Nuverra Announces Fourth Quarter and Full Year 2020 Results
- SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nuverra Environmental Solutions, Inc. (NYSE American: NES) (“Nuverra” or the “Company”) today announced financial and operating results for the fourth quarter and full year ended December 31, 2020. SUMMARY OF FINANCIAL RESULTS Revenue for the fourth quarter of 2020 was $24.1 million compared to $37.3 million for the fourth quarter of 2019. Net loss for the fourth quarter of 2020 was $7.2 million compared to a net loss of $37.5 million in the fourth quarter of 2019. Adjusted EBITDA for the fourth quarter of 2020 was $1.4 million compared to $3.1 million in the fourth quarter of 2019. Revenue for the full year ended 2020 was $110.3 million compared to $168.2 million for the full year ended 2019. Net loss for the full year ended 2020 was $44.1 million compared to a net loss of $54.9 million for the full year ended 2019, including impairment charges of $30.3 million in 2019, and $15.6 million in 2020. Adjusted EBITDA for the full year ended 2020 was $7.3 million compared to $17.4 million for the full year ended 2019. For the full year ended 2020, the Company generated net cash provided by operating activities of $13.2 million. Total liquidity available as of December 31, 2020 was $17.9 million including $5.0 million available under the Company’s undrawn operating line of credit. The Company refinanced its debt, repaying outstanding loan obligations of $20.9 million with proceeds from new debt of $23.0 million during the fourth quarter of 2020. In addition under the operating line of credit there was availability of $5.0 million. The Southern division was shutdown for several days during the first quarter of 2021 due to unprecedented winter weather. “Based on all measures 2020 was an extremely challenging year and business activity for the last three quarters of the year was depressed, with our oil-focused Bakken region hurt the most. We saw pressure on both pricing and volumes to varying degrees across all our businesses in all three regions. We managed to reduce costs across the board and generated cash as the balance sheet decreased as a function of lower sales. In addition we refinanced all of our term debt and ended the year in a healthy liquidity position. While commodity prices have recovered over recent months, our customers have been maintaining strict capital spending discipline and, as a result, we thus far have seen limited improvement in activity or pricing. We are reviewing our strategic and geographic positioning and are committed to making any adjustments to continue serving the customers that are important to our franchise,” said Charlie Thompson, Chief Executive Officer. FOURTH QUARTER 2020 RESULTS For the fourth quarter of 2020 when compared to the same quarter in 2019, revenue decreased by 35.4%, or $13.2 million, resulting primarily from lower water transport services in the Rocky Mountain and Northeast divisions and lower disposal services in all three divisions, partially offset by an increase in water transport services in the Southern division. The economic impact of COVID-19 was the main driver for the decline in demand for gasoline, diesel and jet fuel, which led to lower drilling and completion activity with fewer rigs operating in all three divisions. Commodity prices for crude oil decreased 25% over this time while rig count during the fourth quarter of 2020 compared to the fourth quarter of 2019 declined 79% in the Rocky Mountain division, 38% in the Northeast division and 29% in the Southern division. The Rocky Mountain division experienced a significant slowdown, with producers reducing rigs due to the decline in WTI crude oil price per barrel, which averaged $42.52 in the fourth quarter of 2020 versus an average of $56.84 for the same period in 2019, resulting in a rig count decline of 79% from 53 during the fourth quarter of 2019 to 11 during the same period in 2020. Revenues for the Rocky Mountain division decreased by $9.3 million, or 43%, during the fourth quarter of 2020 as compared to the fourth quarter of 2019 primarily due to a $3.8 million, or 30%, decrease in water transport revenues from lower trucking volumes. Revenue from company-owned trucking revenue declined $3.9 million or 37%, while third-party trucking revenue increased 12%, or $0.2 million. Average total billable hours were down 27% compared to the prior year. While company-owned trucking activity is more levered to production water volumes, third-party trucking activity is more sensitive to drilling and completion activity, which has declined to historically low levels, thereby resulting in meaningful revenue reduction coupled with an increase in competition for this service resulting in unfavorable pressure on trucking rates. Though third-party trucking saw a slight increase during the quarter on account of some plug and abandonment projects and well completion work, which boosted production water hauling and winch trucks demand above our driver count capabilities at the time. Our rental and landfill businesses are our two service lines most levered to drilling activity, and therefore have declined by the highest percentage versus the prior period. Rental revenues decreased in the current year due to lower utilization resulting from a significant decline in drilling activity driving the return of previously rented equipment. Our landfill revenues decreased 89%, or $0.9 million, compared to prior year due primarily to a 92% decrease in disposal volumes at our landfill as rigs working in the vicinity declined materially. Our salt water disposal well revenue decreased $1.7 million, or 56%, compared to prior year as rig count reductions and lower completion activity led to a 46% decrease in average barrels per day disposed during the current year. Revenues for the Northeast division decreased by $3.2 million, or 29%, during the fourth quarter of 2020 as compared to the fourth quarter of 2019 due to decreases in water transport and disposal services. This decrease was partially due to prices of natural gas which remained at historically low levels, averaging $2.52 and $2.38 respectively, for the fourth quarter of 2020 and the same period in 2019, contributing to a 38% rig count reduction in the Northeast operating area from 52 during the fourth quarter of 2019 to 32 during the fourth quarter of 2020. In addition, as a result of the low oil prices experienced earlier in the year, many of our customers who had historically focused on production of liquids-rich areas of the basin reduced new drilling activity and temporarily shut in some production in our operating area. In addition to reduced drilling and completion activity due to commodity prices, our customers continued the industry trend of water reuse during completion activities. Water reuse inherently reduces trucking activity due to shorter hauling distances as water is being transported between well sites rather than to disposal wells. For our trucking services, revenue per billed hour was down 5% from the prior year which was partially offset by a 5% improvement in driver utilization. Disposal volumes decreased in our salt water disposal wells resulting in a 34% decrease in average barrels per day, coupled with lower revenue per barrel. The Southern division experienced the lowest revenue decline relative to the other business units, driven by its focus on servicing customers who are themselves focused on dry natural gas, which has experienced a relatively smaller impact from the 2020 downturn in commodity prices. Revenues for the Southern division decreased by $0.7 million, or 16%, during the fourth quarter of 2020 as compared to the fourth quarter of 2019. The decrease was due primarily to lower disposal well volumes, whether connected to the pipeline or not, resulting from an activity slowdown in the region, as evidenced by fewer rigs operating in the area as well as lower revenue per barrel. Rig count declined 29% in the area, from 55 during the fourth quarter of 2019 to 39 during the fourth quarter of 2020. Volumes received in our disposal wells not connected to our pipeline decreased by an average of 7,743 barrels per day, or 29% during the current year and volumes received in the disposal wells connected to the pipeline decreased by an average of 8,305 barrels per day, or 20% during the current year. Offsetting the declines in disposal well revenues was a 9% increase in water transport services. Subsequent to the year end, the Southern division experienced unprecedented winter weather in February that shutdown the business for several days. We are expecting this to have a significant impact on the first quarter of 2021 revenue. Total costs and expenses for the fourth quarter of 2020 and 2019 were $30.4 million and $73.9 million, respectively. Total costs and expenses, adjusted for special items, for the fourth quarter of 2020 were $30.4 million, or a 29% decrease, when compared with $43.1 million in the fourth quarter of 2019. This is primarily a result of lower volumes and related costs in water transport services and disposal services coupled with company initiatives to match trucking capacity to demand, resulting in a 27% and 34% decrease in the number of drivers compared to the prior year period in the Rocky Mountain and Northeast divisions respectively, as well as declines in third-party hauling costs and fleet-related expenses, including maintenance and repair costs and fuel, and general and administrative expenses. Net loss for the fourth quarter of 2020 was $7.2 million, an increase of $30.3 million as compared to a net loss for the fourth quarter of 2019 of $37.5 million. For the fourth quarter of 2020, the Company reported a net loss, adjusted for special items, of $6.0 million. This compares with a net loss, adjusted for special items, of $7.0 million in the fourth quarter of 2019. Adjusted EBITDA for the fourth quarter of 2020 was $1.4 million, a decrease of 55% as compared to adjusted EBITDA for the fourth quarter of 2019 of $3.1 million. The decrease is a function of the reasons discussed previously, with primary drivers being lower trucking volumes, salt water disposal volumes and rental equipment utilization in the Rocky Mountain and Northeast divisions. Fourth quarter of 2020 adjusted EBITDA margin was 5.8%, compared with 8.2% in the fourth quarter of 2019 driven primarily by declines in revenue, partially offset by cost reductions in 2020. YEAR-TO-DATE (“YTD”) RESULTS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2020 When compared to 2019, 2020 revenue decreased by 34%, or $58.0 million, due primarily to decreases in the available market for water transport services, disposal services and third-party rentals in all three divisions. The major underlying driver for this decrease was lower commodity prices for both crude oil and natural gas, which decreased 31% and 21%, respectively, over this time period. The economic impact of COVID-19 is the main driver for the decline in demand for gasoline, diesel and jet fuel, which led to lower drilling and completion activity with fewer rigs operating in all three divisions and significant well shut-ins primarily in the Rocky Mountain division. Rig count during the year 2020 compared to 2019 declined 56% in the Rocky Mountain division, 27% in the Northeast division and 18% in the Southern division. Of our three divisions, the Rocky Mountain division experienced the most significant slowdown, with rig count declining 56% from 52 during the year ended December 31, 2019 to 23 during the year ended December 31, 2020. In addition, beginning in April 2020, some producers shut in many wells due to the decline in WTI crude oil price per barrel, which averaged $39.16 in 2020 versus an average of $56.98 for the same period in 2019, resulting in their cash costs of operations exceeding revenues per barrel. Revenues for the Rocky Mountain division decreased by $44.2 million, or 43%, during 2020 as compared to 2019 primarily due to a $24.3 million, or 37.8%, decrease in water transport revenues from lower trucking volumes. Company-owned trucking revenue declined $10.7 million or 25%, and third-party trucking revenue decreased $12.0 million, or 60%. Average total billable hours were down 19% compared to the prior year. While company-owned trucking activity is more levered to production water volumes, third-party trucking activity is more sensitive to drilling and completion activity, which declined to historically low levels, thereby resulting in meaningful third-party revenue reduction. Our rental and landfill businesses are our two service lines most levered to drilling activity, and therefore have declined by the highest percentage versus the prior period. Rental revenues decreased in the current year due to lower utilization resulting from a significant decline in drilling activity driving the return of previously rented rental equipment. Our landfill revenues decreased 62%, or $3.2 million, compared to prior year due primarily to a 61% decrease in disposal volumes at our landfill as rigs working in the vicinity declined materially. Our salt water disposal well revenue decreased $6.4 million, or 50%, compared to prior year as well shut-ins and lower completion activity led to a 37% decrease in average barrels per day disposed during the current year, with water from producing wells continuing to maintain a base level of volume activity. Revenues for the Northeast division decreased by $9.8 million, or 22%, during 2020 as compared to 2019 due to decreases in water transport services of $5.6 million, or 19%, and disposal services of $3.9 million, or 32%. Natural gas prices per million Btu, as measured by the Henry Hub Natural Gas Index, decreased 21% from an average of $2.56 for 2019 to an average of $2.03 for 2020, contributing to a 27% rig count reduction in the Northeast operating area from 52 during the year ended December 31, 2019 to 38 during the year ended December 31, 2020. Additionally, as a result of the 31% decline in WTI crude oil prices experienced during the period, many of our customers who had historically focused on production of liquids-rich gas wells also reduced activity levels and shut-in some production in our operating area due to lower realized prices for these products. This led to lower activity levels for both water transport services and disposal services despite the relatively lower decrease in natural gas prices versus crude oil prices. In addition to reduced drilling and completion activity due to commodity prices, our customers continued the industry trend of water reuse during completion activities. Water reuse inherently reduces trucking activity due to shorter hauling distances as water is being transported between well sites rather than to disposal wells. For our trucking services, revenue per billed hour was down 7% from the prior year, which was partially offset by a 6% improvement in driver utilization. Disposal volumes decreased in our salt water disposal wells resulting in a 5% decrease in average barrels per day. Revenues for the Southern division decreased by $4.0 million, or 19%, during 2020 as compared to 2019. The decrease was due primarily to lower disposal well volumes, whether connected to the pipeline or not, resulting from a drilling and completion activity slowdown in the region, as evidenced by fewer rigs operating in the area, as well as lower revenue per barrel. Rig count declined 18% in the area, from 49 during the year ended December 31, 2019 to 40 during the year ended December 31, 2020. Volumes received in our disposal wells not connected to our pipeline decreased by an average of 8,644 barrels per day, or 30%, during the current year and volumes received in the disposal wells connected to the pipeline decreased by an average of 7,557 barrels per day, or 17% during the current year. Total costs and expenses for 2020 and 2019 were $150.5 million and $218.3 million, respectively. Total costs and expenses, adjusted for special items, for 2020 were $131.7 million, or a 30% decrease, when compared with $187.5 million for 2019. This is primarily a result of lower volumes and related costs in water transport services and disposal services and company initiatives to match trucking capacity to demand, resulting in a 19% and 20% decrease in the number of drivers compared to the prior year period in the Rocky Mountain and Northeast divisions respectively, as well as a decline in third-party hauling costs and fleet-related expenses, including maintenance and repair costs and fuel, and general and administrative expenses. Net loss for 2020 was $44.1 million, an increase of $10.8 million as compared to a net loss for 2019 of $54.9 million. For 2020, the Company reported a net loss, adjusted for special items, of $25.4 million. This compares with a net loss, adjusted for special items, of $23.9 million for YTD 2019. Adjusted EBITDA for 2020 was $7.3 million, a decrease of 58% as compared to adjusted EBITDA for 2019 of $17.4 million. The decrease is a function of the reasons discussed previously, with primary drivers being lower trucking volumes, salt water disposal volumes and rental equipment utilization in the Rocky Mountain and Northeast divisions. During 2020, adjusted EBITDA margin was 7%, compared with 10% in 2019 driven primarily by declines in revenue partially offset by cost reductions in 2020. CASH FLOW AND LIQUIDITY Net cash provided by operating activities for 2020 was $13.2 million, mainly attributable to a decline in sales, which contributed to a decrease of $11.2 million in accounts receivable, while capital expenditures net of asset sales consumed cash of $0.2 million. Asset sales were related to unused or under-utilized assets. Gross capital expenditures for 2020 of $3.4 million primarily included the purchase of property, plant and equipment as well as expenditures to extend the useful life and productivity of our fleet, equipment and disposal wells. Total liquidity available as of December 31, 2020 was $17.9 million. This consisted of $12.9 million of cash and $5.0 million available under our operating line of credit. As of December 31, 2020, total debt outstanding was $35.0 million, consisting of $13.0 million under our equipment term loan, $9.9 million under our real estate loan, $4.0 million under our Paycheck protection Program loan, $0.4 million under our vehicle term loan, $0.2 million under our equipment finance loan, and $7.6 million of finance leases for vehicle financings and real property leases. On November 24, 2020, the Company closed on a multi-faceted debt refinancing with First International Bank and Trust based in Watford City, North Dakota. The Company executed a $13.0 million equipment term loan financed under the Main Street Priority Lending program, a $10.0 million real estate loan, a $5.0 million operating line of credit and a $4.839 million letter of credit facility. Proceeds from the real estate loan and the equipment term loan financing repaid all outstanding obligations owed under our First Lien Credit Agreement (which included the outstanding letters of credit) and all outstanding obligations under our Second Lien Term Loan Credit Agreement. About Nuverra Nuverra Environmental Solutions, Inc. provides water logistics and oilfield services to customers focused on the development and ongoing production of oil and natural gas from shale formations in the United States. Our services include the delivery, collection, and disposal of solid and liquid materials that are used in and generated by the drilling, completion, and ongoing production of shale oil and natural gas. We provide a suite of solutions to customers who demand safety, environmental compliance and accountability from their service providers. Find additional information about Nuverra in documents filed with the U.S. Securities and Exchange Commission (“SEC”) at http://www.sec.gov. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. You can identify these and other forward-looking statements by the use of words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “might,” “will,” “should,” “would,” “could,” “potential,” “future,” “continue,” “ongoing,” “forecast,” “project,” “target” or similar expressions, and variations or negatives of these words. These statements relate to our expectations for future events and time periods. All statements other than statements of historical fact are statements that could be deemed to be forward-looking statements, and any forward-looking statements contained herein are based on information available to us as of the date of this press release and our current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. Future performance cannot be ensured, and actual results may differ materially from those in the forward-looking statements. Some factors that could cause actual results to differ include, among others: the severity, magnitude and duration of the coronavirus disease 2019 ("COVID-19") pandemic and commodity market disruptions; changes in commodity prices or general market conditions; fluctuations in consumer trends, pricing pressures, transportation costs, changes in raw material or labor prices or rates related to our business and changing regulations or political developments in the markets in which we operate; risks associated with our indebtedness, including changes to interest rates, decreases in our borrowing availability, our ability to manage our liquidity needs and to comply with covenants under our credit facilities, including as a result of COVID-19 and oil price declines; the loss of one or more of our larger customers; delays in customer payment of outstanding receivables and customer bankruptcies; natural disasters, such as hurricanes, earthquakes and floods, pandemics (including COVID-19), acts of terrorism, or extreme weather conditions, that may impact our business locations, assets, including wells or pipelines, distribution channels, or which otherwise disrupt our customers' operations or the markets we serve; disruptions impacting crude oil and natural gas transportation, processing, refining, and export systems, including vacated easements, environmental impact studies, forced shutdown by governmental agencies and litigation affecting the Dakota Access Pipeline; bans on drilling and fracking leases and permits on federal land; our ability to attract and retain key executives and qualified employees in strategic areas of our business; our ability to attract and retain a sufficient number of qualified truck drivers; the unfavorable change to credit and payment terms due to changes in industry condition or our financial condition, which could constrain our liquidity and reduce availability under our operating line of credit; higher than forecasted capital expenditures to maintain and repair our fleet of trucks, tanks, pipeline, equipment and disposal wells; our ability to control costs and expenses; changes in customer drilling, completion and production activities, operating methods and capital expenditure plans, including impacts due to low oil and/or natural gas prices, shut-in production, decline in operating drilling rigs, closures or pending closures of third-party pipelines or the economic or regulatory environment; risks associated with the limited trading volume of our common stock on the NYSE American Stock Exchange, including potential fluctuation in the trading prices of our common stock; risks associated with the reliance on third-party analyst and expert market projections and data for the markets in which we operate that is utilized in our business strategy; present and possible future claims, litigation or enforcement actions or investigations; risks associated with changes in industry practices and operational technologies; risks associated with the operation, construction, development and closure of salt water disposal wells, solids and liquids transportation assets, landfills and pipelines, including access to additional locations and rights-of-way, permitting and licensing, environmental remediation obligations, unscheduled delays or inefficiencies and reductions in volume due to micro- and macro-economic factors or the availability of less expensive alternatives; the effects of competition in the markets in which we operate, including the adverse impact of competitive product announcements or new entrants into our markets and transfers of resources by competitors into our markets; changes in economic conditions in the markets in which we operate or in the world generally, including as a result of political uncertainty; reduced demand for our services due to regulatory or other influences related to extraction methods such as hydraulic fracturing, shifts in production among shale areas in which we operate or into shale areas in which we do not currently have operations, and shifts to reuse of water or water sharing in completion activities; the unknown future impact of changes in laws and regulation on waste management and disposal activities, including those impacting the delivery, storage, collection, transportation, and disposal of waste products, as well as the use or reuse of recycled or treated products or byproducts; and risks involving developments in environmental or other governmental laws and regulations in the markets in which we operate and our ability to effectively respond to those developments including laws and regulations relating to oil and natural gas extraction businesses, particularly relating to water usage, and the disposal and transportation of liquid and solid wastes. The forward-looking statements contained, or incorporated by reference, herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s views as of the date of this press release. The Company undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, changes in expectations or otherwise. Additional risks and uncertainties are disclosed from time to time in the Company’s filings with the SEC, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 Revenue: Service revenue $ 22,717 $ 33,440 $ 102,810 $ 152,541 Rental revenue 1,366 3,833 7,477 15,697 Total revenue 24,083 37,273 110,287 168,238 Costs and expenses: Direct operating expenses 18,250 29,648 87,299 131,019 General and administrative expenses 5,507 5,335 18,960 20,864 Depreciation and amortization 6,648 8,843 28,614 36,183 Impairment of long-lived assets — 529 15,579 766 Impairment of goodwill — 29,518 — 29,518 Other, net — — — (10 ) Total costs and expenses 30,405 73,873 150,452 218,340 Operating loss (6,322 ) (36,600 ) (40,165 ) (50,102 ) Interest expense, net (780 ) (1,230 ) (4,070 ) (5,227 ) Other income, net 16 45 216 502 Reorganization items, net (111 ) — (111 ) (200 ) Loss before income taxes (7,197 ) (37,785 ) (44,130 ) (55,027 ) Income tax benefit (expense) 2 261 (13 ) 90 Net loss $ (7,195 ) $ (37,524 ) $ (44,143 ) $ (54,937 ) Earnings per common share: Net loss per basic common share $ (0.46 ) $ (2.39 ) $ (2.80 ) $ (3.50 ) Net loss per diluted common share $ (0.46 ) $ (2.39 ) $ (2.80 ) $ (3.50 ) Weighted average shares outstanding: Basic 15,772 15,731 15,764 15,676 Diluted 15,772 15,731 15,764 15,676 NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands) December 31, 2020 2019 Assets Cash and cash equivalents $ 12,880 $ 4,788 Restricted cash 2,820 922 Accounts receivable, net 15,427 26,493 Inventories 2,852 3,177 Prepaid expenses and other receivables 3,119 3,264 Other current assets — 231 Assets held for sale 778 2,664 Total current assets 37,876 41,539 Property, plant and equipment, net 151,164 190,817 Operating lease assets 1,691 2,886 Equity investments 35 39 Intangibles, net 194 640 Other assets 106 178 Total assets 191,066 236,099 Liabilities and Shareholders’ Equity Accounts payable $ 5,130 $ 5,633 Accrued and other current liabilities 9,550 10,064 Current portion of long-term debt 2,433 6,430 Total current liabilities 17,113 22,127 Long-term debt 31,673 30,005 Noncurrent operating lease liabilities 1,360 1,457 Deferred income taxes 120 91 Long-term contingent consideration 500 500 Other long-term liabilities 8,017 7,487 Total liabilities 58,783 61,667 Commitments and contingencies Shareholders’ equity: Preferred stock — — Common stock 158 158 Additional paid-in capital 339,663 337,628 Treasury stock (477 ) (436 ) Accumulated deficit (207,061 ) (162,918 ) Total shareholders’ equity 132,283 174,432 Total liabilities and shareholders’ equity 191,066 236,099 NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year Ended December 31, 2020 2019 Cash flows from operating activities: Net loss $ (44,143 ) $ (54,937 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 28,614 36,183 Amortization of debt issuance costs, net 95 328 Accrued interest added to debt principal — — Stock-based compensation 2,035 2,026 Impairment of long-lived assets 15,579 766 Impairment of goodwill — 29,518 Gain on sale of UGSI — — Gain on disposal of property, plant and equipment (1,646 ) (1,967 ) Bad debt recoveries (141 ) (22 ) Change in fair value of derivative warrant liability — (34 ) Loss on extinguishment of debt — — Deferred income taxes 29 (90 ) Other, net 768 340 Changes in operating assets and liabilities: Accounts receivable 11,207 4,921 Prepaid expenses and other receivables 145 (729 ) Accounts payable and accrued liabilities 58 (11,014 ) Other assets and liabilities, net 565 1,230 Net cash provided by operating activities 13,165 6,519 Cash flows from investing activities: Proceeds from the sale of property, plant and equipment 3,225 6,979 Purchases of property, plant and equipment (3,390 ) (8,243 ) Net cash used in investing activities (165 ) (1,264 ) Cash flows from financing activities: Proceeds from Equipment loan 13,000 — Payments on Commercial real estate loan (68 ) — Proceeds from Commercial real estate loan 10,000 — Proceeds from paycheck protection program loan 4,000 — Payments on First and Second Lien Term Loans (27,021 ) (4,949 ) Proceeds from Revolving Facility 115,028 184,912 Payments on Revolving Facility (115,028 ) (184,912 ) Payments on Bridge Term Loan — (31,382 ) Payments for debt issuance costs (928 ) — Proceeds from the issuance of stock — 31,057 Payments on finance leases and other financing activities (1,993 ) (2,229 ) Net cash (used in) provided by financing activities (3,010 ) (7,503 ) Change in cash, cash equivalents and restricted cash 9,990 (2,248 ) Cash and cash equivalents, beginning of period 4,788 7,302 Restricted cash, beginning of period 922 656 Cash, cash equivalents and restricted cash, beginning of period 5,710 7,958 Cash and cash equivalents, end of period 12,880 4,788 Restricted cash, end of period 2,820 922 Cash, cash equivalents and restricted cash, end of period $ 15,700 $ 5,710 NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (In thousands) (Unaudited) This press release contains non-GAAP financial measures as defined by the rules and regulations of the United States Securities and Exchange Commission. A non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statements of operations or balance sheets of the Company; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures are included in the attached financial tables. These non-GAAP financial measures are provided because management of the Company uses these financial measures in evaluating the Company’s ongoing financial results and trends. Management uses this non-GAAP information as an indicator of business results, and evaluates overall performance with respect to such indicators. Management believes that excluding items such as acquisition expenses, amortization of intangible assets, stock-based compensation, asset impairments, restructuring charges, expenses related to litigation and resolution of lawsuits, and other charges, which may or may not be non-recurring, among other items that are inconsistent in amount and frequency (as with acquisition expenses), or determined pursuant to complex formulas that incorporate factors, such as market volatility, that are beyond our control (as with stock-based compensation), for purposes of calculating these non-GAAP financial measures facilitates a more meaningful evaluation of the Company’s current operating performance and comparisons to the past and future operating performance. The Company believes that providing non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted net income (loss), and adjusted net income (loss) per share, in addition to related GAAP financial measures, provides investors with greater transparency to the information used by the Company’s management. These non-GAAP financial measures are not substitutes for measures of performance or liquidity calculated in accordance with GAAP and may not necessarily be indicative of the Company’s liquidity or ability to fund cash needs. Not all companies calculate non-GAAP financial measures in the same manner, and our presentation may not be comparable to the presentations of other companies. NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of Net Loss to EBITDA and Total Adjusted EBITDA Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 Net loss $ (7,195 ) $ (37,524 ) $ (44,143 ) $ (54,937 ) Depreciation and amortization 6,648 8,843 28,614 36,183 Interest expense, net 780 1,230 4,070 5,227 Income tax (benefit) expense (2 ) (261 ) 13 (90 ) EBITDA 231 (27,712 ) (11,446 ) (13,617 ) Adjustments: Transaction-related costs 1,206 530 2,591 444 Stock-based compensation 1,099 286 2,035 2,026 Change in fair value of derivative warrant liability — (2 ) — (34 ) Reorganization items, net [1] 111 — 111 200 Legal and environmental costs, net — — (138 ) 53 Impairment of long-lived assets — 529 15,579 766 Impairment of goodwill — 29,518 — 29,518 Restructuring, exit and other costs — — — (10 ) Executive and severance costs — 59 174 59 (Gain) loss on disposal of assets (1,262 ) (139 ) (1,646 ) (1,967 ) Total Adjusted EBITDA $ 1,385 $ 3,069 $ 7,260 $ 17,438 [1] Reorganization items, net represents the costs related to the chapter 11 filing incurred after the May 1, 2017 filing date. NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of QTD Segment Performance to Adjusted EBITDA Three months ended December 31, 2020 Rocky Mountain Northeast Southern Corporate Total Revenue $ 12,395 $ 7,677 $ 4,011 $ — $ 24,083 Direct operating expenses 9,536 5,671 3,043 — 18,250 General and administrative expenses 879 276 154 4,198 5,507 Depreciation and amortization 2,742 2,493 1,398 15 6,648 Operating loss (762 ) (763 ) (584 ) (4,213 ) (6,322 ) Operating margin % (6.1 ) % (9.9 ) % (14.6 ) % N/A (26.3 ) % Loss before income taxes (929 ) (864 ) (637 ) (4,767 ) (7,197 ) Net loss (929 ) (864 ) (637 ) (4,765 ) (7,195 ) Depreciation and amortization 2,742 2,493 1,398 15 6,648 Interest expense, net 183 101 53 443 780 Income tax expense (benefit) — — — (2 ) (2 ) EBITDA $ 1,996 $ 1,730 $ 814 $ (4,309 ) $ 231 Adjustments, net (1,106 ) (77 ) (79 ) 2,416 1,154 Adjusted EBITDA $ 890 $ 1,653 $ 735 $ (1,893 ) $ 1,385 Adjusted EBITDA margin % 7.2 % 21.5 % 18.3 % N/A 5.8 % Three months ended December 31, 2019 Rocky Mountain Northeast Southern Corporate Total Revenue $ 21,686 $ 10,836 $ 4,751 $ — $ 37,273 Direct operating expenses 17,324 8,764 3,560 — 29,648 General and administrative expenses 1,392 658 279 3,006 5,335 Depreciation and amortization 4,185 2,603 2,051 4 8,843 Operating loss (6,137 ) (23,579 ) (3,874 ) (3,010 ) (36,600 ) Operating margin % (28.3 ) % (217.6 ) % (81.5 ) % N/A (98.2 ) % Loss before income taxes (6,298 ) (23,702 ) (3,928 ) (3,857 ) (37,785 ) Net loss (6,298 ) (23,702 ) (3,928 ) (3,596 ) (37,524 ) Depreciation and amortization 4,185 2,603 2,051 4 8,843 Interest expense, net 204 124 54 848 1,230 Income tax benefit — — — (261 ) (261 ) EBITDA $ (1,909 ) $ (20,975 ) $ (1,823 ) $ (3,005 ) $ (27,712 ) Adjustments, net 5,020 22,303 2,644 814 30,781 Adjusted EBITDA $ 3,111 $ 1,328 $ 821 $ (2,191 ) $ 3,069 Adjusted EBITDA margin % 14.3 % 12.3 % 17.3 % N/A 8.2 % NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of YTD Segment Performance to Adjusted EBITDA Year Ended December 31, 2020 Rocky Mountain Northeast Southern Corporate Total Revenue $ 59,393 $ 34,173 $ 16,721 $ — $ 110,287 Direct operating expenses 49,245 26,040 12,014 — 87,299 General and administrative expenses 4,728 1,804 858 11,570 18,960 Depreciation and amortization 11,891 10,090 6,599 34 28,614 Operating loss (18,654 ) (3,761 ) (6,146 ) (11,604 ) (40,165 ) Operating margin % (31.4 ) % (11.0 ) % (36.8 ) % N/A (36.4 ) % Loss before income taxes (19,173 ) (4,188 ) (6,355 ) (14,414 ) (44,130 ) Net loss (19,173 ) (4,188 ) (6,355 ) (14,427 ) (44,143 ) Depreciation and amortization 11,891 10,090 6,599 34 28,614 Interest expense, net 735 427 209 2,699 4,070 Income tax expense (benefit) — — — 13 13 EBITDA $ (6,547 ) $ 6,329 $ 453 $ (11,681 ) $ (11,446 ) Adjustments, net 11,980 (336 ) 3,144 3,918 18,706 Adjusted EBITDA $ 5,433 $ 5,993 $ 3,597 $ (7,763 ) $ 7,260 Adjusted EBITDA margin % 9.1 % 17.5 % 21.5 % N/A 6.6 % Year Ended December 31, 2019 Rocky Mountain Northeast Southern Corporate Total Revenue $ 103,552 $ 44,001 $ 20,685 $ — $ 168,238 Direct operating expenses 81,529 35,836 13,654 — 131,019 General and administrative expenses 5,021 2,880 1,104 11,859 20,864 Depreciation and amortization 16,982 10,755 8,410 36 36,183 Operating loss (5,022 ) (27,977 ) (5,208 ) (11,895 ) (50,102 ) Operating margin % (4.8 ) % (63.6 ) % (25.2 ) % N/A (29.8 ) % Loss before income taxes (5,479 ) (28,212 ) (5,428 ) (15,908 ) (55,027 ) Net loss (5,479 ) (28,212 ) (5,428 ) (15,818 ) (54,937 ) Depreciation and amortization 16,982 10,755 8,410 36 36,183 Interest expense, net 692 469 220 3,846 5,227 Income tax benefit — — — (90 ) (90 ) EBITDA $ 12,195 $ (16,988 ) $ 3,202 $ (12,026 ) $ (13,617 ) Adjustments, net 4,464 21,713 2,242 2,636 31,055 Adjusted EBITDA $ 16,659 $ 4,725 $ 5,444 $ (9,390 ) $ 17,438 Adjusted EBITDA margin % 16.1 % 10.7 % 26.3 % N/A 10.4 % NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of Special Items to Adjusted Net Loss and to EBITDA and Adjusted EBITDA Three months ended December 31, 2020 As Reported Special Items As Adjusted Revenue $ 24,083 $ — $ 24,083 Direct operating expenses 18,250 1,262 [A] 19,512 General and administrative expenses 5,507 (2,305 ) [B] 3,202 Total costs and expenses 30,405 — [C] 30,405 Operating loss (6,322 ) 1,043 [C] (5,279 ) Net loss (7,195 ) 1,154 [D] (6,041 ) Net loss $ (7,195 ) $ (6,041 ) Depreciation and amortization 6,648 6,648 Interest expense, net 780 780 Income tax expense (benefit) (2 ) (2 ) EBITDA and Adjusted EBITDA $ 231 $ 1,385 Description of 2020 Special Items: [A] Special items primarily include the gain on sale of underutilized assets. [B] Primarily attributable to transaction fees related to debt financing and stock-based compensation for three executives which vested on December 31, 2020. [C] Primarily includes the aforementioned adjustments. [D] Primarily includes the aforementioned adjustments along with $0.1 million of reorganization items associated with legal fees. Our effective tax rate for the three months ended December 31, 2020 was (0.03)% and has been applied to the special items accordingly. NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of Special Items to Adjusted Net Loss and to EBITDA and Adjusted EBITDA Three months ended December 31, 2019 As Reported Special Items As Adjusted Revenue $ 37,273 $ — $ 37,273 Direct operating expenses 29,648 135 [E] 29,783 General and administrative expenses 5,335 (871 ) [F] 4,464 Total costs and expenses 73,873 (30,783 ) [G] 43,090 Operating loss (36,600 ) 30,783 [G] (5,817 ) Net loss (37,524 ) 30,568 [H] (6,956 ) Net loss $ (37,524 ) $ (6,956 ) Depreciation and amortization 8,843 8,843 Interest expense, net 1,230 1,230 Income tax benefit (261 ) (48 ) EBITDA and Adjusted EBITDA $ (27,712 ) $ 3,069 Description of 2019 Special Items: [E] Special items primarily include the gain on sale of underutilized assets. [F] Primarily attributable to stock-based compensation expense and transaction costs related to the exploration of strategic opportunities. [G] Primarily includes the aforementioned adjustments along with goodwill impairment charges of $29.5 million and long-lived asset impairment charges of $0.5 million for assets classified as held-for-sale in the Northeast division. [H] Primarily includes the aforementioned adjustments. Our effective tax rate for the three months ended December 31, 2019 was 0.7% and has been applied to the special items accordingly. NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of Special Items to Adjusted Net Loss and to EBITDA and Adjusted EBITDA Year Ended December 31, 2020 As Reported Special Items As Adjusted Revenue $ 110,287 $ — $ 110,287 Direct operating expenses 87,299 1,533 [A] 88,832 General and administrative expenses 18,960 (4,667 ) [B] 14,293 Total costs and expenses 150,452 (18,713 ) [C] 131,739 Operating loss (40,165 ) 18,713 [C] (21,452 ) Net loss (44,143 ) 18,712 [D] (25,431 ) Net loss $ (44,143 ) $ (25,431 ) Depreciation and amortization 28,614 28,614 Interest expense, net 4,070 4,070 Income tax (expense) benefit 13 7 EBITDA and Adjusted EBITDA $ (11,446 ) $ 7,260 Description of 2020 Special Items: [A] Special items primarily include the gain on sale of underutilized assets. [B] Primarily attributable to transaction fees related to debt financing and utilities in the Rocky Mountain division, along with stock based compensation. [C] Primarily includes the aforementioned adjustments along with $15.6 million of long-lived asset impairment charges related to Rocky Mountain and Southern divisions. [D] Primarily includes the aforementioned adjustments along with $0.1 million of reorganization items associated with legal fees, offset by $0.2 million of income from a legal settlement. Additionally, our effective tax rate for the year ended December 31, 2020 was 0.03% and has been applied to the special items accordingly. NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of Special Items to Adjusted Net Loss and to EBITDA and Adjusted EBITDA Year Ended December 31, 2019 As Reported Special Items As Adjusted Revenue $ 168,238 $ — $ 168,238 Direct operating expenses 131,019 1,963 [E] 132,982 General and administrative expenses 20,864 (2,578 ) [F] 18,286 Total costs and expenses 218,340 (30,889 ) [G] 187,451 Operating loss (50,102 ) 30,889 [G] (19,213 ) Net loss (54,937 ) 31,004 [H] (23,933 ) Net loss $ (54,937 ) $ (23,933 ) Depreciation and amortization 36,183 36,183 Interest expense, net 5,227 5,227 Income tax benefit (90 ) (39 ) EBITDA and Adjusted EBITDA $ (13,617 ) $ 17,438 Description of 2019 Special Items: [E] Special items primarily include the gain on sale of underutilized assets. [F] Primarily attributable to stock-based compensation expense and transaction costs related to the exploration of strategic opportunities. [G] Primarily includes the aforementioned adjustments along with goodwill impairment charges of $29.5 million and long-lived asset impairment charges of $0.8 million for assets classified as held-for-sale in the Northeast and Rocky Mountain divisions. [H] Primarily includes the aforementioned adjustments along with $0.2 million of capital reorganization costs incurred after the chapter 11 filing recorded to “Reorganization items, net,” offset by a gain of $34 thousand associated with the change in fair value of the derivative warrant liability. Additionally, our effective tax rate for the year ended December 31, 2019 was 0.2% and has been applied to the special items accordingly.
- 03/15/2021
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Nuverra Adopts a Limited Duration Stockholder Rights Plan
- SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nuverra Environmental Solutions, Inc. (NYSE American: NES) (“Nuverra,” the “Company,” “we,” “us” or “our”) announced today that its board of directors (the “Board”) has approved the adoption of a limited duration stockholder rights plan (the “Rights Plan”) to protect stockholder interests and maximize value for all stockholders. The Rights Plan is similar to plans adopted by other public companies and is designed to ensure that no person or group can gain a c
- 12/21/2020
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Should I Buy Nuverra Environmental Solutions Inc (NES)?
- The 800+ hedge funds and famous money managers tracked by Insider Monkey have already compiled and submitted their 13F filings for the third quarter, which unveil their equity positions as of September 30. We went through these filings, fixed typos and other more significant errors and identified the changes in hedge fund portfolios. Our extensive review of these public filings is finally over, so this article is set to reveal the smart money sentiment towards Nuverra Environmental Solutions Inc (NYSE:NES).
- 11/26/2020
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Nuverra Announces 2020 Annual Meeting Date
- Nuverra Announces 2020 Annual Meeting Date
- 10/16/2020
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ConocoPhillips: Drilling Deeper Uncovers Value (NYSE:COP)
- Gas and NGL’s enabled positive operating cash flows in Q2. Production ramp up and higher realized prices to generate healthy free cash flows going forward.
- 08/11/2020
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Nuverra Announces Second Quarter and Year-to-Date 2020 Results | | IT Business Net
- SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nuverra Environmental Solutions, Inc. (NYSE American: NES) ("Nuverra," the "Company," "we," "us" or "our") today a
- 08/10/2020
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Nuverra Announces Second Quarter and Year-to-Date 2020 Results
- Nuverra Announces Second Quarter and Year-to-Date 2020 Results
- 08/10/2020
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Nuverra Announces Second Quarter and Year-to-Date 2020 Results
- SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Nuverra Environmental Solutions, Inc. (NYSE American: NES) (“Nuverra,” the “Company,” “we,” “us” or “our”) today announced financial and operating results for the second quarter and six months ended June 30, 2020. SUMMARY OF FINANCIAL RESULTS Revenue for the second quarter of 2020 was $24.5 million compared to $45.2 million for the second quarter of 2019. Net loss for the second quarter of 2020 was $6.8 million compared to a net loss of $5.0 million for the second quarter of 2019. For the second quarter of 2020, adjusted EBITDA decreased $2.8 million to $2.5 million versus $5.3 million for the second quarter of 2019 driven by significant commodity price and subsequent activity declines year over year partially offset by meaningful fixed and variable cost reductions. Revenue for the six months ended June 30, 2020 was $62.4 million compared to $87.9 million for the six months ended June 30, 2019. Net loss for the six months ended June 30, 2020 was $29.8 million compared to a net loss of $11.4 million for the six months ended June 30, 2019, primarily a result of $15.6 million long-lived asset impairment charges taken in the six months ended June 30, 2020. For the six months ended June 30, 2020, adjusted EBITDA decreased $5.4 million to $4.4 million versus $9.8 million for the six months ended June 30, 2019. During the first half of 2020, the Company generated net cash provided by operating activities of $9.8 million. Principal payments on debt and finance lease payments during the first half of 2020 totaled $3.0 million. The Company invested $2.3 million in gross capital expenditures during the first half of 2020. “In these challenging times, we have continued to focus on growing market share and managing costs throughout the business while watching liquidity closely to best position the Company for the recovery. While oil prices have improved from the lows and some producers are turning wells back online, the macroeconomic challenges of COVID-19 and subsequent depressed commodity price environment will likely continue throughout the rest of the year. Our Rocky Mountain division experienced significant declines as expected in the second quarter due to the lower oil price, which was fortunately counterbalanced by some stability in our natural gas-focused Southern and Northeast divisions. On a bright note, we successfully amended our credit facilities, which is a very positive development in this extremely challenging debt market, generated more adjusted EBITDA in the second quarter of 2020 than we did in the first quarter, and ended the quarter with a cash balance of $15.8 million. While we remain cautious, we believe through intense focus, dedication and hard work by all employees at the Company we are positioned as well as we can be to weather this environment,” said Charlie Thompson, Chief Executive Officer. SECOND QUARTER 2020 RESULTS When compared to the second quarter of 2019, revenue decreased by 45.9%, or $20.8 million, resulting primarily from lower activity levels in water transport services and disposal services across all three divisions. The major underlying driver for this decrease was lower commodity prices for both crude oil and natural gas, which decreased 53.4% and 33.9%, respectively, over this time period. This led to a decline in both drilling and completion activity with fewer rigs operating in all three divisions as well as wells being shut-in primarily in the Northeast condensate window and the Rocky Mountain division by producers due to wells becoming uneconomic at prevailing oil prices and a lack of storage for oil and natural gas liquids as refineries significantly curtailed refined product production due to COVID-19-related demand loss for gasoline, diesel and jet fuel. Rig count at the end of the second quarter of 2020 compared to the end of the second quarter of 2019 declined 82% in the Rocky Mountain division, 52% in the Northeast division and 44% in the Southern division. The Rocky Mountain division experienced a significant slowdown, with rig count declining 82% from 55 at June 30, 2019 to 10 at June 30, 2020 in addition to producers shutting in wells due to the decline in oil price, which averaged $28.00 in the second quarter of 2020 versus an average of $60.03 for the same period in 2019. Revenues for the Rocky Mountain division decreased by $16.8 million during the second quarter of 2020 as compared to the second quarter of 2019 primarily due to a decrease in water transport revenues from lower trucking volumes, with third-party trucking activity being the largest factor. While company-owned trucking activity is more levered to production water volumes, third-party trucking activity is more sensitive to drilling and completion activity, which has declined to historically low levels. Our rental and landfill businesses are our two service lines most levered to drilling activity and therefore have declined by the highest percentage versus the prior period. Rental revenues decreased by 62% in the current year due to lower utilization resulting from a significant decline in drilling activity driving the return of rental equipment. Additionally, we experienced a 74% decrease in disposal volumes at our landfill as rigs working in the vicinity declined materially. Well shut-ins and lower completion activity led to a 48% decrease in average barrels per day disposed in our saltwater disposal wells during the current year, with water from producing wells continuing to maintain a base level of volume activity. Revenues for the Northeast division decreased by $2.6 million during the second quarter of 2020 as compared to the second quarter of 2019 due to decreases in both water transport services and disposal services. Natural gas prices, as measured by the Henry Hub Natural Gas Index decreased 33.9% from an average of $2.57 for the three months ended June 30, 2019 to an average of $1.70 for the three months ended June 30, 2020, contributing to a 52% rig count reduction in the Northeast operating area from 75 at June 30, 2019 to 36 at June 30, 2020. Additionally, as a result of the 53.4% decline in oil prices experienced during the period, many of our customers who had historically focused on production of liquids-rich wells reduced activity levels and shut in some production in our operating area due to lower realized prices for these products. This led to lower activity levels for both water transport services and disposal services despite the relatively lower decrease in natural gas prices versus crude oil. In addition to reduced drilling and completion activity due to commodity prices, our customers continued the industry trend of water reuse during completion activities. Water reuse inherently reduces trucking activity due to shorter hauling distances as water is being transported between well sites rather than to disposal wells. For our trucking services, total billable hours were down 11% from the prior year and pricing decreases also contributed to the decline. Disposal volumes decreased in our saltwater disposal wells resulting in a 15% decrease in average barrels per day. The Southern division experienced the lowest revenue decline relative to the other business units, driven by its focus on servicing customers who are themselves focused on dry natural gas, which has experienced a relatively smaller impact from the 2020 downturn in commodity prices. Revenues for the Southern division decreased by $1.4 million during the second quarter of 2020 as compared to the second quarter of 2019 due primarily to lower disposal well volumes, whether connected to the pipeline or not, resulting from an activity slowdown in the region, as evidenced by fewer rigs operating in the area. Rig count declined 44% in the area, from 62 at June 30, 2019 to 35 at June 30, 2020. Volumes received in our disposal wells not connected to our pipeline decreased by an average of 12,471 barrels per day (or 39%) during the current year and volumes received in the disposal wells connected to the pipeline decreased by an average of 7,092 barrels per day (or 16%) during the current year. Total costs and expenses for the second quarter of 2020 and 2019 were $30.2 million and $49.1 million, respectively. Total costs and expenses, adjusted for special items, for the second quarter of 2020 were $29.1 million, or a 40.9% decrease, when compared with $49.3 million in the second quarter of 2019. This is primarily a result of lower activity levels for water transport services and disposal services, resulting in a decline in compensation costs, third-party hauling costs and fleet-related expenses, including fuel and maintenance and repair costs. In addition, the Company enacted cost-cutting and optimization measures in the first quarter of 2020 which began to take effect in the second quarter of 2020. Net loss for the second quarter of 2020 was $6.8 million, an increase of $1.8 million as compared to a net loss for the second quarter of 2019 of $5.0 million. For the second quarter of 2020, the Company reported a net loss, adjusted for special items, of $5.8 million. This compares with a net loss, adjusted for special items, of $5.3 million in the second quarter of 2019. Adjusted EBITDA for the second quarter of 2020 was $2.5 million, a decrease of 52.2% as compared to adjusted EBITDA for the second quarter of 2019 of $5.3 million. The decrease is a function of the reasons discussed previously, with primary drivers being lower trucking volumes, saltwater disposal volumes and rental equipment utilization in the Rocky Mountain region. Second quarter of 2020 adjusted EBITDA margin was 10.3%, compared with 11.7% in the second quarter of 2019. YEAR-TO-DATE (“YTD”) RESULTS FOR THE SIX MONTHS ENDED JUNE 30, 2020 When compared to YTD 2019, YTD 2020 revenue decreased by 29.0%, or $25.5 million, due primarily to lower activity levels in water transport services and disposal services across all three divisions. The major underlying driver for this decrease was lower commodity prices for both crude oil and natural gas, which decreased 36.0% and 33.9%, respectively, over this time period. This led to a decline in both drilling and completion activity with fewer rigs operating in all three divisions as well as wells being shut-in primarily in the Northeast condensate window and the Rocky Mountain division by producers due to wells becoming uneconomic at prevailing oil prices and a lack of storage for oil and natural gas liquids as refineries significantly curtailed refined product production due to COVID-19 related demand loss for gasoline, diesel and jet fuel. Rig count at the end of the second quarter of 2020 compared to the end of the second quarter of 2019 declined 82% in the Rocky Mountain division, 52% in the Northeast division and 44% in the Southern division. The Rocky Mountain division experienced a significant slowdown, with rig count declining 82% from 55 at June 30, 2019 to 10 at June 30, 2020 in addition to producers shutting in wells due to the decline in oil price, which averaged $36.82 YTD 2020 versus an average of $57.53 for the same period in 2019. Revenues for the Rocky Mountain division decreased by $18.2 million during YTD 2020 as compared to YTD 2019 primarily due to a decrease in water transport revenues from lower trucking volumes, with third-party trucking activity being the largest factor. While company-owned trucking activity is more levered to production water volumes, third party trucking activity is more sensitive to drilling and completion activity, which has declined to historically low levels. Our rental and landfill businesses are our two service lines most levered to drilling activity and therefore have declined by the highest percentage versus the prior period. Rental revenues decreased by 34% in the current year due to lower utilization resulting from a significant decline in drilling activity driving the return of rental equipment. Additionally, we experienced a 37% decrease in disposal volumes at our landfill as rigs working in the vicinity declined materially. Well shut-ins and lower completion activity led to a 26% decrease in average barrels per day disposed in our saltwater disposal wells during the current year, with water from producing wells continuing to maintain a base level of volume activity. Revenues for the Northeast division decreased by $4.6 million during YTD 2020 as compared to YTD 2019 due to decreases in both water transport services and disposal services. Natural gas prices, as measured by the Henry Hub Natural Gas Index decreased 33.9% from an average of $2.74 for YTD 2019 to an average of $1.81 for YTD 2020, contributing to a 52% rig count reduction in the Northeast operating area from 75 at June 30, 2019 to 36 at June 30, 2020. Additionally, as a result of the 36.0% decline in oil prices experienced during the period, many of our customers who had historically focused on production of liquids-rich wells reduced activity levels and shut-in some production in our operating area due to lower realized prices for these products. This led to lower activity levels for both water transport services and disposal services despite the relatively lower decrease in natural gas prices versus crude oil. In addition to reduced drilling and completion activity due to commodity prices, our customers continued the industry trend of water reuse during completion activities. Water reuse inherently reduces trucking activity due to shorter hauling distances as water is being transported between well sites rather than to disposal wells. For our trucking services, total billable hours were down 7% from the prior year and pricing decreases also contributed to the decline. Disposal volumes decreased in our saltwater disposal wells resulting in a 15% decrease in average barrels per day. The Southern division experienced the lowest revenue decline relative to the other business units, driven by its focus on servicing customers who are themselves focused on dry natural gas, which has experienced a relatively smaller impact from the 2020 downturn in commodity prices. Revenues for the Southern division decreased by $2.7 million during YTD 2020 as compared to YTD 2019 due primarily to lower disposal well volumes, whether connected to the pipeline or not, resulting from an activity slowdown in the region, as evidenced by fewer rigs operating in the area. Rig count declined 44% in the area, from 62 at June 30, 2019 to 35 at June 30, 2020. Volumes received in our disposal wells not connected to our pipeline decreased by an average of 9,711 barrels per day (or 30%) during the current year, and volumes received in the disposal wells connected to the pipeline decreased by an average of 8,609 barrels per day (or 18%) during the current year. Total costs and expenses for YTD 2020 and 2019 were $90.1 million and $96.4 million, respectively. Total costs and expenses, adjusted for special items, for YTD 2020 were $73.2 million, or a 24.2% decrease, when compared with $96.6 million for YTD 2019. This is primarily a result of lower activity levels for water transport services and disposal services, resulting in a decline in compensation costs, third-party hauling costs and fleet-related expenses, including fuel and maintenance and repair costs. In addition, the Company enacted cost-cutting and optimization measures in the first quarter of 2020 which began to take effect in the second quarter of 2020. Net loss for YTD 2020 was $29.8 million, an increase of $18.5 million as compared to a net loss for YTD 2019 of $11.4 million. For YTD 2020, the Company reported a net loss, adjusted for special items, of $13.0 million. This compares with a net loss, adjusted for special items, of $11.5 million for YTD 2019. Adjusted EBITDA for YTD 2020 was $4.4 million, a decrease of 55.0% as compared to adjusted EBITDA for the YTD 2019 of $9.8 million. The decrease is a function of the reasons discussed previously, with primary drivers being lower trucking volumes, saltwater disposal volumes and rental equipment utilization in the Rocky Mountain region. YTD 2020 adjusted EBITDA margin was 7.1%, compared with 11.2% in YTD 2019 driven primarily by lower margin work in 2020 and property tax reductions in 2019 that were not repeated in 2020. CASH FLOW AND LIQUIDITY Net cash provided by operating activities for the six months ended June 30, 2020 was $9.8 million, while gross capital expenditures of $2.3 million net of asset sales of $1.5 million consumed cash of $0.8 million. Net cash provided by financing activities was $1.0 million for the six months ended June 30, 2020, consisting primarily of $4.0 million of proceeds from the Paycheck Protection Program loan (“PPP Loan”) partially offset by principal payments on debt and finance lease payments. As of June 30, 2020, total liquidity was $23.0 million, consisting of $17.3 million of cash and available revolver borrowings and $5.7 million delayed borrowing capacity under our second lien term loan. As of June 30, 2020, total debt outstanding was $37.9 million, consisting of $16.4 million under our senior secured term loan facility, $8.8 million under our second lien term loan facility, $4.0 million under our PPP Loan, $0.5 million for a vehicle term loan, $0.2 million for an equipment term loan and $8.0 million of finance leases. On July 13, 2020, we entered into agreements with our lenders to extend the maturity date on our secured credit facilities and to modify the financial covenants to better reflect our current and projected financial profile. These amendments consisted of a Third Amendment to our First Lien Credit Agreement and the Second Amendment to our Second Lien Credit Agreement. The amendments extended the maturity of our first lien facility from February 7, 2021 to May 15, 2022, our second lien facility from October 7, 2021 to November 15, 2022, and included among other terms and conditions, deferral of the measurement of the fixed charge coverage ratio ("FCCR") covenant until the second quarter of 2021. Among other terms and conditions, the amendments prohibit draws on our revolving facility until the FCCR is above an established certain ratio, add a covenant that requires us to maintain a monthly minimum liquidity, and establish maximum capital expenditures covenants for 2020 and 2021. About Nuverra Nuverra Environmental Solutions, Inc. provides water logistics and oilfield services to customers focused on the development and ongoing production of oil and natural gas from shale formations in the United States. Our services include the delivery, collection, and disposal of solid and liquid materials that are used in and generated by the drilling, completion, and ongoing production of shale oil and natural gas. We provide a suite of solutions to customers who demand safety, environmental compliance and accountability from their service providers. Find additional information about Nuverra in documents filed with the U.S. Securities and Exchange Commission (“SEC”) at http://www.sec.gov. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. You can identify these and other forward-looking statements by the use of words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “might,” “will,” “should,” “would,” “could,” “potential,” “future,” “continue,” “ongoing,” “forecast,” “project,” “target” or similar expressions, and variations or negatives of these words. These statements relate to our expectations for future events and time periods. All statements other than statements of historical fact are statements that could be deemed to be forward-looking statements, and any forward-looking statements contained herein are based on information available to us as of the date of this press release and our current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date. Future performance cannot be ensured, and actual results may differ materially from those in the forward-looking statements. Some factors that could cause actual results to differ include, among others: the severity, magnitude and duration of the coronavirus disease 2019 ("COVID-19") pandemic and oil price declines; changes in commodity prices or general market conditions, acquisition and disposition activities; fluctuations in consumer trends, pricing pressures, transportation costs, changes in raw material or labor prices or rates related to our business and changing regulations or political developments in the markets in which we operate; risks associated with our indebtedness, including changes to interest rates, decreases in our borrowing availability, our ability to manage our liquidity needs and to comply with covenants under our credit facilities, including as a result of COVID-19 and oil price declines; the loss of one or more of our larger customers; delays in customer payment of outstanding receivables and customer bankruptcies; natural disasters, such as hurricanes, earthquakes and floods, pandemics (including COVID-19) or acts of terrorism, or extreme weather conditions, that may impact our business locations, assets, including wells or pipelines, distribution channels, or which otherwise disrupt our or our customers' operations or the markets we serve; disruptions impacting crude oil and natural gas transportation, processing, refining, and export systems, including litigation regarding the Dakota Access Pipeline; our ability to attract and retain key executives and qualified employees in strategic areas of our business; our ability to attract and retain a sufficient number of qualified truck drivers; the unfavorable change to credit and payment terms due to changes in industry condition or our financial condition, which could constrain our liquidity and reduce availability under our revolving credit facility; higher than forecasted capital expenditures to maintain and repair our fleet of trucks, tanks, equipment and disposal wells; control of costs and expenses; changes in customer drilling, completion and production activities, operating methods and capital expenditure plans, including impacts due to low oil and/or natural gas prices, shut-in production, decline in operating drilling rigs, closures or pending closures of third-party pipelines or the economic or regulatory environment; risks associated with the limited trading volume of our common stock on the NYSE American Stock Exchange, including potential fluctuation in the trading prices of our common stock; risks and uncertainties associated with the outcome of an appeal of the order confirming our previously completed plan of reorganization; risks associated with the reliance on third-party analyst and expert market projections and data for the markets in which we operate that is utilized in our strategy; present and possible future claims, litigation or enforcement actions or investigations; risks associated with changes in industry practices and operational technologies; risks associated with the operation, construction, development and closure of saltwater disposal wells, solids and liquids transportation assets, landfills and pipelines, including access to additional locations and rights-of-way, permitting and licensing, environmental remediation obligations, unscheduled delays or inefficiencies and reductions in volume due to micro- and macro-economic factors or the availability of less expensive alternatives; the effects of competition in the markets in which we operate, including the adverse impact of competitive product announcements or new entrants into our markets and transfers of resources by competitors into our markets; changes in economic conditions in the markets in which we operate or in the world generally, including as a result of political uncertainty; reduced demand for our services due to regulatory or other influences related to extraction methods such as hydraulic fracturing, shifts in production among shale areas in which we operate or into shale areas in which we do not currently have operations, and shifts to reuse of water in completion activities; the unknown future impact of changes in laws and regulation on waste management and disposal activities, including those impacting the delivery, storage, collection, transportation, and disposal of waste products, as well as the use or reuse of recycled or treated products or byproducts; and risks involving developments in environmental or other governmental laws and regulations in the markets in which we operate and our ability to effectively respond to those developments including laws and regulations relating to oil and natural gas extraction businesses, particularly relating to water usage, and the disposal and transportation of liquid and solid wastes. The forward-looking statements contained, or incorporated by reference, herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s views as of the date of this press release. The Company undertakes no obligation to update any such forward-looking statements, whether as a result of new information, future events, changes in expectations or otherwise. Additional risks and uncertainties are disclosed from time to time in the Company’s filings with the SEC, including our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Revenue: Service revenue $ 22,956 $ 41,238 $ 57,427 $ 80,239 Rental revenue 1,510 4,002 4,981 7,628 Total revenue 24,466 45,240 62,408 87,867 Costs and expenses: Direct operating expenses 18,551 34,517 50,027 67,074 General and administrative expenses 4,445 5,280 9,369 10,755 Depreciation and amortization 7,156 9,277 15,145 18,412 Impairment of long-lived assets — — 15,579 117 Other, net — (6 ) — (6 ) Total costs and expenses 30,152 49,068 90,120 96,352 Operating loss (5,686 ) (3,828 ) (27,712 ) (8,485 ) Interest expense, net (1,116 ) (1,297 ) (2,276 ) (2,718 ) Other income, net 38 152 180 177 Reorganization items, net — 13 — (210 ) Loss before income taxes (6,764 ) (4,960 ) (29,808 ) (11,236 ) Income tax expense (15 ) (46 ) (15 ) (125 ) Net loss $ (6,779 ) $ (5,006 ) $ (29,823 ) $ (11,361 ) Loss per common share: Net loss per basic common share $ (0.43 ) $ (0.32 ) $ (1.89 ) $ (0.73 ) Net loss per diluted common share $ (0.43 ) $ (0.32 ) $ (1.89 ) $ (0.73 ) Weighted average shares outstanding: Basic 15,761 15,704 15,757 15,627 Diluted 15,761 15,704 15,757 15,627 NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) June 30, December 31, 2020 2019 Assets Cash and cash equivalents $ 15,793 $ 4,788 Restricted cash — 922 Accounts receivable, net 16,881 26,493 Inventories 2,937 3,177 Prepaid expenses and other receivables 2,882 3,264 Other current assets — 231 Assets held for sale 778 2,664 Total current assets 39,271 41,539 Property, plant and equipment, net 163,470 190,817 Operating lease assets 2,007 2,886 Equity investments 35 39 Intangibles, net 407 640 Other assets 129 178 Total assets $ 205,319 $ 236,099 Liabilities and Shareholders’ Equity Accounts payable $ 3,811 $ 5,633 Accrued and other current liabilities 8,705 10,064 Current portion of long-term debt 8,553 6,430 Total current liabilities 21,069 22,127 Long-term debt 29,328 30,005 Noncurrent operating lease liabilities 1,494 1,457 Deferred income taxes 131 91 Long-term contingent consideration 500 500 Other long-term liabilities 7,617 7,487 Total liabilities 60,139 61,667 Commitments and contingencies Shareholders’ equity: Preferred stock — — Common stock 158 158 Additional paid-in capital 338,240 337,628 Treasury stock (477 ) (436 ) Accumulated deficit (192,741 ) (162,918 ) Total shareholders’ equity 145,180 174,432 Total liabilities and shareholders’ equity $ 205,319 $ 236,099 NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended June 30, 2020 2019 Cash flows from operating activities: Net loss $ (29,823 ) $ (11,361 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation and amortization 15,145 18,412 Amortization of debt issuance costs, net 81 247 Stock-based compensation 612 1,415 Impairment of long-lived assets 15,579 117 Gain on disposal of property, plant and equipment (342 ) (1,706 ) Bad debt recoveries (160 ) (9 ) Change in fair value of derivative warrant liability — (28 ) Deferred income taxes 40 112 Other, net 375 55 Changes in operating assets and liabilities: — Accounts receivable 9,772 2,724 Prepaid expenses and other receivables 382 (576 ) Accounts payable and accrued liabilities (2,271 ) (6,059 ) Other assets and liabilities, net 435 1,111 Net cash provided by operating activities 9,825 4,454 Cash flows from investing activities: Proceeds from the sale of property, plant and equipment 1,548 4,525 Purchases of property, plant and equipment (2,328 ) (5,019 ) Net cash used in investing activities (780 ) (494 ) Cash flows from financing activities: Payments on First and Second Lien Term Loans (1,909 ) (2,514 ) Proceeds from Revolving Facility 76,202 96,677 Payments on Revolving Facility (76,202 ) (96,677 ) Proceeds from PPP Loan 4,000 — Payments on Bridge Term Loan — (31,382 ) Proceeds from the issuance of stock — 31,057 Payments on finance leases and other financing activities (1,053 ) (1,226 ) Net cash provided by (used in) financing activities 1,038 (4,065 ) Change in cash, cash equivalents and restricted cash 10,083 (105 ) Cash and cash equivalents, beginning of period 4,788 7,302 Restricted cash, beginning of period 922 656 Cash, cash equivalents and restricted cash, beginning of period 5,710 7,958 Cash and cash equivalents, end of period 15,793 5,978 Restricted cash, end of period — 1,875 Cash, cash equivalents and restricted cash, end of period $ 15,793 $ 7,853 NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (In thousands) (Unaudited) This press release contains non-GAAP financial measures as defined by the rules and regulations of the United States Securities and Exchange Commission. A non-GAAP financial measure is a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statements of operations or balance sheets of the Company; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures are included in the attached financial tables. These non-GAAP financial measures are provided because management of the Company uses these financial measures in evaluating the Company’s ongoing financial results and trends. Management uses this non-GAAP information as an indicator of business results, and evaluates overall performance with respect to such indicators. Management believes that excluding items such as acquisition expenses, amortization of intangible assets, stock-based compensation, asset impairments, restructuring charges, expenses related to litigation and resolution of lawsuits, and other charges, which may or may not be non-recurring, among other items that are inconsistent in amount and frequency (as with acquisition expenses), or determined pursuant to complex formulas that incorporate factors, such as market volatility, that are beyond our control (as with stock-based compensation), for purposes of calculating these non-GAAP financial measures facilitates a more meaningful evaluation of the Company’s current operating performance and comparisons to the past and future operating performance. The Company believes that providing non-GAAP financial measures such as EBITDA, adjusted EBITDA, adjusted net income (loss), and adjusted net income (loss) per share, in addition to related GAAP financial measures, provides investors with greater transparency to the information used by the Company’s management. These non-GAAP financial measures are not substitutes for measures of performance or liquidity calculated in accordance with GAAP and may not necessarily be indicative of the Company’s liquidity or ability to fund cash needs. Not all companies calculate non-GAAP financial measures in the same manner, and our presentation may not be comparable to the presentations of other companies. NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of Net Loss to EBITDA and Total Adjusted EBITDA: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Net loss $ (6,779 ) $ (5,006 ) $ (29,823 ) $ (11,361 ) Depreciation and amortization 7,156 9,277 15,145 18,412 Interest expense, net 1,116 1,297 2,276 2,718 Income tax expense 15 46 15 125 EBITDA 1,508 5,614 (12,387 ) 9,894 Adjustments: Transaction-related costs, net 915 57 889 (151 ) Stock-based compensation 322 563 612 1,415 Change in fair value of derivative warrant liability — (69 ) — (28 ) Reorganization items, net [1] — (13 ) — 210 Legal and environmental costs, net — — (118 ) 53 Impairment of long-lived assets — — 15,579 117 Restructuring, exit and other costs — (6 ) — (6 ) Executive and severance costs 28 — 174 — Gain on disposal of assets (242 ) (848 ) (342 ) (1,706 ) Total Adjusted EBITDA $ 2,531 $ 5,298 $ 4,407 $ 9,798 [1] Reorganization items, net represents the costs related to the chapter 11 filing incurred after the May 1, 2017 filing date. NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of QTD Segment Performance to Adjusted EBITDA Three months ended June 30, 2020 Rocky Mountain Northeast Southern Corporate Total Revenue $ 12,222 $ 8,162 $ 4,082 $ — $ 24,466 Direct operating expenses 10,458 5,593 2,500 — 18,551 General and administrative expenses 1,524 434 240 2,247 4,445 Depreciation and amortization 2,874 2,532 1,746 4 7,156 Operating loss (2,634 ) (397 ) (404 ) (2,251 ) (5,686 ) Operating margin % (21.6 )% (4.9 )% (9.9 )% N/A (23.2 )% Loss before income taxes (2,786 ) (504 ) (457 ) (3,017 ) (6,764 ) Net loss (2,786 ) (504 ) (457 ) (3,032 ) (6,779 ) Depreciation and amortization 2,874 2,532 1,746 4 7,156 Interest expense, net 190 107 53 766 1,116 Income tax expense — — — 15 15 EBITDA $ 278 $ 2,135 $ 1,342 $ (2,247 ) $ 1,508 Adjustments, net 935 (175 ) (155 ) 418 1,023 Adjusted EBITDA $ 1,213 $ 1,960 $ 1,187 $ (1,829 ) $ 2,531 Adjusted EBITDA margin % 9.9 % 24.0 % 29.1 % N/A 10.3 % Three months ended June 30, 2019 Rocky Mountain Northeast Southern Corporate Total Revenue $ 28,993 $ 10,720 $ 5,527 $ — $ 45,240 Direct operating expenses 22,354 8,607 3,556 — 34,517 General and administrative expenses 1,206 729 354 2,991 5,280 Depreciation and amortization 4,307 2,821 2,136 13 9,277 Operating income (loss) 1,126 (1,437 ) (513 ) (3,004 ) (3,828 ) Operating margin % 3.9 % (13.4 )% (9.3 )% N/A (8.5 )% Income (loss) before income taxes 1,041 (1,560 ) (576 ) (3,865 ) (4,960 ) Net income (loss) 1,041 (1,560 ) (576 ) (3,911 ) (5,006 ) Depreciation and amortization 4,307 2,821 2,136 13 9,277 Interest expense, net 168 123 63 943 1,297 Income tax expense — — — 46 46 EBITDA $ 5,516 $ 1,384 $ 1,623 $ (2,909 ) $ 5,614 Adjustments, net (14 ) (361 ) (479 ) 538 (316 ) Adjusted EBITDA $ 5,502 $ 1,023 $ 1,144 $ (2,371 ) $ 5,298 Adjusted EBITDA margin % 19.0 % 9.5 % 20.7 % N/A 11.7 % NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of YTD Segment Performance to Adjusted EBITDA Six months ended June 30, 2020 Rocky Mountain Northeast Southern Corporate Total Revenue $ 35,690 $ 17,956 $ 8,762 $ — $ 62,408 Direct operating expenses 30,009 13,964 6,054 — 50,027 General and administrative expenses 3,013 1,068 510 4,778 9,369 Depreciation and amortization 6,339 5,083 3,715 8 15,145 Operating loss (15,854 ) (2,159 ) (4,913 ) (4,786 ) (27,712 ) Operating margin % (44.4 )% (12.0 )% (56.1 )% N/A (44.4 )% Loss before income taxes (16,041 ) (2,379 ) (5,020 ) (6,368 ) (29,808 ) Net loss (16,041 ) (2,379 ) (5,020 ) (6,383 ) (29,823 ) Depreciation and amortization 6,339 5,083 3,715 8 15,145 Interest expense, net 367 220 107 1,582 2,276 Income tax expense — — — 15 15 EBITDA $ (9,335 ) $ 2,924 $ (1,198 ) $ (4,778 ) $ (12,387 ) Adjustments, net 13,120 (236 ) 3,228 682 16,794 Adjusted EBITDA $ 3,785 $ 2,688 $ 2,030 $ (4,096 ) $ 4,407 Adjusted EBITDA margin % 10.6 % 15.0 % 23.2 % N/A 7.1 % Six months ended June 30, 2019 Rocky Mountain Northeast Southern Corporate Total Revenue $ 53,870 $ 22,560 $ 11,437 $ — $ 87,867 Direct operating expenses 42,182 18,322 6,570 — 67,074 General and administrative expenses 2,252 1,575 753 6,175 10,755 Depreciation and amortization 8,606 5,485 4,296 25 18,412 Operating loss 830 (2,939 ) (176 ) (6,200 ) (8,485 ) Operating margin % 1.5 % (13.0 )% (1.5 )% N/A (9.7 )% Loss before income taxes 683 (3,155 ) (285 ) (8,479 ) (11,236 ) Net loss 683 (3,155 ) (285 ) (8,604 ) (11,361 ) Depreciation and amortization 8,606 5,485 4,296 25 18,412 Interest expense, net 296 216 109 2,097 2,718 Income tax expense — — — 125 125 EBITDA $ 9,585 $ 2,546 $ 4,120 $ (6,357 ) $ 9,894 Adjustments, net (760 ) (456 ) (326 ) 1,446 (96 ) Adjusted EBITDA $ 8,825 $ 2,090 $ 3,794 $ (4,911 ) $ 9,798 Adjusted EBITDA margin % 16.4 % 9.3 % 33.2 % N/A 11.2 % NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of Special Items to Net loss and to EBITDA and Adjusted EBITDA Three months ended June 30, 2020 As Reported Special Items As Adjusted Revenue $ 24,466 $ — $ 24,466 Direct operating expenses 18,551 236 [A] 18,787 General and administrative expenses 4,445 (1,259 ) [B] 3,186 Total costs and expenses 30,152 (1,023 ) [C] 29,129 Operating loss (5,686 ) 1,023 [C] (4,663 ) Net loss (6,779 ) 1,025 [D] (5,754 ) Net loss $ (6,779 ) $ (5,754 ) Depreciation and amortization 7,156 7,156 Interest expense, net 1,116 1,116 Income tax expense 15 13 EBITDA and Adjusted EBITDA $ 1,508 $ 2,531 Description of 2020 Special Items: [A] Special items relates to gain on the sale of underutilized assets. [B] Primarily attributable to transaction costs related to a discontinued project and stock-based compensation expense. [C] Primarily includes the aforementioned adjustments. [D] Primarily includes the aforementioned adjustments. Additionally, our effective tax rate for the three months ended June 30, 2020 was (0.2%) and was applied to the special items accordingly. NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of Special Items to Net loss and to EBITDA and Adjusted EBITDA Three months ended June 30, 2019 As Reported Special Items As Adjusted Revenue $ 45,240 $ — $ 45,240 Direct operating expenses 34,517 848 [E] 35,365 General and administrative expenses 5,280 (620 ) [F] 4,660 Total costs and expenses 49,068 234 [G] 49,302 Operating loss (3,828 ) (234 ) [G] (4,062 ) Net loss (5,006 ) (319 ) [H] (5,325 ) Net loss $ (5,006 ) $ (5,325 ) Depreciation and amortization 9,277 9,277 Interest expense, net 1,297 1,297 Income tax expense 46 49 EBITDA and Adjusted EBITDA $ 5,614 $ 5,298 Description of 2019 Special Items: [E] Special items primarily relates to the gain on the sale of underutilized assets. [F] Primarily attributable to stock-based compensation. [G] Primarily includes the aforementioned adjustments. [H] Primarily includes the aforementioned adjustments along with a gain of $69.0 thousand associated with the change in fair value of the derivative warrant liability. Additionally, our effective tax rate for the three months ended June 30, 2019 was (0.9%) percent and was applied to the special items accordingly. NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of Special Items to Net loss and to EBITDA and Adjusted EBITDA Six months ended June 30, 2020 As Reported Special Items As Adjusted Revenue $ 62,408 $ — $ 62,408 Direct operating expenses 50,027 209 [A] 50,236 General and administrative expenses 9,369 (1,542 ) [B] 7,827 Total costs and expenses 90,120 (16,912 ) [C] 73,208 Operating loss (27,712 ) 16,912 [C] (10,800 ) Net loss (29,823 ) 16,802 [D] (13,021 ) Net loss $ (29,823 ) $ (13,021 ) Depreciation and amortization 15,145 15,145 Interest expense, net 2,276 2,276 Income tax expense 15 7 EBITDA and Adjusted EBITDA $ (12,387 ) $ 4,407 Description of 2020 Special Items: [A] Special items relates to the gain on the sale of underutilized assets and severance costs. [B] Primarily attributable to transaction costs related to a discontinued project, stock-based compensation expense, reversal of certain prior year transaction costs related to the exploration of strategic opportunities, and severance costs. [C] Primarily includes the aforementioned adjustments along with long-lived asset impairment charges of $15.6 million for assets associated with the landfill in the Rocky Mountain division, trucking equipment in the Southern division and property classified as held-for-sale in the Rocky Mountain division. [D] Primarily includes the aforementioned adjustments. Additionally, our effective tax rate for the six months ended June 30, 2020 was (0.1%) and was applied to the special items accordingly. NUVERRA ENVIRONMENTAL SOLUTIONS, INC. AND SUBSIDIARIES NON-GAAP RECONCILIATIONS (continued) (In thousands) (Unaudited) Reconciliation of Special Items to Net loss and to EBITDA and Adjusted EBITDA Six months ended June 30, 2019 As Reported Special Items As Adjusted Revenue $ 87,867 $ — $ 87,867 Direct operating expenses 67,074 1,706 [E] 68,780 General and administrative expenses 10,755 (1,317 ) [F] 9,438 Total costs and expenses 96,352 278 [G] 96,630 Operating loss (8,485 ) (278 ) [G] (8,763 ) Net loss (11,361 ) (97 ) [H] (11,458 ) Net loss $ (11,361 ) $ (11,458 ) Depreciation and amortization 18,412 18,412 Interest expense, net 2,718 2,718 Income tax expense 125 126 EBITDA and Adjusted EBITDA $ 9,894 $ 9,798 Description of 2019 Special Items: [E] Special items primarily relates to the gain on the sale of underutilized assets. [F] Primarily attributable to stock-based compensation and non-routine litigation expenses, partially offset by an adjustment to capitalize certain of our transaction costs for our acquisition of Clearwater Solutions in the fourth quarter of 2018. [G] Primarily includes the aforementioned adjustments along with long-lived asset impairment charges of $0.1 million for assets classified as held-for-sale in the Northeast division. [H] Primarily includes the aforementioned adjustments along with a gain of $28.0 thousand associated with the change in fair value of the derivative warrant liability. Additionally, our effective tax rate for the six months ended June 30, 2019 was (1.1%) percent and was applied to the special items accordingly.
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Pipeline Court Ruling Helps Some Oil Companies, but Big Risks Remain
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Callon Petroleum (CPE) Q2 2020 Earnings Call Transcript | The Motley Fool
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EOG RESOURCES : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EOG RESOURCES, INC. (form 10-Q) | MarketScreener
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Nine Energy Service Announces Second Quarter 2020 Results
- HOUSTON--(BUSINESS WIRE)--Nine Energy Service, Inc. ("Nine" or the "Company") (NYSE: NINE) reported second quarter 2020 revenues of $52.7 million, net loss of $(24.2) million and adjusted EBITDA of $(11.0) million. For the second quarter 2020, adjusted net lossB was $(33.7) million, or $(1.13) adjusted basic earnings per shareC. “In response to the extreme reduction in demand related to the COVID-19 pandemic, North American operators significantly cut capex, either reducing or completely suspending activity during the quarter,” said Ann Fox, President and Chief Executive Officer, Nine Energy Service. “These reductions were most evident in the Permian Basin where total completions have declined by approximately 77% in June from the 2020 high in February. Activity reductions affected revenue and profitability across service lines, but with what we know today, we believe that we are at or near the trough from an activity perspective.” “The preservation of cash and debt service remains our top priority. Because of our high variable cost and the asset-light make-up of Nine, we were able to quickly implement cost-cutting measures and will continue to adapt as the market dictates. Our focus on working capital management has resulted in a strong cash balance of $88.7 million as of June 30, 2020, as well as an undrawn revolver.” “Our team continues to gain ground with the commercialization of our dissolvable plugs, receiving incremental trials with new customers and expanding market share with current customers despite the extremely difficult environment. The tool continues to perform very well, allowing us to maintain some momentum into this downturn. While the near-term outlook is very challenging, we believe that our technological innovations position us to thrive when activity recovers.” Operating Results During the second quarter of 2020, the Company reported revenues of $52.7 million with adjusted gross lossD of $(4.0) million. During the second quarter, the Company generated ROICE of (27)%. During the second quarter of 2020, the Company reported selling, general and administrative (“SG&A”) expense of $11.3 million, compared to $16.4 million for the first quarter of 2020. Depreciation and amortization expense ("D&A") in the second quarter of 2020 was $12.6 million, compared to $12.7 million for the first quarter of 2020. The Company recognized an income tax benefit of approximately $0.2 million in the second quarter of 2020 and an overall income tax benefit year-to-date of approximately $2.3 million, resulting in an effective tax rate of 0.7% against year-to-date results. The Company’s year-to-date income tax benefit is primarily a result of the discrete tax benefit recorded in the first quarter of 2020 related to the Coronavirus Aid, Relief, and Economic Security Act as well as the release of a portion of our valuation allowance due to goodwill impairment which was also recorded in the first quarter of 2020. Liquidity and Capital Expenditures During the second quarter of 2020, the Company reported net cash provided by operating activities of $1.6 million, compared to $0.7 million for the first quarter of 2020. Capital expenditures totaled $3.6 million during the second quarter of 2020. As of June 30, 2020, Nine’s cash and cash equivalents were $88.7 million, and the Company had $44.8 million of availability under the revolving credit facility, which remains undrawn, resulting in a total liquidity position of $133.5 million as of June 30, 2020. Availability under the revolving credit facility decreased due to a reduction in accounts receivable and inventory balances. ABCDESee end of press release for definitions Conference Call Information The call is scheduled for Thursday, August 6, 2020 at 9:00 am Central Time. Participants may join the live conference call by dialing U.S. (Toll Free): (877) 524-8416 or International: (412) 902-1028 and asking for the “Nine Energy Service Earnings Call”. Participants are encouraged to dial into the conference call ten to fifteen minutes before the scheduled start time to avoid any delays entering the earnings call. For those who cannot listen to the live call, a telephonic replay of the call will be available through August 20, 2020 and may be accessed by dialing U.S. (Toll Free): (877) 660-6853 or International: (201) 612-7415 and entering the passcode of 13697768. About Nine Energy Service Nine Energy Service is an oilfield services company that offers completion solutions within North America and abroad. The Company brings years of experience with a deep commitment to serving clients with smarter, customized solutions and world-class resources that drive efficiencies. Serving the global oil and gas industry, Nine continues to differentiate itself through superior service quality, wellsite execution and cutting-edge technology. Nine is headquartered in Houston, Texas with operating facilities in the Permian, Eagle Ford, SCOOP/STACK, Niobrara, Barnett, Bakken, Marcellus, Utica and Canada. For more information on the Company, please visit Nine’s website at nineenergyservice.com. Forward Looking Statements The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. Forward-looking statements also include statements that refer to or are based on projections, uncertain events or assumptions. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, the severity and duration of the COVID-19 pandemic, related economic repercussions and the resulting negative impact on demand for oil and gas; the current significant surplus in the supply of oil and the ability of the OPEC+ countries to agree on and comply with supply limitations; the duration and magnitude of the unprecedented disruption in the oil and gas industry currently resulting from the impact of the foregoing factors, which is negatively impacting our business; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; pricing pressures, reduced sales, or reduced market share as a result of intense competition in the markets for the Company’s dissolvable plug products; the Company’s ability to implement and commercialize new technologies, services and tools; the Company’s ability to grow its completion tool business; the Company’s ability to reduce capital expenditures; the Company’s ability to accurately predict customer demand; the loss of, or interruption or delay in operations by, one or more significant customers; the loss of or interruption in operations of one or more key suppliers; the adequacy of the Company’s capital resources and liquidity; the incurrence of significant costs and liabilities resulting from litigation; the loss of, or inability to attract, key personnel; the Company’s ability to successfully integrate recently acquired assets and operations and realize anticipated revenues, cost savings or other benefits thereof; and other factors described in the “Risk Factors” and “Business” sections of the Company’s most recently filed Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments. NINE ENERGY SERVICE, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS) (In Thousands, Except Per Share Amounts) (Unaudited) Three Months Ended June 30, 2020 March 31, 2020 Revenues $ 52,735 $ 146,624 Cost and expenses 56,703 126,008 General and administrative expenses 11,284 16,395 Depreciation 8,449 8,541 Amortization of intangibles 4,116 4,169 Impairment of goodwill - 296,196 (Gain) loss on revaluation of contingent liabilities 910 (426 ) Gain on sale of property and equipment (1,790 ) (575 ) Loss from operations (26,937 ) (303,684 ) Interest expense 9,186 9,828 Interest income (179 ) (371 ) Gain on extinguishment of debt (11,587 ) (10,116 ) Loss before income taxes (24,357 ) (303,025 ) Benefit for income taxes (186 ) (2,125 ) Net loss $ (24,171 ) $ (300,900 ) Loss per share Basic $ (0.81 ) $ (10.22 ) Diluted $ (0.81 ) $ (10.22 ) Weighted average shares outstanding Basic 29,844,240 29,430,475 Diluted 29,844,240 29,430,475 Other comprehensive income (loss), net of tax Foreign currency translation adjustments, net of tax of $0 and $0 $ 207 $ (603 ) Total other comprehensive income (loss), net of tax 207 (603 ) Total comprehensive loss $ (23,964 ) $ (301,503 ) NINE ENERGY SERVICE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) (Unaudited) June 30, 2020 March 31, 2020 Assets Current assets Cash and cash equivalents $ 88,678 $ 90,116 Accounts receivable, net 39,376 92,645 Income taxes receivable 630 810 Inventories, net 59,333 63,113 Prepaid expenses and other current assets 19,291 14,977 Total current assets 207,308 261,661 Property and equipment, net 115,258 121,148 Intangible assets, net 140,706 144,822 Other long-term assets 5,587 7,377 Total assets $ 468,859 $ 535,008 Liabilities and Stockholders’ Equity Current liabilities Accounts payable $ 11,114 $ 28,291 Accrued expenses 16,056 29,098 Current portion of long-term debt 563 - Current portion of capital lease obligations 1,043 1,019 Total current liabilities 28,776 58,408 Long-term liabilities Long-term debt 365,632 379,007 Long-term capital lease obligations 1,667 1,937 Other long-term liabilities 2,834 3,805 Total liabilities 398,909 443,157 Stockholders’ equity Common stock (120,000,000 shares authorized at $.01 par value; 31,652,635 and 30,406,994 shares issued and outstanding at June 30, 2020 and March 31, 2020, respectively) 317 304 Additional paid-in capital 764,382 762,332 Accumulated other comprehensive loss (4,863 ) (5,070 ) Accumulated deficit (689,886 ) (665,715 ) Total stockholders’ equity 69,950 91,851 Total liabilities and stockholders’ equity $ 468,859 $ 535,008 NINE ENERGY SERVICE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited) Three Months Ended June 30, 2020 March 31, 2020 Cash flows from operating activities Net loss $ (24,171 ) $ (300,900 ) Adjustments to reconcile net loss to net cash provided by operating activities Depreciation 8,449 8,541 Amortization of intangibles 4,116 4,169 Amortization of deferred financing costs 710 745 Provision for (recovery of) doubtful accounts 1,741 (288 ) Benefit for deferred income taxes - (1,588 ) Provision for inventory obsolescence 241 271 Impairment of goodwill - 296,196 Stock-based compensation expense 2,105 3,592 Gain on extinguishment of debt (11,587 ) (10,116 ) Gain on sale of property and equipment (1,790 ) (575 ) (Gain) loss on revaluation of contingent liabilities 910 (426 ) Changes in operating assets and liabilities, net of effects from acquisitions Accounts receivable, net 51,585 4,458 Inventories, net 3,610 (2,651 ) Prepaid expenses and other current assets (4,067 ) 2,409 Accounts payable and accrued expenses (32,943 ) (3,213 ) Income taxes receivable/payable 180 (150 ) Other assets and liabilities 2,525 271 Net cash provided by operating activities 1,614 745 Cash flows from investing activities Proceeds from sales of property and equipment 3,213 892 Proceeds from property and equipment casualty losses 127 428 Purchases of property and equipment (2,107 ) (785 ) Net cash provided by investing activities 1,233 535 Cash flows from financing activities Purchases of Senior Notes (3,959 ) (3,455 ) Payments on capital leases (246 ) (240 ) Payments of contingent liability (108 ) (98 ) Vesting of restricted stock (42 ) (115 ) Net cash used in financing activities (4,355 ) (3,908 ) Impact of foreign currency exchange on cash 70 (245 ) Net decrease in cash and cash equivalents (1,438 ) (2,873 ) Cash, cash equivalents and restricted cash Beginning of period 90,116 92,989 End of period $ 88,678 $ 90,116 NINE ENERGY SERVICE, INC. RECONCILIATION OF ADJUSTED GROSS PROFIT (LOSS) (In Thousands) (Unaudited) Three Months Ended June 30, 2020 March 31, 2020 Calculation of gross profit (loss) Revenues $ 52,735 $ 146,624 56,703 126,008 Depreciation (related to cost of revenues) 7,858 7,943 Amortization of intangibles 4,116 4,169 Gross profit (loss) $ (15,942 ) $ 8,504 Adjusted gross profit (loss) reconciliation Gross profit (loss) $ (15,942 ) $ 8,504 Depreciation (related to cost of revenues) 7,858 7,943 Amortization of intangibles 4,116 4,169 Adjusted gross profit (loss) $ (3,968 ) $ 20,616 NINE ENERGY SERVICE, INC. RECONCILIATION OF EBITDA AND ADJUSTED EBITDA (In Thousands) (Unaudited) Three Months Ended June 30, 2020 March 31, 2020 EBITDA reconciliation: Net loss $ (24,171 ) $ (300,900 ) Interest expense 9,186 9,828 Interest income (179 ) (371 ) Depreciation 8,449 8,541 Amortization of intangibles 4,116 4,169 Benefit for income taxes (186 ) (2,125 ) EBITDA $ (2,785 ) $ (280,858 ) Impairment of goodwill - 296,196 Transaction and integration costs - 146 (Gain) loss on revaluation of contingent liabilities (1) 910 (426 ) Gain on extinguishment of debt (11,587 ) (10,116 ) Restructuring charges 2,094 2,329 Stock-based compensation expense 2,105 3,592 Gain on sale of property and equipment (1,790 ) (575 ) Legal fees and settlements (2) 20 4 Adjusted EBITDA $ (11,033 ) $ 10,292 (1) Amounts relate to the revaluation of contingent liabilities associated with the Company's 2018 acquisitions. (2) Amounts represent fees and legal settlements associated with legal proceedings brought pursuant to the Fair Labor Standards Act and/or similar state laws. NINE ENERGY SERVICE, INC. RECONCILIATION OF ROIC CALCULATION (In Thousands) (Unaudited) Consolidated Three Months Ended Three Months Ended June 30, 2020 March 31, 2020 Net loss $ (24,171 ) $ (300,900 ) Add back: Impairment of goodwill - 296,196 Transaction and integration costs - 146 Interest expense 9,186 9,828 Interest income (179 ) (371 ) Restructuring charges 2,094 2,329 Gain on extinguishment of debt (11,587 ) (10,116 ) Benefit for deferred income taxes - (1,588 ) After-tax net operating loss $ (24,657 ) $ (4,476 ) Total capital as of prior period-end: Total stockholders' equity $ 91,851 $ 389,877 Total debt 386,171 400,000 Less cash and cash equivalents (90,116 ) (92,989 ) Total capital as of prior period-end $ 387,906 $ 696,888 Total capital as of period-end: Total stockholders' equity $ 69,950 $ 91,851 Total debt 372,584 386,171 Less: cash and cash equivalents (88,678 ) (90,116 ) Total capital as of period-end: $ 353,856 $ 387,906 Average total capital $ 370,881 $ 542,397 ROIC -27 % -3 % NINE ENERGY SERVICE, INC. RECONCILIATION OF ADJUSTED BASIC EARNINGS (LOSS) PER SHARE CALCULATION (In Thousands) (Unaudited) Three Months Ended June 30, 2020 March 31, 2020 Reconciliation of adjusted net income (loss): Net loss $ (24,171 ) $ (300,900 ) Add back: Impairment of goodwill (a) - 296,196 Transaction and integration costs (b) - 146 Restructuring charges 2,094 2,329 Gain on extinguishment of debt (c) (11,587 ) (10,116 ) Less: Tax benefit from add-backs - (2,547 ) Adjusted net loss $ (33,664 ) $ (14,892 ) Weighted average shares Weighted average shares outstanding for basic and 29,844,240 29,430,475 adjusted basic earnings (loss) per share Loss per share: Basic loss per share $ (0.81 ) $ (10.22 ) Adjusted basic loss per share $ (1.13 ) $ (0.51 ) (a) Impairment charges were driven by sharp declines in global crude oil demand and an economic recession associated with the coronavirus pandemic, as well as sharp declines in oil and natural gas prices associated with international pricing and production disputes. (b) Amounts represent transaction and integration costs, including the cost of inventory that was stepped up to fair value during purchase accounting associated with 2018 acquisitions. (c) Amounts primarily represent the difference between the repurchase price and the carrying amount of senior notes repurchased during the respective period. AAdjusted EBITDA is defined as net income (loss) before interest, taxes, and depreciation and amortization, further adjusted for (i) property and equipment, goodwill, and/or intangible asset impairment charges, (ii) transaction and integration costs related to acquisitions, (iii) loss or gain on revaluation of contingent liabilities, (iv) gain on the extinguishment of debt, (v) loss or gain on the sale of subsidiaries, (vi) restructuring charges, (vii) stock-based compensation expense, (viii) loss or gain on sale of property and equipment, and (ix) other expenses or charges to exclude certain items which we believe are not reflective of ongoing performance of our business, such as legal expenses and settlement costs related to litigation outside the ordinary course of business. Management believes Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure and helps identify underlying trends in our operations that could otherwise be distorted by the effect of the impairments, acquisitions and dispositions and costs that are not reflective of the ongoing performance of our business. BAdjusted Net Income (Loss) is defined as net income (loss) adjusted for (i) property and equipment, goodwill, and/or intangible asset impairment charges, (ii) transaction and integration costs related to acquisitions, (iii) restructuring charges, (iv) loss or gain on the sale of subsidiaries, (v) gain on the extinguishment of debt and (vi) tax impact of such adjustments. Management believes Adjusted Net Income (Loss) is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period and helps identify underlying trends in our operations that could otherwise be distorted by the effect of the impairments and acquisitions. CAdjusted Basic Earnings Per Share is defined as adjusted net income (loss), divided by weighted average basic shares outstanding. Management believes Adjusted Basic Earnings Per Share is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period and help identify underlying trends in our operations that could otherwise be distorted by the effect of the impairments and acquisitions. DAdjusted Gross Profit (Loss) is defined as revenues less cost of revenues excluding depreciation and amortization. This measure differs from the GAAP definition of gross profit (loss) because we do not include the impact of depreciation and amortization, which represent non-cash expenses. Our management uses adjusted gross profit (loss) to evaluate operating performance. We prepare adjusted gross profit (loss) to eliminate the impact of depreciation and amortization because we do not consider depreciation and amortization indicative of our core operating performance. EReturn on Invested Capital (“ROIC”) is defined as after-tax net operating profit (loss), divided by average total capital. We define after-tax net operating profit (loss) as net income (loss) plus (i) property and equipment, goodwill, and/or intangible asset impairment charges, (ii) transaction and integration costs related to acquisitions, (iii) interest expense (income), (iv) restructuring charges, (v) loss or gain on the sale of subsidiaries, (vi) gain on extinguishment of debt, and (vii) the provision or benefit for deferred income taxes. We define total capital as book value of equity plus the book value of debt less balance sheet cash and cash equivalents. We compute the average of the current and prior period-end total capital for use in this analysis. Management believes ROIC is a meaningful measure because it quantifies how well we generate operating income relative to the capital we have invested in our business and illustrates the profitability of a business or project taking into account the capital invested. Management uses ROIC to assist them in making capital resource allocation decisions and in evaluating business performance.
- 08/06/2020
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Williams Companies Inc (WMB) Q2 2020 Earnings Call Transcript | The Motley Fool
- WMB earnings call for the period ending June 30, 2020.
- 08/04/2020
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Callon Petroleum Company : Announces Second Quarter 2020 Results | MarketScreener
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NuStar Energy L.P. Reports Second Quarter 2020 Earnings Results
- NuStar Energy L.P. (NYSE: NS) today announced results for the three months ended June 30, 2020. “Despite the challenges of a global pandemic, a crushi
- 08/04/2020
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Noble Energy Announces Second Quarter Results
- HOUSTON--(BUSINESS WIRE)--Noble Energy, Inc. (NASDAQ: NBL) (“Noble Energy” or the “Company”) today provided second quarter financial and operating results. “Noble Energy's second quarter results reflect strong operational execution against the backdrop of the challenging global economic environment that impacted financial outcomes across our industry. Through the recent pandemic, our teams have stayed focused on safety, returns, and cost control, and I am pleased with our accomplishments in the first half of the year,” stated David L. Stover, Noble Energy’s Chairman and CEO. “On July 20th, we announced our intention to combine with Chevron. We look forward to closing the transaction in the fourth quarter.” Second Quarter 2020 Results The Company reported second quarter net loss attributable to Noble Energy of $408 million, or $0.85 per diluted share. Excluding items impacting comparability, the Company generated adjusted net loss and adjusted net loss per share(1) attributable to Noble Energy for the quarter of $114 million or $0.24 per diluted share. Net cash provided by operating activities was ($82) million and was impacted by a working capital change in the quarter of ($303) million, reflecting the slowdown of capital activity from first quarter levels. Adjusted EBITDAX(1) was $307 million. Second quarter capital expenditures funded by Noble Energy were $102 million, with $62 million related to U.S. onshore activities and $32 million invested in the offshore business between Israel and West Africa. Noble Midstream Partner's (NASDAQ: NBLX) capital expenditures totaled $8 million for the quarter. During the second quarter, the Company repaid $675 million of the $1 billion revolver draw which occurred in the first quarter of 2020. Financial liquidity at the end of the second quarter 2020 totaled $4 billion, comprising $324 million of cash on hand and revolver borrowing capacity of $3.7 billion. Sales volumes for the quarter averaged 350 thousand barrels of oil equivalent per day (MBoe/d), with the U.S. onshore assets averaging 248 MBoe/d, West Africa sales of 50 MBoe/d and Israel averaging 311 million cubic feet equivalent per day (MMcfe/d). Oil sales volumes totaled 130 thousand barrels per day (MBbl/d). Revenues for the second quarter 2020 were impacted by weak commodity pricing as a result of the COVID-19 pandemic and global supply/demand factors. The Company's U.S. onshore oil price realizations (before hedges) averaged $22.30 per barrel and NGL pricing averaged $7.51 per barrel. The Company's realized natural gas price in the U.S. onshore averaged $1.16 per thousand cubic feet (Mcf). In Equatorial Guinea, approximately three-fourths of the Company's oil sales occurred in the month of May, driving the quarterly average realization of $23.87 per barrel. Natural gas realizations in Israel averaged $5.00 per Mcf. During the second quarter, Noble Energy’s hedge portfolio delivered $106 million in cash proceeds, primarily from oil positions. Unit production expenses for the quarter were $6.72 per barrel of oil equivalent (BOE), including lease operating expenses, production taxes, gathering, transportation and processing expenses, and other royalty costs. Cost initiatives and continuous improvement efforts focused on reducing contract labor, workover expenses, chemicals and all other variable costs. Production curtailments during the second quarter were focused on higher cost wells, also benefitting second quarter absolute and unit costs. Marketing and Other, including sales and costs of purchased oil and gas, netted to $24 million of expense for the quarter, primarily reflecting mitigation of firm transportation costs. Depreciation, depletion and amortization was $10.05 per BOE, down meaningfully from prior periods reflecting a lower Delaware Basin depletion rate going forward. General and administrative (G&A) expenses totaled $63 million for the quarter. G&A declined as compared to the prior periods, as a result of workforce alignment efforts within the organization, reduced contractor costs and travel expenditures. Adjustments from the Company's second quarter net loss included a $264 million loss on commodity derivative instruments, net of cash settlements. In addition, the Company recorded a $51 million asset impairment related to the Felicita project in Equatorial Guinea and $30 million in corporate restructuring costs that were included in other operating expense. Income from equity method investment and other totaled $3 million for the second quarter, with income generated from the Company’s interest in Alba Plant and AMPCO Methanol in Equatorial Guinea, offset by a net loss from Noble Midstream’s pipeline investments. The Company’s effective tax rate on adjusted earnings was approximately 17%. On this basis, current tax expense was $19 million, resulting from the income generated in West Africa and Israel. Deferred taxes were a benefit of $38 million on this same basis. U.S. Onshore Sales volumes from the Company’s U.S. onshore assets totaled 248 MBoe/d in the second quarter, with the DJ Basin contributing 144 MBoe/d, the Delaware averaging 63 MBoe/d, and Eagle Ford of 41 MBoe/d. During the quarter, the Company operated 1.5 rigs (1.0 DJ and 0.5 Delaware) and drilled 19 wells (16 DJ and 3 Delaware) onshore. Early in the quarter, Noble Energy completed 6 wells (4 DJ and 2 Delaware) and commenced production on 22 new wells (16 DJ and 6 Delaware). The Company curtailed on average approximately 11 MBbl/d (30 MBoe/d) on a net basis for the second quarter 2020. Approximately 80 percent of these curtailments were in the DJ Basin, with the remainder in the Delaware, and minimal impact to the Eagle Ford. With significant improvements to operating costs and netback pricing, the majority of curtailed volumes were brought back on production by the end of July 2020. Safety performance during the second quarter was exceptional with all activities completed without a recordable incident. Eastern Mediterranean Second quarter 2020 sales volumes from Tamar and Leviathan totaled 1.09 billion cubic feet of natural gas equivalent per day, gross, combined. As compared to the first quarter of the year, volumes were lower by approximately 23%, driven by the demand impacts from the COVID-19 pandemic as well as the normal seasonal weather-based decline experienced in the second quarter. Net sales volumes to Noble Energy for the quarter were 311 MMcfe/d. Following startup on December 31, 2019, the Leviathan field has performed in the top-tier of all offshore major projects. During the second quarter 2020, field and facility uptime averaged in excess of 99%. Noble Energy finalized the commissioning of additional compression onshore at the Ashkelon metering station in Israel during the month of July, to increase the capacity throughput for higher sales volumes into Egypt via the EMG Pipeline. West Africa Sales volumes for Equatorial Guinea averaged 50 MBoe/d, including 16 MBbl/d of crude oil. Strong base field performance continues at the Company’s operated Aseng and Alen fields, as well as the non-operated Alba field and onshore facilities. The Equatorial Guinea assets continue to operate at the highest safety standards with the Alen platform reaching six years without a recordable incident during the quarter. Despite impacts from the COVID-19 pandemic, the Alen Gas Monetization project continues to progress towards an early 2021 start-up. During July, the shore crossing site preparation for connecting the Alen natural gas pipeline to the onshore facilities continued. Offshore pipeline installation remains on schedule for the third quarter. During the second quarter, the Company initiated hedge positions to secure global LNG revenues for a portion of expected 2021 and 2022 gas revenues. Investor Conference Call Due to the pending merger with Chevron, the Company will not host a conference call/webcast to review its second quarter 2020 results. (1) A Non-GAAP measure, please see the respective earnings release schedules included herein for reconciliations. Noble Energy (NASDAQ: NBL) is an independent oil and natural gas exploration and production company committed to meeting the world’s growing energy needs and delivering leading returns to shareholders. The Company operates a high-quality portfolio of assets onshore in the United States and offshore in the Eastern Mediterranean and off the west coast of Africa. Founded more than 85 years ago, Noble Energy is guided by its values, its commitment to safety, and respect for stakeholders, communities and the environment. For more information on how the Company fulfills its purpose: Energizing the World, Bettering People’s Lives®, visit https://www.nblenergy.com. Access Noble Energy’s 2019 Sustainability Report for more information about how the Company is continuously improving its social, environmental and governance performance around the world. This news release contains certain "forward-looking statements" within the meaning of federal securities laws. Words such as "anticipates", "plans", "estimates", "believes", "expects", "intends", "will", "should", "may", and similar expressions may be used to identify forward-looking statements. Forward-looking statements are not statements of historical fact and reflect Noble Energy's current views about future events. Such forward-looking statements may include, but are not limited to, future financial and operating results, and other statements that are not historical facts, including estimates of oil and natural gas reserves and resources, estimates of future production, assumptions regarding future oil and natural gas pricing, planned drilling activity, future results of operations, projected cash flow and liquidity, business strategy and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this news release will occur as projected and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, volatility in commodity prices for crude oil and natural gas, the presence or recoverability of estimated reserves, the ability to replace reserves, environmental risks, drilling and operating risks, exploration and development risks, competition, government regulation or other actions, the ability of management to execute its plans to meet its goals, the potential adverse impact of the COVID-19 pandemic on the Company's business, financial condition and results of operations, and the markets and communities in which the Company operates, and other risks inherent in Noble Energy's businesses that are discussed in Noble Energy's most recent annual report on Form 10-K, quarterly report on Form 10-Q, and in other Noble Energy reports on file with the Securities and Exchange Commission. These reports are also available from the sources described above. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Noble Energy does not assume any obligation to update any forward-looking statements should circumstances or management’s estimates or opinions change. This news release also contains certain historical non-GAAP measures of financial performance that management believes are good tools for internal use and the investment community in evaluating Noble Energy’s overall financial performance. These non-GAAP measures are broadly used to value and compare companies in the crude oil and natural gas industry. Please see Noble Energy’s earnings release schedules included herein for reconciliations of the differences between any historical non-GAAP measures used in this news release and the most directly comparable GAAP financial measures. Schedule 1 Noble Energy, Inc. Summary Statement of Operations (in millions, except per share amounts, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenues Oil, NGL and Gas Sales $ 493 $ 954 $ 1,387 $ 1,891 Sales of Purchased Oil and Gas 49 103 174 177 Income (Loss) from Equity Method Investments and Other 3 16 (21 ) 33 Midstream Services Revenues – Third Party 26 20 51 44 Total Revenues 571 1,093 1,591 2,145 Operating Expenses Lease Operating Expense 98 122 236 273 Production and Ad Valorem Taxes 24 41 63 90 Gathering, Transportation and Processing Expense 89 96 184 198 Other Royalty Expense 3 1 7 4 Exploration Expense (1) 15 33 1,519 57 Depreciation, Depletion and Amortization 320 528 812 1,036 General and Administrative 63 105 148 207 Cost of Purchased Oil and Gas 63 113 202 200 Marketing Expense 10 14 19 19 Asset Impairments 51 — 2,754 — Goodwill Impairment — — 110 — Other Operating Expense, Net 63 8 98 120 Total Operating Expenses 799 1,061 6,152 2,204 Operating (Loss) Income (228 ) 32 (4,561 ) (59 ) Other Expense (Income) Loss (Gain) on Commodity Derivative Instruments 158 (60 ) (231 ) 152 Interest, Net of Amount Capitalized 87 63 168 129 Other Non-Operating Expense (Income), Net 3 1 (4 ) 5 Total Other Expense (Income) 248 4 (67 ) 286 (Loss) Income Before Income Taxes (476 ) 28 (4,494 ) (345 ) Income Tax (Benefit) Expense (89 ) 20 (100 ) (64 ) Net (Loss) Income and Comprehensive (Loss) Income Including Noncontrolling Interests (387 ) 8 (4,394 ) (281 ) Less: Net Income (Loss) and Comprehensive Income Attributable to Noncontrolling Interests (2) 21 18 (23 ) 42 Net Loss and Comprehensive Loss Attributable to Noble Energy $ (408 ) $ (10 ) $ (4,371 ) $ (323 ) Net Loss Attributable to Noble Energy Per Share of Common Stock Loss Per Share, Basic and Diluted $ (0.85 ) $ (0.02 ) $ (9.11 ) $ (0.68 ) Weighted Average Number of Shares Outstanding - Basic and Diluted 479 478 480 478 (1) $1,488 million of exploration expense for the six months ended June 30, 2020 relates to leasehold asset impairments. (2) The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. The public's ownership interest in NBLX is reflected as a noncontrolling interest in the financial statements. These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on August 3, 2020. Schedule 2 Noble Energy, Inc. Condensed Statement of Cash Flows (in millions, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cash Flows From Operating Activities Net (Loss) Income Including Noncontrolling Interests (1) $ (387 ) $ 8 $ (4,394 ) $ (281 ) Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities Depreciation, Depletion and Amortization 320 528 812 1,036 Leasehold Impairment 3 — 1,488 — Asset Impairments 51 — 2,754 — Goodwill Impairment — — 110 — Finance Lease Impairment — — 40 — Firm Transportation Exit Cost — — — 92 Deferred Income Tax Benefit (96 ) (1 ) (144 ) (101 ) Loss (Gain) on Commodity Derivative Instruments 158 (60 ) (231 ) 152 Net Cash Received in Settlement of Commodity Derivative Instruments 106 1 314 15 Other Adjustments for Noncash Items Included in Income 66 31 108 59 Net Changes in Working Capital (303 ) 57 (457 ) 120 Net Cash (Used in) Provided by Operating Activities (82 ) 564 400 1,092 Cash Flows From Investing Activities Additions to Property, Plant and Equipment (245 ) (642 ) (724 ) (1,405 ) Additions to Equity Method Investments (2) (2 ) (144 ) (228 ) (415 ) Net Proceeds from Divestitures (3) 1 — 18 123 Other (23 ) — (31 ) — Net Cash Used in Investing Activities (269 ) (786 ) (965 ) (1,697 ) Cash Flows From Financing Activities Dividends Paid, Common Stock (10 ) (58 ) (68 ) (111 ) Noble Midstream Services Revolving Credit Facility, Net (15 ) 140 140 310 Revolving Credit Facility, Net (675 ) — 325 — Commercial Paper Borrowings, Net — 240 — 240 Repayment of Senior Notes — (9 ) — (9 ) Contributions from Noncontrolling Interest Owners (4) 3 11 81 21 Proceeds from Issuance of Mezzanine Equity, Net of Offering Costs — — — 99 Other (25 ) (30 ) (73 ) (62 ) Net Cash (Used in) Provided by Financing Activities (722 ) 294 405 488 (Decrease) Increase in Cash, Cash Equivalents, and Restricted Cash (1,073 ) 72 (160 ) (117 ) Cash, Cash Equivalents, and Restricted Cash at Beginning of Period (5) 1,397 530 484 719 Cash, Cash Equivalents, and Restricted Cash at End of Period (6) $ 324 $ 602 $ 324 $ 602 (1) The Company consolidates Noble Midstream Partners LP (NBLX), a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. For the periods presented, net loss includes net (loss) income attributable to noncontrolling interests in NBLX. (2) Additions include NBLX's investments in EPIC Y-Grade, LP, EPIC Crude Holdings, LP, EPIC Propane and Delaware Crossing LLC. Additionally, $160 million of the investments in 2020 relates to NBLX's first quarter 2020 investment in Saddlehorn Pipeline, which includes $73 million of externally funded capital. NBLX's investment in Saddlehorn Pipeline, net of externally funded capital, was $87 million. (3) For the six months ended June 30, 2019, proceeds related to the SW Reeves County, Texas asset divestiture. (4) $73 million of the amount for the six months ended June 30, 2020 represents externally funded capital for NBLX's first quarter 2020 investment in Saddlehorn Pipeline. (5) As of the beginning of the periods presented, amounts include $0 million, $2 million, $0 million and $3 million of restricted cash, respectively. (6) As of June 30, 2020 and June 30, 2019, amounts include $0 million and $132 million of restricted cash, respectively. These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on August 3, 2020. Schedule 3 Noble Energy, Inc. Condensed Balance Sheets (in millions, unaudited) June 30, 2020 December 31, 2019 Assets Current Assets Cash and Cash Equivalents $ 324 $ 484 Accounts Receivable, Net 465 730 Other Current Assets 214 148 Total Current Assets 1,003 1,362 Property, Plant and Equipment, Net 12,986 17,451 Other Noncurrent Assets 1,910 1,834 Total Assets $ 15,899 $ 20,647 Liabilities, Mezzanine Equity and Shareholders' Equity Current Liabilities Accounts Payable - Trade $ 676 $ 1,250 Other Current Liabilities 706 719 Total Current Liabilities 1,382 1,969 Long-Term Debt Long-Term Debt - Noble Energy 6,301 5,982 Long-Term Debt - NBLX 1,635 1,495 Total Debt 7,936 7,477 Deferred Income Taxes 518 662 Other Noncurrent Liabilities 1,288 1,378 Total Liabilities 11,124 11,486 Total Mezzanine Equity 113 106 Total Shareholders' Equity 4,003 8,410 Noncontrolling Interests (1) 659 645 Total Equity 4,662 9,055 Total Liabilities and Equity $ 15,899 $ 20,647 (1) The Company consolidates NBLX, a publicly traded subsidiary of Noble Energy, as a variable interest entity for financial reporting purposes. The public's ownership interest in NBLX is reflected as a noncontrolling interest in the financial statements. These financial statements should be read in conjunction with the financial statements and the accompanying notes and other information included in Noble Energy's Quarterly Report on Form 10-Q to be filed with the Securities and Exchange Commission on August 3, 2020. Schedule 4 Noble Energy, Inc. Volume and Price Statistics (unaudited) Three Months Ended June 30, Six Months Ended June 30, Sales Volumes 2020 2019 2020 2019 Crude Oil and Condensate (MBbl/d) United States 113 117 115 115 Equatorial Guinea 14 11 16 11 Equity Method Investments - Equatorial Guinea 2 2 2 2 Total (1) 130 130 134 128 Natural Gas Liquids (MBbl/d) United States 59 64 63 62 Equity Method Investments - Equatorial Guinea 4 4 4 4 Total 63 68 67 66 Natural Gas (MMcf/d) United States 457 495 487 489 Israel 307 209 348 220 Equatorial Guinea 178 199 178 184 Total 942 903 1,013 893 Total Sales Volumes (MBoe/d) United States 248 263 259 258 Israel 52 35 59 37 Equatorial Guinea 44 45 46 42 Total Consolidated Operations 344 343 364 337 Equity Method Investments - Equatorial Guinea 6 6 6 6 Total Sales Volumes (MBoe/d) 350 349 370 343 Total Sales Volumes (MBoe) 31,855 31,733 67,317 62,108 Price Statistics - Realized Prices (Excluding Derivatives) Crude Oil and Condensate ($/Bbl) United States $ 22.30 $ 58.13 $ 34.40 $ 55.84 Equatorial Guinea 23.87 66.61 37.42 63.74 Natural Gas Liquids ($/Bbl) United States $ 7.51 $ 14.54 $ 8.99 $ 16.12 Natural Gas ($/Mcf) United States $ 1.16 $ 1.61 $ 1.22 $ 2.04 Israel 5.00 5.53 5.20 5.55 Equatorial Guinea 0.27 0.27 0.27 0.27 Price Statistics - Realized Prices (Including Derivatives) Crude Oil and Condensate ($/Bbl) United States (2) $ 32.28 $ 58.13 $ 41.69 $ 56.42 Equatorial Guinea 23.87 61.65 37.42 59.97 Natural Gas Liquids ($/Bbl) United States $ 8.07 $ 14.54 $ 9.25 $ 16.12 Natural Gas ($/Mcf) United States $ 1.16 $ 1.77 $ 1.20 $ 2.18 Israel 5.00 5.53 5.20 5.55 Equatorial Guinea 0.27 0.27 0.27 0.27 (1) Amounts include a small amount of condensate from the Company’s offshore Israel assets. (2) Six months ended June 30, 2020 amounts exclude the impact of $160 million of hedges early terminated in first quarter 2020. Schedule 5 Noble Energy, Inc. Reconciliation of Net Loss Attributable to Noble Energy and Per Share (GAAP) to Adjusted Net Loss Attributable to Noble Energy and Per Share (Non-GAAP) (in millions, except per share amounts, unaudited) Adjusted net loss attributable to Noble Energy and per share (Non-GAAP) should not be considered an alternative to, or more meaningful than, net loss attributable to Noble Energy and per share (GAAP) or any other measure as reported in accordance with GAAP. Our management believes, and certain investors may find, that adjusted net loss attributable to Noble Energy and per share (Non-GAAP) is beneficial in evaluating our operating and financial performance because it eliminates the impact of certain items affecting comparability (typically noncash and/or nonrecurring items) that management does not consider to be indicative of our performance from period to period. We believe this Non-GAAP measure is used by analysts and investors to evaluate and compare our operating and financial performance across periods. As a performance measure, adjusted net loss attributable to Noble Energy and per share (Non-GAAP) may be useful for comparison of earnings and per share to forecasts prepared by analysts and other third parties. However, our presentation of adjusted net loss attributable to Noble Energy and per share (Non-GAAP), may not be comparable to similar measures of other companies in our industry. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net Loss Attributable to Noble Energy (GAAP) $ (408 ) $ (10 ) $ (4,371 ) $ (323 ) Adjustments to Net Loss Firm Transportation Exit Cost — — — 92 Leasehold Impairment 3 — 1,488 — Asset Impairments 51 — 2,754 — Goodwill Impairment (1) — — 38 — Finance Lease Impairment — — 40 — Corporate Restructuring 30 1 30 1 Loss (Gain) on Commodity Derivative Instruments, Net of Cash Settlements 264 (59 ) 83 167 Other Adjustments 16 (5 ) — 14 Total Adjustments Before Tax 364 (63 ) 4,433 274 Current Income Tax Effect of Adjustments (2) (12 ) 4 (10 ) 1 Deferred Income Tax Effect of Adjustments (2) (58 ) 20 (81 ) (45 ) Adjusted Net Loss Attributable to Noble Energy (Non-GAAP) $ (114 ) $ (49 ) $ (29 ) $ (93 ) Net Loss Attributable to Noble Energy Per Share, Basic and Diluted (GAAP) $ (0.85 ) $ (0.02 ) $ (9.11 ) $ (0.68 ) Firm Transportation Exit Cost — — — 0.20 Leasehold Impairment 0.01 — 3.10 — Asset Impairments 0.11 — 5.74 — Goodwill Impairment — — 0.08 — Finance Lease Impairment — — 0.08 — Corporate Restructuring 0.06 — 0.06 — Loss (Gain) on Commodity Derivative Instruments, Net of Cash Settlements 0.55 (0.12 ) 0.18 0.35 Other Adjustments 0.03 (0.01 ) — 0.03 Total Adjustments Before Tax 0.76 (0.13 ) 9.24 0.58 Current Income Tax Effect of Adjustments (2) (0.03 ) 0.01 (0.02 ) — Deferred Income Tax Effect of Adjustments (2) (0.12 ) 0.04 (0.17 ) (0.09 ) Adjusted Net Loss Attributable to Noble Energy per Share, Diluted (Non-GAAP) $ (0.24 ) $ (0.10 ) $ (0.06 ) $ (0.19 ) Weighted Average Number of Shares Outstanding, Basic and Diluted 479 478 480 478 (1) Noble Midstream Partners, LP (NBLX) recorded goodwill impairment expense of $110 million during first quarter 2020. Goodwill impairment expense attributable to Noble Energy of $38 million represents Noble Energy's portion of the impairment relating to our ownership interests in Black Diamond and is reflected as an adjustment to net loss attributable to Noble Energy (Non-GAAP). The portion of impairment expense attributable to noncontrolling interests of $72 million is appropriately excluded from the above schedule. (2) Amounts represent the income tax effect of adjustments, determined for each major tax jurisdiction for each adjusting item. Schedule 6 Noble Energy, Inc. Reconciliation of Net Loss Including Noncontrolling Interests (GAAP) to Adjusted EBITDAX (Non-GAAP) (in millions, unaudited) Adjusted Earnings Before Interest Expense, Income Taxes, Depreciation, Depletion and Amortization, and Exploration Expenses (Adjusted EBITDAX) (Non-GAAP) should not be considered an alternative to, or more meaningful than, net loss including noncontrolling interests (GAAP) or any other measure as reported in accordance with GAAP. Our management believes, and certain investors may find, that Adjusted EBITDAX (Non-GAAP) is beneficial in evaluating our operating and financial performance because it eliminates the impact of certain items affecting comparability (typically noncash and/or nonrecurring items) that management does not consider to be indicative of our performance from period to period. We believe these Non-GAAP measures are used by analysts and investors to evaluate and compare our operating and financial performance across periods. As a performance measure, Adjusted EBITDAX (Non-GAAP) may be useful for comparison to forecasts prepared by analysts and other third parties. However, our presentation of Adjusted EBITDAX (Non-GAAP) may not be comparable to similar measures of other companies in our industry. Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Net (Loss) Income Including Noncontrolling Interests (GAAP) $ (387 ) $ 8 $ (4,394 ) $ (281 ) Adjustments to Net Loss, After Tax (1) 294 (39 ) 4,342 230 Goodwill Impairment (2) — — 72 — Depreciation, Depletion and Amortization 320 528 812 1,036 Exploration Expense (3) 12 33 31 57 Interest, Net of Amount Capitalized 87 63 168 129 Current Income Tax Expense (4) 19 17 54 36 Deferred Income Tax Benefit (4) (38 ) (21 ) (63 ) (56 ) Adjusted EBITDAX (Non-GAAP) $ 307 $ 589 $ 1,022 $ 1,151 (1) See Reconciliation of Net Loss Attributable to Noble Energy (GAAP) to Adjusted Net Loss Attributable to Noble Energy (Non-GAAP). (2) 2020 amount represents remaining goodwill impairment expense attributable to noncontrolling interest after reversal of "Adjustments to Net Loss, After Tax", above. (3) 2020 amounts represent remaining exploration expense after reversal of Leasehold Impairment expense "Adjustments to Net Loss, After Tax", above. (4) Represents remaining Income Tax Benefit after reversal of "Adjustments to Net Loss, After Tax", above. Schedule 7 Noble Energy, Inc. Capital Expenditures (in millions, unaudited) Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Noble Energy Capital Expenditures Organic Capital Expenditures Attributable to Noble Energy (1) $ 101 $ 618 $ 500 $ 1,301 Acquisition Capital Attributable to Noble Energy 1 4 7 43 Total Capital Expenditures Attributable to Noble Energy (Accrual Based) $ 102 $ 622 $ 507 $ 1,344 Noble Midstream Partners Capital Expenditures Organic Capital Expenditures Attributable to Noble Midstream Partners $ 5 $ 29 $ 48 $ 58 Additions to Equity Method Investments Attributable to Noble Midstream Partners (2) 3 144 155 415 Total Capital Expenditures Attributable to Noble Midstream Partners (Accrual Based) $ 8 $ 173 $ 203 $ 473 Increase in Finance Lease Obligations 2 1 10 3 (1) Three months ended June 30, 2019 and six months ended June 30, 2019 include organic capital expenditures of $23 million and $60 million, respectively, for midstream capital not funded by Noble Midstream Partners LP (NBLX). (2) Additions to equity method investments for 2019 and 2020 primarily include NBLX's investments in EPIC Y-Grade, LP, EPIC Crude Holdings, LP, EPIC Propane, and Delaware Crossing LLC. Additionally, investments in 2020 includes NBLX's investment in Saddlehorn of $87 million, which excludes $73 million of externally funded capital.
- 08/03/2020
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52 Stocks Moving In Wednesday's Regular-Market Session
- Gainers
Eastman Kodak (NYSE: KODK) shares rose 430.46% to $42.49 during Wednesday's regular session. The market value of their outstanding shares is at $1.8 billion.
Civeo (...
- 07/29/2020
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Nuverra Extends Maturity of First and Second Lien Credit Facilities
- Nuverra Extends Maturity of First and Second Lien Credit Facilities
- 07/24/2020
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Chevron Goes for Quality Over Price
- Low oil prices meant consolidation was bound to happen in the energy sector. Chevron made the first move Monday, announcing a $5 billion bid for Noble Energy in an all-stock deal.
- 07/20/2020
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Chevron Announces Agreement to Acquire Noble Energy
- Chevron Corporation (NYSE: CVX) announced today that it has entered into a definitive agreement with Noble Energy, Inc. (NASDAQ: NBL) to acquire all o
- 07/20/2020
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Drilling Down: Haynesville Shale overtakes Eagle Ford Shale
- The East Texas play leads the South Texas field in two important metrics.
- 07/17/2020
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Risk of premature births 50% higher for mothers near flaring
- University researchers analyzed data from thousands of babies born in the Eagle Ford Shale in South Texas.
- 07/15/2020
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EIA forecasts a fall of 56,000 barrels a day in August U.S. shale oil output
- Crude-oil production from seven major U.S. shale plays is forecast to decline by 56,000 barrels a day in August to 7.49 million barrels a day, according to a...
- 07/13/2020
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U.S. shale oil output to drop to two-year low of 7.5 million bpd in August: EIA
- U.S. shale oil output to drop to two-year low of 7.5 million bpd in August: EIA
- 07/13/2020
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Activist Judges Increasing Risk To Oil And Gas Companies
- Environmental attacks on the oil and gas industry are nothing new, as decades of protests and lawsuits have plagued the industry.
- 07/10/2020
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DAPL Ruling Nicks, Doesn't Negate, ConocoPhillips' Strategy (NYSE:COP)
- In contrast to Bakken-only producers, ConocoPhillips is dinged but not destroyed if the Dakota Access Pipeline shuts down in early August as ordered by a Washington, D.C.
- 07/10/2020
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Cabot Oil & Gas: A Bet On A Natural Gas Rebound (NYSE:COG)
- Natural Gas is due to turn around in the second half of 2020 and 2021. Cabot is betting on a price recovery with nothing hedged in 2021.
- 07/07/2020
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Chesapeake Energy And Energy Transfer Skirmish: Contract Rejection (OTCMKTS:CHKAQ)
- Chesapeake Energy filed for bankruptcy, opening the opportunity to reject midstream contracts. While Energy Transfer and others have asked FERC to intervene, it is unlikely in my opinion that the FERC ruling holds any weight.
- 07/06/2020
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Halliburton: Light At The End Of Tunnel (NYSE:HAL)
- Oil prices averaged in the $20s a barrel in Q2-2020, forcing oil producers to cut CapEx by an average of 37% and reduce drilling activity. Halliburton's earning
- 07/06/2020
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Lonestar Announces First Quarter 2020 Results
- Lonestar Resources US Inc. (NASDAQ: LONE) (including its subsidiaries, “Lonestar,” “we,” “us,” “our” or the “Company”) today reported financial and op
- 07/05/2020
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Lonestar Resources misses $14M interest payment
- Lonestar Resources US Inc., an oil-and-gas producer that recently raised doubts about its ability to survive, said it skipped a $14.1 million bond interest...
- 07/02/2020
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Marathon Oil Stock Remains a Fight for $60 Barrels of Crude
- MRO stock analysts think it can make money in 2020 if it brings in $4.2 billion. There are fierce disagreements over what happens after that.
- 07/02/2020
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COVIA : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q/A) | MarketScreener
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Ditching coal for clean energy 'will save money by 2022'
- US researchers analysed data from 2,500 coal plants and found it would be cheaper to build clean energy sources than keep running 39 per cent of the world's coal fleet.
- 07/01/2020
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IPL Plastics (TSE:IPLP) Shares Up 1.9%
- IPL Plastics Inc (TSE:IPLP)’s share price shot up 1.9% on Monday . The company traded as high as C$5.25 and last traded at C$5.25, 25,043 shares were traded during mid-day trading. A decline of 61% from the average session volume of 63,741 shares. The stock had previously closed at C$5.15. A number of research firms […]
- 07/01/2020
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US shale gas giant brought down by big debts and oil slump
- Coronavirus lockdown was final straw for fracking pioneer Chesapeake Energy
- 06/30/2020
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Increasing Oil Prices Alone Can't Save Marathon Oil
- Marathon Oil might not recover until its oil hedges are profitable. And without that, the MRO stock outlook isn't all that positive.
- 06/30/2020
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Coal reaching 'tipping point' vs renewables: analysis - France 24
- Coal reaching 'tipping point' vs renewables: analysis
- 06/30/2020
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Coal Reaching 'Tipping Point' Vs Renewables: Analysis
- Coal reaching 'tipping point' vs renewables: analysis
- 06/30/2020
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NUVERRA ENVIRONMENTAL : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q) | MarketScreener
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InPlay Oil (OTCMKTS:IPOOF) & Pioneer Energy Services (OTCMKTS:PESXQ) Critical Comparison
- InPlay Oil (OTCMKTS:IPOOF) and Pioneer Energy Services (OTCMKTS:PESXQ) are both small-cap oils/energy companies, but which is the better business? We will contrast the two companies based on the strength of their dividends, analyst recommendations, earnings, risk, institutional ownership, valuation and profitability. Valuation and Earnings This table compares InPlay Oil and Pioneer Energy Services’ gross revenue, […]
- 06/30/2020
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Equities Analysts Offer Predictions for Chesapeake Energy Co.’s Q3 2020 Earnings (NYSE:CHK)
- Chesapeake Energy Co. (NYSE:CHK) – Capital One Financial issued their Q3 2020 earnings estimates for Chesapeake Energy in a report issued on Wednesday, June 24th. Capital One Financial analyst P. Johnston forecasts that the oil and gas exploration company will post earnings of ($25.09) per share for the quarter. Capital One Financial also issued estimates […]
- 06/30/2020
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'The poster company for US fracking has fallen': Chesapeake Energy files for bankruptcy
- Climate advocates pointed to news Sunday that fracking giant Chesapeake Energy was filing for bankruptcy as further evidence that the fossil fuel industry's collapse is being hastened by the coronavirus pandemic and called for the government to stop propping up businesses in the field.
"Fracking
- 06/30/2020
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Nuverra Announces First Quarter 2020 Results
- Nuverra Announces First Quarter 2020 Results
- 06/29/2020
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SUNDANCE ENERGY/S (NASDAQ:SNDE) Expected to Post Earnings of -$0.99 Per Share
- Wall Street brokerages predict that SUNDANCE ENERGY/S (NASDAQ:SNDE) will report earnings of ($0.99) per share for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for SUNDANCE ENERGY/S’s earnings, with estimates ranging from ($1.29) to ($0.69). The firm is expected to report its next quarterly earnings report on Friday, August 21st. According […]
- 06/29/2020
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Rig count losses moderate in 16th week of declines
- The U.S. rig count fell slightly in the 16th straight week of losses after energy companies shut down oil production amid low crude prices.
- 06/26/2020
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Drilling Down: Total plans eight new wells inside Arlington city limits
- French oil major Total plans to drill eight new natural gas wells inside Arlington city limits.
- 06/26/2020
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Friday’s analyst upgrades and downgrades
- Inside the Market’s roundup of some of today’s key analyst actions
- 06/26/2020
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Baytex Energy (NYSE:BTE) Shares Gap Up to $0.49
- Baytex Energy Corp (NYSE:BTE) (TSE:BTE)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $0.50, but opened at $0.49. Baytex Energy shares last traded at $0.47, with a volume of 66,691 shares. A number of equities analysts recently weighed in on the stock. Stifel Nicolaus downgraded shares of […]
- 06/26/2020
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National Bank Financial Increases Baytex Energy (TSE:BTE) Price Target to C$0.75
- Baytex Energy (TSE:BTE) (NYSE:BTE) had its price objective hoisted by stock analysts at National Bank Financial from C$0.50 to C$0.75 in a research report issued on Wednesday, BayStreet.CA reports. The firm presently has a “sector perform” rating on the stock. National Bank Financial’s price target suggests a potential upside of 17.19% from the company’s current […]
- 06/26/2020
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Oxy sues Sanchez Energy in bankruptcy court over Eagle Ford assets
- Houston oil giant Occidental Petroleum sued troubled exploration and production company Sanchez Energy in bankruptcy court over the legal fallout from a $2.3 billion deal to buy more than 150,000 acres of oil leases in the Eagle Ford Shale of South Texas.
- 06/25/2020
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Channel Checking The Energy Midstream - Finding Innovative Data That Can Lift The Veil On A Challenging Market Sector
- Investors have long struggled to accurately value midstream companies. The historical performance of the Alerian MLP index suggests a disconnect between how mar
- 06/25/2020
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Zacks: Analysts Anticipate Lonestar Resources US Inc (NASDAQ:LONE) to Post -$0.11 Earnings Per Share
- Wall Street analysts predict that Lonestar Resources US Inc (NASDAQ:LONE) will report earnings of ($0.11) per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Lonestar Resources US’s earnings, with estimates ranging from ($0.18) to ($0.06). Lonestar Resources US reported earnings per share of ($0.14) in the […]
- 06/24/2020
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Asian buyers turn to cheaper US oil amid Opec+ supply volatility
- Deeper discounts for American crude are spurring interest from China.
- 06/22/2020
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Asian buyers turn to U.S. oil amid uncertain flows from OPEC
- (June 22): As the OPEC+ alliance sticks to its guns in trying to curb oil output to shore up prices, Asian buyers are increasingly looking to the U.S. for a cheaper source of supply. Refiners in the top crude-importing region have been forced to accept big reductions in their regular contracted volumes from producers including Saudi Arabia and Iraq in the past couple of months. They’ve also been taken aback by sharp swings in official selling prices.
- 06/21/2020
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Asian Buyers Turn to U.S. Oil Amid Uncertain Flows From OPEC - BNN Bloomberg
- As the OPEC+ alliance sticks to its guns in trying to curb oil output to shore up prices, Asian buyers are increasingly looking to the U.S. for a cheaper source of supply.
- 06/21/2020
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Asian Buyers Turn to U.S. Oil Amid Uncertain Flows From OPEC
- Asian Buyers Turn to U.S. Oil Amid Uncertain Flows From OPEC
- 06/21/2020
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Rig count falls for 15th-straight week to another record low
- The U.S. rig count fell for the 15th straight week to another record low as energy companies continue to shut down oil production amid low crude prices.
- 06/19/2020
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Oil Companies Are Shutting Off Drilling Rigs Across U.S. Shale - BNN Bloomberg
- Oil exploration shrank for a 14th straight week in U.S. fields amid weak crude prices and skepticism about a recovery in energy demand.
- 06/19/2020
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Oil Markets May Fully Recover In 2022
- Oil demand may not recover to pre-pandemic levels until 2022 at the earliest, according to a new report from the International Energy Agency (IEA). The surplus of crude oil sloshing around the worl…
- 06/17/2020
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Chesapeake Energy Was Once the Second Biggest Natural Gas Company in the Nation. Now It's Nearly Bankrupt. | The Motley Fool
- The once-mighty energy company is now a shell of its former self.
- 06/17/2020
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Oil Markets May Not Fully Recover Till 2022
- Commodities Analysis by OilPrice.com (Nick Cunningham) covering: Crude Oil WTI Futures. Read OilPrice.com (Nick Cunningham)'s latest article on Investing.com
- 06/17/2020
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Chesapeake Energy: A New Beginning Is Coming (NYSE:CHK)
- Chesapeake Energy files its Form 10-Q For First Quarter of 2020 and withdraws its financial outlook. The company is very close to declaring bankruptcy. The comp
- 06/16/2020
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Baytex Energy (TSE:BTE) Given New C$0.65 Price Target at Scotiabank
- Baytex Energy (TSE:BTE) (NYSE:BTE) had its target price upped by Scotiabank from C$0.60 to C$0.65 in a report published on Monday, BayStreet.CA reports. BTE has been the subject of a number of other research reports. Raymond James set a C$0.30 price target on shares of Baytex Energy and gave the stock an underperform rating in […]
- 06/16/2020
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Charah Solutions Inc (NYSE:CHRA) Major Shareholder Sells $15,500.00 in Stock
- Charah Solutions Inc (NYSE:CHRA) major shareholder Charles E. Price sold 10,000 shares of the stock in a transaction on Friday, June 12th. The stock was sold at an average price of $1.55, for a total value of $15,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available […]
- 06/16/2020
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Charles E. Price Sells 10,000 Shares of Charah Solutions Inc (NYSE:CHRA) Stock
- Charah Solutions Inc (NYSE:CHRA) major shareholder Charles E. Price sold 10,000 shares of Charah Solutions stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $1.53, for a total value of $15,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, […]
- 06/16/2020
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U.S. shale oil output to drop to near 2-yr low of 7.63 mln bpd in July -EIA
- U.S. oil output from seven major shale formations is expected to fall to near a two-year low of 7.63 million barrels per day by July, the U.S. Energy Information Administration said on Monday.
- 06/15/2020
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EIA forecasts U.S. shale oil output decline of 93,000 barrels a day in July
- Crude-oil production from seven major U.S. shale plays is forecast to decline by 93,000 barrels a day in July to 7.632 million barrels a day, according to a...
- 06/15/2020
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7 of the Best Bank Stocks to Cash In On
- I'm not usually a fan of big banks, but these seven bank stocks have massive growth potential thanks to their strong regional markets.
- 06/15/2020
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Drilling Down: Permian Basin revival looming on the horizon
- A drilling revival may soon be underway in the Permian Basin of West Texas where a flurry of permits for new horizontal wells have been filed.
- 06/15/2020
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Enable Midstream Partners LP (NYSE:ENBL) Given Consensus Rating of “Hold” by Brokerages
- Enable Midstream Partners LP (NYSE:ENBL) has earned a consensus recommendation of “Hold” from the ten research firms that are currently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and one has given a buy recommendation to the company. The average 12 […]
- 06/14/2020
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Lonestar Resources US (NASDAQ:LONE) Stock Price Up 11.7%
- Lonestar Resources US Inc (NASDAQ:LONE)’s stock price rose 11.7% on Friday . The stock traded as high as $0.88 and last traded at $0.82, approximately 511,764 shares traded hands during trading. An increase of 130% from the average daily volume of 222,134 shares. The stock had previously closed at $0.73. LONE has been the subject […]
- 06/14/2020
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U.S. lost more than 100,000 oil and gas jobs in coronavirus-driven bust
- The job losses have affectected the oil-field services sector the most. The number of oil-field support jobs has decreased by some 20 percent.
- 06/12/2020
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Shale drilling slump worsens with Permian nearing record low - BNN Bloomberg
- Explorers slashed drilling in the world’s biggest shale patch for a 13th straight week as they wrangle with a global pandemic that’s crimping demand for crude and leaving many strapped for cash.
- 06/12/2020
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Rig count falls slightly in 14th-straight week of losses
- The U.S. rig count fell for the 14th straight week to another record low as energy companies continue to shut down oil-field operations amid low crude prices.
- 06/12/2020
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HEICO Corporation : Acquires Naval Hydraulic Repair Specialist | MarketScreener
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Differential Price Recovery: How Regional Forces Are Bringing Benchmark Prices Back Towards Equilibrium - Oil & Gas 360
- Financial markets attempted to buoy benchmark prices as oil and gas markets became volatile in Q1 2020. This created a disconnect in the price spreads between the NYMEX WTI futures benchmark and regional spot prices.
- 06/11/2020
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Have Some In The Shale Patch Taken Cues From The Enron Playbook?
- Shale patch production soared from zero to more than 8 million barrels per day in the pre-pandemic world.
- 06/11/2020
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A reshaped U.S. oil sector awaits post-pandemic
- The economics of shale are expected to remain tough for a long time.
- 06/10/2020
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Viper Energy Partners (NASDAQ:VNOM) Lifted to “Buy” at BidaskClub
- Viper Energy Partners (NASDAQ:VNOM) was upgraded by investment analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, BidAskClub reports. Several other brokerages have also issued reports on VNOM. ValuEngine upgraded shares of Viper Energy Partners from a “hold” rating to a “buy” rating in […]
- 06/10/2020
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Russell Investments Group Ltd. Cuts Holdings in Earthstone Energy Inc (NYSE:ESTE)
- Russell Investments Group Ltd. lessened its stake in Earthstone Energy Inc (NYSE:ESTE) by 70.4% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 216,526 shares of the oil and gas producer’s stock after selling 515,471 shares during the quarter. Russell Investments Group Ltd. owned 0.33% of Earthstone Energy […]
- 06/10/2020
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UBS Group AG Has $550,000 Stock Holdings in Viper Energy Partners LP (NASDAQ:VNOM)
- UBS Group AG decreased its stake in Viper Energy Partners LP (NASDAQ:VNOM) by 78.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 82,994 shares of the oil and gas producer’s stock after selling 306,186 shares during the period. UBS Group AG’s […]
- 06/10/2020
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U.S. Frackers to Zero In on Richest Oil Fields After Coronavirus
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$190 Oil? J.P. Morgan Thinks It's Possible
- J.P. Morgan believes Brent crude could hit $190/barrel by 2025. We believe this figure to be incredibly optimistic but still strongly subscribe to the underlyin
- 06/08/2020
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5 Top Weekly TSX Stocks: Oil Jumps, Stocks Follow | INN
- Last week's top-gaining stocks on the TSX were Baytex Energy, Gran Tierra, Athabasca Oil, Seven Generations and International Petroleum.
- 06/08/2020
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Viper Energy: A Double-Digit Cash Flow Yield, Could Be A Double Next Year (NASDAQ:VNOM)
- Viper Energy Partners is a major royalty owner of the Permian Basin. The company’s unique asset base benefits as oil prices recover. The company’s asset base wi
- 06/07/2020
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EOG Resources Is Looking Good, Despite Lack Of Hedges (NYSE:EOG)
- EOG Resources has made an above-average reduction in capex and is bracing for a sharp drop in earnings in Q2-2020. EOG Resources' high-quality asset base and co
- 06/06/2020
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Rig count plunges below 300 in 13th-straight week of losses
- The U.S. rig count fell below the 300 mark for the first time to the lowest level on record, as energy companies continue to shut down rigs in the face of low oil prices.
- 06/05/2020
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Here is What Hedge Funds Think About Nuverra Environmental Solutions Inc (NES)
- The financial regulations require hedge funds and wealthy investors that exceeded the $100 million equity holdings threshold to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings to a certain extent level the playing field for ordinary investors. The latest round of 13F […]
- 06/04/2020
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BJ Services to expand use of natural gas-powered tech for frac crews
- Tomball oilfield service company BJ Services plans to expand use of cost-saving technology that can take natural gas produced at a remote drilling site to power hydraulic fracturing operations.
- 06/04/2020
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Oil & Gas Blockchain Consortium Finishes Blockchain-Based Pilot - InsideBitcoins.com
- The Offshore Operators Committee (OOC) Oil & Gas Blockchain Consortium has finished developing its “first pilot leveraging blockchain technology,” a press release from the group [...]
- 06/04/2020
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Nonprofit Energy Consortium Trials Blockchain Management for Wastewater Tracking - CoinDesk
- A U.S. oil and gas consortium says a blockchain-based automated platform tracking wastewater reduced transportation costs.
- 06/03/2020
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U.S. Oil Output Continues Its Steady Decline
- New Mexico was one of only three states to increase its production in March. Production was up by 9 kb/d to 1,105 kb/d. California's slow output decline has res
- 06/03/2020
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NGL Energy Partners LP (NGL) CEO Mike Krimbill on Q4 2020 Results - Earnings Call Transcript
- NGL Energy Partners LP (NYSE:NGL) Q4 2020 Earnings Conference Call June 1, 2020 6:00 P.M. ET Company Participants Trey Karlovich - Chief Financial Officer Mike
- 06/02/2020
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EOG Resources, Inc. (EOG) CEO Bill Thomas Presents at AllianceBernstein Strategic Decisions Conference (Transcript)
- EOG Resources, Inc. (NYSE:EOG) AllianceBernstein Strategic Decisions Conference Call May 27, 2020 10:00 AM ET Company Participants Bill Thomas - CEO Conference
- 06/01/2020
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Continental Resources: Navigating Through The Downturn (NYSE:CLR)
- Continental Resources might report a double-digit drop in output for Q2-2020, which, combined with weak oil prices, will push its earnings and cash flows lower.
- 06/01/2020
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Equinor: Tenable Breakeven While Oil Still Not Out Of The Woods (NYSE:EQNR)
- Equinor offers the greatest exposure to the Johan Sverdrup oil field, a prized asset among companies with stakes. The company is adapting financial framework fo
- 05/31/2020
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Titan Energy Enters Into Restructuring Support Agreement And Announces Commencement Of Equity Consent Solicitation
- May 26, 2020 (ACCESSWIRE via COMTEX) --
FORT WORTH, TX / ACCESSWIRE / May 26, 2020 / Titan Energy, LLC (OTC PINK:TTEN) (the "Company") today announced that...
- 05/26/2020
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Noble Energy: Robust Potential Despite Short-Term Headwinds (NASDAQ:NBL)
- NBL's first-quarter total revenue fell as higher volumes sold did not offset the decline in realized prices. The company booked a cyclopean impairment and explo
- 05/26/2020
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U.S. Oil Flirts With $35 on Recovery Optimism
- U.S. Oil Flirts With $35 on Recovery Optimism
- 05/26/2020
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Coronavirus Threatens to Hobble the U.S. Shale-Oil Boom for Years - Oil & Gas 360
- That is the growing view among top oil and natural-gas executives and experts, who say the coronavirus pandemic is going to thin the ranks of shale companies and leave survivors that are smaller, leaner and less able to pursue growth at any cost.
- 05/25/2020
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Coronavirus Threatens to Hobble the U.S. Shale-Oil Boom for Years
- American shale drillers helped turn the U.S. into the world’s top oil producer, topping 13 million barrels a day earlier this year. It could be years, if ever, before they reach such heights again.
- 05/24/2020
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A Few Deep Value Energy Companies That Could Double
- The U.S energy market has reached extreme bearishness, yet strong signs of a recovery have appeared. Smaller energy producers have extremely low valuations with
- 05/23/2020
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U.S. shale bust slams rural economies as oil checks shrivel - Oil & Gas 360
- The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.
- 05/22/2020
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US shale bust slams rural economies as oil checks shrivel
- DEWITT COUNTY TEXAS: Royalties from oil pumped on Paul Ruckman’s land allowed the South Texas retiree to build a six-bedroom, seven-bathroom vacation home. He had plenty left over, and donated some of it to Helena, Texas, an 1800s ghost town that draws hundreds to historic buildings and gunfight re-enactments. The worst oil bust in decades has slashed the bounty that flowed to millions of rural Americans like Ruckman, who said his royalty checks have plummeted 70 percent since January.
- 05/22/2020
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Rig count plunges for 11th-straight week
- The number of rigs in operation has plunged by more than 50 percent since mid-March.
- 05/22/2020
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Williams Companies Inc (NYSE: WMB) Q1 2020 Earnings Call Transcript | AlphaStreet
- Final earnings conference call transcript of Williams Companies Inc. - WMB stock
- 05/22/2020
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From Supply Glut To Energy Shock
- Oil demand dropped from a record peak of 100 mbd reached in 2019 to a recent low of 70 mbd. At $20 oil, no one is making money and if prices continue at these l
- 05/21/2020
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Energy Report: The Amazing Race
- Commodities Analysis by Phil Flynn covering: Crude Oil WTI Futures, Natural Gas Futures, United States Oil Fund, LP. Read Phil Flynn's latest article on Investing.com
- 05/21/2020
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The number of active U.S. crude oil and natural gas rigs is at the lowest point on record - Oil & Gas 360
- Rig counts have also fallen in natural gas-focused plays, although those plays had fewer rigs. Earlier this year, the top natural gas-producing regions (aside from the Permian region, where much of the associated natural gas is produced in the United States and where all rigs are classified as oil-directed) were the Marcellus region in Ohio, Pennsylvania, and West Virginia and the Haynesville region in Louisiana and Texas
- 05/20/2020
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TOMI Environmental Solutions, Inc. (TOMZ) CEO Halden Shane on Q1 2020 Results - Earnings Call Transcript
- TOMI Environmental Solutions, Inc. (OTCQB:TOMZ) Q1 2020 Earnings Conference Call May 18, 2020 04:30 PM ET Company Participants Halden Shane - Chairman and Chief
- 05/19/2020
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Energy Report: Record Pullback In Shale Production As Oil Demand Comes Back
- Commodities Analysis by Phil Flynn covering: Crude Oil WTI Futures, Natural Gas Futures, United States Oil Fund, LP. Read Phil Flynn's latest article on Investing.com
- 05/19/2020
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Gavilan Files for Chapter 11 -- WSJ | MarketScreener
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ConocoPhillips Co. (NYSE: COP) Q1 2020 Earnings Call Transcript | AlphaStreet
- Final earnings conference call transcript of ConocoPhillips Co. - COP stock
- 05/15/2020
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Ascribe Capital LLC Buys Nuverra Environmental Solutions Inc
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Natural Gas Prices Set To Expand
- The recent plunge in WTI prices has led to a massive reduction in active drill rigs. Natural gas prices have been depressed for years, largely as a result of ga
- 05/14/2020
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ConocoPhillips: Dark Clouds On The Horizon
- Net Income decreased to a loss of $1,739 million, or $1.60 per share, in the first quarter ended March 31, 2020. The first quarter 2020 adjusted earnings were $
- 05/14/2020
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Ensign Energy Services Inc. (ESVIF) Management on Q1 2020 Results - Earnings Call Transcript
- Ensign Energy Services Inc. (OTCPK:ESVIF) Q1 2020 Earnings Conference Call May 11, 2020 12:00 PM ET Company Participants Nicole Romanow - Head of Investor Relat
- 05/13/2020
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Penn Virginia: Mr. Market Sees A Ghost
- The stock price is now less than half of the adjusted 2019 earnings per share. Cash operating costs were about $11 BOE. Net long term debt was about 1.6 times E
- 05/13/2020
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Phillips 66: An Oil Refiner Worth Holding For A Long While
- Phillips 66 posted first-quarter 2020 total revenues of $21.24 billion. A loss of $2,025 million or $5.66 per share. The quarter adjusted earnings per share wer
- 05/13/2020
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U.S. Shale Oil Q1 Earnings Are All In: Here's How They Did
- Stocks Analysis by Zacks Investment Research covering: Marathon Oil Corporation, EOG Resources Inc, Natural Gas Futures, Pioneer Natural Resources Co. Read Zacks Investment Research's latest article on Investing.com
- 05/13/2020
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3 Ways To Play the Oil Recovery
- May 12, 2020 (Baystreet.ca via COMTEX) --
With sentiment towards oil and gas companies hitting record lows, trying to pick winners in the energy sector can...
- 05/12/2020
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3 Ways To Play The Next Major Rally In Oil
- May 12, 2020 (Financial News Media via COMTEX) --
FN Media Group Presents Oilprice.com Market Commentary London - May 12, 2020 – With sentiment towards oil...
- 05/12/2020
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Equinor: There Is Always A Silver Lining
- Equinor cut the dividend by 67%. That was the most disappointing event of the first quarter. The company suspended 2020 production guidance which hinders making
- 05/12/2020
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Charah Solutions, Inc. Reports First Quarter 2020 Results
- Charah Solutions, Inc. (NYSE: CHRA) a leading provider of environmental and maintenance services to the power generation industry, today announced fin
- 05/12/2020
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Oil - No Cushing Tank Top As Production Shut-In Magnifies
- Cushing won't be hitting tank top this time around. Genscape reported that last week saw a decent-sized draw of 1.8 mbbls. As we go into May and June, productio
- 05/11/2020
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EOG Resources Inc (NYSE: EOG) Q1 2020 Earnings Call Transcript | AlphaStreet
- Final earnings conference call transcript of EOG Resources Inc - EOG stock
- 05/11/2020
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Ascribe Capital LLC Buys Nuverra Environmental Solutions Inc
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SilverBow Resources, Inc. (SBOW) CEO Sean Woolverton on Q1 2020 Results - Earnings Call Transcript
- SilverBow Resources, Inc. (NYSE:SBOW) Q1 2020 Earnings Conference Call May 07, 2020 10:00 AM ET Company Participants Jeff Magids - IR Sean Woolverton - CEO Stev
- 05/10/2020
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Panhandle Oil and Gas Inc. (PHX) CEO Chad Stephens on Q2 2020 Results - Earnings Call Transcript
- Panhandle Oil and Gas Inc. (NYSE:PHX) Q1 2020 Earnings Conference Call May 07, 2020, 05:00 PM ET Company Participants Ralph D'Amico - VP & CFO Chad Stephens
- 05/10/2020
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Comstock Resources' (CRK) CEO Jay Allison on Q1 2020 Results - Earnings Call Transcript
- Comstock Resources, Inc. (NYSE:CRK) Q1 2020 Earnings Conference Call May 7, 2020 11:00 AM ET Company Participants Jay Allison – Chairman and Chief Executive Off
- 05/09/2020
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Basic Energy Services announces launch of automated water management solution with major permian client - Oil & Gas 360
- The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.
- 05/08/2020
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Baytex Energy Corp (BTE) CEO Edward LaFehr on Q1 2020 Results - Earnings Call Transcript
- Baytex Energy Corp (NYSE:BTE) Q1 2020 Earnings Conference Call May 8, 2020 11:00 AM ET Company Participants Brian Ector - SVP, Capital Markets and Public Affair
- 05/08/2020
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Penn Virginia Corporation's (PVAC) CEO John Brooks on Q1 2020 Results - Earnings Call Transcript
- Penn Virginia Corporation (NASDAQ:PVAC) Q1 2020 Earnings Conference Call May 8, 2020 10:00 am ET Company Participants Clay Jeansonne - Director, Investor Relati
- 05/08/2020
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Murphy Oil Corp (NYSE: MUR) Q1 2020 Earnings Call Transcript | AlphaStreet
- Final earnings conference call transcript of Murphy Oil Corp. - MUR stock
- 05/08/2020
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Noble Energy Announces First Quarter Results
- Noble Energy, Inc. (NASDAQ: NBL) (“Noble Energy” or the “Company”) today provided first quarter financial and operating results. First quarter highlig
- 05/08/2020
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Devon Energy Corp (NYSE: DVN) Q1 2020 Earnings Call Transcript | AlphaStreet
- Final earnings conference call transcript of Devon Energy Corp - DVN stock
- 05/07/2020
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These Shale Basins Have Been Hit Hardest By The Oil Price Crash
- Stocks Analysis by OilPrice.com (Tsvetana Paraskova) covering: Exxon Mobil Corp, ConocoPhillips, Chesapeake Energy Corporation, Crude Oil WTI Futures. Read OilPrice.com (Tsvetana Paraskova)'s latest article on Investing.com
- 05/07/2020
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The Oil And Gas Situation: Bleak In The U.S., Surprisingly Positive In Latin America - Oil & Gas 360
- The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.
- 05/06/2020
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Repsol pierde 487 millones al ajustar en 790 millones sus inventarios
- El beneficio ajustado se sitúa en 447 millones, un 27,7% menos, y la Bolsa le premia con una subida del 13,20%
- 05/05/2020
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Some Nuverra Environmental Solutions (NYSEMKT:NES) Shareholders Have Taken A Painful 81% Share Price Drop
- Even the best investor on earth makes unsuccessful investments. But it's not unreasonable to try to avoid truly...
- 05/05/2020
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Kinder Morgan: Get Paid To Buy This Stock
- KMI is undervalued with some risks attached. The 7% yield can ease your worries. I give KMI a fair value of $19.47 in today's economic climate.
- 05/03/2020
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10 Energy Company Bonds That Could Reward Investors
- The debt of energy companies such as Occidental Petroleum, Marathon Oil, Parsley Energy, and Continental Resources yields more than 8% and offers an attractive alternative to beaten-up oil and gas shares.
- 05/01/2020
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Oil traders turn to salt caves and train cars in storage crisis | Free to read
- Crash into negative prices jolts producers into cutting back
- 05/01/2020
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Devon Energy Earnings Preview: Key Things To Watch
- Devon Energy will release its first quarter results after the markets close on May 5. The company will likely report a significant drop in profits, driven in la
- 04/29/2020
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Six US oil firms expected to shut 300,000 barrels per day of production in May and June
- Major U.S. energy companies are taking an axe to their rig numbers, deepening production cuts for the industry that in the last few years made America the world's number one oil producer.
- 04/29/2020
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Baytex Energy May Have Made It In Time
- Debt ratios were acceptable prior to the coronavirus challenge. Liquidity appears adequate. There are no periodic bank-line reviews. A covenant violation will m
- 04/27/2020
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The great Texas oil shutdown has begun
- From the Permian Basin in the west to the Eagle Ford in the south, drilling rigs are getting pulled from operation, wells are getting plugged and layoff notices are going out fast, bringing an abrupt halt to one of the world’s great oil booms.
- 04/24/2020
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Sinking oil demand, drop in prices put U.S. fracking activity on track for a record monthly decline: report
- Signs of a further drop in U.S. crude-oil production are everywhere, from a slowdown in fracking activity and sharp weekly declines in the active oil-rig...
- 04/23/2020
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U.S. Shale Faces Largest Ever Drop in Fracking Activity
- “With such rapid decline in fracking already visible, very little activity will be happening in the oil basins during the remainder of Q2.
- 04/23/2020
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Shale holdings of RIL, GAIL come under pressure amid oil price crash
- Though WTI recovered, investment in alternative fuels like shale has become unviable.
- 04/21/2020
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Kinder Morgan Inc (NYSE: KMI) Q4 2019 Earnings Call Transcript | AlphaStreet
- Final earnings conference call transcript of Kinder Morgan Inc. - KMI stock
- 04/13/2020
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Nuverra Announces Cost Reduction Initiatives in Response to Current Market Conditions
- Nuverra Announces Cost Reduction Initiatives in Response to Current Market Conditions
- 04/09/2020
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Marathon Oil cuts capex budget further, plans 'frac holidays' in the second quarter
- Marathon Oil Corp. undefined announced Wednesday a further cut to its 2020 capital expenditures budget to $1.3 billion, which is now about 50% below what it...
- 04/08/2020
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JTC PLC to Acquire NES Financial
- Transformational combination derives from a shared focus on client service and lasting growth.
- 04/02/2020
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Chesapeake Energy Corp. (NYSE: CHK) Q4 2019 Earnings Call Transcript | AlphaStreet
- Good morning, welcome to Chesapeake Energy Corp's Fourth Quarter and Year-End 2019 Earnings Conference Call.
- 03/27/2020
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In A Coronavirus World, Texas Thinks Less Oil Will Be Better
- Commodities Analysis by Investing.com (Barani Krishnan/Investing.com) covering: Chesapeake Energy Corporation, EOG Resources Inc, Crude Oil WTI Futures, Natural Gas Futures. Read Investing.com (Barani Krishnan/Investing.com)'s latest article on Investing.com
- 03/20/2020
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EIA forecasts U.S. shale oil output to climb by 18,000 barrels a day in April
- Crude-oil production from seven major U.S. shale plays is forecast to climb by 18,000 barrels a day in April to 9.075 million barrels a day, according to a...
- 03/16/2020
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ANALYSIS-Few U.S. shale firms can withstand prolonged oil price war
- HOUSTON, March 16- For the last five years, U.S. shale oil producers have been battling suppliers for lower costs and running equipment and crews hard to drive drilling costs down by about $20 a barrel. The cause of OPEC and Russia's disagreement was what to do about plummeting oil demand as coronavirus curbs travel and economic activity worldwide.
- 03/16/2020
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Nuverra Announces Fourth Quarter and Full Year 2019 Results
- Nuverra Announces Q4 and Full Year 2019 Earnings
- 03/11/2020
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Basic Energy Services acquires well services business from NexTier to create leading well servicing provider in the U.S. - Oil & Gas 360
- The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.
- 03/10/2020
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Nuverra Environmental Solutions Inc (NES) Files –…-K for the Fiscal Year Ended on December ...
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One Thing To Remember About The Nuverra Environmental Solutions, Inc. (NYSEMKT:NES) Share Price
- If you're interested in Nuverra Environmental Solutions, Inc. (NYSEMKT:NES), then you might want to consider its beta...
- 02/04/2020
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ConocoPhillips (COP) Q4 2019 Earnings Report | AlphaStreet
- ConocoPhillips (NYSE: COP) reported better-than-expected revenue for the fourth quarter of 2019 while earnings missed estimates. Shares were up 0.54% in premarket hours on Tuesday.
- 02/04/2020
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U.S. Petroleum Production, Prices, Policy And Power
- The shale drilling and fracking revolution has helped make the US energy independent, but that newfound status may disappear in the next recession. The nature o
- 01/29/2020
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EIA forecasts U.S. shale oil output to climb by 22,000 barrels a day in February
- Crude-oil production from seven major U.S. shale plays is forecast to climb by 22,000 barrels a day in February to 9.2 million barrels a day, according to a...
- 01/21/2020
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War Room 2020: Which Commodity Stocks to Own During Conflict
- With tensions in the Middle East rising we examine what commodities and stocks to own during conflict, it's your financial insurance policy.
- 01/06/2020
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U.S. Oil & Gas M&A poised for recovery after challenging 2019 - Oil & Gas 360
- The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.
- 01/04/2020
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U.S. Rig Count drops 3, down to 803 rigs - Oil & Gas 360
- This week’s Baker Hughes rig count shows that Unites States numbers fell by two, bringing the total down to 967.
- 11/23/2019
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A Q&A: As the Shale Boom Wanes, Here’s How to Play the Shift
- Some analysts and investors see the shale boom ending. One of them is Evercore ISI analyst James West. We spoke to him recently about who the winners and losers would be.
- 11/22/2019
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ISS flips and supports sweetened Callon-Carrizo deal - Oil & Gas 360
- The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.
- 11/21/2019
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Paulson gives up opposition to reduced Callon-Carrizo deal - Oil & Gas 360
- The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.
- 11/19/2019
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U.S. Rig Count drops 11, down to 806 rigs - Oil & Gas 360
- This week’s Baker Hughes rig count shows that Unites States numbers fell by two, bringing the total down to 967.
- 11/16/2019
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No. 5 large: Bottom-up approach makes EOG unique in energy
- A regular in the Top Workplaces list, EOG was the only oil and gas company to crack the top five this year.
- 11/15/2019
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Marathon Oil Corporation (NYSE: MRO): Q3 2019 Earnings Snapshot | AlphaStreet
- Marathon Oil Corporation (NYSE: MRO) reported adjusted earnings of $0.14 per share for the third quarter of 2019, vs. $0.06 per share expected.
- 11/06/2019
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Nuverra Environmental Solutions' (NES) CEO Charlie Thompson on Q3 2019 Results - Earnings Call Transcript
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Nuverra Envirn Solns Q3 EPS $(0.39) Up From $(0.63) YoY, Sales $43.098M Down From $49.656M YoY
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Nuverra Announces Third Quarter and Year-to-Date 2019 Results
- Nuverra Environmental Solutions, Inc. today announced financial and operating results for the third quarter and nine months ended September 30, 2019.
- 11/05/2019
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Nuverra Environmental Solutions (NYSEMKT:NES) Is Carrying A Fair Bit Of Debt
- The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
- 11/05/2019
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Nuverra Environmental Solutions reports Q3 results
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How Argentina Can Improve Soybean product Taxes With Sustainability
- Argentina has increasingly used soybean exports to grow its USD-denominated tax base with soybean and soybean product export
- 11/04/2019
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ConocoPhillips profit beats estimates on higher production
- U.S. oil and gas company ConocoPhillips' quarterly profit exceeded analysts' estimates on Tuesday, as higher shale production and a gain from asset sales offset the impact from lower crude prices and higher exploration costs.
- 10/29/2019
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Nuverra Schedules Third Quarter 2019 Earnings Release and Investor Conference Call
- Nuverra Environmental Solutions, Inc. announced today that it will report third quarter 2019 results on Tuesday, November 5, 2019. Charlie Thompson, Chairman of the Board and Chief Executive Officer, Robert Fox, President and Chief Operating Officer, and Stacy Hilgendorf, Vice President and Chief Financial Officer, will host a conference call with investors to discuss the Company’s operating results ...
- 10/22/2019
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Tailwater Capital Commits $500 Million to Goodnight Midstream - Oil & Gas 360
- The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.
- 10/08/2019
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US rig count declines by five
- Houston — The U.S. shed three oil rigs and two gas rigs to total a net loss of five rigs this week, according to data from Baker Hughes, a GE Company. All losses were land rigs. This follows last w…
- 10/05/2019
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EVX Midstream Partners builds the Eagle Ford Shale's largest water gathering system - Oil & Gas 360
- The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.
- 09/11/2019
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Ogden Raptors set new franchise wins record at 48 by winning rain-suspended game
- OGDEN — The Ogden Raptors set a new franchise record for wins in a season by winning the first game of two played Tuesday against the Rocky Mountain Vibes, 5-2.
- 08/28/2019
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Kayne Anderson Makes $100 Million Upstream Investment - Oil & Gas 360
- Kayne Anderson, through its Kayne Anderson Energy Fund VIII, has made a $100 million equity commitment in order to form Indianola Energy.
- 08/21/2019
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Did Changing Sentiment Drive Nuverra Environmental Solutions's (NYSEMKT:NES) Share Price Down A Worrying 67%?
- Taking the occasional loss comes part and parcel with investing on the stock market. And there's no doubt that Nuverra...
- 08/07/2019
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Nuverra Environmental Solutions' (NES) CEO Charlie Thompson on Q2 2019 Results - Earnings Call Transcript
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Nuverra Envirn Solns Q2 EPS $(0.32) Down From $0.96 YoY, Sales $45.24M Down From $48.948M YoY
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