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We are a leading, growth-oriented producer and supplier of seamless and welded OCTG with a proprietary suite of premium and semi-premium connections. As a vertically integrated producer of seamless pipe and an efficient operator of our steel pipe production, heat treating and threading facilities, we are able to efficiently meet customer demand and exercise control over our cost structure. The primary end market for our products is onshore E&P operators in the United States and Canada, who purchase our products directly from us or through our distributors. Our E&P end-users operate in geographic locations with environments that require casing and tubing materials capable of meeting exacting standards for temperature, pressure, corrosion, torque resistance and abrasion. Through our comprehensive and technologically advanced portfolio of OCTG, we are able to serve as a single-source supplier for our E&P end-users and respond to a rapidly increasing per-well demand for OCTG. Our OCTG are available with the end-user’s choice of our 29 market-leading proprietary connections as well as multiple connections that meet or exceed API standards. We also produce line pipe for the transport of crude oil, natural gas and natural gas liquids from producing fields to processing plants and refineries and for the transport of refined products, as well as standard, structural and industrial pipe for the agricultural, commercial construction and automotive industries.

The underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting discount received by it because the representatives have repurchased shares sold by or for the account of such underwriter in stabilizing or short covering transactions.

Typically, steel used in the seamless pipe making process is produced through electric arc furnace process, or EAF. EAF produces steel by applying heat generated through electric arcing between graphite electrodes and a metal bath. The steps in the EAF production process consist of charging, melting, oxidizing or purifying and deoxidizing or refining. The charge includes scrap, fluxes (lime and fluorspar), a reducing agent (carbon) and ferroalloys. Temperatures during EAF may reach as high as 3,500°C in order to melt alloying components that are otherwise difficult to melt. Lime, fluorspar and other materials are used to form a slag, which absorbs impurities during the steel-making process.

On March 2, 2015, TMK IPSCO International, L.L.C., or IPSCO International, our subsidiary, entered into a purchase and sale agreement with PAO TMK for the purchase and sale of steel pipe. The steel pipe is purchased from time to time pursuant to individual purchase orders. This agreement will remain in force unless one party terminates the agreement upon 30 days’ written notice or the agreement is otherwise terminated pursuant to its terms. Under this agreement, IPSCO International purchased an aggregate of approximately 185 tons of steel pipe for approximately $0 and $0.5 million during the six months ended June 30, 2018 and the year ended December 31, 2017, respectively.

Prices for oil and natural gas historically have been extremely volatile and are expected to continue to be volatile. During the past ten years, the posted WTI price for oil has ranged from a twelve-year low of $26.14 per Bbl in the first quarter of 2016 to a high of $157.04 per Bbl in the second quarter of 2008. The Henry Hub spot market price of natural gas has ranged from a low of $1.49 per MMBtu in the first quarter of 2016 to a high of $15.39 per MMBtu in the fourth quarter of 2005. During 2016, WTI prices ranged from $26.14 to $54.01 per Bbl and the Henry Hub spot market price of natural gas ranged from $1.49 to $3.80 per MMBtu. WTI crude oil prices have begun to recover and reached a closing price of $67.63 per barrel on August 10, 2018, while the Henry Hub spot market price of natural gas was $2.94 per MMBtu on the same date. If the prices of oil and natural gas reverse their recent increases or decline, our operations, financial condition, cash flows and level of expenditures may be materially and adversely affected.

Above are six different movements that are the foundation of any strength program. But, before you lift any weight, it is important to assess your ability to move. To do this, try doing the following drills to assess how you move. Make sure to use a mirror or have someone join you at the gym to give you feedback.

Hydraulic fracturing. A stimulation treatment routinely performed on oil and natural gas wells in low-permeability reservoirs. Specially engineered fluids are pumped at high pressure and rate into the reservoir interval to be treated, causing a vertical fracture to open. The wings of the fracture extend away from the wellbore in opposing directions according to the natural stresses within the formation. Proppant, such as grains of sand of a particular size, is mixed with the treatment fluid to keep the fracture open when the treatment is complete. Hydraulic fracturing creates high-conductivity communication with a large area of formation and bypasses any damage that may exist in the near-wellbore area.

The underwriters of this offering may waive or release parties to the lock-up agreements entered into in connection with this offering, which could adversely affect the price of our common stock.

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Still, he had great faith in the resources of the extremely wealthy. “There are 230,000” — he said “thousand” with an astonished emphasis — “people in the world with a net worth, excluding their primary residence, of $30 million or more. In the luxury industry you call them ultrahigh-net-worth individuals. When you ask the bank to finance an aircraft, their rule of thumb is that your net worth has to be at least five times greater than the price of the plane. That means even if you’re at the bottom of that list, there are at least 230,000 people who might buy a $6 million airplane — though maybe they’d stop at $4 million, because then you need a million bucks a year to fly it.” No matter how hard his work or positive his outlook, Varsano knew he didn’t stand a chance of paying the rent on his storefront selling $4 million planes. There’s a strong downward pressure on commissions, which regardless of the purchase price of the aircraft usually top out at $1 million — a take of 1.4 percent on a $70 million plane. That world is just so vanishingly small, and there’s so much information on the market, and the principals are so powerful, that somewhere there’s invariably a small-time broker with a desk and a cellphone ready to elbow in for a fee that Varsano would consider an insult to his professional acumen. “There’s always some guy out there willing to do a deal for $25,000,” he complained.

New high-torque premium and semi-premium connections: With the increasing demand for longer laterals and drilling with casing and rotating while cementing, the requirement for higher torque sustaining connections continues to grow for these extended reach applications. We are currently developing a full line of high-torque connections that will soon be available in both premium and semi-premium designs in threaded and coupled and integral connection forms. Our first two models are in their final testing stages and have been approved for specialized applications.