Greetings, welcome to the Parker Wellbore fourth quarter 2022 conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Eugene Davis, Chairman of Parker Wellbore. Thank you, Mr. Davis. You may begin. Thank you, operator. Good morning. Thank all of you for joining today's conference call. My name is Eugene Davis. I'm proud to be the chairman of Parker Wellbore. Joining me today are Sandy Esslemont, our President and CEO, and Michael Sumruld, our Chief Financial Officer. We're pleased to have this opportunity to speak with you to share our fourth quarter results and full year performance for 2022, as well as communicate our outlook for 2023. Let me turn the call over to Mike to discuss the results. Mike, it's all yours. Thank you, Gene. Good morning, everyone. During today's call, management may make statements regarding future expectations about the company's business, management's plans for future operations or similar matters. These statements, which speak only as of the date of this call, are considered forward-looking statements within the meaning of U.S. securities laws, and actual results may differ materially due to several important factors. In addition, throughout the call, management will refer to non-GAAP financial measures. A reconciliation of these measures is available in the quarterly management report. This report, as well as our quarterly financial statements, can be found within the investor portal section of our website. Let me share a quick note on our former Sakhalin operation before I discuss the quarterly and annual results. As we have fully exited Russia, and as I mentioned on our third quarter call, we have reported all Russian-related transactions as discontinued operations and all further comments on this call, unless otherwise specified, will only address continuing operations. For the fourth quarter of 2022, we reported revenue of $131.6 million, net income of $16.6 million, and Adjusted EBITDA of $36.3 million. For Adjusted EBITDA, this represents a 15% increase over the third quarter and consecutive sequential quarterly growth throughout 2022. In our North America geomarket, revenues were $90 million, up $5.7 million, and representing a 7% quarter-on-quarter increase. This revenue growth was led by our rentals operation, where overall activity continued to increase and pricing materially improved. We also experienced higher revenue in Canada as we provided additional personnel and services on the Hibernia and West White Rose O&M projects, as well as in the Gulf of Mexico due to continually improving utilization of our barge fleet. These gains were partially offset by lower O&M activity in Alaska, excuse me, based on our customer's seasonal drilling program. Our fourth quarter gross margin was $37.1 million, a sequential increase of $2.5 million or 7%, driven largely by the pricing and activity improvements in our rentals operation and the increase in drilling activity I just described. In our Latin America geomarket, we reported revenue of $10.9 million, a sequential increase of $400,000 or 4% quarter-on-quarter. Our gross margin of $2.2 million was an increase of $1.8 million over the prior quarter. One of our own rigs in Mexico, which drilled two wells in the quarter, was the primary catalyst for the sequential revenue and gross margin increases. This activity replaced a lower-margin, third-party rig commissioning project in Mexico that ended during the third quarter. Furthering the gross margin improvement, we released a customs-related reserve in Mexico that is no longer required and also experienced lower administrative costs during the quarter. Our Europe, Africa, and CIS geomarket revenue grew $2.1 million sequentially, or 36%, from $5.9 million in the third quarter to $8 million in the fourth quarter. This growth was driven primarily by the acquisition of a Norwegian tubular machining services business, which we discussed on our third quarter call, as well as slight improvement in our sales activity across Europe. These increases were partially offset by a rig move in Kazakhstan. The good news is the second rig of our two-rig contract spudded at the end of the year and will operate all of 2023, as Sandy will discuss here shortly. The geomarket recorded a gross margin loss of $1.7 million versus a gross margin of $100,000 in the third quarter, driven by acquisition and related transition costs of our Norwegian business and costs associated with moving our own rig in Kazakhstan. In our Middle East Asia Pacific geomarket, revenue was $22.7 million or 15% higher than the previous quarter revenue of $19.7 million. Gross margin increased $2.5 million sequentially to $3 million. One driver of the revenue and gross margin increase is the sale and transition of our Quail Tools business, which we noted briefly in the third quarter call. This was an area we determined lacked strategic value for Parker moving forward, given lower rental volumes, a highly fragmented market, and a very difficult operating environment. Separate. In the UAE, we continued to experience higher well intervention activities under a newly executed statement of work and saw an increase in tubular running services in Saudi Arabia. We have leading positions in both countries based on our differentiated service quality and continue to see growth opportunities in these areas prospectively. Partially offsetting these improvements, our own rig that worked the entire third quarter in Iraq was demobilized at the beginning of the fourth quarter. Regarding other financial items, G&A of $5.7 million remained flat sequentially as we continue to focus on controlling our support costs as the business grows. Capital spending for the fourth quarter stayed sequentially consistent at $20.3 million. Approximately 42% of the spend was to support our premium drill pipe and tubular running services businesses in the North America geomarket. Another 17% was related to projects where we have arranged prepayments with customers to cover certain rig upgrades prior to operations commencing, a negotiated structure that will materially benefit us in 2023 and 2024 as these assets have and will become operational. Our capital outflows during the quarter also include the purchase of a rig in Indonesia that has historically and will continue to participate in the geothermal activity, an area of focus for Parker as we seek opportunities to profitably contribute to energy transition. Much of the remaining investment covers our continued growth in tubular running services, driving increased share and resulting in leading positions in several key oil and gas markets. We expect these investments to have very high returns on capital and will continue to seek opportunities to deploy capital where activity and returns dictate. We reported $74.7 million in cash at the end of the quarter, a sequential decrease of $13 million. This decrease in cash was largely a result of capital spending and the use of working capital to support business growth, partially offset by continued EBITDA improvements. Now turning to the full year results. We reported consolidated revenues of $461.2 million and an Adjusted EBITDA of $117.5 million or 25% of revenues. Net income from continuing operations for 2022 was $31.2 million. Compared to 2021, revenues increased $146 million or 46%, while Adjusted EBITDA increased $80.1 million, which is over 200% more than the previous year. As an indication of the growth trajectory of our business, a fourth quarter 2022 annualized Adjusted EBITDA of $145.1 million is over 250% greater than the fourth quarter 2021 annualized Adjusted EBITDA of $40.7 million. The majority of our annual revenue increase in 2022 was driven by activity and price improvement in our North America geomarket rental services business as we continue to push aggressively to meet the demands of our customers through exceptional service quality. We also delivered top-line growth through higher utilization of our own rigs in the inland waters of the Gulf of Mexico and increased O&M activity in Alaska and Canada as customer-owned assets were reactivated during the year. In our Europe, Africa, and CIS geomarket, we experienced improving activity in the UK as well as a new revenue stream in the fourth quarter from our acquisition in Norway. We also reactivated two of our own rigs in Kazakhstan on a long-term project, with one rig operating most of the year and the second starting in December. The Middle East and Asia Pacific geomarket contributed to the increase in revenue largely through activity in the UAE and India, countries where we continue to strengthen our leading tubular running services positions, partially offset by lower revenue from our own rig in Iraq that demobilized in the fourth quarter. These overall revenue gains for the year were partially offset by lower dry lease, owned rig, and rentals activity in Mexico in our Latin America geomarket. However, margins in Latin America improved year-over-year as we collected on a previously reserved customer account in Mexico and saw improving activity across Colombia, Trinidad, and Suriname. Regarding CapEx, we continued to prudently manage the spend in 2022, redirecting to areas with increasing activity, appropriate returns, and quick cash payback. Of the total spend, approximately 74% was allocated to our global rentals service lines, while about 62% of that same total spend was invested early in the year to address the rapidly expanding U.S. market. Overall, our capital spending was $75 million in 2022, a sequential increase of $27.9 million. Of this total, we invested approximately 10% or $7.2 million in projects where we have arranged prepayments with our customers to cover certain rig upgrades prior to operations commencing, resulting in a net out-of-pocket spend of $67.4 million. Long-term debt at the end of the year was $189 million and matures in March 2024. Market conditions have not been favorable to refinance this debt prior to it becoming current in March 2023. As a result, we work closely with current holders comprising approximately 94% of the total debt to amend the current second lien loan maturity and extend it through September of 2025. The amendment was executed in January of 2023, the terms are largely consistent with the prior loan. Although the interest rate of 13% did not change, it was amended to be payable all in cash versus the prior agreement, where 11% was cash and 2% was payable in kind. The remaining approximately 6% that did not extend their debt will be paid out from operational cash sometime between now and when the balance is due in March 2024. We are very pleased with this outcome, as this extension will provide the company with additional time to identify and execute a longer-term solution. I'll turn the call over to Sandy for an operational update and our 2023 outlook. Sandy? Thank you, Mike. As always, it's a pleasure to speak with you today. It seems we are repeatedly tasked with managing our business in the face of some large-scale macroeconomic events, from the global pandemic in 2020 to the war in Ukraine that meaningfully altered a very steady component of our business as we exited Russia during the year. Despite these challenges, our 2022 revenues and earnings surpassed pre-pandemic levels, and we checked off several material successes during the year. We acquired a strategically located tubular machining services business in Norway, cementing our effort to expand into this valuable market. We also acquired a rig in Indonesia from a partner we've supported for two decades so that we can continue to profitably expand our energy transition footprint by servicing the geothermal activity there. We exited our Iraq rental services business, recognizing the challenge it would become to deliver appropriate returns. We executed the safe and compliant exit from our longtime operations in Sakhalin Island, and as a result, reorganized from five to four geomarkets. All of these efforts and more are a testament to the efforts of our employees who remain committed to meeting the objectives of our One Parker strategy. Taking a closer look at our business. In the North America geomarket, we expect to see continued revenue margin expansion through 2023 from our rental services business as a result of high utilization and further pricing improvements, all supported by the earlier investments we have made in premium drill pipe and the exceptional service delivery of our tubular running services team. We anticipate increased utilization for our own rigs in Alaska and the inland waters of the Gulf of Mexico. One rig in Alaska is currently being reactivated and is slated to start work mid-year, while the second should spot in the fourth quarter based on the customer's current drilling program. We have three barge rigs currently on rate and are also reactivating a fourth barge this year to address the growing demand for traditional hydrocarbon and CCS activity, driving increased earnings in the inland water market. Our O&M project in Canada and Alaska will continue through 2023, providing a strong foundation to support opportunities to bring additional services into the mix, as we have done recently executing our One Parker strategy. In the Latin American geomarket, we expect revenue to be up slightly as we replace O&M and rig commissioning activity in 2022 with own rig and well construction opportunities in Mexico in 2023. On that note, we recently signed a one-year contract with optional extensions for 2 of our rigs in Mexico while the third is currently operating. We also expect moderate growth in Colombia for our equipment rental and well construction services throughout the balance of the year as market conditions and activity improve. Lastly, we are negotiating with a customer that purchased our rig in Guatemala to provide O&M services, equipment rental, and TRS services, a great example of our One Parker approach. In our Europe, Africa, and CIS geomarket, we expect significant top line and gross margin improvement as two of our own rigs in Kazakhstan work the full year under a long-term contract versus a partial year in 2022. We are also discussing an opportunity to upgrade our unique Arctic-class barge rig in the Caspian, which is expected to be reimbursed by the customer. Following this approximately 15-month reactivation project, this barge rig will go on a standby rate for almost four years, where it will be available for future relief well activity and drilling programs. We also anticipate modest improvement in our surface and tubulars and pressure control businesses in the UK and the Netherlands, driven both by geothermal and traditional oil and gas activity. Are excited about the full-year performance of our new tubular machining services business in Norway, both in terms of operational execution of the current business and our ability to capture new opportunities from this established Norwegian client base. The Middle East/Asia Pacific geomarket headline for 2023 will see the start of a contracted drilling campaign in Bangladesh with a supermajor customer, which is expected to significantly improve revenue and gross margin. Additionally, we anticipate continued well construction growth in our Saudi Arabia and UAE strongholds, where we hold leading market share positions as Middle East activity ramps up following extended pandemic and supply chain related delays. We're also excited about putting the rig we recently acquired in Indonesia to work in the second quarter drilling geothermal wells in what is expected to be one of the fastest-growing geothermal markets in the world. Partially offsetting these, we expect our Iraq business to be down as a result of lower utilization of our own rig as well as the impact of the sale of our rental business. Although we have not talked about our technology efforts in prior earnings calls, we have quietly and diligently built up a new technology group inside Parker since 2021. As a result of this focus, 2023 is a year where we expect to launch significant in-house developed technologies. Our main emphasis has been in two areas, namely automation and further adaptation of our top tech technology to the drilling with casing market and digitization of our global rig operations, tying them into our real-time operating center in Houston. Our secondary focus has been the continued enhancement of our proprietary Easy-Trak casing access system, which is now ready for field trials with one of our major NOC clients. All of these technology initiatives will see commercialization in 2023, something we're very excited about. Based on this outlook, we anticipate delivering full-year revenue for 2023 between $625 million and $675 million, while our EBITDA is expected to range between $180 million and $220 million. We anticipate spending between $90 million and $105 million of non-customer reimbursed CapEx for the year, which we will adjust through the year based on market conditions. We continue to structure unique agreements with our customers for prepayment of certain rig upgrades and other equipment purchases prior to operational start. These arrangements, which may or may not include profit elements, are likely to impact reported CapEx or are at worst cash neutral for us. We have approximately $18 million of these prepaid agreements in 2023. We expect our cash taxes to be between $10 million-$15 million, our cash interest to be $24 million, and our working capital to range between negative $10 million and $10 million. As you've gathered from our commentary today, we're very optimistic about growth in 2023. While there are still underlying macroeconomic factors to cautiously monitor, we see the road to continued progress in 2023 and beyond. Parker continues to deliver exceptional service to customers through our One Parker strategy and as a result of highly motivated employees, we look forward to putting our capabilities on display as we deliver strong results in 2023. That concludes my comments. Over to you, Gene. Thanks, Sandy. Let's open the line for questions. Operator, you there? Yes. Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press Star one on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press Star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please. Thank you. Our first question is from Bruce Monrad with Northeast Investors. Please proceed with your question. Oh, hi, guys. Can you hear me okay? Perfect. Yeah. Yeah. Okay, great. Obviously, thanks as always for hosting the call. Appreciate it. Congrats on the great numbers and the great outlook. That's terrific. First question sort of actually and it's sort of an aside, and I apologize if I missed it. Over to Russia, and I know it's in the rearview mirror for you, but, you know, Are they like using your equipment? Is it, you know, so is it, you know, gonna atrophy or, you know, production there? Can that come exist without you and Exxon and whoever? How does that work? How do you evaluate that project? Well, as you're aware, Exxon kind of unceremoniously left Russia last year. Exxon was our major client. The vast majority of our services over there were what we call O&M services, which were effectively us managing their assets. We did have some inventory on the ground. We did have one of our own rigs on the ground, Rig 270. That is still there. We have effectively totally exited Russia and pulled out. The future of that rig remains uncertain. At the moment, we believe it is still stacked in country. There is difficulty obviously in us getting that rig out of the country, and that is currently something that we're having discussions with our insurers over. Really we have no people with the exception of that rig. We have no equipment, no exposure, and no further liabilities over there in Russia. Can they operate without you guys and without the expertise, just as a general rule? Big, big picture question and Russia. Yeah, that's a very good question. If you read the Russian press, yes, they're having at it. They're remobilizing. What we did effectively do was we handed over the keys to our organization over there. Lots of the people that used to be Parker employees are now employed by a new Russian company that is working with the current asset owners in Sakhalin to, I guess, to remobilize and go back to work. I find it very difficult to imagine that they will be able to drill the huge extended reach wells that Parker drilled over the years. That remains to be seen, but our visibility on that is really zero now. Okay. thank you. Pivoting, just a general question again, if you could educate me. When you're thinking about your budget and you, if you're, how do you go about thinking about the IRRs if you're buying drill pipe, I guess I'll ask it this way. If you're gonna spend $10 million, you might as well spend $20 million because the IRRs will be the same up until everybody spends a gazillion dollars. I've read elsewhere that the services side is getting sort of the same sort of religion that the production side had in terms of not overdoing it. Do you have any, you know, comments just specific to you guys as to how you budget and where do you say stop and, you know, how do you evaluate the pricing over the course of the cycle and, anything on that? I apologize, it's a little open-ended, but please. Well, it's a great question, Bruce, and a challenge for all of us service companies. Historically, I'm pleased, I think Andy is pleased as well. We're all pleased that the service industry seems to be following suit with the E&P side and really restraining getting ahead of our skis as we've done historically, and of course, erodingly valued in the industry generally. We are trying to maintain that same approach. There's a certain level of... Look, the largest portion of our investment is in the US, and it's with our, you know, drill pipe, as you mentioned. A lot of that is replacement over time, but this past year has been a lot of growth. You know, we're just trying to balance how much we put out into the market because our drill pipe business has a commanding majority of the share of that market. I think where we lead, others will follow. We're just cautious about how much we push into that market in terms of just overall investment in drill pipe. The returns on that drill pipe, as you probably know and we've talked about in the past are very high. Cash paybacks are fairly quick. You're not gonna be, you know, cash payback within an annual period, but it's still certainly very quick for our industry. We just tend to be very cautious about how much we push out and balancing it with, you know, the price improvements that we could bid, we can get in this market with, you know, a somewhat restrained capacity. It's not without constant challenges from our customers and all the names that you know, knocking on our door and screaming and hollering for more equipment from us. The leadership team here, the group that runs our business out of Louisiana for our premium drill pipe are doing our best to restrain that growth such that it doesn't get away from us and the industry. It's a bit of a loose answer for your question. We're obviously trying to live within our cash flow, operational cash flow as well. I don't know if that helps you a little bit, Bruce. No, that's great, Sandy. particularly the part about commanding, you know, let's go to drill pipe, the commanding presence. Well, you know, if you're only as good as your dumbest competitor. Well, the good news is you've got a smart competitor, which is yourself, right? you know, with your existing stuff, that probably leads to some rational behavior. We've seen that in other industries. That's good. That's good. Over to the debt, let's see, housekeeping question. Was the, were there two classes of debt on 12/31? I know the exchange sort of straddled both sides or is it one instrument on 12/31 and 1, you know, or how did you look at that earlier? No, it's one instrument. When we extended, we gave holders the opportunity to sign on ahead of the end of the year with a small additional fee or getting paid, sorry, with getting paid up front before the year ended. Same fee on the backside, which was, you know, the first week or so in January. We've ended up with about 92% participation before the year ended, and then picked up another couple percent after the year. It is one instrument. Oh, okay. One instrument. You mentioned that the... Yeah, one instrument. I was just thinking maybe it'd be, you know, on 12/31 some of it had already been quote unquote exchanged or extended, and some of it hadn't, but you maybe it didn't close or something. It was a tax reason. That's correct. That's correct. Yeah. Officially, it did not. It closed, the 13th, I think it was, of January officially. That's where in the third quarter, you will then see two, effectively two tranches of debt, sitting in our financials, right? 94% of this, relates to this amendment and 6% on the old, the old second lien loan. Yeah. Yeah, all good. I say with a smile, when I got something on December 24th saying, "Act on it by December 25th, Tuesday, the 27th," when the markets closed on the Monday, I was sort of like, "What's going on here?" all good. Well, we appreciate your helping. Then on that, you mentioned that it's gonna be current. Sorry, that it would have been current. It will be current again in a year, so we're back in the same position. Is the reason you didn't do a? Was it all about market conditions, and you expect market conditions to clear in a year? Is there something beyond market conditions and your NDBs on the replacement facility? Is there, you know, are you trying to keep your powder dry and not have non-callable instruments, you know, for another reason, possibly? Look, I think it's really simple. When we started out the year, if you recall back in kind of the back end of Q1 of 2022, the market seemed to be progressing quite nicely, even into Q2. We were honestly salivating a bit, thinking, "Oh, this is a great time to get in." Our numbers weren't quite there yet, right? Go look back at our EBITDA, sequential growth year quarter-over-quarter. We just weren't quite there yet to get into the marketplace. Unfortunately, when we got to the position where we were, we were able to get in the market and hopefully attract some other investors, the market really closed off on us. We didn't wanna get, obviously, into the first quarter and not have, you know, the maturity addressed. Certainly didn't wanna go in concerned, you know, from our auditors. Just speaking with the larger holders and some of the others, it just seemed like the best alternative given the current market conditions, given the circumstances, to just push it out a little bit. It doesn't stop us. You know, every quarter, we're looking at opportunities to refinance the balance and see what we can do. It doesn't stop us. It just gives us a little bit more breathing room. That's it. It really is that simple. Okay. Last question with tongue firmly implanted in cheek. Before the call, I wanted to go see because I think your stock is such a great value. I went to ask for, you know, last year's proxy and see how many shares management has been buying because it's such a great value. I haven't. I apparently the last proxy we voted on was like August of 2021. Is that correct, or how could I get information? I would you know, I would think it'd be a nice way for those of you, if you wanna make a little money, you should be buying the stock. Anyway, two, so two prongs there. Actually, we'll just leave it at the. What. That there was a proxy that went out last year, calendar year? I'm going to speak out of turn if I jump on that one. Oh, shoot, Bruce. Let me get back to you with the right way to answer that question. Okay. I can even... What I'm mostly after is, with a great big smile, I would love to hear that you guys think that your stock is great and it wouldn't... You'd be, you know, and that during the windows when it's appropriate, you're buying it and pushing it up from this ridiculous level. That's where I always come from. All right. Thanks, guys. Yeah. Yeah. No, I hear you. There's a lot to that answer. Let me try to get back to you on that one. All right. Thank you. I'm done. Thank you. Thank you, Bruce. Operator, do we have any other questions? As a reminder, it is star one if you'd like to ask a question. Mr. Davis, there are no further questions at this time. I would like to turn the floor back over to you for closing comments. Thank you, operator. That concludes our question and answer session. Thanks all to all of our investors for your continued support and interest in Parker Wellbore. We look forward to bringing more exciting news in the next coming quarters. I can't read my speech here. I'm sorry, fellas. Please contact us if you have any questions regarding material covered during this call. That ends our fourth quarter earnings call. Goodbye and have a great day. Bye-bye. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.