Superior Energy Services, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Effective Tax Rate Guidance for the Third Quarter and Capital Expenditure Guidance for the Full Year 2016
July 26, 2016 at 01:47 am IST
Share
Superior Energy Services, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company reported revenues of $356.271 million against $710.784 million a year ago. Loss from operations was $577.431 million against $850.399 million a year ago. Loss from continuing operations before income taxes was $589.498 million against $882.305 million a year ago. Net loss from continuing operations was $468.632 million or $3.09 per basic and diluted share against $775.132 million or $5.15 per basic and diluted share a year ago. Net loss was $470.857 million or $3.11 per basic and diluted share against $784.989 million or $5.22 per basic and diluted share a year ago. Total adjusted loss from operations was $109.746 million against $42.762 million a year ago. Adjusted net loss from operations was $80.397 million or $0.53 per share against $47.377 million or $0.31 per share a year ago. Free cash flow from the quarter was $6 million after capital expenditures of $29 million
For the six month, the company reported revenues of $769.404 million against $1,628.019 million a year ago. Loss from operations was $689.464 million against $828.592 million a year ago. Loss from continuing operations before income taxes was $717.582 million against $884.678 million a year ago. Net loss from continuing operations was $553.168 million or $3.66 per basic and diluted share against $776.627 million or $5.17 per basic and diluted share a year ago. Net loss was $557.660 million or $3.69 per basic and diluted share against $796.124 million or $5.30 per basic and diluted share a year ago.
For the third quarter, the company expects effective income tax rate on continuing operations to be approximately 34%.
For the full year, the company expects capital expenditure of $100 million or less.
Superior Energy Services Inc. is a provider of oilfield services and equipment to the energy industry. The Company serves, national and independent oil and natural gas exploration and production companies. The Company operates four business segments: drilling products and services; onshore completion and workover services; production services and technical solutions. It operates in land and offshore in the United States and international. The Companyâs drilling products and services includes downhole drilling tools and surface rentals. Its onshore completion and workover services includes fluid management and workover services. Its production services includes intervention services include intervention services to enhance, maintain and extend oil and gas production. Its technical solutions include products and services with their applications, which require specialized engineering, manufacturing or project planning.
Superior Energy Services, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Effective Tax Rate Guidance for the Third Quarter and Capital Expenditure Guidance for the Full Year 2016