Nine Energy Service, Inc., one of the exploration and production companies active in Oklahoma’s STACK and SCOOP reported a fourth quarter net loss of $77 million on revenues of $229.4 million.
The revenues increased about 5% compared to the third quarter of 2018 when revenues totaled $218.4 million. But the fourth quarter net loss came to $77.3 million or $2.78 per basic share. Adjusted net income for the fourth quarter was $13.6 million or 59 cents adjusted basic earnings per share.
The Company reported fourth quarter 2018 adjusted EBITDA of $48.0 million, an increase of approximately 25% compared to third quarter adjusted EBITDA of $38.4 million, and a fourth quarter adjusted EBITDA marginA of approximately 21%.
Nine’s President and Chief Executive Officer, Ann Fox, commented, “Nine has realized tremendous financial growth year-over-year, growing revenue by approximately 52%, adjusted EBITDA by over 140%, and adjusted EBITDA margin by over 600 basis points. The Company increased cash flow from operations by over 15 times over 2017.”
She said the company completed nearly 51,000 more stages year-over-year which was an increase of nearly 86%.
For the year ended December 31, 2018, the Company reported revenues of $827.2 million compared to year ended December 31, 2017 revenues of $543.7 million, representing an approximate 52% increase.
Net loss for full year 2018 totaled $(53.0) million, or $(2.17) per basic share, compared to year ended December 31, 2017 net loss of $(67.7) million, or $(4.55) per basic share. For the year ended December 31, 2018, adjusted net income was $40.6 million, or $1.66 adjusted basic earnings per share. The Company reported year ended December 31, 2018 adjusted EBITDA of $141.1 million, compared to year ended December 31, 2017 adjusted EBITDA of $58.2 million, representing an approximate 142% increase.