TechnipFMC outperformed WTI crude oil since 2022 due to strong fundamentals. Subsea segment's growth benefits from long-term planning and regulatory-driven decommissioning. Buybacks amount to $300 million YTD, representing a 6% annualized yield. Subsea 2.0 platforms improve efficiency and lower costs for customers. Despite risks in the cyclical energy sector, TechnipFMC shows secular growth.