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NexTier Announces Fourth Quarter and Full Year 2019 Financial and Operational Results

HOUSTON, March 10, 2020 /PRNewswire/ --A NexTier Oilfield Solutions Inc. (NYSE: NEX) ("NexTier" or the "Company") today reported fourth quarter and full year 2019 financial and operational results.A  On October 31, 2019, NexTier completed its previously announced merger between Keane Group Inc. ("Keane") and C&J Energy Services, Inc. ("C&J"), and concurrent with closing, Keane, as the parent company, was renamed NexTier Oilfield Solutions Inc.A  Given the merger close date of October 31, 2019, GAAP financial results for the fourth quarter of 2019 include the full quarterly results of legacy Keane, and legacy C&J results from November 1, 2019 through December 31, 2019.A  Pro forma financial results(1) for the third and fourth quarters of 2019 include the full quarterly results of both Keane and C&J giving effect to the merger as if it had closed on January 1, 2019.Full Year 2019 Results

Reported GAAP revenue of $1.8 billion and pro forma revenue of $3.4 billion for the year ended December 31, 2019



Reported GAAP net loss of $106.2 million and pro forma net loss of $196.6 million for the year ended December 31, 2019



Achieved total pro forma Adjusted EBITDA(2) of $446.3 million for the year ended December 31, 2019

Fourth Quarter 2019 Results and Recent Highlights

Reported GAAP revenue of $528.2 million, compared to $444.0 million of GAAP revenue in the third quarter of 2019; pro forma revenue totaled $648.4 million, compared to pro forma revenue of $896.6 million in the third quarter of 2019



Reported GAAP net loss of $82.9 million, compared to GAAP net income of $3.6 million in the third quarter of 2019; pro forma net loss totaled $106.6 million, compared to pro forma net loss of $10.4 million in the third quarter of 2019



Achieved total pro forma Adjusted EBITDA(2) of $77.6 million, compared to total pro forma Adjusted EBITDA of $137.8 million in the third quarter of 2019



Averaged 25 pro forma fully-utilized fracturing fleets in the fourth quarter of 2019; forecasting an average of 28 fully-utilized fracturing fleets in the first quarter of 2020



Generated Completion Services segment Adjusted Gross Profit of $105.1 million, compared to $109.3 million in the third quarter of 2019



Achieved Adjusted Gross Profit, when taking only fracturing and bundled wireline into account, of $99.2 million, compared to Adjusted Gross Profit of $109.3 million in the third quarter of 2019; pro forma Adjusted Gross Profit totaled $97.7 million, compared to pro forma Adjusted Gross Profit of $153.6 million in the third quarter of 2019



Generated pro forma annualized adjusted gross profit per fully-utilized fracturing fleet, when only taking fracturing and bundled wireline into account, of $15.6 million, compared to pro forma annualized adjusted gross profit per fully-utilized fracturing fleet of $18.6 million in the third quarter of 2019



On pace to capture previously announced targeted annualized run rate cost synergies of $125 million by the end of the second quarter of 2020; identified approximately $80 million of incremental cash synergies with estimated capture by year-end 2020



Exited the fourth quarter with $255 million in cash and $304 million of available borrowing capacity under our asset-based credit facility



Divested our Well Support Services segment on March 9, 2020 to Basic Energy Services for $93.7 million in total consideration, including $59.35 million of cash consideration before transaction costs and escrowed amounts

Fourth Quarter 2019 Financial Results

(USD in thousands, except per share amounts)
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