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Dril-Quip, Inc. (DRQ) CEO Blake DeBerry on Q2 2021 Results - Earnings Call Transcript

Aug. 01, 2021 6:10 AM ETDril-Quip, Inc. (DRQ)
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Dril-Quip, Inc. (NYSE:DRQ) Q2 2021 Earnings Conference Call July 30, 2021 11:00 AM ET

Company Participants

Blake DeBerry - CEO & Director

Raj Kumar - CFO & VP

Conference Call Participants

Daniel Burke - Johnson Rice & Company


Good day and thank you for standing by. Welcome to Drill-Quip Second Quarter 2021 Fireside Chat. At this time all participants' lines are open. [Operator Instructions].

I would now like to hand the call over to your speaker today. Mr. Daniel Burke. Please go ahead.

Daniel Burke

Good morning. I want to welcome everyone joining our Drill-Quip discussion via the phone or webcast. And I'm happy to introduce Drill-Quip Management, CEO Blake DeBerry and CFO Raj Kumar. Welcome, guys. And thanks for the opportunity to host this conversation.

Blake DeBerry

Good morning Daniel.

Daniel Burke

Yeah, good morning.

Raj Kumar

Hi, thanks for having me, Daniel.

Daniel Burke

Yeah, likewise. I want to plunge right in and start with some questions on the second quarter results you guys just released yesterday evening. But before I jump right in, let me hand the floor over to you, Blake and ask you to highlight any key themes you want to make sure we emphasize here before delving into the specifics.

Blake DeBerry

Sure, Daniel. Look, I think the main thing is we've laid out several pillars of strategy that we believe will help the company be successful in the future. And we're getting success on all those strategic initiatives, we've outlined our peer-to-peer strategy, which is really consolidation by collaboration. And we did during the quarter signed our first peer-to-peer agreement, or actually our second if you include the Proserv agreement.

Our downhole tool business, which we've been focused on pretty intently to get improvement in that business, is gaining significantly more traction, and that business

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