Post Tagged with: "oilfield"

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 2018 results included a $3 million one-time, non-recurring expense related to the early retirement of debt in conjunction with its IPO. Liberty said it has staffed its fleet 22 and is on schedule to deploy this fleet on a dedicated basis at the end of Q2 2018. Fleets 23 and 24 will be delivered at the end of the third and fourth quarters of 2018 under dedicated arrangements, Liberty said. Six fleets in the Permian “During the first quarter, we deployed our sixth Permian fleet under a dedicated arrangement. The[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, or 0.1% of sales. “During the first quarter of 2018 NOV benefitted from growing demand for short-cycle consumables and services in North America as oilfield fundamentals continued to strengthen,” commented Clay Williams, chairman, president and CEO. “Unfortunately, however, the protracted budgeting cycle we saw early in the year led to a slower-than-anticipated start in our capital equipment businesses, and softness in our Eastern Hemisphere operations. This more than offset improvements in North America, snapping our six-quarter streak of steadily improving results.” “We expect to be back on track soon,” Williams[Read More…]

Proppant Company to Increase Capacity to 1 MM Tons by Mid-Year

Proppant Company to Increase Capacity to 1 MM Tons by Mid-Year

Select Sands delivered proppant by barge starting in Q4 Select Sands Corp. (ticker: SNS) reported full-year revenues of $15.1 million, with a gross profit of $2.9 million. However, the company had a full-year net loss of $1.6 million, or $(0.02) per basic and diluted common share. For Q4 2017, Select reported a net income of $1.3 million, or $0.01 per basic and diluted common share. In 2017 the company entered into a multi-year frac sand supply agreement with an oilfield services provider, with commitments lasting through 2019. Initial rail shipments began in Q1 2017 In November 2017, the company began barging frac sand – Select said it expects that this will remain an “important mode of delivery” moving forward The company reduced transportation costs by building a private road from its Sandtown mining operations to a main highway (cutting down mileage) Select sold frac sand volumes of 300,000~ tons during[Read More…]

April 11, 2018 - 3:51 pm Closing Bell Story, Fracing, Oil and Gas 360 Articles
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 64% to 690,000 HHP, or 16 fleets – this is up from 420,000 HHP, or ten fleets, at the end of 2016. ProPetro said it had 100% fleet utilization throughout the year. The company has also expanded into the Delaware Basin. Fleet expansion almost a million horses strong An additional 90,000 HHP, or two fleets, recently commenced operations under multi-year dedicated agreements in January and February 2018, bringing active horsepower to 780,000, or 18 fleets. According to ProPetro, demand has grown for the company’s pressure pumping services to the point[Read More…]

Hi-Crush to Join Alerian’s AMZ and AMZE

Hi-Crush to Join Alerian’s AMZ and AMZE

Hi-Crush Partners LP (ticker: HCLP) will be added to both the Alerian MLP Index (AMZ) and the Alerian MLP Equal Weight Index (AMZE) following the close of business on March 16, 2018. “The addition of Hi-Crush to the AMZ and AMZE indices is recognition of the prudent investments we have made over the past few years, resulting in a stronger balance sheet and providing Hi-Crush with the sustainable cash flow to support meaningful distribution growth, while also executing on our significant unit repurchase program,” CFO Laura C. Fulton said. Hi-Crush said that it expects to increase its quarterly cash distribution by approximately 10% per quarter for the foreseeable future (subject to periodic review and market conditions). The company repurchased 2,030,163 common units during the fourth quarter of 2017, for a total cost of $20.0 million under the authorized $100 million-unit buyback program. Hi-Crush said in February that it remains committed[Read More…]

March 13, 2018 - 4:27 pm Closing Bell Story, MLPs, Oil and Gas 360 Articles, People
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 to reflect what the resulting net income would have been, had Liberty been a public company for the year-ended December 31, 2017. Liberty recently completed its IPO of 14.6~ million shares at a price of $17.00 per share on January 17, 2018. Liberty averaged 18.0 active fleets during Q4 2017, and for the full year of 2017, the company averaged 15.1 active fleets. During Q1 2018, Liberty deployed fleets 20 and 21 under dedicated arrangements with existing customers. Liberty said it expects to deploy fleet 22 on a dedicated basis[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 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[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) per share, in FY 2016. Operating revenue for the fourth quarter increased by 7% or $46.2 million to $708 million, reflecting growth in all segments. Net income from continuing operations attributable to Nabors for the fourth quarter was a loss of $116 million, or $(0.40) per diluted share. Segment results The U.S. drilling segment posted a 24% increase in adjusted EBITDA, at $54 million. This reflected a $1,147 increase in daily average margins despite a one rig drop for the quarter to 106.3 average rigs working, Nabors said. This segment[Read More…]

BetaZi LLC Lets Operators Solve Problems ‘Wicked Fast’

BetaZi LLC Lets Operators Solve Problems ‘Wicked Fast’

EnerCom Dallas presenter BetaZi will present at the Tower Club, Downtown Dallas, Wed. Feb. 21 BetaZi LLC creates production forecasting solutions for the oil and gas industry using physics-based predictive analytics. The company has been in operation since 2012 and has modeled over 400,000 wells – the results help decision makers from the oil patch all the way up to board rooms around the world. “We did the calculations to make production forecasts on more than three million wells in the U.S.,” BetaZi Founder and CEO Conradson said back in 2017. “That took BetaZi™ an enormous amount of computational power, but only 48 hours to complete.” BetaZi has multiple solutions BasinAlpha is a series of pre-computed, pre-packaged forecast-based intel bundles for sale on a per-basin basis. Each bundle is a library of BetaZi probabilistic well forecasts on every well in the basin, along with data, type curves, and basic economics.[Read More…]

February 9, 2018 - 1:42 pm Closing Bell Story, EnerCom Dallas 2018, People
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 million or $0.75 per diluted share. Net Income excluding the impact of tax reform was $143.2 million, or $0.66 diluted earnings per share, compared to net loss of $141.2 million, or ($0.66) loss per share last year. According to RPC, revenues increased due to higher activity levels and improved pricing for services, higher service intensity and activation of previously idled revenue-producing equipment. Operating profit for the quarter was $60.3 million compared to an operating loss of $32.2 million in the prior year. Net income for the fourth quarter was $57.7 million or $0.27 diluted earnings per share. Tax cuts bring in $19.3 million more During the fourth quarter of[Read More…]

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. In addition, Liberty and the selling shareholder granted the underwriters a 30-day option to purchase up to an additional 1,909,663 shares of Liberty’s Class A common stock at the IPO price, less underwriting discounts and commissions. Liberty expects to receive approximately $194.5 million of net proceeds from the offering, or $220.4 million if the underwriters exercise their option to purchase additional shares in full. Liberty intends to contribute the net proceeds of the offering it receives to Liberty Oilfield Services New HoldCo LLC (Liberty LLC), its subsidiary, in exchange for limited liability company units in Liberty[Read More…]

Secure Data Transmissions from the Digital Oilfield

Secure Data Transmissions from the Digital Oilfield

Secure Data Coverage across 55,000 Square Miles of U.S. Oilfields Two U.S. technology companies recently joined forces to launch a large-scale data/IoT communications network that provides secure data transmission in more than 55,000 square miles of U.S. oil and gas fields in several important shale plays. San Diego’s On-Ramp Wireless, a provider of long-range connectivity for the Internet of Things (IoT), and WellAware, a San Antonio based provider of oilfield monitoring and optimization solutions, are collaborating on the wide-area IoT communications network designed to communicate with 12 miles between access points, but the companies say the network is also capable of providing data communications on a much larger scale. “WellAware has designed and built a network on the North Slope of Alaska that reliably covers over 3,500 square miles with only five access points. That’s about 750 square miles per access point using a single omni-directional antenna, which unheard of with existing terrestrial[Read More…]