Topic: Customer engagement for 2026 programs and activity recovery by basin
Key points:
Customer engagement around 2026 programs is increasing; activity saw a sharp drop-off after Liberation Day, but operators that slowed have started returning.
Some operators have already come back; RFP season and 2026 planning show an increase to current activity levels.
Increased activity since late June/early July trough is across both gas and oil; Permian uptick is less than gas, but there is an uptick from the June lows.
Mgmt stance: Neutral — acknowledges a recovery from trough levels but notes Permian recovery is slower than gas-directed activity.