Le Lézard
Classified in: Oil industry, Business, Covid-19 virus
Subjects: ERN, ERP

NexTier Announces Second Quarter 2022 Financial and Operational Results


HOUSTON, July 26, 2022 /PRNewswire/ -- NexTier Oilfield Solutions Inc. (NYSE: NEX) ("NexTier" or the "Company") today reported second quarter 2022 financial and operational results.

Second Quarter 2022 Results and Recent Highlights

Management Commentary

"Our operations performed at a high level in the second quarter, as strong efficiency gains, combined with net pricing improvements delivered a record quarter for NexTier. The structurally undersupplied oil and natural gas markets have resulted in robust demand for our services," commented Robert Drummond, President and Chief Executive Officer of NexTier.

"We believe frac fleets are effectively sold-out, and see a scenario where frac fleet supply will remain a bottleneck for US land oil and natural gas production growth through 2023 and beyond. I am excited about the future of NexTier and expect to continue to deliver strong free cash flow, margin expansion and profitable growth during what looks to be a sustained up-cycle," stated Drummond.

"Our adjusted EBITDA doubled, sequentially, driven by strong 33% top line growth and incrementals(1) of 40%, proving the success of our strategy early in the cycle," said Kenny Pucheu, Executive Vice President and Chief Financial Officer of NexTier. "Delivering on our commitments, free cash flow accelerated in the second quarter and we have line of sight to further improvements in future periods. Most importantly, we believe we are in the early stages of a multi-year recovery, and our fleet enhancing countercyclical investments have strengthened our position and ability to deliver leading returns."

Second Quarter 2022 Financial Results

Revenue totaled $842.9 million in the second quarter of 2022, compared to $635.0 million in the first quarter of 2022, and $292.1 million in the second quarter of 2021. The sequential improvement in revenue was primarily driven by improved net and gross pricing, efficiency gains, continued progress in our wellsite integration strategy, and the addition of one fleet late in the first quarter of 2022, as previously reported, that was fully operational for the entirety of the second quarter of 2022.

Net income totaled $68.5 million, or $0.27 per diluted share, in the second quarter of 2022, compared to net income of $8.8 million, or $0.04 per diluted share, in the first quarter of 2022. Adjusted net income totaled $98.5 million, or $0.39 per diluted share, in the second quarter of 2022, compared to adjusted net income of $20.8 million, or $0.08 per diluted share, in the first quarter of 2022.

Selling, general and administrative expense ("SG&A") of $35.9 million in the second quarter of 2022 was relatively unchanged from the first quarter of 2022. Adjusted SG&A(1) totaled $27.4 million in the second quarter of 2022, compared to adjusted SG&A of $27.5 million in the first quarter of 2022.

Adjusted EBITDA totaled $165.9 million in the second quarter of 2022, compared to adjusted EBITDA of $83.5 million in the first quarter of 2022, and $5.3 million in the second quarter of 2021.

Second Quarter 2022 Management Adjustments

EBITDA(1) for the second quarter of 2022 was $135.8 million. When excluding net management adjustments of $30.1 million, adjusted EBITDA for the second quarter was $165.9 million. Management adjustments included $7.5 million in non-cash stock compensation expense, $23.7 million in acquisition, integration, and expansion costs mostly related to the revaluation of the earnout for the Alamo Acquisition, partially offset by a net $1.2 million in other adjustments.

Completion Services

Revenue in our Completion Services segment totaled $801.0 million in the second quarter of 2022, compared to $602.6 million in the first quarter of 2022. Adjusted gross profit(1) totaled $184.7 million in the second quarter of 2022, compared to $106.3 million in the first quarter of 2022.

During the second quarter of 2022, the Company did not deploy any additional horsepower to its Completions Services fleet. 

Well Construction and Intervention Services

Revenue in our Well Construction and Intervention Services segment, totaled $41.9 million in the second quarter of 2022, compared to $32.4 million in the first quarter of 2022. The sequential improvement was primarily driven by increased customer activity. Adjusted gross profit totaled $8.3 million in the second quarter of 2022, compared to adjusted gross profit of $4.1 million in the first quarter of 2022.

Balance Sheet and Capital

Total debt outstanding as of June 30, 2022 was $368.2 million, net of debt discounts and deferred finance costs and excluding finance lease obligations. As of June 30, 2022, total available liquidity was $492.4 million, comprised of cash of $158.1 million and $334.3 million of available borrowing capacity under our asset-based credit facility, which remains undrawn.

Total cash provided by operating activities during the second quarter of 2022 was $117.8 million and cash used by investing activities was $50.5 million, resulting in a positive free cash flow of $67.4 million in the second quarter of 2022.

Sale of Coiled Tubing assets

On July 19, 2022, a wholly-owned subsidiary of the Company entered into a definitive agreement to sell the Company's Coiled Tubing assets to Gladiator Energy LLC for a cash purchase price of $21.55 million. The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2022.

The divestiture of non-core assets is consistent with the Company's strategy to repurpose capital towards the highest return projects that fit the Company's strategy around wellsite integration, while also enhancing liquidity.

Outlook

Industry fundamentals remain positive in the third quarter of 2022, with a continuation of strong demand and very high industry utilization. Seasonally, the third quarter is typically the strongest quarter of the year, and we expect this will again be the case this year.

We do not expect to add any additional horsepower to the market for the remainder of 2022.

For the third quarter of 2022 we anticipate sequential revenue growth of 8-10%. We expect the third quarter of 2022 to see improved profitability and expanded margins relative to the second quarter of 2022.

We now expect to generate free cash flow in excess of $225 million in 2022.

Mr. Drummond concluded, "We are very encouraged by what we see in the market, even considering the concerns about the global economy potentially slowing. Our customers returns are very strong and there is likely considerable room for commodity prices to decrease before impacting demand for our services. Years of underinvestment should provide motivation to continue profitable activity. Given already high equipment utilization, we will use this favorable market backdrop to continue our drive to recapture COVID related pricing concessions, suggesting significant profitability upside remains as we continue to navigate improved cycle dynamics."

Conference Call Information

On July 27, 2022, NexTier will hold a conference call for investors at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss second quarter 2022 financial and operating results. Hosting the call will be Robert Drummond, President and Chief Executive Officer and Kenneth Pucheu, Executive Vice President and Chief Financial Officer. The call can be accessed via a live webcast accessible on the IR Event Calendar page in the Investor Relations section of our website at www.nextierofs.com, or live over the telephone by dialing (855) 560-2574, or for international callers, (412) 542-4160 and referencing NexTier Oilfield Solutions. A replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers, (412) 317-0088. The passcode for the replay is 5074559. The replay will be available until August 3, 2022. An archive of the webcast will be available shortly after the call on our website at www.nextierofs.com for twelve months following the call.

About NexTier Oilfield Solutions

Headquartered in Houston, Texas, NexTier is an industry-leading U.S. land oilfield service company, with a diverse set of well completion and production services across active and demanding basins. Our integrated solutions approach delivers efficiency today, and our ongoing commitment to innovation helps our customers better address what is coming next. NexTier is differentiated through four points of distinction, including safety performance, efficiency, partnership and innovation.  At NexTier, we believe in living our core values from the basin to the boardroom, and helping customers win by safely unlocking affordable, reliable and plentiful sources of energy.

(1)  Non-GAAP Financial Measures. The Company has included in this press release or discussed on the conference call described above certain non-GAAP financial measures, some of which are calculated on segment basis or product line basis. These measurements provide supplemental information which management believes is useful to analysts and investors to evaluate our ongoing results of operations, when considered alongside GAAP measures such as net income and operating income. You should not consider them in isolation from, or as a substitute for, analysis of our results under GAAP.

Non-GAAP financial measures include EBITDA, adjusted EBITDA, adjusted EBITDA margin, incrementals, adjusted gross profit, adjusted net income, adjusted net income per share, free cash flow, adjusted SG&A, and net debt. These non-GAAP financial measures exclude the financial impact of items management does not consider in assessing the Company's ongoing operating performance, and thereby facilitate review of the Company's operating performance on a period-to-period basis. Other companies may have different capital structures, and comparability to the Company's results of operations may be impacted by the effects of acquisition accounting on its depreciation and amortization. As a result of the effects of these factors and factors specific to other companies, the Company believes EBITDA, adjusted EBITDA, adjusted EBITDA margin, incrementals, adjusted gross profit, adjusted SG&A, adjusted net income, and adjusted net income per share provide helpful information to analysts and investors to facilitate a comparison of its operating performance to that of other companies. The Company believes free cash flow is important to investors in that it provides a useful measure to assess management's effectiveness in the areas of profitability and capital management.

For a reconciliation of these non-GAAP measures, please see the tables at the end of this press release. Reconciliations of forward-looking non-GAAP financial measures to comparable GAAP measures are not available due to the challenges and impracticability with estimating some of the items, particularly with estimates for certain contingent liabilities, and estimating non-cash unrealized fair value losses and gains which are subject to market variability and therefore a reconciliation is not available without unreasonable effort.

Non-GAAP Measure Definitions: EBITDA is defined as net income (loss) adjusted to eliminate the impact of interest, income taxes, depreciation and amortization. Adjusted EBITDA is defined as EBITDA as further adjusted with certain items management does not consider in assessing ongoing performance. Management uses adjusted EBITDA to set targets and to assess the performance of the Company. Adjusted EBITDA margin is defined as (i) Revenue divided by (ii) Adjusted EBITDA. Incrementals is defined as the change in adjusted EBITDA quarter over quarter divided by the change in revenue quarter over quarter. Adjusted gross profit is defined as revenue less cost of services, further adjusted to eliminate items in cost of services that management does not consider in assessing ongoing performance. Adjusted gross profit at the segment level is not considered to be a non-GAAP financial measure as it is our segment measure of profit or loss and is required to be disclosed under GAAP pursuant to ASC 280. Adjusted net income is defined as net income adjusted with certain items management does not consider in assessing ongoing performance. Adjusted net income per share is defined as (i) adjusted net income, (ii) divided by the number of weighted average shares outstanding. Adjusted SG&A is defined as selling, general and administrative expenses adjusted for severance and business divestiture costs, merger/transaction-related costs, and other non-routine items. Free cash flow is defined as the net increase (decrease) in cash and cash equivalents before financing activities, excluding any acquisitions. Net debt is defined as (i) total debt, net of unamortized debt discount and debt issuance costs, (ii) subtracted by cash and cash equivalents.

Forward-Looking Statements and Where to Find Additional Information

This press release and discussion in the conference call described above contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Where a forward-looking statement expresses or implies an expectation or belief  as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. The words "believe," "continue," "could," "expect," "anticipate," "intends," "estimate," "forecast," "project," "should," "may," "will," "would," "plan," "target," "predict," "potential," "outlook," and "reflects," or the negative thereof and similar expressions, are intended to identify such forward-looking statements. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. Statements in this press release or made during the conference call described above that are forward-looking, including projections as to the Company's 2022 guidance and other outlook information (including with respect to the industry in which the Company conducts its business) and the expected timing for the closing of the sale of the Company's Coil Tubing assets, are based on management's estimates, assumptions and projections, and are subject to significant uncertainties and other factors, many of which are beyond the Company's control. These factors and risks include, but are not limited to, (i) the competitive nature of the industry in which the Company conducts its business, including pricing pressures; (ii) the ability to meet rapid demand shifts; (iii) the ongoing impact of geopolitical conflicts; (iv) the impact of pipeline capacity constraints and adverse weather conditions in oil or gas producing regions; (v) the ability to obtain or renew customer contracts and changes in customer requirements in the markets the Company serves; (vi) the ability to identify, effect and integrate acquisitions, joint ventures or other transactions; (vii) the ability to protect and enforce intellectual property rights; (viii) the effect of environmental and other governmental regulations on the Company's operations; (ix) the effect of a loss of, or interruption in operations of, the Company of one or more key suppliers, or customers, including resulting from inflation, including as a result of ongoing geopolitical conflicts, COVID-19 resurgence, product defects, recalls or suspensions; (x) the variability of crude oil and natural gas commodity prices; (xi) the market price (including inflation) and timely availability of materials or equipment; (xii) the ability to obtain permits, approvals and authorizations from governmental and third parties; (xiii) the Company's ability to employ a sufficient number of skilled and qualified workers; (xiv) the level of, and obligations associated with, indebtedness; (xv) fluctuations in the market price of the Company's stock; (xvi) the continued impact of the COVID-19 pandemic (including as a result of the emergence of new variants and strains of the virus, such as Delta and Omicron) and the evolving response thereto by governments, private businesses or others to contain the spread of the virus and its variants or to treat its impact, and the possibility of increased inflation, travel restrictions, lodging shortages or other macro-economic challenges as the economy emerges from the COVID-19 pandemic; and (xvii) other risks detailed in our latest Annual Report on Form 10-K, including, but not limited to "Part I, Item 1A. Risk Factors" and "Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations," and our other filings with the Securities and Exchange Commission ("the SEC"), which are available on the SEC website or www.NexTierOFS.com. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates, to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued "forward-looking statement" constitutes a reaffirmation of that statement.

Additional information about the Company, including information on the Company's response to COVID-19, can be found in its periodic reports and other filings with the SEC, available www.sec.gov or www.NexTierOFS.com.

Investor Contact:

Kenneth Pucheu
Executive Vice President - Chief Financial Officer

Michael Sabella
Vice President - Investor Relations and Business Development
[email protected]

 

NEXTIER OILFIELD SOLUTIONS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited, amounts in thousands, except per share data)




Three Months Ended


June 30, 2022


March 31, 2022


June 30, 2021







Revenue

$                  842,912


$                  635,043


$                  292,145

Operating costs and expenses:






Cost of services

649,866


524,656


269,260

Depreciation and amortization

58,794


55,163


40,671

Selling, general and administrative expenses

35,855


35,859


20,734

Merger and integration

23,682


9,232


178

Gain on disposal of assets

(866)


(823)


(2,017)

Total operating costs and expenses

767,331


624,087


328,826

Operating income (loss)

75,581


10,956


(36,681)

Other income (expense):






Other income, net

1,461


5,370


11,247

Interest expense, net

(7,344)


(7,374)


(5,726)

Total other income (expense)

(5,883)


(2,004)


5,521

Income (loss) before income taxes

69,698


8,952


(31,160)

Income tax expense

(1,240)


(160)


(621)

Net income (loss)

$                    68,458


$                       8,792


$                   (31,781)







Net income (loss) per share: basic

$                         0.28


$                         0.04


$                       (0.15)

Net income (loss) per share: diluted

$                         0.27


$                         0.04


$                       (0.15)







Weighted-average shares: basic

243,969


243,269


215,443

Weighted-average shares: diluted

250,775


247,705


215,443

 

NEXTIER OILFIELD SOLUTIONS INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited, amounts in thousands)






June 30,


December 31,


2022


2021

ASSETS




Current assets:




Cash and cash equivalents

$                      158,136


$                      110,695

Trade and other accounts receivable, net

456,632


301,740

Inventories, net

57,229


38,094

Assets held for sale

8,727


1,555

Prepaid and other current assets

46,029


55,625

Total current assets

726,753


507,709

Operating lease right-of-use assets

17,369


21,767

Finance lease right-of-use assets

45,616


41,537

Property and equipment, net

603,343


620,865

Goodwill

192,780


192,780

Intangible assets

57,441


64,961

Other noncurrent assets

10,904


7,962

Total assets

$                   1,654,206


$                   1,457,581

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$                      260,217


$                      190,963

Accrued expenses

281,402


213,923

Customer contract liabilities

21,538


23,729

Current maturities of operating lease liabilities

5,481


7,452

Current maturities of finance lease liabilities

14,593


11,906

Current maturities of long-term debt

13,691


13,384

Other current liabilities

13,440


10,346

Total current liabilities

610,362


471,703

Long-term operating lease liabilities, less current maturities

12,456


20,446

Long-term finance lease liabilities, less current maturities

23,585


26,873

Long-term debt, net of unamortized deferred financing costs and unamortized debt discount, less current maturities

354,503


361,501

Other non-current liabilities

9,217


30,041

Total non-current liabilities

399,761


438,861

Total liabilities

1,010,123


910,564

Stockholders' equity:




Common stock

2,442


2,420

Paid-in capital in excess of par value

1,105,006


1,094,020

Retained deficit

(463,914)


(541,164)

Accumulated other comprehensive loss

549


(8,259)

Total stockholders' equity

644,083


547,017

Total liabilities and stockholders' equity

$                   1,654,206


$                   1,457,581

 

NEXTIER OILFIELD SOLUTIONS INC. AND SUBSIDIARIES
ADDITIONAL SELECTED FINANCIAL AND OPERATING DATA
(unaudited, amounts in thousands)



Three Months Ended


June 30, 2022


March 31, 2022

Completion Services:




Revenue

$                       801,049


$                       602,620

Cost of services

616,319


496,286

Depreciation and amortization and (gain) loss on sale of assets

51,312


47,759

Net income

133,418


58,575

Adjusted gross profit(1)

$                       184,730


$                       106,334





Well Construction and Intervention Services:




Revenue

$                         41,863


$                         32,423

Cost of services

33,547


28,370

Depreciation and amortization and (gain) loss on sale of assets

2,157


2,287

Net income (loss)

6,159


1,766

Adjusted gross profit(1)

$                           8,316


$                           4,053



(1)

The Company uses adjusted gross profit as its measure of profitability for segment reporting.

 

NEXTIER OILFIELD SOLUTIONS INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
(unaudited, amounts in thousands)








Three Months Ended


June 30, 2022


March 31, 2022


June 30, 2021

Net income (loss)

$                     68,458


$                        8,792


$                     (31,781)

Interest expense, net

7,344


7,374


5,726

Income tax expense

1,240


160


621

Depreciation and amortization

58,794


55,163


40,671

EBITDA

$                   135,836


$                     71,489


$                      15,237

Plus management adjustments:






Acquisition, integration and expansion(1)

$                     23,682


$                        9,232


$                           178

Non-cash stock compensation(2)

7,547


7,815


4,889

Market-driven costs(3)

?


?


378

Divestiture of business(4)

905


541


2,428

Gain on equity security investment(5)

(2,111)


(5,606)


(1,331)

Litigation(6)

416


?


1,638

Tax audit(7)

?


?


(8,778)

Insurance recovery(8)

?


?


(9,686)

Other

(390)


22


347

Adjusted EBITDA

$                   165,885


$                     83,493


$                        5,300



(1)

Represents transaction and integration costs, including earnout payments, related to acquisitions.

(2)

Represents non-cash amortization of equity awards issued under the Company's Incentive Award Plan.

(3)

Represents market-driven severance, leased facility closures, and restructuring costs incurred as a result of significant declines in crude oil prices resulting from demand destruction from the COVID-19 pandemic and global oversupply.

(4)

Represents bad debt expense on the sale of the Well Support Services segment to, and related to the bankruptcy filing of Basic Energy Services.

(5)

Represents the realized and unrealized (gain) loss on an equity security investment composed primarily of common equity shares in a public company.

(6)

Represents increases in accruals related to contingencies acquired in business acquisitions or exceptional material events.

(7)

Represents a reduction of the Company's accrual related to a tax audits acquired in business acquisitions.

(8)

Represents a gain on estimated insurance recovery in excess of book value due to a fire incident.

 

NEXTIER OILFIELD SOLUTIONS INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
(unaudited, amounts in thousands)







Three Months Ended


Variance


June 30, 2022


March 31, 2022


Adjusted EBITDA

$               165,885


$                 83,493


$                 82,392

Revenue

$               842,912


$               635,043


$               207,869

Adjusted EBITDA margin

20 %


13 %



Incrementals





40 %

 



Three Months Ended
June 30, 2022

Selling, general and administrative expenses


$                               35,855

Less management adjustments:



  Non-cash stock compensation


(7,547)

  Litigation


(416)

  Divestiture of business


(905)

  Other


390

Adjusted selling, general and administrative expenses


$                               27,377




Three Months Ended
March 31, 2022

Selling, general and administrative expenses


$                               35,859

Less management adjustments:



  Non-cash stock compensation


(7,815)

  Divestiture of business


(541)

  Other


(22)

Adjusted selling, general and administrative expenses


$                               27,481

 

NEXTIER OILFIELD SOLUTIONS INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
(unaudited, amounts in thousands)



Three Months Ended June 30, 2022


Completion
Services


WC&I


Total

Revenue

$        801,049


$          41,863


$        842,912

Cost of services

616,319


33,547


649,866

Gross profit excluding depreciation and amortization

184,730


8,316


193,046

Management adjustments associated with cost of services

?


?


?

Adjusted gross profit

$        184,730


$             8,316


$        193,046



Three Months Ended March 31, 2022


Completion
Services


WC&I


Total

Revenue

$        602,620


$          32,423


$        635,043

Cost of services

496,286


28,370


524,656

Gross profit excluding depreciation and amortization

106,334


4,053


110,387

Management adjustments associated with cost of services

?


?


?

Adjusted gross profit

$        106,334


$             4,053


$        110,387

 

NEXTIER OILFIELD SOLUTIONS INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
(unaudited, amounts in thousands)






Three Months Ended 



June 30, 2022

Net provided by operating activities


$                       117,834

Net cash used in investing activities


(50,458)

Free cash flow


$                         67,376






Three Months Ended 



March 31, 2022

Net cash used by operating activities


$                          28,666

Net cash used in investing activities(1)


(26,996)

Free cash flow


$                             1,670



(1)

Excludes $0.5 million due to net working capital adjustments in connection with the acquisition of Alamo Pressure Pumping.





Three Months Ended



June 30, 2022

Total debt, net of unamortized debt discount and debt issuance costs


$                        368,194

Cash and cash equivalents


158,136

Net debt


$                        210,058






Three Months Ended



March 31, 2022

Total debt, net of unamortized debt discount and debt issuance costs


$                        371,636

Cash and cash equivalents


99,788

Net debt


$                        271,848

 

NEXTIER OILFIELD SOLUTIONS INC. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES
(unaudited, amounts in thousands, except per share data)








Three Months Ended


June 30, 2022


March 31, 2022


June 30, 2021

Net income (loss)

$                         68,458


$                           8,792


$                       (31,781)

Plus management adjustments:






Acquisition, integration and expansion(1)

$                         23,682


$                           9,232


178

Non-cash stock compensation(2)

7,547


7,815


4,889

Market-driven costs(3)

?


?


378

Divestiture of business(4)

905


541


2,428

Gain on equity security investment(5)

(2,111)


(5,606)


(1,331)

Litigation(6)

416


?


1,638

Tax audit(7)

?


?


(8,778)

Insurance recovery(8)

?


?


(9,686)

Other

(390)


22


347

Adjusted net income (loss)

$                         98,507


$                         20,796


$                       (41,718)







Adjusted net income (loss) per share: basic

$                             0.40


$                             0.09


$                            (0.19)

Adjusted net income (loss) per share: diluted

$                             0.39


$                             0.08


$                            (0.19)







Weighted-average shares: basic

243,969


243,269


215,443

Weighted-average shares: diluted

250,775


247,705


215,443



(1)

Represents transaction and integration costs, including earnout payments, related to acquisitions.

(2)

Represents non-cash amortization of equity awards issued under the Company's Incentive Award Plan.

(3)

Represents market-driven severance, leased facility closures, and restructuring costs incurred as a result of significant declines in crude oil prices resulting from demand destruction from the COVID-19 pandemic and global oversupply.

(4)

Represents bad debt expense on the sale of the Well Support Services segment to, and related to the bankruptcy filing of Basic Energy Services.

(5)

Represents the realized and unrealized (gain) loss on an equity security investment composed primarily of common equity shares in a public company.

(6)

Represents increases in accruals related to contingencies acquired in business acquisitions or exceptional material events.

(7)

Represents a reduction of the Company's accrual related to a tax audits acquired in business acquisitions.

(8)

Represents a gain on estimated insurance recovery in excess of book value due to a fire incident.

 

NexTier Oilfield Solutions Logo (PRNewsfoto/NexTier Oilfield Solutions)

 

SOURCE NexTier Oilfield Solutions


These press releases may also interest you

at 10:30
Unifi Aviation is making a pledge to employ 500 refugees over the next three years, a commitment the company made at the second annual TENT U.S. Business Summit on Refugees hosted by Pfizer at its global headquarters in New York City on March 26....

at 10:15
Today, Investopedia announced the winners of its 2024 Best Online Broker Awards, featuring 14 categories highlighting winners whose products and services helped investors navigate rising but volatile markets, a crypto resurgence, and new assets like...

at 10:12
NerdsToGo®, a leading information technology (IT) solutions and technology repair services franchise for both business and home, announced today plans for its strategic expansion throughout the greater Chicago area with 20 new territories available...

at 10:10
The group division of Ameritas proudly announces its 17th consecutive certification as a BenchmarkPortal Center of Excellence, solidifying its position as a leader in customer service and support excellence. This prestigious recognition for 2023...

at 10:00
Frost & Sullivan recently researched the customer experience outsourcing services industry and, based on its findings, recognizes AeC with the 2023 Company of the Year Award. AeC is connecting technology with outstanding customer service to increase...

at 10:00
Seniors Helping Seniors® in-home care services, a franchisor with over 125 franchise partners and more than 200 territories nationwide, has grown rapidly in recent years by building a workforce of talented caregivers who create meaningful...



News published on and distributed by: