Superior Energy Services, Inc. (the “Company”) today announced a
net loss from continuing operations for the first quarter of 2019
of $47.7 million, or $0.31 per share, on revenue of $467.2
million. This compares to a net loss from continuing
operations of $750.2 million, or $4.85 per share, for the fourth
quarter of 2018, on revenue of $539.3 million and a net loss from
continuing operations of $59.9 million, or $0.39 per share for the
first quarter of 2018, on revenue of $482.3 million.
David Dunlap, President and CEO, commented,
“First quarter results were in line with our expectations.
U.S. land revenues were sequentially lower as we operated fewer
pressure pumping fleets due to a weak environment for pricing and
utilization. U.S. offshore results were also lower as
activity levels skewed towards lower margin drilling
activity. Also, as expected, completion tools revenue in the
Gulf of Mexico decreased during the quarter after a strong finish
to 2018. Despite the shift in activity mix, and expected
seasonal lull experienced during the quarter, we believe that U.S.
offshore activity will improve as the year progresses.
International activity levels were stable as oil field
activity continues to steadily increase in these markets.
“There remains considerable uncertainty around
the North American service market this year, primarily due to the
lack of visibility we have into our customers’ plans for capital
expenditures during the second half of the year. Until we can
gain confidence that our customers’ spending levels will support
utilization and pricing levels that justify maintaining our assets
in the field, an increasing proportion of our capital expenditures
will be allocated toward offshore and international
opportunities. Overall, we are committed to a level of
capital discipline that will foster free cash flow growth and
improved corporate returns.
“We believe that the strength of our business
lies in the diversity of our product offerings and geographic
reach, as demonstrated by the substantial year over year growth of
our first quarter international revenue. This diversity is
essential to the sustainability of our business and will become
more pronounced as our results are increasingly supported by U.S.
offshore and international oil field activity
levels.”
First Quarter 2019 Geographic
Breakdown
U.S. land revenue was $305.8 million in the
first quarter of 2019, a decrease of 14% as compared with revenue
of $356.9 million in the fourth quarter of 2018, and an 8% decrease
compared to revenue of $331.5 million in the first quarter of
2018. U.S. offshore revenue decreased 23% to $69.3 million as
compared with revenue of $89.5 million in the fourth quarter of
2018, and a 9% decrease from revenue of $76.0 million in the first
quarter of 2018. International revenue of $92.1 million was
flat as compared to the fourth quarter of 2018 and increased 23% as
compared to revenue of $74.8 million in the first quarter of
2018.
Drilling Products and Services
Segment
The Drilling Products and Services segment
revenue in the first quarter of 2019 was $101.1 million, a 4%
decrease from fourth quarter 2018 revenue of $105.3 million and a
19% increase from first quarter 2018 revenue of $85.2 million.
U.S. land revenue increased 3% sequentially to
$48.2 million, U.S. offshore revenue decreased 5% sequentially to
$29.1 million and international revenue decreased 15% to $23.8
million.
Onshore Completion and Workover Services
Segment
The Onshore Completion and Workover Services
segment revenue in the first quarter of 2019 was $205.0 million, a
20% decrease from fourth quarter 2018 revenue of $255.1 million,
and a 11% decrease from first quarter 2018 revenue of $231.5
million.
Production Services Segment
The Production Services segment revenue in the
first quarter of 2019 was $103.5 million, a 6% decrease from fourth
quarter 2018 revenue of $109.9 million and a 3% increase from first
quarter 2018 revenue of $100.8 million.
U.S. land revenue was $40.7 million a 14%
decrease from fourth quarter revenue of $47.1 million. U.S.
offshore revenue increased 4% sequentially to $19.3 million and
international revenue decreased 2% sequentially to $43.5
million.
Technical Solutions Segment
The Technical Solutions segment revenue in the
first quarter of 2019 was $57.6 million, a 17% decrease from fourth
quarter 2018 revenue of $69.0 million and an 11% decrease from
first quarter 2018 revenue of $64.8 million.
U.S. land revenue increased 49% sequentially to
$11.9 million. U.S. offshore revenue decreased 48%
sequentially to $20.9 million and international revenue increased
20% to $24.8 million.
Conference Call Information
The Company will host a conference call at 9:00
a.m. Eastern Time on Wednesday, April 24, 2019. The call can
be accessed from the Company’s website at www.superiorenergy.com or
by telephone at 888-317-6003 and using entry number 9456386.
For those who cannot listen to the live call, a telephonic replay
will be available through May 1, 2019 and may be accessed by
calling 877-344-7529 and using the access code 10130013.
About Superior Energy
Services
Superior Energy Services (NYSE:SPN) serves the
drilling, completion and production-related needs of oil and gas
companies worldwide through a diversified portfolio of specialized
oilfield services and equipment that are used throughout the
economic life cycle of oil and gas wells. For more
information, visit: www.superiorenergy.com.
This press release contains, and future oral or
written statements or press releases by us and our management may
contain, certain forward-looking statements within the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. Generally, the words “expects,” “anticipates,”
“targets,” “goals,” “projects,” “intends,” “plans,” “believes,”
“seeks” and “estimates,” variations of such words and similar
expressions identify forward-looking statements, although not all
forward-looking statements contain these identifying words. All
statements other than statements of historical fact regarding the
Company’s financial position, financial performance, liquidity,
strategic alternatives, market outlook, future capital needs,
capital allocation plans, business strategies and other plans and
objectives of our management for future operations and activities
are forward-looking statements. These statements are based on
certain assumptions and analyses made by our management in light of
its experience and prevailing circumstances on the date such
statements are made. Such forward-looking statements, and the
assumptions on which they are based, are inherently speculative and
are subject to a number of risks and uncertainties that could cause
our actual results to differ materially from such statements.
Such risks and uncertainties include, but are not limited to: the
conditions in the oil and gas industry, especially oil and natural
gas prices and capital expenditures by oil and gas companies; our
outstanding debt obligations and the potential effect of limiting
our ability to fund future growth and operations and increasing our
exposure to risk during adverse economic conditions; necessary
capital financing may not be available at economic rates or at all;
volatility of our common stock; operating hazards, including the
significant possibility of accidents resulting in personal injury
or death, property damage or environmental damage for which we may
have limited or no insurance coverage or indemnification rights; we
may not be fully indemnified against losses incurred due to
catastrophic events; claims, litigation or other proceedings that
require cash payments or could impair our financial condition;
credit risk associated with our customer base; the effect of
regulatory programs (including regarding worker health and safety
laws) and environmental matters on our operations or prospects,
including the risk that future changes in the regulation of
hydraulic fracturing could reduce demand for our pressure pumping
and fluid management services, or that future changes in climate
change legislation could result in increased operating costs or
reduced commodity demand globally; the impact that unfavorable or
unusual weather conditions could have on our operations; the
potential inability to retain key employees and skilled workers;
political, legal, economic and other risks and uncertainties
associated with our international operations; laws, regulations or
practices in foreign countries could materially restrict our
operations or expose us to additional risks; potential changes in
tax laws, adverse positions taken by tax authorities or tax audits
impacting our operating results; changes in competitive and
technological factors affecting our operations; risks associated
with the uncertainty of macroeconomic and business conditions
worldwide; not realizing the benefits of acquisitions or
divestitures; our operations may be subject to cyber-attacks that
could have an adverse effect on our business operations;
counterparty risks associated with reliance on key suppliers;
challenges with estimating our potential liabilities related to our
oil and natural gas property; and risks associated with potential
changes of Bureau of Ocean Energy Management security and bonding
requirements for offshore platforms. These risks and other
uncertainties related to our business are described in our periodic
reports filed with the Securities and Exchange Commission.
Although we believe that the expectations reflected in such
forward-looking statements are reasonable, we can give no assurance
that such expectations will prove to be correct. Investors are
cautioned that many of the assumptions on which our forward-looking
statements are based are likely to change after such statements are
made, including for example the market prices of oil and gas and
regulations affecting oil and gas operations, which we cannot
control or anticipate. Further, we may make changes to our business
strategies and plans (including our capital spending and capital
allocation plans) at any time and without notice, based on any
changes in the above-listed factors, our assumptions or otherwise,
any of which could or will affect our results. For all these
reasons, actual events and results may differ materially from those
anticipated, estimated, projected or implied by us in our
forward-looking statements. We undertake no obligation to update
any of our forward-looking statements for any reason,
notwithstanding any changes in our assumptions, changes in our
business plans, our actual experience, or other changes. You
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof.
|
|
SUPERIOR ENERGY SERVICES, INC. AND
SUBSIDIARIES |
|
CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(in thousands, except earnings per share amounts) |
|
(unaudited) |
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
467,176 |
|
|
$ |
482,318 |
|
|
$ |
539,331 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services and
rentals (exclusive of depreciation, depletion, amortization and
accretion) |
|
|
330,163 |
|
|
|
343,460 |
|
|
|
384,445 |
|
|
|
Depreciation,
depletion, amortization and accretion |
|
|
82,439 |
|
|
|
105,719 |
|
|
|
97,264 |
|
|
|
General and
administrative expenses |
|
|
73,845 |
|
|
|
75,820 |
|
|
|
74,641 |
|
|
|
Reduction in value of
assets |
|
|
- |
|
|
|
- |
|
|
|
739,725 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(19,271 |
) |
|
|
(42,681 |
) |
|
|
(756,744 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
Interest
expense, net |
|
|
(25,121 |
) |
|
|
(24,887 |
) |
|
|
(24,745 |
) |
|
|
Other income
(expense) |
|
|
(1,612 |
) |
|
|
(1,735 |
) |
|
|
2,717 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before income taxes |
|
|
(46,004 |
) |
|
|
(69,303 |
) |
|
|
(778,772 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
|
1,701 |
|
|
|
(9,355 |
) |
|
|
(28,587 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations |
|
|
(47,705 |
) |
|
|
(59,948 |
) |
|
|
(750,185 |
) |
|
|
|
|
|
|
|
|
|
|
|
Income from
discontinued operations, net of income tax |
|
|
- |
|
|
|
224 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(47,705 |
) |
|
$ |
(59,724 |
) |
|
$ |
(750,185 |
) |
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per share |
|
$ |
(0.31 |
) |
|
$ |
(0.39 |
) |
|
$ |
(4.85 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding |
|
|
155,777 |
|
|
|
154,121 |
|
|
|
154,536 |
|
|
|
|
|
|
|
|
|
|
|
|
SUPERIOR ENERGY SERVICES, INC. AND
SUBSIDIARIES |
|
CONSOLIDATED BALANCE SHEETS |
|
(in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
3/31/2019 |
|
12/31/2018 |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash
equivalents |
|
$ |
151,568 |
|
$ |
158,050 |
|
Accounts
receivable, net |
|
|
420,811 |
|
|
447,353 |
|
Prepaid
expenses |
|
|
52,241 |
|
|
45,802 |
|
Inventory and
other current assets |
|
|
127,646 |
|
|
121,700 |
|
|
|
|
|
|
|
Total
current assets |
|
|
752,266 |
|
|
772,905 |
|
|
|
|
|
|
|
Property, plant and
equipment, net |
|
|
1,061,357 |
|
|
1,109,126 |
|
Operating lease
right-of-use assets |
|
|
103,082 |
|
|
- |
|
Goodwill |
|
|
137,495 |
|
|
136,788 |
|
Notes receivable |
|
|
64,993 |
|
|
63,993 |
|
Restricted cash |
|
|
2,722 |
|
|
5,698 |
|
Intangible and other
long-term assets, net |
|
|
125,420 |
|
|
127,452 |
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,247,335 |
|
$ |
2,215,962 |
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
|
$ |
120,549 |
|
$ |
139,325 |
|
Accrued
expenses |
|
|
229,225 |
|
|
219,180 |
|
Income taxes
payable |
|
|
1,043 |
|
|
734 |
|
Current portion
of decommissioning liabilities |
|
|
3,565 |
|
|
3,538 |
|
|
|
|
|
|
|
Total
current liabilities |
|
|
354,382 |
|
|
362,777 |
|
|
|
|
|
|
|
Long-term debt,
net |
|
|
1,283,862 |
|
|
1,282,921 |
|
Decommissioning
liabilities |
|
|
128,062 |
|
|
126,558 |
|
Operating lease
liabilities |
|
|
78,384 |
|
|
- |
|
Other long-term
liabilities |
|
|
154,579 |
|
|
152,967 |
|
|
|
|
|
|
|
Total stockholders'
equity |
|
|
248,066 |
|
|
290,739 |
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
2,247,335 |
|
$ |
2,215,962 |
|
|
|
|
|
|
|
|
SUPERIOR ENERGY SERVICES, INC. AND
SUBSIDIARIES |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
|
THREE MONTHS ENDED MARCH 31, 2019 AND
2018 |
|
|
(in thousands) |
|
|
(unaudited) |
|
|
|
|
|
2019 |
|
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Net
loss |
|
$ |
(47,705 |
) |
|
$ |
(59,724 |
) |
|
|
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: |
|
|
|
|
|
|
Depreciation, depletion, amortization and accretion |
|
|
82,439 |
|
|
|
105,719 |
|
|
|
Other
noncash items |
|
|
4,467 |
|
|
|
(5,075 |
) |
|
|
Changes
in working capital and other |
|
|
(11,822 |
) |
|
|
(65,878 |
) |
|
|
Net cash provided by (used in) operating activities |
|
|
27,379 |
|
|
|
(24,958 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Payments
for capital expenditures |
|
|
(41,160 |
) |
|
|
(65,734 |
) |
|
|
Proceeds
from sales of assets |
|
|
5,066 |
|
|
|
12,135 |
|
|
|
Net cash used in investing activities |
|
|
(36,094 |
) |
|
|
(53,599 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Other |
|
|
(1,667 |
) |
|
|
(4,715 |
) |
|
|
Net cash used in financing activities |
|
|
(1,667 |
) |
|
|
(4,715 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes in cash |
|
|
924 |
|
|
|
1,812 |
|
|
|
|
|
|
|
|
|
|
Net change in cash, cash equivalents, and restricted cash |
|
|
(9,458 |
) |
|
|
(81,460 |
) |
|
|
|
|
|
|
|
|
|
Cash, cash equivalents
and restricted cash at beginning of period |
|
|
163,748 |
|
|
|
192,483 |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents,
and restricted cash at end of period |
|
$ |
154,290 |
|
|
$ |
111,023 |
|
|
|
|
|
|
|
|
|
SUPERIOR ENERGY SERVICES, INC. AND
SUBSIDIARIES |
REVENUE BY GEOGRAPHIC REGION BY
SEGMENT |
(in thousands) |
(unaudited) |
|
|
|
Three months ended, |
|
|
|
March 31, 2019 |
|
December 31, 2018 |
|
March 31, 2018 |
|
U.S.
land |
|
|
|
|
|
|
|
Drilling Products
and Services |
|
$ |
48,217 |
|
$ |
46,732 |
|
$ |
40,717 |
|
Onshore
Completion and Workover Services |
|
|
205,038 |
|
|
255,056 |
|
|
231,489 |
|
Production
Services |
|
|
40,666 |
|
|
47,103 |
|
|
52,457 |
|
Technical
Solutions |
|
|
11,920 |
|
|
7,993 |
|
|
6,833 |
|
Total U.S. land |
|
$ |
305,841 |
|
$ |
356,884 |
|
$ |
331,496 |
|
|
|
|
|
|
|
|
|
U.S.
offshore |
|
|
|
|
|
|
|
Drilling
Products and Services |
|
$ |
29,067 |
|
$ |
30,540 |
|
$ |
20,989 |
|
Onshore
Completion and Workover Services |
|
|
- |
|
|
- |
|
|
- |
|
Production
Services |
|
|
19,272 |
|
|
18,603 |
|
|
17,500 |
|
Technical
Solutions |
|
|
20,933 |
|
|
40,325 |
|
|
37,562 |
|
Total U.S.
offshore |
|
$ |
69,272 |
|
$ |
89,468 |
|
$ |
76,051 |
|
|
|
|
|
|
|
|
|
International |
|
|
|
|
|
|
|
Drilling
Products and Services |
|
$ |
23,795 |
|
$ |
28,028 |
|
$ |
23,496 |
|
Onshore
Completion and Workover Services |
|
|
- |
|
|
- |
|
|
- |
|
Production
Services |
|
|
43,512 |
|
|
44,228 |
|
|
30,760 |
|
Technical
Solutions |
|
|
24,756 |
|
|
20,723 |
|
|
20,515 |
|
Total
International |
|
$ |
92,063 |
|
$ |
92,979 |
|
$ |
74,771 |
|
|
|
|
|
|
|
|
|
Total Revenues |
|
$ |
467,176 |
|
$ |
539,331 |
|
$ |
482,318 |
|
|
|
|
|
|
|
|
|
SUPERIOR ENERGY SERVICES, INC. AND
SUBSIDIARIES |
|
|
SEGMENT HIGHLIGHTS |
|
|
(in thousands) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended, |
|
|
Revenues |
|
March 31, 2019 |
|
December 31, 2018 |
(1) |
March 31, 2018 |
(1) |
|
Drilling Products and
Services |
|
$ |
101,079 |
|
|
$ |
105,300 |
|
|
$ |
85,202 |
|
|
|
Onshore
Completion and Workover Services |
|
|
205,038 |
|
|
|
255,056 |
|
|
|
231,489 |
|
|
|
Production Services |
|
|
103,450 |
|
|
|
109,934 |
|
|
|
100,717 |
|
|
|
Technical
Solutions |
|
|
57,609 |
|
|
|
69,041 |
|
|
|
64,910 |
|
|
|
Total Revenues |
|
$ |
467,176 |
|
|
$ |
539,331 |
|
|
$ |
482,318 |
|
|
|
|
|
|
|
|
|
|
|
|
Income (Loss)
from Operations |
|
|
|
|
|
|
|
|
Drilling
Products and Services |
|
$ |
21,279 |
|
|
$ |
27,143 |
|
|
$ |
7,979 |
|
|
|
Onshore
Completion and Workover Services |
|
|
(15,079 |
) |
|
|
(15,637 |
) |
|
|
(7,141 |
) |
|
|
Production Services |
|
|
1,617 |
|
|
|
(3,893 |
) |
|
|
(11,180 |
) |
|
|
Technical
Solutions |
|
|
(916 |
) |
|
|
6,356 |
|
|
|
1,817 |
|
|
|
Corporate
and other |
|
|
(26,172 |
) |
|
|
(27,054 |
) |
|
|
(26,064 |
) |
|
|
Total Loss from
Operations |
|
$ |
(19,271 |
) |
|
$ |
(13,085 |
) |
|
$ |
(34,589 |
) |
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
|
|
|
|
|
|
Drilling
Products and Services |
|
$ |
44,305 |
|
|
$ |
53,193 |
|
|
$ |
37,620 |
|
|
|
Onshore
Completion and Workover Services |
|
|
22,664 |
|
|
|
32,578 |
|
|
|
40,514 |
|
|
|
Production Services |
|
|
15,757 |
|
|
|
12,432 |
|
|
|
8,100 |
|
|
|
Technical
Solutions |
|
|
5,394 |
|
|
|
11,677 |
|
|
|
9,547 |
|
|
|
Corporate
and other |
|
|
(24,952 |
) |
|
|
(25,701 |
) |
|
|
(24,651 |
) |
|
|
Total EBITDA |
|
$ |
63,168 |
|
|
$ |
84,179 |
|
|
$ |
71,130 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Income (loss) from operations and EBITDA exclude the impact
of reduction in value of assets and other items for the three
months ended December 31, 2018 and for the three months ended March
31, 2018. For Non-GAAP reconciliations, refer to Table 1
below. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures
The following table reconciles net income/loss
from continuing operations by segment, which is the directly
comparable financial measure determined in accordance with GAAP, to
adjusted income/loss from operations and adjusted EBITDA by segment
(non-GAAP financial measures). These financial measures are
provided to enhance investors’ overall understanding of the
Company’s current financial performance.
|
|
Reconciliation of Adjusted Income (Loss) from
Operations and Adjusted EBITDA by Segment |
|
(in thousands) |
|
(unaudited) |
|
Table 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
2019 |
|
|
|
DrillingProducts and Services |
|
Onshore Completion and Workover Services |
|
Production Services |
|
Technical Solutions |
|
Corporate andOther |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
net income (loss) from continuing operations |
|
$ |
21,279 |
|
$ |
(15,079 |
) |
|
$ |
1,617 |
|
|
$ |
102 |
|
|
$ |
(55,624 |
) |
|
$ |
(47,705 |
) |
|
Interest
expense, net |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(1,018 |
) |
|
|
26,139 |
|
|
|
25,121 |
|
|
Other
expense |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,612 |
|
|
|
1,612 |
|
|
Income
taxes |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,701 |
|
|
|
1,701 |
|
|
Income (loss) from
operations |
|
$ |
21,279 |
|
$ |
(15,079 |
) |
|
$ |
1,617 |
|
|
$ |
(916 |
) |
|
$ |
(26,172 |
) |
|
$ |
(19,271 |
) |
|
Depreciation, depletion, amortization and accretion |
|
|
23,026 |
|
|
37,743 |
|
|
|
14,140 |
|
|
|
6,310 |
|
|
|
1,220 |
|
|
|
82,439 |
|
|
EBITDA |
|
$ |
44,305 |
|
$ |
22,664 |
|
|
$ |
15,757 |
|
|
$ |
5,394 |
|
|
$ |
(24,952 |
) |
|
$ |
63,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
2018 |
|
|
|
DrillingProducts and Services |
|
Onshore Completion and Workover Services |
|
Production Services |
|
Technical Solutions |
|
Corporate andOther |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
net income (loss) from continuing operations |
|
$ |
26,678 |
|
$ |
(662,061 |
) |
|
$ |
(97,425 |
) |
|
$ |
7,280 |
|
|
$ |
(24,657 |
) |
|
$ |
(750,185 |
) |
|
Reduction
in value of assets |
|
|
- |
|
|
644,813 |
|
|
|
92,252 |
|
|
|
- |
|
|
|
2,660 |
|
|
|
739,725 |
|
|
Restructuring costs |
|
|
465 |
|
|
1,611 |
|
|
|
1,280 |
|
|
|
78 |
|
|
|
500 |
|
|
|
3,934 |
|
|
Interest
expense, net |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(1,002 |
) |
|
|
25,747 |
|
|
|
24,745 |
|
|
Other
expense |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,717 |
) |
|
|
(2,717 |
) |
|
Income
taxes |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(28,587 |
) |
|
|
(28,587 |
) |
|
Adjusted income
(loss) from operations |
|
$ |
27,143 |
|
$ |
(15,637 |
) |
|
$ |
(3,893 |
) |
|
$ |
6,356 |
|
|
$ |
(27,054 |
) |
|
$ |
(13,085 |
) |
|
Depreciation, depletion, amortization and accretion |
|
|
26,050 |
|
|
48,215 |
|
|
|
16,325 |
|
|
|
5,321 |
|
|
|
1,353 |
|
|
|
97,264 |
|
|
Adjusted
EBITDA |
|
$ |
53,193 |
|
$ |
32,578 |
|
|
$ |
12,432 |
|
|
$ |
11,677 |
|
|
$ |
(25,701 |
) |
|
$ |
84,179 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31,
2018 |
|
|
|
DrillingProducts and Services |
|
Onshore Completion and Workover Services |
|
Production Services |
|
Technical Solutions |
|
Corporate andOther |
|
Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported
net income (loss) from continuing operations |
|
$ |
7,967 |
|
$ |
(10,043 |
) |
|
$ |
(14,092 |
) |
|
$ |
2,273 |
|
|
$ |
(46,053 |
) |
|
$ |
(59,948 |
) |
|
Restructuring costs |
|
|
12 |
|
|
2,902 |
|
|
|
2,912 |
|
|
|
500 |
|
|
|
1,766 |
|
|
|
8,092 |
|
|
Interest
expense, net |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(956 |
) |
|
|
25,843 |
|
|
|
24,887 |
|
|
Other
expense |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,735 |
|
|
|
1,735 |
|
|
Income
taxes |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(9,355 |
) |
|
|
(9,355 |
) |
|
Adjusted income
(loss) from operations |
|
$ |
7,979 |
|
$ |
(7,141 |
) |
|
$ |
(11,180 |
) |
|
$ |
1,817 |
|
|
$ |
(26,064 |
) |
|
$ |
(34,589 |
) |
|
Depreciation, depletion, amortization and accretion |
|
|
29,641 |
|
|
47,655 |
|
|
|
19,280 |
|
|
|
7,730 |
|
|
|
1,413 |
|
|
|
105,719 |
|
|
Adjusted
EBITDA |
|
$ |
37,620 |
|
$ |
40,514 |
|
|
$ |
8,100 |
|
|
$ |
9,547 |
|
|
$ |
(24,651 |
) |
|
$ |
71,130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOR FURTHER INFORMATION CONTACT:Paul Vincent, VP of
Investor Relations, (713) 654-2200
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