As the downcycle persists seemingly without an end in sight, increasingly service company execs are faced with critical operational, strategic, and financing decisions that carry long term implications for their companies and for the industry. While their larger public brethren attract most of the attention, private service companies remain vital constituents of the OFS supply chain and will play a major role in shaping the competitive landscape for the coming upcycle. On April 6th, in an effort to provide some helpful tools and insights for those on the front lines, TPH hosted our first OFS private company conference. Over 60 senior execs from various private OFS companies gathered at the TPH conference center in Houston to hear some informative speakers and panelists and to participate in interactive Q&A sessions. Selected topics covered included M&A strategies around leveraged situations, cyclical versus structural cost savings in the downturn, subsector differentiation in the recovery, and cycle lessons learned from an industry veteran. A social hour followed which provided an opportunity for attendees to network with other OFS leaders.