Everyone, thank you for joining us, welcome to Oil States First 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 Ellen Pennington, VP of HR. Ellen, please go ahead. Thank you, Melissa. Good morning, welcome to Oil States first quarter 2026 earnings conference call. Our call today will be led by our President and CEO, Lloyd Hajdik, and Matthew Autenrieth, Oil States 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 disclosed in our 2025 Form 10-K and Form 10-K/A, along with other recent SEC filings. This call is being webcast and can be accessed at Oil States' 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, Ellen. Good morning, and thank you for joining our conference call today, where we'll discuss our first quarter 2026 results and provide our thoughts on market trends in addition to discussing our company-specific strategy and outlook for 2026. During the first quarter, the global energy backdrop shift meaningfully due to escalating geopolitical tensions in the Middle East, leading to severe restrictions imposed on maritime vessels transiting through the Strait of Hormuz. These events introduced near-term volatility in commodity markets, leading to elevated supply and logistics challenges and increased costs overall. Longer term these geopolitical events reinforce the strategic importance of energy security, supply diversification, and long-term offshore and international development. We saw commodity prices strengthen throughout the quarter, with crude oil prices increasing significantly late in the period, reflecting diminishing inventories and a growing supply risk premium. Our global customer base facing market uncertainty, delayed existing projects and awards of new projects. During this volatile period, operators maintained capital discipline, prioritizing free cash flow generation and returns to shareholders over incremental activity. Given the recent drawdown in global inventories, the global oil and gas sector is poised for growth. During the quarter, we generated revenues of $145 million and adjusted EBITDA of $17 million. The sequential decline was attributable to seasonal factors, timing of revenue recognition for our percentage of completion projects, certain Middle East-related delays, and continued softness in U.S. land markets. The current conflict in the Middle East, along with ongoing market uncertainty, contributed to contract award delays, reduced revenues, and increased costs. These disruptions have not changed our strategy or offshore and international growth thesis. The macro drivers actually serve to further strengthen our primary markets as the need increases for energy security, demand for offshore and deepwater developments, LNG, military, and highly engineered technologies. We believe operators stand poised to increase production in other lower-risk global offshore basins. We strive to implement a consistent strategy. Approximately 72% of our first quarter revenues and 74 of our revenues generated over the last 12 months were derived from offshore and international projects. This is an increase from 66% in the first quarter of 2025 and up substantially from a few years ago. This strategic shift in business mix positions the company for sustained and durable higher-margin work. We remain focused on cost control, monetization of exited facilities and equipment, and supporting our customers' critical energy infrastructure programs, which play an increasingly important role in creating a more stable and affordable future energy supply. Our Offshore Manufactured Products segment continued to lead the performance of our company with revenues of $91 million and adjusted Segment Adjusted EBITDA of $19 million, with adjusted Segment Adjusted EBITDA margins of approximately 20%. Backlog remains near a decade-high level, $430 million, supported by bookings of $84 million, yielding a quarterly book-to-bill ratio of 0.9x. Based on our order visibility, we reiterate our view that our full-year book-to-bill ratio should be 1x or greater. In our Completion and Production Services segment, our continued focus on high-grading technologies and service lines has again resulted in improved adjusted Segment Adjusted EBITDA margins year-over-year. In our Downhole Technologies segment, we remain focused on market introductions of our upgraded technology domestically, along with international expansion of our full product suite. We are also focused on improving profitability, given impacts of higher raw materials and shipping costs. Despite the geopolitical headwinds encountered in certain international markets, revenues remained relatively flat sequentially. The duration of the Middle East conflict may influence the timing of future international expansion for the segment's products. Reinforcing our technology leadership position, we are pleased to receive 2 2026 Spotlight on New Technology awards from the SPE Offshore Technology Conference for our GeoLok geothermal wellhead and our Managed Pressure Drilling, or MPD, Drill Ahead Tool. The GeoLok geothermal wellhead leverages field-proven oil and gas technology to solve the inherent challenges encountered in conventional high-temperature geothermal applications. The MPD Drill Ahead Tool complements the operational efficiency of our existing MPD system, saving drilling contractors additional time and money. Both technologies reinforce the strength of our engineering capabilities for developing critical applications to enable our customers to solve complex challenges. With our extensive portfolio of differentiated technologies and a globally diversified footprint across major offshore and international basins, we believe we are well-positioned to support our customers' evolving needs. Matt will now review our operating results, along with our financial position in more detail. Thank you, Lloyd, and good morning, everyone. During the first quarter, as Lloyd mentioned, we generated revenues of $145 million and adjusted EBITDA of $17 million. We reported net income of $1 million, or $0.02 per share, which included facility exit charges and impairment on assets held for sale and valuation allowances established on deferred tax assets. The non-cash impairment on additional assets moved to assets held for sale together with related exit costs were recorded in our corporate cost center. Excluding these charges, our adjusted net income totaled $5 million, or $0.09 per share. Turning to segment performance, our Offshore Manufactured Products segment generated revenues of $91 million and Segment Adjusted EBITDA of $19 million in the first quarter, resulting in an Segment Adjusted EBITDA margin of 20%. Our backlog totaled $430 million as of March 31st, a small decrease from year-end, an increase of $73 million or 20% from March 31st, 2025. We achieved a 0.9 book-to-bill ratio in the quarter. Our backlog continues to reflect a diversified mix of offshore and international energy as well as military programs. We believe current global events may encourage sustained energy infrastructure and military spending. Backlog strength and execution continue to support earnings visibility into the balance of 2026 and beyond. Our Completion and Production Services segment delivered $21 million in revenues and Segment Adjusted EBITDA of $6 million in the first quarter, resulting in an adjusted Segment EBITDA margin of 29%. In our Downhole Technologies segment, we generated revenues of $32 million with Segment Adjusted EBITDA of $1 million. Planned growth initiatives have been delayed due to the Middle East conflict, yet we are seeing signs of increased customer adoption of our upgraded and expanded product portfolio. Our first quarter cash flow performance was indicative of normal increases in working capital that we experienced early in the year, which included the investment of $13 million in working capital associated primarily with inventory purchases to support future backlog execution. Investments in net CapEx totaled $3 million in the quarter. Free cash flow is expected to improve over the balance of 2026 as working capital normalizes through backlog conversion and assets held for sale are monetized. In January, we entered into an amended and restated four-year cash flow-based credit agreement, which provides for borrowings of up to $75 million under a revolving credit facility and $50 million available under a multi-draw term loan facility, which replaced our asset-based lending credit agreement. We ended the quarter with $59 million of cash on hand. As of March 31, 2026, the company had no borrowings outstanding under the cash flow credit agreement and $13 million of outstanding letters of credit, leaving $112 million available to be drawn. We retired the remaining $53 million principal amount of our convertible senior notes on April 1 with a combination of $25 million of cash on hand, borrowings of $25 million under the revolving credit facility, and the issuance of 529,000 shares of our common stock. We expect our strong balance sheet, ample liquidity, and strong free cash flows to provide us with enhanced strategic flexibility to continue to invest in organic growth, R&D, and to opportunistically repurchase additional common stock. Now, Lloyd will offer some market outlook and concluding comments. Thanks, Matt. As we look ahead, the broader energy landscape continues to evolve in ways that we believe are increasingly aligned with Oil States' strategic positioning. Global markets are being shaped by a combination of supply risk, energy security priorities, and the need for long-cycle, reliable sources of hydrocarbon production. While near-term activity levels, particularly in U.S. land, are still expected to be restrained, we are seeing growing evidence that customers are considering expansions to existing plans. Together, these factors should drive an increased focus on offshore and international developments, subsea infrastructure, military products, and other high-specification engineered solutions, all areas where Oil States has built deep expertise and a strong competitive position. Our strategy remains consistent. We're focused on partnering closely with our customers to understand their evolving needs and to deliver engineered products, services, and technologies that solve complex challenges and enable access to reliable sources of energy. We believe differentiation comes from the combination of our technical capabilities, our operational experience, the longevity of our products in the market, and our ability to collaborate with customers to develop practical, high-performance solutions. Across our portfolio, we are continuing to invest in technologies and capabilities that enhance performance, improve efficiency, and support the safe and reliable delivery of energy in increasingly complex environments. As we continue to consistently implement this strategy, we will remain disciplined in how we operate the business, maintaining a focus on margin performance, cash flow generation, and prudent capital allocation. Our second quarter guidance calls for revenues in a range of $157 million-$162 million and EBITDA of $18 million-$20 million. Given limited visibility as to the duration and magnitude of the current conflict in the Middle East, we do not have sufficient insight into the demand environment to adjust our full year guidance. We believe that an expedient resolution to the conflict could still support our guidance. A longer drawn-out conflict puts that at risk. We see meaningful opportunities to further expand our presence in offshore and international markets, deepen our customer partnerships, and continue to evolve our portfolio toward higher value technology-driven solutions. Oil States today is a more focused, more resilient, and more cash-generative company with a clear strategy, a strong balance sheet, and increasing exposure to the long cycle markets that are expected to drive the next phase of industry growth. That concludes our prepared remarks. Melissa, please open the call for questions. Thank you. We will now begin the 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. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. The first question comes from the line of Jawad Bhuiyan with Stifel. Your line is now open. Please go ahead. Hi, thanks for the question. I'm on for Stephen Gengaro. I guess to start off, can you talk a little bit about what you're seeing in the offshore markets in terms of order flow? I guess more particularly when you look at the growth in offshore activity, are there any markets where you have greater exposure to than others, or is that, I guess, pretty level on a global scale? Yeah, no, great question, and good morning. At the markets that we participate in are global in scope and scale. We have, within our Offshore Manufactured Products segment, manufacturing really across the globe. The markets that we're seeing an uptick in activity, no surprise, the Latin American markets, Guyana, Brazil, Suriname, et cetera. We are starting to see more activity starting to pick up in markets such as West Africa, Southeast Asia, even some activity in the North Sea, as well as some level of activity in the Gulf of America. Got it. Maybe just a little bit more on the Iran war and I guess like the broader Middle East conflicts. I guess, do you guys think that that'll lead to a material rise in U.S. land activity, or do you think E&P operators and their capital discipline is too strong? Maybe some commentary on pricing within the U.S. land. Do you think that, you know, pricing would probably increase or rise in the near term? Just any commentary on that would be really helpful. Thank you. Yeah, I do. I do. In my earlier comments, certainly believe that we're gonna see some increased activity in U.S. land. Some of the anecdotes we're starting to see is that, you know, the private operators are increasing activity. They'll lead it, and then the public E&Ps come behind that. For us, U.S. land has been lesser of at levels of activity or revenue base. Again, about 75% of our revenues are now generated from markets outside U.S. land, international and offshore. U.S. land uplift is really incremental upside for us because our strategy is primarily anchored in the offshore international markets. We do believe U.S. land is poised for increase and for pricing. The services that we still provide in the U.S. are in our Completion and Production Services business, our frac work, and also our extended reach technology through our Tempress business. Within Downhole Technologies, we do supply frac plugs and perforating into that market as well, and we are expecting to see, are now, and are seeing increased levels of activity. Got it. That's very helpful. Thanks for the question. Also, big congratulations to Cindy. Thanks again. I'll pass it on. Thanks. The next question comes from the line of John Daniel with Daniel Energy Partners. Your line is now open. Please go ahead. Hey, Lloyd. Thanks for including me. Just one this morning. Let's assume the business clicks in the second half, the growth cycle really shapes up for next year. Can you speak to what you all might need to do to be ready for such an upwards pivot? That is, you know, just speak to what the labor issues, constraints, needs would be, facilities, supply chain, just if it all gets really good, what's the playbook? Thanks, John. Good morning. I'll say from a manufacturing roof line perspective, we have plenty of manufacturing capacity today, okay? Just as a frame of reference, we've opened a new facility in the Heartlands in the U.K. about 10 years ago, it's special, specific, you know, special purpose-built facility that's, has plenty of engineering and manufacturing capability. We just completed our new manufacturing facility in Asia, in Batam, Indonesia, after exiting Singapore. In terms of the labor side, you know, it's adding shifts where we need to, we have plenty of capacity in terms of roof line and likely the ability to increase the throughput and absorption with the existing labor base. Okay. Got it. That's all I had. Thank you, Lloyd. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. The next question comes from the line of Connor Jensen with Raymond James. Your line is now open. Please go ahead. Hey, guys. Thanks for taking my call. Was just wondering what the confidence level is for revenue conversion for the recent backlog, and if you think that'll hit in second half 2026, specifically in Offshore Manufactured Products with the increased macro uncertainty. Thanks, Connor. Good morning. Historically, the conversion to revenue in the backlog within the Offshore Manufactured Products segment has generally been about 70%. We did book these military products orders that we talked about on our fourth quarter call, both in the third quarter and in the fourth quarter, and those are longer duration, so timing can extend over a longer period with those contracts, about 5 years. Again, historically, we've converted about 60%-70%. I think with these longer duration military products contracts, that gets elongated somewhat, I would say it's probably 50%-60% backlogs converts over the 4-12 months. Have no concerns about the overall conversion and the quality of backlog. Again, we've historically had virtually no cancellations. I think more importantly is we reiterate our view on the backlog, book-to-bill ratio for 2026 at 1 time or greater. I will point out, over the last 5 years, going back to even to 2021 and each year thereafter, that we have achieved a 1-time book-to-bill or better on higher and increasing levels of revenue. We're very confident in our backlog conversion. Got it. That sounds great. Was gonna ask about the military, but you already answered it, so that's all for me. Thanks. Thanks, Connor. There are no further questions at this time. We have reached the end of the Q&A session. I will now turn the call back to Lloyd for closing remarks. Thanks, Melissa. Thank you all for your time today and for the thoughtful questions. We do remain focused on consistently implementing our strategy, partnering with our customers to address technical challenges in complex energy environments, strengthening our portfolio, and maintaining a disciplined approach to capital allocation. Before we conclude, I wanna recognize Cindy Taylor regarding her illustrious career with Oil States these past 25 years, the last 19 of which as our CEO. Cindy's leadership, integrity, and steady hand have had a profound impact on Oil States, positioning our company for long-term success. Her influence extends well beyond our organization. Through her thoughtful leadership and deep industry engagement, Cindy has been a highly respected voice across the energy industry. We are grateful for the lasting contributions she's made to our company and to the industry as a whole. Thanks again, everyone, for joining us today, and have a great week. This concludes today's call. Thank you for attending. You may now disconnect.