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The demand, pricing and terms for our products and services are largely dependent upon the level of activity for the U.S.
−Removed: oil and natural gas industry, energy infrastructure industry and natural sand proppant industry.
+Added: oil and natural gas industry, infrastructure industry and natural sand proppant industry.
Industry conditions are influenced by numerous factors over which we have no control, including, but not limited to:
−Removed: the supply of and demand for oil and natural gas services, energy infrastructure services and natural sand proppant;
−Removed: demand for repair and construction of transmission lines, substations and distribution networks in the energy infrastructure industry and the level of expenditures of utility companies;
−Removed: the level of prices of, and expectations about future prices for, oil and natural gas and natural sand proppant, as well as energy infrastructure services;
+Added: the supply of and demand for oil and natural gas services, infrastructure services and natural sand proppant;
+Added: demand for improvement and construction of fiber networks, fiber optic networks in the infrastructure industry and the level of expenditures of utility companies;
+Added: the level of prices of, and expectations about future prices for, oil and natural gas and natural sand proppant, as well as infrastructure services;
the cost of exploring for, developing, producing and delivering oil and natural gas;
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and merger and divestiture activity in industries in which we operate.
−Removed: Throughout 2023, pricing for crude oil and natural gas declined from levels seen in 2022, which slowed down completion activities for our customers, in particular, in the Utica and Marcellus Shale natural gas plays, and, as a result, reduced demand for our well completion services.
−Removed: Throughout 2024, we continued to experience persistent challenges in our well completion business and other oilfield services associated with lower U.S.
−Removed: onshore activity and sustained weakness in the natural gas basins in which we operate.
−Removed: We expect 2025 completions activity to be relatively steady, with the potential for upside compared to 2024 driven by incremental demand associated with natural gas.
+Added: Throughout 2025 and 2024, we experienced challenges in our oil and gas businesses as a results of generally declining rig count combined with elevated oil and natural gas production in the U.S.
+Added: We expect 2026 activity to remain relatively steady for the first half of the year with potential for upside in the back half of the year.
Positive trends that may contribute to increased activity will come from LNG export capacity coming online and general electricity and power demand enhancements.
Although the levels of activity in the U.S.
−Removed: oil and natural gas exploration and production, energy infrastructure and natural sand proppant industries continue to improve, they have historically been and continue to be volatile.
+Added: oil and natural gas exploration and production, infrastructure and natural sand proppant industries continue to improve, they have historically been and continue to be volatile.
We are unable to predict the ultimate impact of the volatility in commodity prices, any changes in the near-term or long-term outlook for our industries or overall macroeconomic conditions on our business, financial condition, results of operations, cash flows and stock price.
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We had a cash and cash equivalents balance of $102.0 million at December 31, 2025.
−Removed: We do not enter into investments for trading or speculative purposes.
+Added: Currently, we do not enter into derivative instruments to hedge our interest rate exposure.
+Added: However, we may enter into these types of investments in the future.
Interest under our revolving credit facility equals the Tranche Rate (as defined in the revolving credit facility) plus an applicable margin, which can fluctuate based on multiple facts, including rates set by the U.S.
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We have not hedged our exposure to changes in foreign currency exchange rates and, as a result, could incur unanticipated translation gains and losses.
+Added: Marketable Securities Risk
+Added: As of December 31, 2025, the recorded fair value of our equity investments in publicly traded companies was $19.6 million.
+Added: These investments are subject to market price volatility, and current global economic conditions add further uncertainty.
+Added: However, our holdings are concentrated in financially stable companies.
+Added: Accordingly, we believe that a meaningful sensitivity analysis is not practicable.
Customer Credit Risk
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“Commitments and Contingencies—Litigation” to our consolidated financial statements included elsewhere in this annual report for additional information.
−Removed: We provide infrastructure services in the northeastern, southwestern, midwestern and western portions of the United States.
−Removed: We provide well completion and drilling services primarily in the Utica, Permian Basin, Eagle Ford, Marcellus, Granite Wash, Cana Woodford and Cleveland sand resource plays located in the continental U.S.
+Added: We provide infrastructure services in the southwestern and midwestern portions of the United States.
+Added: We provide drilling services primarily in the Permian Basin, Eagle Ford, Granite Wash, Cana Woodford and Cleveland sand resource plays located in the continental U.S.
We provide remote accommodation services in the oil sands in Alberta, Canada.
−Removed: We serve these markets through our facilities and service centers that are strategically located to serve our customers in Ohio, Texas, Oklahoma, Wisconsin, Kentucky, Colorado, California, Indiana and Alberta, Canada.
−Removed: For the years ended December 31, 2024, 2023 and 2022, we generated approximately 35%, 48% and 45%, respectively, of our revenue from our operations in Ohio, Wisconsin, Minnesota, North Dakota, Pennsylvania, West Virginia and Canada where weather conditions may be severe.
+Added: We serve these markets through our facilities and service centers that are strategically located to serve our customers in Ohio, Texas, Oklahoma, Wisconsin and Alberta, Canada.
+Added: For the years ended December 31, 2025 and 2024, we generated approximately 38% and 77%, respectively, of our revenue from our operations in Ohio, Wisconsin, Minnesota, Pennsylvania, West Virginia and Canada where weather conditions may be severe.
As a result, our operations may be limited or disrupted, particularly during winter and spring months, in these geographic regions, which would have a material adverse effect on our financial condition and results of operations.
Our operations in Oklahoma and Texas are generally not affected by seasonal weather conditions.
−Removed: During the last two years, inflation in the U.S.
+Added: During 2024, inflation in the U.S.
reached some of the highest levels in over 40 years, creating inflationary pressure on the cost of services, equipment and other goods in our industries and other sectors and contributing to labor and materials shortages across the supply-chain.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.