising world give attention to exploration and offshore improvement as operators search extra cost-efficient, decrease carbon assets, which place Oil States Worldwide, Inc. within the middle of this secular development alternative given our enterprise combine and world base of operations.
Concerning our outlook, based mostly on what we all know as we speak, our fourth quarter consolidated revenues ought to enhance 8% to 13% sequentially, and our fourth quarter adjusted EBITDA is anticipated to vary from $21 million to $22 million. Our money flows from operations had been very sturdy within the third quarter and are anticipated to enhance within the fourth quarter, bringing the annual quantity to $100 million plus. Our enterprise combine and capital allocation methods are purpose-driven. We’re investing in innovation that gives significant expertise developments to the {industry}, driving stable outcomes via mission execution, producing important money flows that strengthen our stability sheet whereas returning money to our stockholders via share buybacks.
The selections we make are centered on constructing a stronger, extra resilient firm that drives significant outcomes for these we serve. Our enterprise combine positions us strategically for market alternatives that develop. We now have continued the journey to shift our enterprise combine with a give attention to producing differentiated money circulation conversion charges and an industry-leading free money circulation yield. By advancing next-generation applied sciences, constructing backlog with sturdy margins, executing with self-discipline, lowering debt, and returning money to stockholders, we imagine that we provide a compelling funding alternative. That completes our ready feedback. Jordan, would you open up the decision for questions and solutions at the moment, please?
Operator: Actually. As a reminder, if you need to ask a query, press star and 1 in your phone keypad. The primary query comes from the road of James Michael Rollyson from Raymond James. Your line is stay.
James Michael Rollyson: Hey. Good morning, Cindy and Lloyd.
Cynthia B. Taylor: Hello, Jim.
Lloyd A. Hajdik: Hey, Jim.
James Michael Rollyson: Cindy, as I form of listened via earnings season to date this quarter, the drillers, offshore drillers, I ought to say, are all form of speaking about form of mid to late subsequent yr rebound and possibly near-term backside in exercise. The blokes within the infrastructure facet of issues are form of speaking about FID is selecting up subsequent yr and past, and clearly, you guys had a terrific bookings quarter, and I feel your commentary suggests that ought to proceed.
However I might love to only get form of colour on how conversations are going, form of the circulation of conversations, the possibly margin profile and the affect of tariffs there, and simply form of timing of how this backlog form of rolls off as you go ahead?
Cynthia B. Taylor: Thanks for the query. I feel it is a improbable one. I imply, what you are listening to from offshore uncovered corporations is that we have had an excellent yr, however all year long with decrease crude costs, a number of the optimizing spending has shifted to the precise a bit. That is each for contracting rigs in addition to form of new incremental tasks, which , hits all people to a sure diploma. And that is why we form of highlighted that now we have an excellent base bookings quarter, however it was augmented by army. And so I simply wish to say that is form of according to what you are listening to on the oil and gasoline facet of the market.
There may be each thought that we’ll have an improved yr in 2026, particularly as a result of a few of this has slipped to the precise. Because it pertains to our fourth quarter, we’re going to once more, I instructed you, I feel we’ll have a book-to-bill north of 1 that is predicated on tasks which might be very near the award stage, and that’s each manufacturing infrastructure for us and form of MPD kind techniques. These are the drivers. And so it is all the time a query of the macro versus company-specific. However our company-specific appears to be like good however possibly not fairly as sturdy as we thought coming into the yr with crude costs at sixty.
Now all these simply shift to the precise, and subsequently, ’26 begins trying higher. So I do assume that what we’re seeing is constant. We have simply had a greater bookings yr presumably than others for varied causes. Perhaps it is one of the simplest ways I will have a look at that. I’ll pivot to what I feel was your second query, which was the tariff state of affairs.
And since a lot of our tasks which might be value-add within the US go into worldwide performs, there may be much less affect on our main phase, which is the offshore manufacturing merchandise phase, the place it hit us more durable and also you see that in our outcomes this quarter, was on the downhole, the consumable facet of the enterprise, the Downhole Applied sciences, which is essentially on the perforating facet as a result of we import gun metal like we imagine most different corporations do within the house from international sources, significantly China. You heard, , a number of the points that Cactus and others are coping with. They commented on a 95% tariff fee and massive will increase that hit in June.
The very same factor occurred to us, and considerably unexpectedly. So the third quarter, unequivocally hit us on the downhole facet with increased tariff prices. We, like all people else, are attempting to handle via and perceive it, and there was a, , form of a short lived settlement between the US and China yesterday, however it actually had a really small affect on the general tariff fee. We imagine our 98% fee got here all the way down to 88%. For perspective. And in the event you return two or three years, that tariff fee was twenty-five %. So these are materials will increase in gun metal value. Now it is usually our perception that everyone has the identical provide sources, that are typically international.
We’re all experiencing the identical factor. However there’s additionally been a buildup of stock as exercise has slowed. So I feel the {industry} has to work via the pre-tariff stock, however then it’s my view that the tariffs maintain, they’ll need to be handed on to prospects as considered one of timing. That is the very best affect or data I may give you. Tariffs are actually not a problem for the completion and manufacturing companies phase. So not a terrific affect to us, however it actually has hit the consumables facet of the Downhole Applied sciences piece of the enterprise. If that solutions your query.
James Michael Rollyson: It completely does. Admire all that colour. And possibly only a follow-up there, Cindy, Downhole Applied sciences. For those who form of again out the tariff affect, would you as a result of it was the primary quarter you had adverse EBITDA in that phase since COVID. I am assuming that was nearly all exercise was decrease, positive, however your margins have stayed very sturdy given all of the belongings you’ve been engaged on for the previous yr plus. I am assuming the tariffs had been nearly the complete extent of what drove that EBITDA adverse. And so after which possibly any query or ideas you have got on the timing of how lengthy that takes to really circulation via the stock that is sits there after which move via.
Like, when do you get again to optimistic EBITDA?
Cynthia B. Taylor: Sure. You are completely appropriate in your evaluation. Now I’ll add to that, nevertheless, that even our plug demand was very weak within the quarter, not adverse EBITDA, there in different phrases, there was no offset from the opposite portion of the consumables that now we have within the combine. Or not enough offset, I will name it. And we imagine we could even see improved demand even within the fourth quarter, which is all the time weak due to holidays. Everyone is aware of that. We predict we’ll see somewhat little bit of an improved demand on the plug facet merely due to stock drawdowns through the quarter.
There’s somewhat little bit of a mix, but when I have a look at a adverse affect, sure, I’ll put it on tariffs. After which to your level, how lengthy it takes, I am guessing it’s going to be early subsequent yr. You realize, I feel the technique for us is similar, which is leverage and develop your worldwide content material and, subsequently, have better total demand and value absorption. And as you say, we have got to start out passing via the tariff affect. If it isn’t mitigated or decreased from the degrees that now we have now. And we’re like all people else. We’re taking a look at each supply all over the world, each domestically and internationally, to get the price down.
You have heard these feedback from different individuals within the house. However it’s not speedy. We’re additionally evaluating can we simply begin doing gun assemblies in our Batam facility in Indonesia in order that we are able to assist the worldwide demand that we had with a decrease tariff burden. Once more, give us in all probability six months to work via a few of these issues, however we’re doing our greatest to not enable it to, , deter exercise an excessive amount of from a consolidated foundation for the corporate.
James Michael Rollyson: Admire all that colour. Thanks, Cindy.
Cynthia B. Taylor: Thanks, Jim.
Operator: Your subsequent query comes from the road of Stephen David Gengaro from Stifel. Your line is stay.
Stephen David Gengaro: Thanks. Good morning, all people.
Cynthia B. Taylor: That is David.
Stephen David Gengaro: How are you? I suppose two issues for me, Cindy. The primary, you have completed quite a bit on the US land facet to form of high-grade the portfolio and management and lower prices the place needed. Are you able to speak about once we take into consideration the margin facet of that enterprise, particularly C and P, do you assume we’re seeing the total affect of that within the margins? Yeah. I do know it will get masked by form of underlying exercise, etcetera, however do you assume you are beginning to see the total affect there? How does that unfold over the subsequent twelve months?
Cynthia B. Taylor: It is an excellent remark. And I, , I simply inform all people, I feel we’ll be via lots of the transition by the top of the yr, which makes the outcomes somewhat bit cleaner going ahead. As soon as we get the finalization, I will name it, you notice we’re shifting gear all over. You realize? Going into new basins, new prospects, closing amenities, incurring severance, and once more, I do pray that we get form of most of this out of the system by the top of the yr and have clear margins going ahead.
However as soon as we do, we count on relying on timing of labor and all the pieces else caveat that goes with it, excessive twenties to low thirties EBITDA margins. And so once more, I feel that’s within the context of 2024, Lloyd, appropriate me if I am not incorrect, being within the excessive teenagers EBITDA margins? Mid teenagers. Mid teenagers. So what you see, yeah, the income goes to be a bit decrease, and we’ll offer you very particular steerage on that as we transfer ahead into 2026. However will probably be at increased margins. And better free money circulation as a result of the enterprise is that is half yeah. It is an EBITDA drag, however extra importantly, it is a money circulation drag.
And so we’re actually making step modifications in that phase centered particularly on free money circulation era over the long run.
Stephen David Gengaro: Thanks. And simply two different issues. One’s a follow-up to that. Have once more, outdoors of underlying exercise ranges, have we seen nearly all of the income affect already? Proper, from companies which were pared down or divested as you high-grade the portfolio?
Cynthia B. Taylor: The bulk. Sure.
Stephen David Gengaro: Okay. Good. The opposite fast one is I feel on the finish of final yr, I feel you stated within the Okay, I feel the quantity was 70% of the backlog was going to transform over the subsequent twelve months. I feel that was proper from final yr. You have had excellent order circulation this yr. Do you count on is it honest to imagine that your present backlog is in the same spot from a realization perspective over the subsequent twelve months? Or is that elongated in any respect? How ought to we take into consideration that?
Cynthia B. Taylor: It is somewhat bit elongated with the army awards that we bought. These are usually multiyear form of supply that span over a time period. So awards we count on to get in This fall will in all probability leverage that again in the direction of the, , longer-term form of tendencies that you just see on product rollout. If I have a look at a time limit, the time limit with the army can be down just a bit bit by way of that share roll-off within the ahead twelve or fifteen months. That may change, clearly, with the combination of issues coming within the backlog and what we count on in strikes it again the opposite course, if that is smart.
Stephen David Gengaro: Sure. Okay. Good. I feel that is all for me. Thanks.
Cynthia B. Taylor: Alright. Thanks, Stephen.
Operator: Your last query comes from the road of Joshua James from Daniel Vitality Companions. Your line is stay.
Joshua James: Thanks. Good morning.
Cynthia B. Taylor: Good morning.
Joshua James: First query for you, after which stick on the offshore theme. Quite a few the shoppers you take care of have publicity to each US land and offshore, and as there’s been form of a large wave of E and P consolidation during the last couple of years. If you discuss to these prospects about their capital, do you view this as a structural shift offshore versus US land spending? And do you assume this consumes a better share of their budgets shifting ahead? Or is that this simply form of what occurs in a weak commodity atmosphere as offshore breakevens have continued to come back down?
Cynthia B. Taylor: I do assume it is extra of a secular development. And, in fact, now we have a mixture of prospects that some do have each publicity to US land and offshore, others like Petrobras for example, is rather more simply centered on offshore deepwater. And so it is a combine there. I simply do there’s all the time completely different causes for the investments which might be made. However we are able to all debate whether or not we’re at tier one acreage, tier two acreage. All of it comes all the way down to what are the breakevens and the way enticing are they at sixty or seventy {dollars} a barrel, proper, which is form of the atmosphere we see going ahead, however you get beneath sixty.
And I feel these marginal investments are inclined to shift only a bit. I made these feedback on my name. And the flip facet is, , there are form of decrease AFE value, shorter time to first manufacturing on land. So there’s oftentimes causes to drill wells on land with out query, however in addition they the decline curves are a lot increased. So it is actually laborious to isolate on one versus the opposite for somebody that has twin publicity. I simply assume that the macro development with Rider success in deepwater, they’re longer-lived reserves. And the time from discovery to first manufacturing has shortened, that simply undoubtedly appears to be a development extra of a secular development in our view.
And, in fact, lots of the choices we make are based mostly on product differentiation, historical past within the market, expertise differentiators, and we simply have much more fairly frankly, that we ship to the offshore and worldwide market. It is a lot more durable to not have commoditization on US land. That is simply actuality. And so we are attempting to actually give attention to areas that we predict convey worth to the corporate and convey worth to our shareholders.
Joshua James: So on that time, Cindy, may you broaden somewhat bit extra? You highlighted a number of the security awards, a minimum of considered one of which was round MPD. Might you elaborate a bit extra on a number of the merchandise which were driving your backlog construct offshore? And I assume lots of them need to do with not solely security however, , making operations extra environment friendly for the shoppers. We hear about efficiencies quite a bit in US land, however possibly simply communicate to the belongings you’re doing there. And the precise merchandise which have actually pushed this outdoors of the army in the direction of the energy within the backlog offshore?
Cynthia B. Taylor: We now have some, truthfully, simply ongoing recurring backlog that comes from our key connector merchandise in lots of basins. We now have crane operations. There’s quite a lot of, I will name it, simply base orders. However what has actually augmented our orders of the army awards that actually got here in Q3 has been manufacturing infrastructure, most of which is excessive expertise. It is our key main flex joint expertise very properly. The {industry} is aware of very properly. And far of that has gone into the demand atmosphere in Brazil, not surprisingly, Petrobras has by far a number one place in offshore exercise and funding. And so that’s actually form of what has led.
Now we’re augmenting that with new expertise, the MPD techniques we dropped at market early final yr, it is working properly, getting sturdy buyer acceptance. And we count on that to proceed to develop. There may be the hope that we’ll get incremental new demand from issues just like the mineral restoration that now we have in place for subsea minerals restoration. We have had pilots which were in backlog, however not a lot this yr. After which we as , now we have that offshore wind package. We’re nonetheless bidding and quoting and dealing with corporations on budgets and planning, however nothing’s actually come into bear at this time limit.
So could possibly be some upside outdoors of our customary oil and gasoline and army awards long run. However proper now, simply assume ongoing recurring demand that the final {industry} can devour married with manufacturing infrastructure funding.
Joshua James: Okay. Thanks. After which, I wish to sneak in a single fast US land query if I would. Simply fascinated by the cycle. So it has been talked about somewhat bit on the decision, however your capability to broaden margins in a reasonably powerful market has been spectacular during the last twelve to eighteen months. Michael, simply wish to take into consideration prospects residing inside money circulation, however in some unspecified time in the future, they do not need their manufacturing to roll. It’s going to be attention-grabbing to see what degree of exercise is important to keep up manufacturing. However how do you view the place we’re?
And the way do you keep away from slicing an excessive amount of within the US land enterprise to ensure that when the enterprise improves, you possibly can benefit from realizing that, , there appears to be a structural shift in the direction of pure gasoline exercise over the subsequent three to 5 years. That is going to be coming. After which I will flip it again. Thanks.
Cynthia B. Taylor: Yeah. No. I feel it is a terrific query. And what now we have completed is this isn’t a one-year determination. It has been a multiyear look again. What the place have our expertise held up? The place have our margins held up and importantly, what has been the free money circulation era at 560 rigs working or a thousand rigs working. And we’re being selective in saying, , a number of the companies are so commoditized now. They weren’t actually producing returns in a lot increased rig depend environments, they usually’re actually not doing any in low. It is so the purpose is, is that development going to be completely different if the rig depend goes up a 100 rigs or completion depend?
We concluded the reply shouldn’t be for chosen product strains, so this isn’t a view of US land by no means coming again. It’s a view of what product strains we wish to provide to the US land market long run. And that is actually what it was as a result of you possibly can have a look at our margins at there’s actually good margins in chosen companies. Most of these are in our prolonged attain expertise, our Gulf Of Mexico operations, our worldwide they had been much less so round, , you all knew we bought into flowback considering it was a money circulation producing return. Properly, it turned out to not be an excellent enterprise. And we simply do not wish to be in that.
Proper? And so I feel that is form of extra we’re being so not getting out of land, we’re simply being very selective concerning the ones we pursue long run.
Joshua James: Understood. Thanks. I will flip it again.
Operator: We now have our last query from James Michael Rollyson from Raymond James. Your line is stay.
James Michael Rollyson: To come back again in, however Cindy, I wish to ensure I heard one thing proper. Did you say along with your steerage that you just guided 4Q revenues and EBITDA and that was somewhat bit decrease possibly than what the total yr unique steerage was lots of steerage which have come down all year long. However did I hear you proper that your money circulation from operations purported to be a $100 million for the total yr?
Cynthia B. Taylor: We had a, in our view, a really sturdy Q3, and we’ll have an excellent stronger This fall. You realize, we in our mission companies which might be long run, the timing of receivables and stock purchases ebbs and flows. We’re assured once we say that it will be a $100 million plus for the yr, which is a really important quantity, as .
James Michael Rollyson: Yeah. So simply doing math on that, you have completed $55 million yr so far, so it is form of implies a $45 million plus 4Q quantity. And Lloyd, appropriate me if I am incorrect, however your CapEx is meant to be somewhat bit on the decrease finish in 4Q. So like, it places you on monitor for a really large 4Q free money circulation quantity and possibly one thing, , north of $75 million for the yr. Did I’ve that math proper?
Lloyd A. Hajdik: You do.
James Michael Rollyson: Simply wish to ensure I wasn’t lacking one thing as a result of that did not register while you first stated it, so I went again and seemed on the numbers after which I’ve had a holy cow second. So recognize that.
Lloyd A. Hajdik: No.
James Michael Rollyson: Nice query. That could be a nice query. Thanks.
Operator: There are not any additional questions. I might now like to show the decision again over to Cynthia B. Taylor for closing remarks.
Cynthia B. Taylor: Oh, I recognize it, Jordan, and because of all of you on your time as we speak. We imagine we’re centered on the precise finish markets. We’re getting leaner by design. And we’re being extra selective about our capital allocation priorities. With that backdrop, we count on to see increased EBITDA margins and enhanced money flows as we transfer into 2026. All efforts that ought to profit our stockholders. Thanks for dialing in as we speak, and have a terrific weekend.
Operator: This concludes the assembly. Chances are you’ll now disconnect.
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