Earnings today: Ranger Energy Services and Schlumberger. Look for recaps of their conference calls, as well as others, on Sunday. Ranger Energy Services Q2 revenue = $31M vs. $81M in Q1, (-62% q/q) Adjusted EBITDA = $3.2M or a ~10% margin Excluding equity-based comp,…
A few quick operational nuggets from today’s Q2 earnings releases. Main takeaway is both PTEN and PDS see flattish U.S. drilling activity. Patterson-UTI: Averaged 82 rigs in Q2 with an expectation to average 59 rigs in Q3. According to the company’s website, PTEN is…
Our Permian field trip was somewhat overshadowed by Chevron’s announcement to buy Noble Energy (surprise); BJ Services bankruptcy filing (not a surprise) and HAL’s Q2 earnings (better than expected). We’ll let our Wall Street friends go into the deep dives into company specific modeling…
We have just returned from a one-day trip up to and back from East Texas. Mixed outcome on this trip. On the positive front, we had breakfast at Whataburger, lunch at Cracker Barrel and dinner at Dairy Queen, thus we are making good progress on our quest to break 150 pounds…
Happy Sunday. We hope you are presently at the golf course, on the lake or at the beach and not reading this note as it is published. We are just around the corner from Q2 earnings season. While we would love to hear oodles of optimism and joy, we expect a much more subdued dialogue will unfold.
We have returned once again from another three day tour in the Permian. This marks our fourth Permian trip in three months, a trend which we hope to continue! The frequency of our field tours provides a decent opportunity to visualize real-time changes in…
It’s been quiet the past few days, thus we are heading back out on the road this week. Before we leave, however, we wish to impart a few quick thoughts on news from the week as well as offer some initial thoughts on the fluid end market. HCR Q1 earnings release – files for bankruptcy…
There is no shortage of folks trying to pinpoint the U.S. frac crew count. Some rely on predictive models which we surmise is based on rig count and permit data; some use satellite imagery and others, such as DEP, simply call field contacts and ask. What we know is the numbers tend…
A few random thoughts from this past week. Apologies for being late on our weekly note. We were having fun on Sunday and didn’t get around wrapping this up until late last night. It happens. We are initiating our U.S. land rig forecast. Details below, but we envision a respectable recovery.