![]() ![]() ![]() 2015: $32 million cash flow from operationsĪs of Sept 30, 2017, the company had $7.8 million in cash and $185.7 million in total liabilities.2016: $42.8 million cash used in operations.Through Sept 30, 2017: $18.4 million cash used in operations.QES’s recent financial results can be summarized as follows:īelow are the company’s operational results for the past three and ¾ years (Audited GAAP for full years): Large and medium-sized firms attempt to gain a technological edge over others by developing new ways to fracture rock and recover oil & gas deposits more effectively, quickly and efficiently. There are many other publicly-held and privately-owned service providers, so the industry has been subject to intense pricing pressure when the price of oil drops below $50/bbl. The oilfield service provider industry is extremely fragmented and also features major, publicly-held firms as well. range, pricing pressures have abated and the oilfield service provider sector has rebounded sharply. With WTI now trading in the $64.00-66.00/bbl. However, as the chart below shows, the price of WTI (West Texas Intermediate) has risen significantly since mid-2017: Accordingly, the fortunes of oilfield service providers fell as intense competition required firms to bid at prices that were uneconomical, resulting in steep losses. In late 2014, the price of oil began to plummet, ending up in early 2017 below $50 per bbl. The market environment for oilfield service providers has been feast or famine and has followed the price for oil on a rollercoaster ride over the past several years. In January 2018, it ‘placed orders for twelve incremental pumps and ancillary equipment to redeploy our fourth pressure pumping fleet.’ Market In 2017, as a result of customer demand, QES reactivated its second and third pressure pumping fleets. Major customers include Pioneer Natural Resources ( PXD), Newfield Exploration ( NFX), EOG Resources ( EOG), XTO Energy and Antero Resources ( AR). The firm’s revenue by service type is shown below:īelow is a map showing the firm’s geographic footprint by service type:Īs of September 30, 2017, the firm had a pressure pumping fleet with a capacity of 236,125 hydraulic horsepower. Quintana has created an oil & gas services company focused on the fracking industry in North America. Investors with more than 5% ownership include Quintana Energy Partners, Archer Holdco, Geveran Investments and Robertson QES Investment. Management is headed by Rogers Herndon, who has been with the firm since 2014 and was previously Executive Vice President at Reliant/RRI Energy which he joined in 2006. ![]() Houston, Texas-based Quintana was originally formed in 2006 to assemble directional drilling, pressure pumping, wireline and pressure control businesses. I provide valuation, commentary and my opinion on the Quintana IPO at my Seeking Alpha Marketplace research service, IPO Edge. The company provides a range of drilling and well completion services to the onshore exploration and production (E&P) industry. Quintana Energy Services ( NYSE: QES) intends to raise $125 million in an IPO, according to its most recent S-1/A regulatory filing.
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