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360 Articles

Baker Hughes GE Announces First Quarter 2018 Results

Baker Hughes GE Announces First Quarter 2018 Results

Orders of $5.2 billion for the quarter, down 8% sequentially and up 9% year-over-year on a combined business basis* Revenue of $5.4 billion for the quarter, down 7% sequentially and up 1% year-over-year on a combined business basis GAAP operating loss of $41 million for the quarter, decreased 63% sequentially and increased unfavorably year-over-year on a combined business basis Adjusted[Read More…]

Oilfield Services and Midstream Bankruptcies

Oilfield Services and Midstream Bankruptcies

Oilfield services bankruptcies since early 2015 have reached $58.5 billion: Haynes and Boone less damage to midstream sector Oilfield services International corporate law firm Haynes and Boone has been tracking and reporting industry developments in oilfield service restructurings. The firm’s research includes details on 167 bankruptcies filed since the beginning of 2015, including secured and unsecured debt totals for each[Read More…]

Bohrturm, Österreich: Weißer Hof 2014

ProPetro Profitable in 2017, Approaches One Million HHP

Permian-concentrated oilfield service provider ProPetro Holding Corp. (ticker: PUMP) had a net income of $12.6 million, or $0.16 per share for 2017. In Q4 2017 the company had a net income of $10.1 million, or $0.12 per share. The company reported total revenues of $981.9 million for 2017 and total revenues of $313.7 million for Q4 2017. Yearend capacity grew[Read More…]

Frac Provider Liberty Oilfield Services Earns $130 Million in 2017

Frac Provider Liberty Oilfield Services Earns $130 Million in 2017

Liberty added 1,000 new employees in 2017, ordered two additional frac fleets to be delivered in Q3, Q4 2018 Newly public Liberty Oilfield Services Inc. (ticker: LBRT) earned $45 million, or $0.30 per share in Q4 2017. For the full year of 2017, the company earned $130 million, or $0.88 per share. Liberty said that these numbers have been adjusted[Read More…]

Eco-Stim Energy Pushes Further Into STACK

Eco-Stim Energy Pushes Further Into STACK

Eco-Stim Energy Solutions, Inc. (ticker: ESES) reported a net loss of $26.9 million, or $(0.41) per basic and diluted share for the full year of 2017. For Q4 2017, EcoStim reported a net loss of $9.1 million, or $(0.12) per basic and diluted share. Total capital expenditures during the fourth quarter of 2017 were approximately $10.7 million, compared to $16.9[Read More…]

Nabors Industries Cuts Loss in Half

Nabors Industries Cuts Loss in Half

Drill rigs, equipment and software provider Nabors Industries Ltd. (ticker: NBR) reported full-year 2017 operating revenue of $2.6 billion, compared to operating revenue of $2.2 billion in the prior year. Net income from continuing operations attributable to Nabors for the year was a loss of $503 million, or $(1.75) per share, compared to a loss of $1.0 billion, or $(3.58)[Read More…]

Independence Contract Drilling Reports 100% Utilization of ShaleDriller Rig Fleet

Independence Contract Drilling Reports 100% Utilization of ShaleDriller Rig Fleet

New contract extensions add 3 rig-years of backlog; board approves another ShaleDriller newbuild Carrying on from Q4, all 14 of Houston-based Independence Contract Drilling, Inc.’s (ticker: ICD) ShaleDriller rigs are currently contracted and operating under term contracts. As of December 31, 2017, the company’s proforma backlog of revenues from contracts with original terms of six months or more, including contract[Read More…]

February 26, 2018 - 3:04 pm 360 Articles, Closing Bell Story, Oilfield Services
STEP Energy Services to Acquire U.S. Frac Company for US$275 Million

STEP Energy Services to Acquire U.S. Frac Company for US$275 Million

Deal adds 4 frac spreads and 192,500 HP, mostly in SCOOP/STACK, Woodford STEP Energy Services Ltd. has entered into an agreement to acquire all of the issued and outstanding capital stock of Tucker Energy Services Holdings, Inc. for total cash consideration of US$275 million. Tucker is a privately owned and geographically focused provider of fracturing and completion solutions operating primarily[Read More…]

February 26, 2018 - 12:39 pm 360 Articles, Closing Bell Story, Oilfield Services
Hi-Crush Sells 8.93 Million Tons of Frac Sand in 2017

Hi-Crush Sells 8.93 Million Tons of Frac Sand in 2017

Hi-Crush Partners LP (ticker: HCLP) reported its Q4 and full year 2017 results. Revenues for the fourth quarter of 2017 totaled $216.5 million on sales of 2,985,115 tons of frac sand. This compares to $167.6 million of revenues on sales of 2,456,195 tons of frac sand in the third quarter of 2017. “Hi-Crush’s performance in the fourth quarter is the[Read More…]

Precision Drilling Increased Rig Automation, Exits 2017 with 63 Active Rigs

Precision Drilling Increased Rig Automation, Exits 2017 with 63 Active Rigs

Targets 2018 upgrades to stay below $34 million Precision Drilling Corporation (ticker: PDS) had fourth quarter 2017 revenues of CDN$347 million, an increase of 15% over Q4 2016. Precision posted a Q4 2017 net loss of CDN$47 million, or (CDN$0.16) per share, compared with a net loss of CDN$31 million (CDN$0.10 per share) in the fourth quarter of 2016. During[Read More…]

Core Lab Reports Production Enhancement Revenue Up 51% YOY

Core Lab Reports Production Enhancement Revenue Up 51% YOY

New Qatar facility will support Middle East activities Core Laboratories (ticker: CLB) announced full year results today, showing net earnings of $21.7 million, or $0.49 per share. Core earned a net $83.1 million over the full year, or $1.88 per share. Each result compares favorably with 2016 results, when the company earned $15.5 million in Q4 and $63.9 million in[Read More…]

Core Lab Announces Top Level Management Changes

Core Lab Announces Top Level Management Changes

CFO Richard Bergmark to retire, Chris Hill to become CFO, Larry Bruno named President Core Laboratories (ticker: CLB) announced management changes at the highest levels as part of its Q4 and 2017 earnings release: Dick Bergmark to Retire at End of 2018 Richard Bergmark, Core Lab’s Executive Vice President and Chief Financial Officer, notified the company that after 30 years[Read More…]

RPC, Inc. Increases Revenue by 93.4% to $427.3 Million

RPC, Inc. Increases Revenue by 93.4% to $427.3 Million

RPC, Inc. (ticker: RES) announced today its unaudited results for the fourth quarter and year ended December 31, 2017. For the quarter ended December 31, 2017, revenues increased by 93.4% to $427.3 million, compared to $221.0 million in the fourth quarter of 2016. For the twelve months ended December 31, 2017, revenues increased by 118.8% to $1.6 billion compared to $729.0 million for 2016. Net income for the twelve-month period was $162.5[Read More…]

January 24, 2018 - 5:37 pm 360 Articles, Closing Bell Story, Earnings, Oilfield Services
Baker Hughes Reports 3% Revenue Drop, Merger Integration Continues

Baker Hughes Reports 3% Revenue Drop, Merger Integration Continues

All segments up sequentially, year-over-year results mixed Baker Hughes (ticker: BHGE) announced third quarter results today, in the second earnings release since the company merged with GE. Baker Hughes reported a net loss of $92 million, or $(0.07) per share, on revenue of $5.8 billion. This represents a decrease of 3% in revenue and drop in net earnings year-over-year, but[Read More…]

Schlumberger: First Out of the Box

Schlumberger: First Out of the Box

SLB: says will exit seismic acquisition market; posts almost a billion-dollar write down for Venezuela Schlumberger Limited (ticker: SLB) reported its results for fourth quarter and full-year 2017. Highlights Fourth quarter revenue of $8.2 billion, increased 3% sequentially Fourth quarter pretax operating income of $1.2 billion, increased 9% sequentially Fourth quarter GAAP loss per share, including charges of $2.11 per[Read More…]

Source: PDS

Nine Energy Services Launches Second Successful Oilfield Service IPO in 2018

Company shares up 26% in intraday trading Nine Energy Service (ticker: NINE) launched its IPO today, becoming the second major service company to go public this year. Last night, Nine said it would offer a total of 7,000,000 shares of its common stock, priced at $23 per share, with the potential to upsize the offering by another 1,050,000 shares. At[Read More…]

BAM: It’s Earnings Season (Again) – Here are the Q4’17 Oil & Gas Company Estimates

BAM: It’s Earnings Season (Again) – Here are the Q4’17 Oil & Gas Company Estimates

Seems like just yesterday it was Q3 reporting season. But time flies—quarter by quarter—in the public company universe. EnerCom, Inc. has compiled third quarter earnings per share, revenue, EBITDA and cash flow per share analyst consensus estimates on 112 E&P and 82 Oilfield Service companies in the EnerCom database. Download EnerCom’s full chart of estimates. The median OilServices company earnings[Read More…]

Precision Drilling Reports Increase in Business

Precision Drilling Reports Increase in Business

Contract drilling rig and services provider Precision Drilling Corporation (ticker: PDS) reported its active rigs have increased by 16% compared to end of Q3 2017, the company said in an update. Precision currently has 64 rigs active in the U.S., compared with 55 at the time of its third quarter conference call. In Canada, the company reached near peak activity[Read More…]

January 15, 2018 - 4:30 pm 360 Articles, Closing Bell Story, Energy News, Oilfield Services
Liberty Oilfield Services Goes Public with a Bang: Up 28% First Day on NYSE

Liberty Oilfield Services Goes Public with a Bang: Up 28% First Day on NYSE

Liberty Oilfield Services Inc. (ticker: LBRT) announced the pricing of an upsized initial public offering of 12,731,092 shares of its Class A common stock at $17.00 per share early on Jan. 12. The shares opened trading on the NYSE today at $21.20.  By midday shares of Liberty were trading at almost a 28% premium. LBRT IPO Source: Google In addition,[Read More…]

January 12, 2018 - 5:19 pm 360 Articles, Closing Bell Story, Oilfield Services
Liberty Oilfield Services Relaunches IPO Process

Liberty Oilfield Services Relaunches IPO Process

Offering 10.7 million shares for $14 to $16 per share Denver-based Liberty Oilfield Services announced the launch of its initial public offering today, marking the resumption of prior efforts to go public. Liberty will offer a total of 10,714,286 shares of its Class A common stock, with an anticipated offering price between $14 and $16 per share. The company will[Read More…]

Lynn Helms, Director of North Dakota DMR 
Photo Credit: Prairie Biz

N.D. Supreme Court Upholds State’s Million-Dollar Oilfield Saltwater Dumping Penalty

The North Dakota Supreme Court today ruled in favor of the North Dakota Industrial Commission, Oil and Gas Division (OGD) regarding a case seeking a civil penalty plus costs and expenses from Black Hills Trucking (BHT) for illegally dumping saltwater in 2014. The Commission sought $950,000 in penalties from BHT for illegally releasing saltwater from a truck on three different[Read More…]

December 7, 2017 - 5:54 pm 360 Articles, Closing Bell Story, E&P, Oilfield Services, Regulatory
GE CEO Flannery Talks Baker Hughes – GE Future

GE CEO Flannery Talks Baker Hughes – GE Future

The history of GE dates back to Thomas A. Edison. In 1876 Edison opened his Menlo Park, NJ, laboratory, from which came perhaps the greatest invention of the age – a successful incandescent electric lamp. In 1890, Edison established the Edison General Electric Company by bringing his various businesses together. Two years later Edison’s company combined with a competitor. They called[Read More…]

E&P Bankruptcies Slow, Service Companies Feel the Squeeze

E&P Bankruptcies Slow, Service Companies Feel the Squeeze

68 2017 bankruptcies, $33.4 billion in debt Energy attorneys Haynes and Boone have released the firm’s updated list of oil and gas bankruptcies, detailing how the continuing downcycle has affected companies. The list records all oil and gas industry bankruptcies in E&P, oilfield service and midstream companies since 2015. In total, Haynes and Boone lists 310 different bankruptcies, from companies[Read More…]

Hi-Crush Keeps the Focus on the Community

Hi-Crush Keeps the Focus on the Community

Community involvement – more than just buzz words Hi-Crush (ticker: HCLP) is a major sand producer in both Wisconsin and more recently in Kermit, Texas, near operations in the Permian Basin, but the company strives to be more to the local community. HCLP has put a strong emphasis on serving the communities in which it works, and it has found[Read More…]

November 10, 2017 - 2:52 pm 360 Articles, Closing Bell Story, Oilfield Services
Superior Energy Services 2017 Q3 Earnings: Progress Despite Hurricanes

Superior Energy Services 2017 Q3 Earnings: Progress Despite Hurricanes

SPN: increase in customer demand and service intensity for U.S. land markets Superior Energy Services (ticker: SPN) released its Q3 Earnings today, announcing a net loss from continuing operations for the third quarter of 2017 of $57.2 million, or ($0.37) per share, on revenue of $506.0 million. This compares to a net loss from continuing operations of $62.0 million, or[Read More…]

October 24, 2017 - 6:56 pm 360 Articles, Closing Bell Story, Earnings, Oilfield Services
Schlumberger Leads Off Q3 Earnings Rush

Schlumberger Leads Off Q3 Earnings Rush

Kibsgaard: Market is now in balance, look for upward movement in oil prices and growth in E&P investment  Earnings season is here for Q3, and the oil and gas industry got off to a strong start with Schlumberger (ticker: SLB) reporting today. Q3 Stats Revenue of $7.9 billion increased 6% sequentially Pretax operating income of $1.1 billion increased 11% sequentially[Read More…]

Liberty Oilfield Services Increases Flexibility with Debt Deal

Liberty Oilfield Services Increases Flexibility with Debt Deal

Liberty Oilfield Services announces closing of $175 million term loan and $250 million revolving credit facility Denver-based oilfield services company Liberty Oilfield Services announced Tuesday that the company closed a debt deal. The company entered two new debt facilities consisting of a $175 million, five-year term loan and a $250 million asset-based revolving credit facility (ABL) subject to a borrowing[Read More…]

October 12, 2017 - 5:29 pm 360 Articles, Closing Bell Story, Oilfield Services
Baker Hughes Names Simonelli Chairman after Immelt Departs GE Early

Baker Hughes Names Simonelli Chairman after Immelt Departs GE Early

Flannery takes over as GE’s chairman GE surprised a few people yesterday announcing that Jeff Immelt had stepped down Oct. 2 as the company’s chairman, a move that was originally scheduled for Dec. 31, 2017. John Flannery, who was formerly CEO of GE Healthcare became CEO of GE on Aug. 1, but his move into the chairman’s role was expected[Read More…]

October 3, 2017 - 5:00 pm 360 Articles, Closing Bell Story, Oilfield Services, People
Another Texas Commodity Getting Red Hot

Another Texas Commodity Getting Red Hot

Texas dunes, HCLP provide answers Texas is the motherlode when it comes to decade after decade of oil and gas production in the U.S., and the Permian basin is widely considered to hold some of the best rock in the country for oil production from shale formations. In addition, the industry’s Permian operators are learning how to best optimize their[Read More…]

Exclusive Video Interview with Heal Systems CEO Jeff Saponja

Exclusive Video Interview with Heal Systems CEO Jeff Saponja

Heal Systems: doubling production consistently in operators’ wells At its recent Oilfield Tech & Innovation Day, EnerCom’s Oil & Gas 360® conducted an exclusive video interview with Heal Systems CEO Jeff Saponja. Heal Systems and its majority shareholder Production Plus Energy Services found through extensive field trials over eight years that slug flow mitigation is the key to solving artificial[Read More…]