NATIONAL ENERGY SERVICES REUNITED CORP. (NESR) Schedule 13G/A Amendment No. 5 reports beneficial ownership by Encompass-related filers and Todd J. Kantor. The filing lists Encompass Capital Advisors LLC with 4,261,389 shares (4.23%), Encompass Capital Partners LLC with 3,290,055 shares (3.26%), Todd J. Kantor with 4,261,389 shares (4.23%), and Encompass Capital Master Fund L.P. with 2,368,498 shares (2.35%). The parties executed a joint filing agreement dated May 15, 2026.
Positive
None.
Negative
None.
Insights
Encompass entities hold single-digit stakes under 5% each in NESR.
The filing details beneficial ownership counts and percentages for four related parties, showing shared voting and dispositive power rather than sole control. These holdings are below the 5% Schedule 13D threshold that would require more active disclosure.
Timing: the joint filing agreement is dated May 15, 2026. Cash-flow treatment or planned disposition activity is not stated in the provided excerpt.
The filing documents coordinated reporting under Rule 13d-1(k) via a joint filing agreement.
The statement shows shared powers reported for voting and disposition: each listed entity reports shared voting and dispositive power for its stated share counts. The signatures indicate coordinated reporting among the entities and the individual, Todd J. Kantor.
Investors seeking changes in control should note each stake is below 5% and the filing does not assert any sole voting authority.
Key Figures
Encompass Capital Advisors LLC holdings:4,261,389 sharesPercentage - Encompass Capital Advisors LLC:4.23%Encompass Capital Partners LLC holdings:3,290,055 shares+2 more
5 metrics
Encompass Capital Advisors LLC holdings4,261,389 shares<date>May 15, 2026</date>
Percentage - Encompass Capital Advisors LLC4.23%<date>May 15, 2026</date>
Encompass Capital Partners LLC holdings3,290,055 shares<date>May 15, 2026</date>
Encompass Capital Master Fund L.P. holdings2,368,498 shares<date>May 15, 2026</date>
Todd J. Kantor holdings4,261,389 shares<date>May 15, 2026</date>
Key Terms
Rule 13d-1(k), beneficially owned, shared dispositive power, sole voting power
4 terms
Rule 13d-1(k)regulatory
"joint filing agreement pursuant to Rule 13d-1(k)"
beneficially ownedfinancial
"Amount beneficially owned: Encompass Capital Advisors LLC 4,261,389"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerfinancial
"Shared Dispositive Power 4,261,389.00"
sole voting powerfinancial
"Sole Voting Power 0.00"
Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)
NATIONAL ENERGY SERVICES REUNITED CORP.
(Name of Issuer)
Ordinary shares, no par value per share
(Title of Class of Securities)
G6375R107
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
G6375R107
1
Names of Reporting Persons
Encompass Capital Advisors LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,261,389.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,261,389.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,261,389.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.23 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP Number(s):
G6375R107
1
Names of Reporting Persons
Encompass Capital Partners LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,290,055.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,290,055.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,290,055.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.26 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
G6375R107
1
Names of Reporting Persons
Todd J. Kantor
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
4,261,389.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
4,261,389.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,261,389.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
4.23 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
CUSIP Number(s):
G6375R107
1
Names of Reporting Persons
Encompass Capital Master Fund LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
2,368,499.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,368,499.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,368,499.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
2.35 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
NATIONAL ENERGY SERVICES REUNITED CORP.
(b)
Address of issuer's principal executive offices:
777 Post Oak Blvd., Suite 730, Houston, Texas 77056
Item 2.
(a)
Name of person filing:
Encompass Capital Advisors LLC
Encompass Capital Partners LLC
Todd J. Kantor
Encompass Capital Master Fund L.P.
(b)
Address or principal business office or, if none, residence:
Encompass Capital Advisors LLC: 200 Park Avenue, Suite 1604, New York, NY 10166
Encompass Capital Partners LLC: 200 Park Avenue, Suite 1604, New York, NY 10166
Todd J. Kantor is c/o Encompass Capital Advisors LLC: 200 Park Avenue, Suite 1604, New York, NY 10166
Encompass Capital Master Fund L.P.: C/o Ogier Global (Cayman) Limited, 89 Nexus Way, Camana
Bay, Grand Cayman, E9 KY1-9009
(c)
Citizenship:
Encompass Capital Advisors LLC is a Delaware Limited Liability Company
Encompass Capital Partners LLC is a Delaware Limited Liability Company
Todd J. Kantor is a US citizen
Encompass Capital Master Fund L.P. is a Cayman Islands exempted Limited Partnership
(d)
Title of class of securities:
Ordinary shares, no par value per share
(e)
CUSIP No.:
G6375R107
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Encompass Capital Advisors LLC
4,261,389
Encompass Capital Partners LLC
3,290,055
Todd J. Kantor
4,261,389
Encompass Capital Master Fund L.P.
2,368,498
(b)
Percent of class:
Encompass Capital Advisors LLC
4.23%
Encompass Capital Partners LLC
3.26%
Todd J. Kantor
4.23%
Encompass Capital Master Fund L.P.
2.35%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Encompass Capital Advisors LLC
0
Encompass Capital Partners LLC
0
Todd J. Kantor
0
Encompass Capital Master Fund L.P.
0
(ii) Shared power to vote or to direct the vote:
Encompass Capital Advisors LLC
4,261,389
Encompass Capital Partners LLC
3,290,055
Todd J. Kantor
4,261,389
Encompass Capital Master Fund L.P.
2,368,498
(iii) Sole power to dispose or to direct the disposition of:
Encompass Capital Advisors LLC
0
Encompass Capital Partners LLC
0
Todd J. Kantor
0
Encompass Capital Master Fund L.P.
0
(iv) Shared power to dispose or to direct the disposition of:
Encompass Capital Advisors LLC
4,261,389
Encompass Capital Partners LLC
3,290,055
Todd J. Kantor
4,261,389
Encompass Capital Master Fund L.P.
2,368,498
Item 5.
Ownership of 5 Percent or Less of a Class.
Ownership of 5 percent or less of a class
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Encompass Capital Advisors LLC
Signature:
Todd J. Kantor
Name/Title:
Todd J. Kantor | Managing Member
Date:
05/15/2026
Encompass Capital Partners LLC
Signature:
Todd J. Kantor
Name/Title:
Todd J. Kantor | Managing Member
Date:
05/15/2026
Todd J. Kantor
Signature:
Todd J. Kantor
Name/Title:
Todd J. Kantor
Date:
05/15/2026
Encompass Capital Master Fund LP
Signature:
Todd J. Kantor
Name/Title:
Todd J. Kantor | Director
Date:
05/15/2026
Exhibit Information
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on SCHEDULE 13G/A with respect to the shares of Ordinary Shares of NATIONAL ENERGY SERVICES REUNITED CORP., dated as of May 15, 2026 is, and any amendments thereto signed by each of the undersigned shall be, filed on behalf of each of us pursuant to and in accordance with the provisions of Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended.
Date: May 15, 2026
Encompass Capital Advisors LLC
By: Todd J. Kantor
Name: Todd J. Kantor
Title: Managing Member
Encompass Capital Partners LLC
By: Todd J. Kantor
Name: Todd J. Kantor
Title: Managing Member
Todd J. Kantor
By: Todd J. Kantor
Name: Todd J. Kantor
Encompass Capital Master Fund L.P.
By: Todd J. Kantor
Name: Todd J. Kantor
Title: Director
