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 Intro

00:48 Neil Lux Background

01:57 F-E-T Today Strategy

03:23 CEO Transition Priorities

05:14 Beat the Market Explained

07:03 North America vs International

10:04 AI Power and Heat Exchangers

13:33 Customer Tech Adoption

16:29 Canada and VeriPerm Growth

18:50 Canada US Tech Ties

19:09 Veriperm US Expansion

19:51 Venezuela Reopening

20:52 Offshore Subsea Business

22:33 Defense Rescue Sub

24:39 US Land Underestimated

26:35 Balance Sheet Turnaround

29:28 M&A Strategy Criteria

31:55 F-E-T 2030 Growth Plan

33:22 Permian BBQ Cup Story

34:57 Event Culture Wrap Up

36:56 Final Thanks Closing