In-Basin Observations

Bill Austin recently sat down with David Paterson, President & CEO of Newpark Fluids, and Nathan Snoke, SVP – Western Hemisphere, to discuss how drilling fluids are becoming increasingly critical as wells get longer, faster and more technically demanding. The conversation covers Newpark’s transformation into a focused pure-play fluids company, its investment in facilities like Monahans, the growing role of data and digital tools in drilling performance, and why customers are increasingly focused on consistency, technical expertise and local execution. David and Nathan also share their outlook for North America, international growth and how Newpark is positioning itself for the next phase of drilling efficiency.00:00 Welcome and Setup01:04 Meet NewPark Leaders02:20 Drilling Market Shift06:37 Fluids Under Pressure09:41 What Operators Value11:26 Carve Out and SCF13:47 Investing in Facilities17:52 Growth Drivers and Tech19:52 Longer Laterals Demands23:16 North America and Canada27:19 Global Opportunities30:13 Data Platform and AI34:11 Training and Safety38:47 Geothermal Expansion41:11 Next Five Years Vision44:45 Closing Thoughts

In Basin Observations Podcast: The podcast is back with Episode 65. Following our last conversation with Jason Downie of Tailwater Capital, Bill Austin recently sat down with Neal Lux, President and CEO of FET, to discuss the company’s transformation over the past five years and the strategy behind its continued outperformance. The conversation explores FET’s “Beat the Market” philosophy, how differentiated technology and disciplined execution are driving market share gains, and why longer laterals and increasing service intensity continue to create opportunities despite a disciplined North American activity environment. Neal also shares his perspective on international growth, offshore markets, AI-driven power demand, capital allocation, and FET’s ambitious 2030 vision.We’ve got more In Basin Observations episodes coming. If you’re interested in joining us for a future conversation, please reach out to the DEP team. 00:00 Welcome and Guest Intro00:48 Neil Lux Background01:57 F-E-T Today Strategy03:23 CEO Transition Priorities05:14 Beat the Market Explained07:03 North America vs International10:04 AI Power and Heat Exchangers13:33 Customer Tech Adoption16:29 Canada and VeriPerm Growth18:50 Canada US Tech Ties19:09 Veriperm US Expansion19:51 Venezuela Reopening20:52 Offshore Subsea Business22:33 Defense Rescue Sub24:39 US Land Underestimated26:35 Balance Sheet Turnaround29:28 M&A Strategy Criteria31:55 F-E-T 2030 Growth Plan33:22 Permian BBQ Cup Story34:57 Event Culture Wrap Up36:56 Final Thanks Closing

AI-driven power demand, LNG growth, and infrastructure bottlenecks are reshaping energy investment faster than ever.In this episode of In-Basin Observations, Bill Austin sits down with Jason Downie, Co-Founder & Managing Partner at Tailwater Capital, to discuss Tailwater’s differentiated approach across midstream, water, recycling, software, power-linked assets, and upstream energy investments.The conversation explores major industry shifts, including upstream consolidation, natural gas infrastructure constraints, LNG-driven demand growth, rising AI-related power needs, and the increasing importance of disciplined capital allocation in today’s energy market.00:00 Show Intro and Guest01:14 Jason Downie Background02:35 Why Tailwater Started03:03 Data Driven Non Op Model05:23 Full Immersion Value Chain08:11 What Investors Miss12:19 Energy Re Rating Post COVID14:23 Macro Trend Upstream Evolution15:05 Efficiency Gains and Inventory19:19 Portfolio Benefits and Permian Gas21:21 Midstream Platform Buildout21:59 Texas Last Mile Gas Demand23:04 LNG Logistics And Bottlenecks24:21 Structural Gas Demand Shift28:29 AI Power Demand Economics29:52 Behind The Meter Boom31:36 NIMBY Pushback And Grid Fixes34:24 National Security And Reshoring35:36 Why Private Ownership Wins38:36 Geopolitical Risk Premium Wrap

In this special episode of the In Basin Observations Podcast, Bill Austin, Blake McLean and Jeff Bellman are joined by Amy Jaffe of NYU for a discussion that serves as a preview of the upcoming DEP Sonoma Executive Series.The conversation focuses on the intersection of energy, AI, and power infrastructure, including rising electricity demand from data centers, natural gas infrastructure constraints, grid bottlenecks, and the growing overlap between the technology sector and traditional energy markets.

Fuel logistics keeps the oilfield moving, yet it’s often overlooked.In this episode of In Basin Observations, hosts Bill Austin and John Daniel sit down with Rolfson Oil’s Jason Berger and Zach Krantz to break down the realities of fuel supply—and the impact of the Flint acquisition.They cover: Diesel volatility and supply risk Centralized procurement Automation and fuel optimization strategies00:00 Welcome and Setup01:22 Jason Rolfson Origin Story03:33 Zach Flint Background06:14 Scaling and Market Reach06:58 Tech and Logistics Edge10:53 Automation and Tri Fuel13:22 Culture and Meritocracy15:44 Selling in Procurement Era20:34 Fueling Efficiency Demands23:29 Customer Mix and Niches27:49 What Customers Call Best30:16 Hiring Standards31:24 Retention Perks32:14 Customer Stickiness33:32 Dual Fuel Disruption35:32 New Truck Tech36:26 Diesel Price Pass Through37:56 Supply Optionality39:24 Record Months Drivers42:41 Flint Acquisition Rationale47:07 Fuel Hedging Advice51:39 Tri Fuel Explained54:03 CapEx And Supply Chain55:33 Wrap Up Thanks