“We believe the worst is behind us.” Ann Fox President of Nine Energy.
One of the players in Oklahoma’s SCOOP and STACK plays, Nine Energy Service, Inc. of Houston, Texas reported first quarter 2019 revenues of $229.7 million, net income of $17.3 million and adjusted EBITDA of $39.2 million.
The basic earnings per share came to 59 cents. First quarter 2019 adjusted net income was $22.1 million or 76 cents adjusted basic earnings per share compared to $13.6 million and 49 cents for the fourth quarter of 2018.
“The first quarter was in-line with what we anticipated, with both revenue and adjusted EBITDA falling at the midpoint or above of Management’s original guidance range,” said Ann Fox, President and Chief Executive Officer, Nine Energy Service. “Activity was steady across the majority of our service lines, with our cementing division outperforming the market as we continue to gain market share through the combination of technical slurry development and execution at the wellsite. ”
“Pricing within the portfolio has stabilized with the recovery in oil prices and we believe the worst is behind us,” added Fox. ” We remain extremely positive around the dissolvable plug thesis as operators continue the development of large-scale well pad programs, adding complexity to the completion process and reinforcing an extreme focus on efficiencies and reducing cycle times.”
Fox said the company’s 2019 view is unchanged at the time.
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