Current ESES Stock Info

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 million in the third quarter of 2017. For 2017, capital expenditures were $35.4 million, primarily related to investments in the company’s two U.S. frac fleets. As a result of the company’s investments, total pumping horsepower has increased to approximately 168,750 HHP, including six rental pumps and approximately 45,000 HHP of equipment that is subject to refurbishment and upgrades prior to activation.

J. Chris Boswell, president and CEO said, “2017 was a big transition year for EcoStim as we commenced operations for two spreads in the US and advanced efforts in Argentina to improve contract terms and operational performance. We are pleased with the progress we have made on both fronts while we continue to navigate the challenges associated with growing a relatively young enterprise.

“In early March we redeployed our Fleet #1 into the STACK at improved rates and now expect both US Fleets to operate at profitability levels in-line with industry averages.  In Argentina, we have submitted a proposal to amend our agreement that we believe will improve utilization and minimize stand-by time.  If finalized, the revised agreement is expected to be effective beginning on March 1, 2018.  If we are unable to reach agreement, we expect to be released from the contract and would then be available to participate in work at higher 2018 pricing levels. As part of our ongoing negotiations in Argentina, in February 2018, we eliminated certain third-party services which contributed negatively to our fleet level gross margin during 2017.

“We believe that recent operational improvements and the impact of investments made over the past year are not fully reflected in the company’s historical financial performance,” Boswell concluded.

According to EcoStim, the company does not plan to provide any earnings guidance for 2018 at this time.

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