Customer ConcentrationCustomer concentration among larger U.S. O&G producers should help insulate volume from oil price fluctuations.
Financial Performance4Q Adj EBITDA of $659MM was ~10% above consensus, extending the streak of quarterly beats to 15 in a row, with an average of 10% upside.
Share Repurchase PlanCash generation should remain strong, and a similar share repurchase plan is expected to be announced.