HOUSTON, Aug. 10, 2020 /PRNewswire/ -- Superior Energy
Services, Inc. (NYSE: SPN) (the "Company") today announced a net
loss from continuing operations for the second quarter of 2020 of
$58.9 million, or $3.97 per share, on revenue of $183.9 million. This compares to a net loss
from continuing operations of $32.3
million, or $2.18 per share,
for the first quarter of 2020, on revenue of $321.5 million and a net loss from continuing
operations of $18.4 million, or
$1.18 per share, for the second
quarter of 2019, on revenue of $367.4
million.
The Company reported $9.1 million
in severance and other related costs, and $8.6 million of merger-related transaction costs.
The resulting adjusted net loss from continuing operations for the
second quarter of 2020 was $45.3
million, or $3.06 per
share.
David Dunlap, President and CEO,
commented, "We expected a significant reduction in oil field
activity resulting from the COVID-19 related economic slow-down
during the second quarter, and our sequential revenue decline of
43% was in line with those expectations.
"As we manage these troubling and uncertain times, we have
prioritized our balance sheet and cost structure. Measures
taken during the quarter include lower levels of spending,
structural cost reductions, and disciplined operations, resulting
in a 10% sequential increase of our cash balance, which grew to
$278 million. Our cash balance
at quarter-end does not reflect a tax refund of approximately
$30 million, which was received in
July.
"Despite an uncertain forward outlook, we are observing signals
that oil field activity, particularly completion related
operations, will increase during the second half of the year as
broader economic activity improves. We expect the impact of the
COVID-19 pandemic to persist well into the future, and we will
continue to be agile in our approach as the landscape evolves."
Second Quarter 2020 Geographic Breakdown
U.S. land revenue was $55.0
million in the second quarter of 2020, a decrease of 59% as
compared with revenue of $134.7
million in the first quarter of 2020, and a 72% decrease
compared to revenue of $194.1 million
in the second quarter of 2019. U.S. offshore revenue
decreased 27% to $58.6 million as
compared with revenue of $80.1
million in the first quarter of 2020, and decreased 29%
from revenue of $83.0 million
in the second quarter of 2019. International revenue of
$70.3 million decreased by 34% as
compared with revenue of $106.8
million in the first quarter of 2020 and decreased 22% as
compared to revenue of $90.4 million
in the second quarter of 2019.
Drilling Products and Services
Segment
The Drilling Products and Services segment revenue in the second
quarter of 2020 was $67.4 million, a
35% decrease from first quarter 2020 revenue of $104.0 million and a 33% decrease from second
quarter 2019 revenue of $100.7
million.
U.S. land revenue decreased 47% from first quarter 2020 to
$19.5 million, U.S. offshore revenue
decreased 23% sequentially to $28.6
million and international revenue decreased by 36% to
$19.2 million.
Onshore Completion and Workover Services Segment
The Onshore Completion and Workover Services segment revenue in
the second quarter of 2020 was $21.2
million, a 65% decrease from first quarter 2020 revenue of
$61.2 million, and a 78% decrease
from second quarter 2019 revenue of $94.6
million.
Production Services Segment
The Production Services segment revenue decreased in the second
quarter of 2020 by 46% to $54.5
million from $101.5 million in
the first quarter of 2020 and decreased by 47% from second quarter
2019 revenue of $103.0 million.
U.S. land revenue was $11.1
million, a 64% decrease from first quarter 2020 revenue of
$30.7 million. U.S. offshore
revenue decreased 44% sequentially to $6.4
million and international revenue decreased by 38% from
the first quarter 2020 to $37.0
million.
Technical Solutions Segment
The Technical Solutions segment revenue in the second quarter of
2020 was $40.8 million, a 25%
decrease from first quarter 2020 revenue of $54.8 million and a 41% decrease from second
quarter 2019 revenue of $69.1
million.
U.S. land revenue decreased 48% sequentially to $3.2 million. U.S. offshore revenue
decreased 25% sequentially to $23.6
million and international revenue decreased 18% to
$14.1 million.
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.
Forward-Looking Statements
This press release contains, and future oral or written
statements or press releases by the Company and its 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 the Company's 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
the Company's actual results to differ materially from such
statements. These forward-looking statements rely on a number of
assumptions concerning future events and are subject to a number of
uncertainties and factors, many of which are outside the control of
the Company, which could cause actual results to differ materially
from such statements.
While the Company believes that the assumptions concerning
future events are reasonable, it cautions that there are inherent
difficulties in predicting certain important factors that could
impact the future performance or results of its business. Among the
factors that could cause results to differ materially from those
indicated by such forward-looking statements are: the conditions in
the oil and gas industry; the effects of public health threats,
pandemics and epidemics, and the adverse impact thereof on our
business, financial condition, results of operations and liquidity,
including, but not limited to, our growth, operating costs, supply
chain, labor availability, logistical capabilities, customer demand
and industry demand generally, margins, utilization, cash position,
taxes, the price of our securities, and our ability to access
capital markets, including the macroeconomic effects from the
continuing COVID-19 pandemic; the ability of the members of the
Organization of the Petroleum Exporting Countries and its broader
partners ("OPEC+") to agree on and to maintain crude oil price and
production controls; our outstanding debt obligations and the
potential effect of limiting our ability to fund future growth;
inability to generate enough cash flows to meet our debt
obligations; 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, or property damage for which
we may have limited or no insurance coverage or indemnification
rights; possibly not being fully indemnified against losses
incurred due to catastrophic events; claims, litigation or other
proceedings that require cash payments or could impair the
Company's financial condition; credit risk associated with the
customer base; the effect of regulatory programs and
environmental matters on our operations or prospects; the impact of
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 the Company's international
operations; laws, regulations or practices in foreign countries
could materially restrict operations or expose us to
additional risks; potential changes in tax laws, adverse positions
taken by tax authorities or tax audits impacting operating results;
changes in competitive and technological factors affecting
operations; risks associated with the uncertainty of macroeconomic
and business conditions worldwide; potential impacts of
cyber-attacks on operations; counterparty risks associated with
reliance on key suppliers; challenges with estimating the Company's
potential liabilities related to its oil and natural gas property;
risks associated with potential changes of Bureau of Ocean Energy
Management security and bonding requirements for the Company's
offshore platforms; the amount of the costs, fees, expenses and
charges incurred as a result of terminating the Combination; the
potential impact on our business and financial results due to the
failure to close the Combination.
These forward-looking statements are also affected by the risk
factors, forward-looking statements and challenges and
uncertainties described in the Company's Form 10-K, the Company's
Form 10-Q for the quarter ended
March 31, 2020, and those set
forth from time to time in the Company's other periodic filings
with the Securities and Exchange Commission, which are available at
www.superiorenergy.com. Except as required by law, the Company
expressly disclaims any intention or obligation to revise or update
any forward-looking statements whether as a result of new
information, future events or otherwise.
|
SUPERIOR ENERGY
SERVICES, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(in thousands, except
earnings per share amounts)
|
|
(unaudited)
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
March 31,
|
|
June 30,
|
|
|
2020
|
|
2019
|
|
2020
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
183,853
|
|
$
367,438
|
|
$
321,497
|
|
$
505,350
|
|
$
732,712
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues
(exclusive of depreciation, depletion, amortization and
accretion)
|
|
128,803
|
|
229,532
|
|
211,686
|
|
340,489
|
|
469,585
|
|
Depreciation,
depletion, amortization and accretion
|
36,786
|
|
51,271
|
|
41,355
|
|
78,141
|
|
107,614
|
|
General and
administrative expenses
|
|
59,707
|
|
71,038
|
|
65,157
|
|
124,864
|
|
142,150
|
|
Reduction in value of
assets
|
|
-
|
|
7,556
|
|
16,522
|
|
16,522
|
|
7,556
|
|
|
|
|
|
|
|
|
|
|
|
|
Income/(Loss) from
operations
|
|
(41,443)
|
|
8,041
|
|
(13,223)
|
|
(54,666)
|
|
5,807
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net
|
|
(24,749)
|
|
(24,650)
|
|
(25,134)
|
|
(49,883)
|
|
(49,771)
|
|
Other income
(expense)
|
|
821
|
|
490
|
|
(4,232)
|
|
(3,411)
|
|
(1,122)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations before income taxes
|
(65,371)
|
|
(16,119)
|
|
(42,589)
|
|
(107,960)
|
|
(45,086)
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
taxes
|
|
(6,508)
|
|
2,322
|
|
(10,254)
|
|
(16,762)
|
|
5,999
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
(58,863)
|
|
(18,441)
|
|
(32,335)
|
|
(91,198)
|
|
(51,085)
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
discontinued operations, net of income tax
|
(6,243)
|
|
(52,609)
|
|
(47,129)
|
|
(53,372)
|
|
(67,670)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$
(65,106)
|
|
$
(71,050)
|
|
$
(79,464)
|
|
$
(144,570)
|
|
$
(118,755)
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per share
|
|
|
|
|
|
|
|
|
|
|
|
Net loss from
continuing operations
|
|
$
(3.97)
|
|
$
(1.18)
|
|
$
(2.18)
|
|
$
(6.18)
|
|
$
(3.29)
|
|
Income from
discontinued operations
|
|
(0.42)
|
|
(3.37)
|
|
(3.18)
|
|
(3.61)
|
|
(4.35)
|
|
Basic and diluted
loss per share
|
|
$
(4.39)
|
|
$
(4.55)
|
|
$
(5.36)
|
|
$
(9.79)
|
|
$
(7.64)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding
|
|
14,826
|
|
15,600
|
|
14,809
|
|
14,767
|
|
15,538
|
|
SUPERIOR ENERGY
SERVICES, INC. AND SUBSIDIARIES
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
|
|
|
|
6/30/2020
|
|
12/31/2019
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
278,409
|
|
$
272,624
|
|
Accounts
receivable, net
|
|
219,410
|
|
332,047
|
|
Income taxes
receivable
|
|
32,648
|
|
740
|
|
Prepaid
expenses
|
|
42,893
|
|
49,132
|
|
Inventory and
other current assets
|
|
118,309
|
|
117,629
|
|
Assets held for
sale
|
|
116,163
|
|
216,197
|
|
|
|
|
|
|
Total
current assets
|
|
807,832
|
|
988,369
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
599,114
|
|
664,949
|
|
Operating lease
right-of-use assets
|
|
71,376
|
|
80,906
|
|
Goodwill
|
|
136,006
|
|
137,695
|
|
Notes
receivable
|
|
70,350
|
|
68,092
|
|
Restricted
cash
|
|
2,774
|
|
2,764
|
|
Intangible and other
long-term assets, net
|
46,988
|
|
50,455
|
|
|
|
|
|
|
Total
assets
|
|
$
1,734,440
|
|
$
1,993,230
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY (DEFICIT)
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
$
64,604
|
|
$
92,966
|
|
Accrued
expenses
|
|
147,304
|
|
182,934
|
|
Current
portion of decommissioning liabilities
|
3,706
|
|
3,649
|
|
Liabilities
held for sale
|
|
7,252
|
|
44,938
|
|
|
|
|
|
|
Total
current liabilities
|
|
222,866
|
|
324,487
|
|
|
|
|
|
|
Long-term debt,
net
|
|
1,288,663
|
|
1,286,629
|
|
Decommissioning
liabilities
|
|
135,677
|
|
132,632
|
|
Operating lease
liabilities
|
|
54,087
|
|
62,354
|
|
Deferred income
taxes
|
|
2,531
|
|
3,247
|
|
Other long-term
liabilities
|
|
125,743
|
|
134,308
|
|
|
|
|
|
|
Total stockholders'
equity (deficit)
|
|
(95,127)
|
|
49,573
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity (deficit)
|
$
1,734,440
|
|
$
1,993,230
|
|
|
|
|
|
|
SUPERIOR ENERGY
SERVICES, INC. AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
SIX MONTHS ENDED
JUNE 30, 2020 AND 2019
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
2020
|
|
2019
|
|
|
|
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
Net loss
|
|
$
(144,570)
|
|
$
(118,755)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation,
depletion, amortization and accretion
|
|
78,141
|
|
157,657
|
|
Reduction in value of
assets
|
|
16,522
|
|
31,381
|
|
Reduction in value of
assets held for sale
|
|
49,361
|
|
-
|
|
Other noncash
items
|
|
14,614
|
|
17,788
|
|
Changes in working
capital and other
|
|
(14,641)
|
|
(19,241)
|
|
Net cash provided by
(used in) operating activities
|
|
(573)
|
|
68,830
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
Payments for capital
expenditures
|
|
(30,518)
|
|
(79,136)
|
|
Proceeds from sales
of assets
|
|
39,445
|
|
84,557
|
|
Net cash provided by
investing activities
|
|
8,927
|
|
5,421
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
Other
|
|
(208)
|
|
(1,026)
|
|
Net cash used in
financing activities
|
|
(208)
|
|
(1,026)
|
|
|
|
|
|
|
Effect of exchange
rate changes in cash
|
|
(2,351)
|
|
(102)
|
|
|
|
|
|
|
Net change in cash,
cash equivalents, and restricted cash
|
5,795
|
|
73,123
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
|
275,388
|
|
163,748
|
|
|
|
|
|
|
Cash, cash
equivalents, and restricted cash at end of period
|
|
$
281,183
|
|
$
236,871
|
|
SUPERIOR ENERGY
SERVICES, INC. AND SUBSIDIARIES
|
|
REVENUE BY
GEOGRAPHIC REGION BY SEGMENT
|
|
(in
thousands)
|
|
(unaudited)
|
|
|
|
Three months
ended,
|
|
|
|
|
June 30,
2020
|
|
March 31,
2020
|
|
June 30,
2019
|
|
|
|
U.S.
land
|
|
|
|
|
|
|
|
|
|
Drilling Products and
Services
|
$
19,538
|
|
$
36,656
|
|
$
47,267
|
|
|
|
Onshore Completion and
Workover Services
|
21,180
|
|
61,218
|
|
94,618
|
|
|
|
Production
Services
|
|
11,097
|
|
30,667
|
|
38,808
|
|
|
|
Technical
Solutions
|
|
3,166
|
|
6,137
|
|
13,385
|
|
|
|
Total U.S.
land
|
|
$
54,981
|
|
$
134,678
|
|
$
194,078
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
offshore
|
|
|
|
|
|
|
|
|
|
Drilling Products and
Services
|
$
28,587
|
|
$
37,224
|
|
$
28,085
|
|
|
|
Onshore Completion and
Workover Services
|
-
|
|
-
|
|
-
|
|
|
|
Production
Services
|
|
6,363
|
|
11,299
|
|
21,410
|
|
|
|
Technical
Solutions
|
|
23,611
|
|
31,533
|
|
33,492
|
|
|
|
Total U.S.
offshore
|
|
$
58,561
|
|
$
80,056
|
|
$
82,987
|
|
|
|
|
|
|
|
|
|
|
|
|
International
|
|
|
|
|
|
|
|
|
|
Drilling Products and
Services
|
$
19,225
|
|
$
30,113
|
|
$
25,330
|
|
|
|
Onshore Completion and
Workover Services
|
-
|
|
-
|
|
-
|
|
|
|
Production
Services
|
|
37,033
|
|
59,538
|
|
42,784
|
|
|
|
Technical
Solutions
|
|
14,053
|
|
17,112
|
|
22,259
|
|
|
|
Total
International
|
|
$
70,311
|
|
$
106,763
|
|
$
90,373
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
|
$
183,853
|
|
$
321,497
|
|
$
367,438
|
|
|
|
|
|
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SUPERIOR ENERGY
SERVICES, INC. AND SUBSIDIARIES
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|
SEGMENT
HIGHLIGHTS
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|
(in
thousands)
|
|
(unaudited)
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|
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|
Three months
ended,
|
|
|
Revenues
|
|
June 30,
2020
|
(1)
|
March 31,
2020
|
(1)
|
June 30,
2019
|
(1)
|
|
Drilling Products and
Services
|
$
67,350
|
|
$
103,993
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|
$
100,682
|
|
|
Onshore Completion
and Workover Services
|
21,180
|
|
61,218
|
|
94,618
|
|
|
Production
Services
|
|
54,493
|
|
101,504
|
|
103,002
|
|
|
Technical
Solutions
|
|
40,830
|
|
54,782
|
|
69,136
|
|
|
Total
Revenues
|
|
$
183,853
|
|
$
321,497
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|
$
367,438
|
|
|
|
|
|
|
|
|
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|
Income (Loss) from
Operations
|
|
|
|
|
|
|
|
Drilling Products and
Services
|
$
18,804
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|
$
36,867
|
|
$
26,087
|
|
|
Onshore Completion
and Workover Services
|
(10,321)
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|
(1,870)
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|
3,031
|
|
|
Production
Services
|
|
(7,350)
|
|
756
|
|
3,442
|
|
|
Technical
Solutions
|
|
(4,709)
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|
(2,292)
|
|
8,473
|
|
|
Corporate and
other
|
|
(20,206)
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|
(19,803)
|
|
(24,174)
|
|
|
Total Income from
Operations
|
|
$
(23,782)
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|
$
13,658
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|
$
16,859
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|
|
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EBITDA
|
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|
|
|
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|
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Drilling Products and
Services
|
$
34,632
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$
54,657
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|
$
47,577
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|
Onshore Completion
and Workover Services
|
(4,807)
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|
4,443
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|
12,471
|
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|
Production
Services
|
|
2,832
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|
11,594
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|
16,614
|
|
|
Technical
Solutions
|
|
(374)
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|
3,053
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|
14,452
|
|
|
Corporate and
other
|
|
(19,279)
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|
(18,734)
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|
(22,984)
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Total
EBITDA
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|
$
13,004
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$
55,013
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$
68,130
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(1) Income (loss)
from operations and EBITDA exclude the impact of special items for
the three months ended June 30, 2020, March 31, 2020 and June 30,
2019. For Non-GAAP reconciliations, refer to Table 2
below.
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Reconciliation of
Consolidated Adjusted Net Loss From Continuing
Operations
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|
|
|
|
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(in
thousands)
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|
|
|
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(unaudited)
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|
|
|
|
Table
1
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|
|
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Three months
ended,
|
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June 30,
2020
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March 31,
2020
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June 30,
2019
|
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Consolidated
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Per Share
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Consolidated
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Per Share
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|
Consolidated
|
|
Per Share
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|
|
|
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|
|
|
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Reported net loss
from continuing operations
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|
$
(58,863)
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|
$
(3.97)
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$
(32,335)
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$
(2.18)
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$
(18,441)
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|
$
(1.18)
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|
|
|
|
|
|
|
|
|
|
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Reduction in value of
assets
|
|
-
|
|
-
|
|
16,522
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|
1.12
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|
7,556
|
|
0.48
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|
Severance and other
related costs
|
|
9,104
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|
0.61
|
|
6,020
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|
0.41
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|
1,262
|
|
0.08
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|
Merger-related
transaction costs
|
|
8,557
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|
0.58
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|
4,339
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|
0.29
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-
|
|
-
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Income
taxes
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|
(4,097)
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(0.28)
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(6,236)
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(0.42)
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(2,046)
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(0.13)
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Adjusted net loss
from continuing operations
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$
(45,299)
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$
(3.06)
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$
(11,690)
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$
(0.78)
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$
(11,669)
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$
(0.75)
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|
Reconciliation of
Adjusted Income (Loss) from Operations and Adjusted EBITDA by
Segment
|
|
(in
thousands)
|
|
(unaudited)
|
|
Table
2
|
|
|
|
|
|
|
|
|
|
|
|
|
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Three months ended
June 30, 2020
|
|
|
Drilling Products and
Services
|
|
Onshore
Completion
and Workover
Services
|
|
Production
Services
|
|
Technical
Solutions
|
|
Corporate and
Other
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Reported net income
(loss) from continuing operations
|
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$
18,108
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|
$
(12,578)
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$
(11,162)
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$
(5,788)
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$
(47,443)
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$
(58,863)
|
|
Severance and other
related costs
|
696
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|
2,257
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|
3,812
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|
2,183
|
|
156
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|
9,104
|
|
Merger-related
costs
|
|
-
|
|
-
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|
-
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|
-
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|
8,557
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|
8,557
|
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Interest expense,
net
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-
|
|
-
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|
-
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(1,104)
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25,853
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|
24,749
|
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Other
expense
|
|
-
|
|
-
|
|
-
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|
-
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|
(821)
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|
(821)
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Income
taxes
|
|
-
|
|
-
|
|
-
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|
-
|
|
(6,508)
|
|
(6,508)
|
|
Income (loss) from
operations
|
|
$
18,804
|
|
$
(10,321)
|
|
$
(7,350)
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|
$
(4,709)
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|
$
(20,206)
|
|
$
(23,782)
|
|
Depreciation,
depletion, amortization
and accretion
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|
15,828
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|
5,514
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|
10,182
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|
4,335
|
|
927
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|
36,786
|
|
Adjusted
EBITDA
|
|
$
34,632
|
|
$
(4,807)
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$
2,832
|
|
$
(374)
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|
$
(19,279)
|
|
$
13,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31, 2020
|
|
|
Drilling Products and
Services
|
|
Onshore
Completion
and Workover
Services
|
|
Production
Services
|
|
Technical
Solutions
|
|
Corporate and
Other
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income
(loss) from continuing operations
|
|
$
36,727
|
|
$
(2,998)
|
|
$
(3,897)
|
|
$
(17,329)
|
|
$
(44,838)
|
|
$
(32,335)
|
|
Severance and other
related costs
|
140
|
|
1,128
|
|
557
|
|
3,784
|
|
411
|
|
6,020
|
|
Merger-related
costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,339
|
|
4,339
|
|
Reduction in value of
assets
|
|
-
|
|
-
|
|
4,096
|
|
12,426
|
|
-
|
|
16,522
|
|
Interest expense,
net
|
|
-
|
|
-
|
|
-
|
|
(1,173)
|
|
26,307
|
|
25,134
|
|
Other
expense
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,232
|
|
4,232
|
|
Income
taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(10,254)
|
|
(10,254)
|
|
Adjusted income
(loss) from operations
|
$
36,867
|
|
$
(1,870)
|
|
$
756
|
|
$
(2,292)
|
|
$
(19,803)
|
|
$
13,658
|
|
Depreciation,
depletion, amortization
and accretion
|
|
17,790
|
|
6,313
|
|
10,838
|
|
5,345
|
|
1,069
|
|
41,355
|
|
Adjusted
EBITDA
|
|
$
54,657
|
|
$
4,443
|
|
$
11,594
|
|
$
3,053
|
|
$
(18,734)
|
|
$
55,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
June 30, 2019
|
|
|
Drilling Products and
Services
|
|
Onshore
Completion
and Workover
Services
|
|
Production
Services
|
|
Technical
Solutions
|
|
Corporate and
Other
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net income
(loss) from continuing operations
|
|
$
26,087
|
|
$
(4,525)
|
|
$
3,442
|
|
$
9,508
|
|
$
(52,953)
|
|
$
(18,441)
|
|
Severance and other
related costs
|
-
|
|
-
|
|
-
|
|
-
|
|
1,262
|
|
1,262
|
|
Reduction in value of
assets
|
|
-
|
|
7,556
|
|
-
|
|
-
|
|
-
|
|
7,556
|
|
Interest expense,
net
|
|
-
|
|
-
|
|
-
|
|
(1,035)
|
|
25,685
|
|
24,650
|
|
Other
expense
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(490)
|
|
(490)
|
|
Income
taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,322
|
|
2,322
|
|
Adjusted income
(loss) from operations
|
$
26,087
|
|
$
3,031
|
|
$
3,442
|
|
$
8,473
|
|
$
(24,174)
|
|
$
16,859
|
|
Depreciation,
depletion, amortization
and accretion
|
|
21,490
|
|
9,440
|
|
13,172
|
|
5,979
|
|
1,190
|
|
51,271
|
|
Adjusted
EBITDA
|
|
$
47,577
|
|
$
12,471
|
|
$
16,614
|
|
$
14,452
|
|
$
(22,984)
|
|
$
68,130
|
|
|
|
|
|
|
|
|
|
|
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|
View original
content:http://www.prnewswire.com/news-releases/superior-energy-services-announces-second-quarter-2020-results-301108654.html
SOURCE Superior Energy Services, Inc.