Hello, everyone. Thank you for joining us, and welcome to Oil States' 2Q 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, Senior Counsel and Vice President of HR. Ellen, please go ahead. Thank you, Trevor. Good morning, and welcome to Oil States' second quarter 2026 earnings conference call. Our call today will be led by our President and Chief Executive Officer, Lloyd Hajdik, and Matt 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 webcasted 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, everyone. Thank you for joining our conference call today, where we will discuss our second quarter 2026 results and provide our thoughts on market trends in addition to discussing our company-specific strategy and outlook for the remainder of the year. As we progress through 2026, our end markets continue to be influenced by a combination of constructive long-term fundamentals and ongoing near-term uncertainty. During the second quarter, commodity prices remained volatile, driven largely by geopolitical developments, supply disruptions, and moderated expectations for global economic growth. Conflict in the Middle East region continues to impact our operations and again contributed to certain contract award delays. Notwithstanding these and other award delays, we achieved a book-to-bill ratio of 1.2 times. While these dynamics have tempered near-term revenue conversion in our project-driven businesses, they do not change our long-term offshore and international opportunity set. The need for secure and diversified energy supply continues to drive longer cycle deepwater investment as well as incremental land-based activity levels. We believe that national oil companies and major operators will refocus on increasing production capacity and making multiyear investments to meet global energy demand once the Middle East disruptions have settled down. In the United States, customer activity rose modestly as operators continue to demonstrate capital discipline and prioritize operational efficiency and return of capital to stockholders. During the second quarter, we generated revenues of $157 million and adjusted EBITDA of $19 million, up 8% and 14% sequentially. These increases were driven in large part by growth within our Downhole Technologies and Completion and Production Services segments, favorable mix, and disciplined execution. Our strategy remains focused on higher margin, differentiated products and technologies within the markets we serve. Over 70% of our consolidated revenues generated in the first half 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 growth in future months and years. Our Offshore Manufactured Products segment generated sequential revenue growth with strong segment EBITDA margins. Production platform and connector products, as well as higher service activity, provided positive uplift in the quarter. Backlog increased to its highest level in more than a decade, totaling $451 million, supported by bookings of $114 million and a quarterly book-to-bill ratio of 1.2 times. Based on our bidding, quoting, and order visibility, we reiterate our view that our full-year book-to-bill ratio should be one time or greater. Our Completion and Production Services segment reported sequential revenue and segment EBITDA growth coupled with a strong margin profile, which is the direct result of our efforts to high-grade the portfolio of technologies and service lines within this segment. In our Downhole Technologies segment, revenue and segment EBITDA improved materially, supported by stronger perforating and completion product sales and favorable product mix. Headwinds remain elevated related to charge powder availability and raw material cost increases, which are pressuring margins. Continued pricing discipline and inventory management remain priorities. With our extensive portfolio of differentiated technologies and a diversified footprint across the major global basins, we believe we're well-positioned to support our customers' evolving needs. We will continue to invest selectively in technologies that improve performance, efficiency, and reliability in increasingly complex operating environments. Matt now will review our operating results along with our financial position in more detail. Thank you, Lloyd, and good morning, everyone. During the second quarter, as Lloyd mentioned, we generated revenues of $157 million in adjusted EBITDA of $19 million, representing sequential increases of 8% and 14% respectively. We reported net income of $6 million or $0.10 per share, which included charges associated with the extinguishment of our convertible senior notes, facility exit charges, and executive transition costs, which were partially offset by a gain on the disposal of a facility held. Excluding these charges and credits, our adjusted net income totaled $8 million or $0.14 per share. Turning to the segment performance, our Offshore Manufactured Products segment generated revenues of $93 million in segment EBITDA of $18 million in the second quarter, resulting in a segment EBITDA margin above 19%. Our backlog totaled $451 million as of June 30th, an increase of 5% sequentially and 24% from June 30th, 2025. This is our highest reported level of backlog in over 10 years. We achieved a 1.2 times book-to-bill ratio in the quarter. Our growing backlog continues to reflect a diversified mix of offshore and international energy projects, as well as military programs. Our Completion and Production Services segment generated $24 million in revenues and segment EBITDA of $7 million in the second quarter, resulting in a segment EBITDA margin of approximately 27%. Revenue and segment EBITDA increased 13% and 7% sequentially. In our Downhole Technologies segment, we generated revenues of $40 million in segment EBITDA of $4 million. Second quarter revenues were at the highest level since the second quarter of 2023. Results improved significantly on stronger perforating and completion product demand and favorable product mix. Input costs for our shaped charges remain elevated, particularly the cost of tungsten, charge powder, and copper. Second half trajectory will depend on continued pricing discipline, product mix, and raw material availability. Cash used in operating activities totaled $6 million in the second quarter, reflecting continued working capital investments tied to anticipated growth, the execution of backlog, especially for military product awards, and increasing demand for our downhole consumable products. Investing activities provided a cash flow benefit of $4 million during the quarter. Proceeds from asset sales totaled $7 million, which more more than offset the $3 million of capital investment made during the quarter. We remain focused on continuing to monetize our remaining assets held for sale, which currently total $19 million. As discussed on our first quarter earnings call, Oil States retired the remaining $53 million of principal amount of our convertible senior notes on April 1st with a combination of cash, borrowings under the credit facility, and the issuance of our common stock. As of June 30th, the company had $20 million of cash on hand and $18 million of outstanding debt. Our strong balance sheet and ample liquidity continue to provide flexibility to invest in organic growth and R&D and to return capital to stockholders. During the second quarter, we repurchased $5 million of our common stock, and we will remain opportunistic with additional share repurchases as we continue to prioritize returns to stockholders. Now Lloyd will offer some market outlook and concluding comments. Thanks, Matt. As we look ahead, the broader energy backdrop continues to support our strategic focus. While near-term operator timing can vary, particularly in our project-driven offshore and international businesses, we continue to see customers sanctioning new field developments and investing in project opportunities where Oil States has built deep expertise and a strong competitive position. With ongoing supply disruptions, commodity prices remain volatile, reflecting geopolitical uncertainty and evolving OPEC+ production policies. Inventories in several regions remain well below historical norms, and spare production capacity remains concentrated among a limited number of producers. Longer term, energy security concerns are expected to continue supporting investments in domestic resource development, offshore and international production, export infrastructure, and LNG projects. Taken together, these factors continue to reinforce our core strategy of offshore, deepwater, subsea, and international investment. We believe these markets will remain constructive for Oil States over the longer term. Our strategy remains unchanged: partner closely with our customers, solve their technical problems, and deliver differentiated engineered products, services, and technologies that support reliable energy supply. Across our portfolio of products and services, we continue to make targeted investments in technologies and capabilities that strengthen execution, improve operating efficiency, and enhance reliability in the environments where our customers operate. As we carry out this strategy, we will remain disciplined in how we manage the business for our stakeholders with continued attention to cash generation and prudent capital allocation. Our focus is on leveraging our technologies to drive growth, converting firm backlog into revenue, continuing to improve margins, and working capital conversion. While our bookings and backlog continue to grow to decade-high levels, a large part of the bookings awarded over the last year have been tied to multi-year military product contracts. Certain drilling, connector, and production facility product orders have lagged from a timing perspective. We expect to receive these orders in the third and fourth quarters of 2026, but the delay in receiving these awards will push some revenue recognition into 2027 that was originally expected in 2026. With that in mind, our third quarter guidance calls for revenues in the range of $157 to 167 million and adjusted EBITDA of $18 to 20 million. Our full-year guidance is expected to range from $640 to 660 million of revenue and $77 to 83 million of adjusted EBITDA. Customer schedules and timelines, geopolitical conditions, and the timing of contract awards continue to create quarter-to-quarter variations in our results. Even so, our current backlog and the breadth of opportunities across numerous business lines support our confidence in future earnings growth. We see compelling opportunities to strengthen customer relationships and continue shaping the portfolio towards higher value, technology-driven offerings. The longer-term offshore deepwater subsea and international opportunity set remains constructive, and our backlog continues to reflect that demand. Incremental land-based activity could also provide an uplift. Oil States is well-positioned with a focused portfolio, a resilient operating base, and a strong capacity to generate cash. Supported by a disciplined strategy, a healthy balance sheet, and meaningful exposure to long cycle markets, we believe the company has a solid foundation for continued progress. This concludes our prepared remarks. Trevor, please open the call up for questions. 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 you're asking a question for optimum sound quality. If you are muted locally, please remember to unmute your device. Your first question comes from the line of Connor Jensen with Raymond James. Connor, your line is open. Hey, guys. Thanks for taking my call. Morning. Hi, Connor. It was nice to see the backlog reach its highest level since 2015. Given the optimism across the industry around a ramp in offshore heading into the next few years, I would love to hear about how pricing and margins are trending across those new orders you guys are picking up. Yeah. Thanks, Connor. Good question. I would say in terms of the margins, they're accretive to the existing awards that are in backlog. Overall, and for the segment, we guide to an overall EBITDA margin of around 20%, a little bit lighter this quarter, 19.3%, but kind of right at that 20% level. Historically, if you look back where we had higher levels of backlog, even dating back call it 10 years ago, we had reached quarterly EBITDA margins of the low 20s, so 22, 23%, and I could see us achieving that, not this year, but certainly in 2027 and beyond as our backlog continues to grow, buoyed by the more traditional production facility, pipeline, and drilling-type content. Got it. It was impressive to see Downhole Technologies post its strongest revenue in several years this quarter. How much of that improvement reflects the restructuring benefits you guys had in the segment versus an improving U.S. land market? How sustainable are those margins from here? Yeah, I think it's more currently an improving land market. Frac spread count was up quarter-over-quarter. Rig count was up. If you think about completion-related activity, and in terms of volumes from us, when I looked at our shaped charges and our shot guns, which are largely sold in the U.S. as well as international, those volumes doubled quarter-over-quarter. The restructuring efforts that we've done over the, call it the prior year or two, and I wouldn't call them restructuring, is more of a revamp of our product line within perforating and coming up with our new precision guns and FlexOrbit have had really tremendous customer uptake. The demand for both perforating and completion tools, which effectively plugs and toe valves, really ramped up in the second quarter. We're really expecting for the third and fourth quarter, I'm not saying continued ramp, but certainly at these levels that we've experienced in the second quarter. Got it. I'll just sneak one more in here. You noted working capital was a headwind to free cash flow in the quarter. How do you expect the free cash flow to trend in the second half? What are the key drivers to getting that back to positive free cash flow? Yeah, Lloyd, I'll jump in on that one. Connor, we expect free cash flow for the full year to be $35 to 40 million. That includes proceeds from asset sales in the first half of the year. What it doesn't include is any incremental asset sales in the second half of the year, which could provide an additional $5 to 10 million of free cash flow. With regards to working capital, in the first half of the year, we invested $27 million in inventory That's primarily two things. One, it's long lead time materials that we invested in for the execution of projects from our backlog. Two, it's rising input costs for raw materials in our Downhole Technologies segment. We expect that working capital investment to begin to unwind here in the second half of the year, and that's going to be a critical driver of free cash flow generation here in the back half of the year. Great. Very helpful. I'll turn it back. Thanks. Thanks, Connor. Our next question comes from the line of Jawad Bhuiyan with Stifel. Jawad, your line is open. Hey, good morning, everyone. Thanks for taking my question. Good morning. Good morning. Could we just understand your guys' expectations for order flow for the offshore manufacturing piece? How should we think about the backlog conversion rates for that business? How much of that existing backlog is likely to convert to revenue this year and also next year? Yep, sure. Absolutely. In terms of our bookings for the second half of the year, we are watching certain drilling connector products, and production facility type orders that we expect to come in, and I mentioned in the notes here in the third and fourth quarter. Okay. Those have been delayed, quite frankly, since really the beginning of the year. The Middle East disruptions have caused some of these award delays, specifically connector products orders that we'd expected to sell into the Middle East that we have not received those orders yet. We do expect to receive those. I think that's all just basically based on timing. Nothing underlying in the fundamentals of the business in terms of whether or not we'll receive these awards. In terms of backlog conversion, I mentioned this on our first quarter call and it said this in the notes here, we did receive over $100 million of military products awards in the third and fourth quarter of last year, third quarter, fourth quarter of 2025. Those are multi-year orders that will unwind or convert to revenue over the next four to five years. Today, about half of our backlog, actually, it's 48% of our backlog is tied to military. Historically, our conversion rate of backlog converting over the core 12 months has been in that 65% to 70% range. With these multi-year military products orders, that's going to weight down to, let's just say it's about 55% currently. That's still strong, given we have these multi-year orders that are rolling out and converting to backlog, as well as anticipation of these other orders coming into backlog for the year, which drives my commentary of a book-to-bill ratio of above one for the full year. That's very helpful. Thank you. I'll pass it on. Thanks, Jawad. Our next call comes from the line of Jeff Robertson with Water Tower Research LLC. Jeff, your line is open. Hey. Thank you. Good morning. Lloyd, you mentioned getting back to around 22% potentially in the OMP segment and adjusted EBITDA margin. What is the mix of products that could drive that and, how does that relate to what you're seeing in or what you expect to see in your order backlog? Yeah, I just want to be clear. We're guiding to our goal for this year of a 20% EBITDA margin. I don't want to construe that we're guiding to a higher margin. My commentary is at higher levels of backlog, which drives better absorption in your manufacturing facilities, could drive the EBITDA margins above 20%. That mix of backlog, I'd say it's in our traditional kind of energy subsea and energy production products, and now drilling products with our introduction of our new managed pressure drilling system over the last two years. Those type of products and new technologies that we've developed, as well as one of the newer suites of technology, our Low Impact Workover Package that we're bringing to the market here, more in development, but should bring it into the market next year. Accretive, very good margins that you could see the margins start to move above 20%. I'm not guiding that this year. I want to be very clear about that. Thank you. With respect to your customer conversations, do you get any sense that customers might be trying to move projects around within their portfolios given what's going on in the Middle East? Is it still too new with people trying to figure out how that situation settles? Yeah. There's a shorter-term, medium-term, longer-term conversation to be had there. I would say focusing on the medium term, the national oil companies and the other major operators are really focused on finding, or not finding, but developing those resources that are in a much secure environment outside of maybe the Middle East, and the disruptions that we have there. That favors deepwater. With our product set, specifically in Offshore Manufactured Products, we're well-suited to participate in that, what we expect to see a deepwater upcycle over the next three to four years, really kind of rolling out 2027 through 2030. Some of the third-party research that we subscribe to certainly supports that. Energy security is front and center for these operators. I mentioned that spare production capacity is limited to a handful of operators. Deepwater, because it's long life, long live reserves. Typically lower breakevens in some of the land resource plays. I think certainly the operators will be focusing on deepwater. Thank you. Our next question comes from the line of Josh Jayne with Daniel Energy Partners. Josh, your line is open. Thanks. Good morning. I wanted to go back to the military business. Could you speak to your outlook specifically for orders for that business, not only for the second half of this year, but also into 2027? You just alluded to the strength that you had in Q3 and Q4 of last year, but what's the outlook for orders over the back half of this year and into 2027? How are conversations evolving for incremental orders? Yeah, Josh, great question. I'll give a little bit of a background. Our military products orders are what we refer to as large block-type orders. The military, specifically US Navy, will let out orders over a block. We are now in Block 6, and these are multi-year, four to five-year orders. That's why you see large dollar amount awards that will come into backlog every, call it, three to five years. Ongoing-wise, we have military products orders every week. They're not likely to be at the magnitude of $100 to 110 million like we booked last year as a large block award, but there's ongoing $25 to 30 million a year, if not a little bit more, on military products orders. The large set of the awards, again, sit in backlog, convert to revenue over the next four to five years. These Block 6 awards will really start generating revenue in 2027. We're wrapping up the last vestiges of the Block 5 awards that we booked probably five years ago. Okay, thanks. It sounds as if, just listening to your calls over the last couple of years, sounds like you're as confident or more increasingly confident in the non-offshore business than maybe at any point over the last two years. Could you just speak to your outlook for the U.S. land businesses, where geographically you're seeing pockets of strength, and if oil basically doesn't move from here, does the outlook still continue to improve for that business over the next 12 to 18 months? Thanks. Yeah. Josh, great question. We believe it does. It was up modestly in the second quarter, really modestly the first half of the year. Operators, both privates and publics, are being very careful. They're not rushing to increase capital spending really on the volatile levels of WTI that we've seen. We've been as low as $74, as high as back as $95, now back around in that $80 to $85 range. A lot of volatility in pricing is driving careful considerations by the operators. Again, I just want to be clear that in the U.S. land regions in which we operate, and this is Completion and Production Services, the service business, we really operate in one region up in the Bakken, where we have great customers, great people, and great equipment. We're obviously committed to that land basin. Outside of that, within Downhole Technologies, obviously we sell products, perforating products and completion products, tools and toe valves into the U.S., and the demand has clearly picked up there as well. I'd say demand's rising modestly. U.S. land is still 25% of our overall revenues, consolidated revenues, it's still very important to us. We do see growth in the business. We see growth in U.S., certainly at these prices, as the U.S. continues to increase production, not only traditional oil, but natural gas with expectations of LNG exports to start increasing pretty significantly starting next year. Understood. Thanks. I'll turn it back. Thanks, Josh. We now have one moment for any final questions. 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 have reached the end of the Q&A session. I will now pass the call back to Lloyd for closing remarks. Thanks, Trevor. Thank you again for joining us today and for the thoughtful questions. We appreciate the continued engagement and interest in our company. Looking ahead, we remain focused on the execution of our core strategy to drive that consistent performance and maintain a disciplined approach to capital allocation. We believe these efforts strategically position Oil States well for the opportunities ahead. Thanks again. Have a great rest of your day. This concludes today's call. Thank you for attending. You may now disconnect.