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360 Articles

NGL Energy Partners Adds Water Sources for Oil & Gas Operators in the Permian

NGL Energy Partners Adds Water Sources for Oil & Gas Operators in the Permian

Price for New Mexican water: $93 million NGL Energy Partners LP (ticker: NGL) has purchased another Permian Basin ranch, adding 9.6 million barrels of annual fresh water rights to its Permian Basin water portfolio. NGL said it bought the 36,000-acre Beckham Ranch, which sits atop the Carlsbad, Capitan, and Jal Water Basins located in southeastern Lea County. In July NGL bought the McCloy Ranch, located in Eddy and Lea Counties, New[Read More…]

September 13, 2018 - 1:46 pm 360 Articles, Closing Bell Story, Midstream, Oilfield Services
Flotek Industries Q2 Conference Call: Operators Are Asking for Expanded Chemistry Options

Flotek Industries Q2 Conference Call: Operators Are Asking for Expanded Chemistry Options

Flotek Industries Inc. (NYSE: FTK) reported Q2 results this week and executives discussed operations for the company’s oil and gas industry segment during the Q2 2018 earnings call. 2Q Financial Snapshot Revenue of $59.1 million for 2Q 2018 decreased 2.4% compared to 1Q 2018 and decreased 30.6% compared to 2Q 2017. Cash SG&A of $13.1 million for 2Q 2018 (excluding stock compensation expense of $2.4[Read More…]

Heard On The Call: Nabors Industries Q2

Heard On The Call: Nabors Industries Q2

Nabors Industries (NYSE: NBR) held its Q2 conference call today; excerpts from the Q & A are below: Q: Tony, you mentioned that your latest survey has another 30 to 40 rigs being added to the rest of this year. And I would tell you, consensus from most investors that I’ve spoken with, is that we’re going to see a[Read More…]

Core Labs Plans Industry Project Evaluating SCOOP/STACK

Core Labs Plans Industry Project Evaluating SCOOP/STACK

Core Laboratories (NYSE: CLB) announced its Q2 earnings, which saw an 11% YOY increase in revenue and 22% YOY increase in operating income bringing earnings per diluted share to $0.57. Core Labs saw operating margins up 190 basis points YOY to 19.4%, ex-items, which was attributed to higher-technology services and products being requested by Core’s technologically sophisticated client base and[Read More…]

Halliburton Doubles Operating Income

Halliburton Doubles Operating Income

Oilfield service giant Halliburton Company (NYSE: HAL) reported Q2 income from continuing operations of $511 million, or $0.58 per diluted share. This compares to reported income from continuing operations for the first quarter of 2018 of $46 million, or $0.05 per diluted share, and adjusted income from continuing operations for the first quarter of 2018 of $358 million, or $0.41[Read More…]

Consolidation in the Wind as Offshore Recovery Advances

Consolidation in the Wind as Offshore Recovery Advances

Two offshore maritime providers to become $1.25 billion company Tidewater Inc. (NYSE: TDW) and GulfMark Offshore, Inc. (NYSE: GLF) offshore support vessel companies will combine as recovery gains traction, creating a combined company market value of approximately $1.25 billion, Tidewater said in a press release today. The combined company will provide customers with access to modern, high-specification vessels. Image: GulfMark Offshore[Read More…]

R&D Arm of Baker Hughes-GE Flips: New Tech Incubator Aims to Quickly Monetize Innovation

R&D Arm of Baker Hughes-GE Flips: New Tech Incubator Aims to Quickly Monetize Innovation

Repurposed research center becomes Energy Innovation Center of North America – an incubator tasked with launching disruptive tech startups, and providing access to venture capital to quickly monetize new technologies Taking a page from Silicon Valley, Baker Hughes, a GE company (ticker: BHGE) has launched a tech incubator in Oklahoma. But this one is focused on oilfield and related technologies[Read More…]

In-Basin Sand Mines are Sprouting Fast in Texas and Oklahoma

In-Basin Sand Mines are Sprouting Fast in Texas and Oklahoma

Locally sourced frac sand gets the job done at a discount Last week, Alpine Silica, a private supplier of frac sand, announced that it will open two new frac sand projects—one in Van Horn, Texas and the other in Fay, Oklahoma, further adding to its existing sand portfolio. Alpine estimates that the Oklahoma plant and the Van Horn facility will[Read More…]

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

EcoStim Ups Capacity to ‘Super Fleet’ in the STACK

Eco-Stim Energy Solutions, Inc. (ticker: ESES) reported today that it has agreed to provide its primary customer in the STACK with additional dedicated horsepower and equipment, including natural gas-powered pumping units. The company refers to this collaborative plan as a “super fleet.” According to the company’s most recent investor presentation, Eco-Stim has a total capacity of ~168,000 HHP, including 53[Read More…]

Courtesy of Liberty Oilfield Services Inc.

Liberty Oilfield Services Grows Frac Fleet

Liberty Oilfield Services Inc. (ticker: LBRT) reported a net income of $54 million in Q1 2018 and the company deployed its frac fleets 20 and 21, under dedicated arrangements with existing customers in the quarter. For the first quarter of 2018, revenue grew 10% to $495 million from $449 million in the fourth quarter of 2017. Liberty said that Q1[Read More…]

Demand for Frac Sand is “Insatiable”: Hi-Crush CEO

Demand for Frac Sand is “Insatiable”: Hi-Crush CEO

Hi-Crush Partners LP (ticker: HCLP) reported a Q1 2018 net income of $53.1 million, or $0.59 per diluted share. Revenues for the quarter totaled $218.1 million on sales of 2,617,627 tons of frac sand. Capital expenditures in Q1 2018 were $11.9 million and the company estimates a full year CapEx of $35-$45 million. “We were successful in growing our financial[Read More…]

National Oilwell Varco: Six-Quarter Streak Snapped

National Oilwell Varco: Six-Quarter Streak Snapped

National Oilwell Varco (ticker: NOV) reported a first quarter 2018 net loss of $68 million, or $(0.18) per share. Revenues for the first quarter were $1.8 billion, a decrease of 9% compared to the fourth quarter of 2017 and an increase of 3% from the first quarter of 2017. Operating loss for the first quarter of 2018 was $1 million,[Read More…]

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