Man-camp provider Civeo Corporation, a firm with closed operations in Oklahoma plans to announce its second quarter 2020 earnings on Wednesday, July 29.
The firm’s leaders will hold a conference call at 10 a.m. Central time and discuss financial and operating results for the quarter. The results will be released before the market opens on that morning.
It was mid-April when Civeo closed its Oklahoma operations located in Yukon, giving furloughed workers at the time an indication they might be rehired in a month or so if economic conditions caused by the COVID-19 pandemic improved or not.
Then in May, the company announced a first quarter 2020 loss of $146.5 million or 87 cents a diluted share. The first quarter revenues were $138.8 million while its operating cash flow was $20.8 million. The company also included an impact of $144.1 million in non-cash goodwill and asset impairments.
The quarterly loss came after Civeo had cut its number of workers systemwide by 25% in April and cut 2020 capital spending by about the same amount.
The provider of temporary housing suffered as oil and gas drilling “man camps” in Oklahoma, Texas, New Mexico, North Dakota and other states with energy exploration became ghost towns as operations shut down in the wake of the pandemic.
Source: BusinessWire
