We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Keane Group Inc | NYSE:FRAC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.55 | 0 | 01:00:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
Delaware
|
|
|
38-4016639
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
|
3990 Rogerdale Rd.
|
Houston
|
Texas
|
77042
|
(Address of Principal Executive Offices)
|
|
|
(Zip Code)
|
|
Securities registered pursuant to Section 12(b) of the Act:
|
||
Title of Each Class
|
Trading Symbol
|
Name of Each Exchange On Which Registered
|
Common Stock, $0.01, par value
|
NEX
|
New York Stock Exchange
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
|
|
|
|
Non-accelerated filer
|
☐
|
Smaller reporting company
|
☐
|
|
|
|
|
|
|
Emerging growth company
|
☐
|
|
PART I.
|
||
|
|
|
Item 1.
|
||
|
|
|
|
||
|
||
|
||
|
||
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
PART II.
|
||
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Item 5.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
||
|
|
|
•
|
our business strategy;
|
•
|
our plans, objectives, expectations and intentions;
|
•
|
the impact of the consummation of the merger with C&J Energy Services, Inc. ("C&J") on relationships, including with employees, suppliers, customers, competitors, lenders and credit rating agencies;
|
•
|
our future operating results;
|
•
|
the competitive nature of the industry in which we conduct our business, including pricing pressures;
|
•
|
crude oil and natural gas commodity prices;
|
•
|
demand for services in our industry;
|
•
|
the impact of pipeline capacity constraints;
|
•
|
the impact of adverse weather conditions;
|
•
|
the effects of government regulation;
|
•
|
legal proceedings, liability claims and effect of external investigations;
|
•
|
the effect of a loss of, or the financial distress of, one or more key customers;
|
•
|
our ability to obtain or renew customer contracts;
|
•
|
the effect of a loss of, or interruption in operations of, one or more key suppliers;
|
•
|
our ability to maintain the right level of commitments under our supply agreements;
|
•
|
the market price and availability of materials or equipment;
|
•
|
the impact of new technology;
|
•
|
our ability to employ a sufficient number of skilled and qualified workers;
|
•
|
our ability to obtain permits, approvals and authorizations from governmental and third parties;
|
•
|
planned acquisitions and future capital expenditures;
|
•
|
our ability to maintain effective information technology systems;
|
•
|
our ability to maintain an effective system of internal controls over financial reporting;
|
•
|
our ability to service our debt obligations;
|
•
|
financial strategy, liquidity or capital required for our ongoing operations and acquisitions, and our ability to raise additional capital;
|
•
|
the market volatility of our stock;
|
•
|
our ability or intention to pay dividends or to effectuate repurchases of our common stock; and
|
•
|
the impact of our corporate governance structure.
|
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
|
|
(Unaudited)
|
|
|
||||
Assets
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
157,025
|
|
|
$
|
80,206
|
|
Trade and other accounts receivable, net
|
|
196,222
|
|
|
210,428
|
|
||
Inventories, net
|
|
21,585
|
|
|
35,669
|
|
||
Assets held for sale
|
|
264
|
|
|
176
|
|
||
Prepaid and other current assets
|
|
6,309
|
|
|
5,784
|
|
||
Total current assets
|
|
381,405
|
|
|
332,263
|
|
||
Operating lease right-of-use assets
|
|
41,429
|
|
|
—
|
|
||
Finance lease right-of-use assets
|
|
8,971
|
|
|
—
|
|
||
Property and equipment, net
|
|
437,262
|
|
|
531,319
|
|
||
Goodwill
|
|
132,524
|
|
|
132,524
|
|
||
Intangible assets
|
|
51,080
|
|
|
51,904
|
|
||
Other noncurrent assets
|
|
6,156
|
|
|
6,569
|
|
||
Total assets
|
|
$
|
1,058,827
|
|
|
$
|
1,054,579
|
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
106,118
|
|
|
$
|
106,702
|
|
Accrued expenses
|
|
79,249
|
|
|
101,539
|
|
||
Current maturities of long-term operating lease liabilities
|
|
19,378
|
|
|
—
|
|
||
Current maturities of long-term finance lease liabilities
|
|
4,175
|
|
|
4,928
|
|
||
Current maturities of long-term debt
|
|
2,352
|
|
|
2,776
|
|
||
Customer contract liabilities
|
|
471
|
|
|
60
|
|
||
Stock-based compensation
|
|
—
|
|
|
4,281
|
|
||
Other current liabilities
|
|
1,626
|
|
|
294
|
|
||
Total current liabilities
|
|
213,369
|
|
|
220,580
|
|
||
Long-term operating lease liabilities, less current maturities
|
|
22,061
|
|
|
—
|
|
||
Long-term finance lease liabilities, less current maturities
|
|
5,550
|
|
|
5,581
|
|
||
Long-term debt, net of unamortized deferred financing costs and unamortized debt discount, less current maturities
|
|
335,965
|
|
|
337,954
|
|
||
Other noncurrent liabilities
|
|
9,878
|
|
|
3,283
|
|
||
Total noncurrent liabilities
|
|
373,454
|
|
|
346,818
|
|
||
Total liabilities
|
|
586,823
|
|
|
567,398
|
|
||
|
|
|
|
|
||||
Stockholders' equity
|
|
|
|
|
||||
Common stock, par value $0.01 per share (authorized 500,000 shares, issued and outstanding 105,030 and 104,188 shares, respectively)
|
|
1,039
|
|
|
1,038
|
|
||
Paid-in capital in excess of par value
|
|
471,361
|
|
|
455,447
|
|
||
Retained earnings
|
|
9,595
|
|
|
31,494
|
|
||
Accumulated other comprehensive loss
|
|
(9,991
|
)
|
|
(798
|
)
|
||
Total stockholders' equity
|
|
472,004
|
|
|
487,181
|
|
Total liabilities and stockholders' equity
|
|
$
|
1,058,827
|
|
|
$
|
1,054,579
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
|
$
|
443,953
|
|
|
$
|
558,908
|
|
|
$
|
1,293,340
|
|
|
$
|
1,650,457
|
|
Operating costs and expenses:
|
|
|
|
|
|
|
|
|
||||||||
Cost of services(1)
|
|
333,438
|
|
|
436,799
|
|
|
995,587
|
|
|
1,287,892
|
|
||||
Depreciation and amortization
|
|
68,708
|
|
|
68,287
|
|
|
210,069
|
|
|
187,742
|
|
||||
Selling, general and administrative expenses
|
|
33,230
|
|
|
27,783
|
|
|
93,737
|
|
|
85,792
|
|
||||
Loss on disposal of assets
|
|
679
|
|
|
1,113
|
|
|
831
|
|
|
5,169
|
|
||||
Total operating costs and expenses
|
|
436,055
|
|
|
533,982
|
|
|
1,300,224
|
|
|
1,566,595
|
|
||||
Operating income (loss)
|
|
7,898
|
|
|
24,926
|
|
|
(6,884
|
)
|
|
83,862
|
|
||||
Other income (expense):
|
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net
|
|
55
|
|
|
14,454
|
|
|
460
|
|
|
1,481
|
|
||||
Interest expense, net(2)
|
|
(5,215
|
)
|
|
(5,978
|
)
|
|
(16,087
|
)
|
|
(27,285
|
)
|
||||
Total other income (expense)
|
|
(5,160
|
)
|
|
8,476
|
|
|
(15,627
|
)
|
|
(25,804
|
)
|
||||
Income (loss) before income taxes
|
|
2,738
|
|
|
33,402
|
|
|
(22,511
|
)
|
|
58,058
|
|
||||
Income tax (expense) benefit
|
|
820
|
|
|
(2,623
|
)
|
|
(718
|
)
|
|
(4,855
|
)
|
||||
Net income (loss)
|
|
3,558
|
|
|
30,779
|
|
|
(23,229
|
)
|
|
53,203
|
|
||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustments
|
|
—
|
|
|
28
|
|
|
(29
|
)
|
|
(37
|
)
|
||||
Hedging activities
|
|
(2,120
|
)
|
|
1,119
|
|
|
(8,664
|
)
|
|
3,429
|
|
||||
Total comprehensive income (loss)
|
|
$
|
1,438
|
|
|
$
|
31,926
|
|
|
$
|
(31,922
|
)
|
|
$
|
56,595
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic net income (loss) per share
|
|
$
|
0.03
|
|
|
$
|
0.28
|
|
|
$
|
(0.22
|
)
|
|
$
|
0.48
|
|
Diluted net income (loss) per share
|
|
0.03
|
|
|
0.28
|
|
|
(0.22
|
)
|
|
0.48
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average shares outstanding: basic
|
|
104,899
|
|
|
108,825
|
|
|
104,721
|
|
|
110,706
|
|
||||
Weighted-average shares outstanding: diluted
|
|
105,259
|
|
|
108,990
|
|
|
105,080
|
|
|
110,871
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
Common stock
|
|
Paid-in capital in excess of par value
|
|
Retained earnings
|
|
Accumulated other comprehensive loss
|
|
Total
|
|||||||||||
Balance as of December 31, 2018
|
|
$
|
1,038
|
|
|
$
|
455,447
|
|
|
$
|
31,494
|
|
|
$
|
(798
|
)
|
|
$
|
487,181
|
|
|
Stock-based compensation(1)
|
|
2
|
|
|
8,277
|
|
|
—
|
|
|
—
|
|
|
8,279
|
|
||||||
Shares repurchased and retired related to stock-based compensation
|
|
—
|
|
|
(2,861
|
)
|
|
—
|
|
|
—
|
|
|
(2,861
|
)
|
||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,139
|
)
|
|
(3,139
|
)
|
||||||
New lease standard implementation
|
|
—
|
|
|
—
|
|
|
1,330
|
|
|
—
|
|
|
1,330
|
|
||||||
Net loss
|
|
—
|
|
|
—
|
|
|
(21,806
|
)
|
|
—
|
|
|
(21,806
|
)
|
||||||
Balance as of March 31, 2019
|
|
$
|
1,040
|
|
|
$
|
460,863
|
|
|
$
|
11,018
|
|
|
$
|
(3,937
|
)
|
|
$
|
468,984
|
|
|
Stock-based compensation(1)
|
|
—
|
|
|
5,637
|
|
|
—
|
|
|
—
|
|
|
5,637
|
|
||||||
Shares repurchased and retired related to stock-based compensation
|
|
(1
|
)
|
|
(505
|
)
|
|
—
|
|
|
—
|
|
|
(506
|
)
|
||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,878
|
)
|
|
(3,878
|
)
|
||||||
Net loss
|
|
—
|
|
|
—
|
|
|
(4,981
|
)
|
|
|
|
(4,981
|
)
|
|||||||
Balance as of June 30, 2019
|
|
$
|
1,039
|
|
|
$
|
465,995
|
|
|
$
|
6,037
|
|
|
$
|
(7,815
|
)
|
|
$
|
465,256
|
|
|
Stock-based compensation(1)
|
|
—
|
|
|
5,488
|
|
—
|
|
—
|
|
|
—
|
|
|
5,488
|
|
|||||
Shares repurchased and retired related to stock-based compensation
|
|
—
|
|
|
(122
|
)
|
|
—
|
|
|
—
|
|
|
(122
|
)
|
||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,176
|
)
|
|
(2,176
|
)
|
||||||
Net Income
|
|
—
|
|
|
—
|
|
|
3,558
|
|
|
|
|
3,558
|
|
|||||||
Balance as of September 30, 2019
|
|
$
|
1,039
|
|
|
$
|
471,361
|
|
|
$
|
9,595
|
|
|
$
|
(9,991
|
)
|
|
$
|
472,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Stock-based compensation during the nine months ended September 30, 2019 includes stock-based compensation expense recognized during the period of $15.1 million and the vested deferred stock awards of $4.3 million. Refer to Note (9) Stock-Based Compensation for further discussion of the Company's stock-based compensation.
|
|
|
Common stock
|
|
Paid-in capital in excess of par value
|
|
Retained (deficit) / earnings
|
|
Accumulated other comprehensive income (loss)
|
|
Total
|
||||||||||
Balance as of December 31, 2017
|
|
$
|
1,118
|
|
|
$
|
541,074
|
|
|
$
|
(27,372
|
)
|
|
$
|
(1,728
|
)
|
|
$
|
513,092
|
|
Stock-based compensation(2)
|
|
2
|
|
|
7,352
|
|
|
—
|
|
|
—
|
|
|
7,354
|
|
|||||
Shares repurchased and retired related to stock-based compensation
|
|
(1
|
)
|
|
(3,338
|
)
|
|
—
|
|
|
—
|
|
|
(3,339
|
)
|
|||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,106
|
|
|
2,106
|
|
|||||
Net loss
|
|
—
|
|
|
—
|
|
|
(8,243
|
)
|
|
—
|
|
|
(8,243
|
)
|
|||||
Balance as of March 31, 2018
|
|
$
|
1,119
|
|
|
$
|
545,088
|
|
|
$
|
(35,615
|
)
|
|
$
|
378
|
|
|
$
|
510,970
|
|
Stock-based compensation(2)
|
|
3
|
|
|
4,037
|
|
|
—
|
|
|
—
|
|
|
4,040
|
|
|||||
Shares repurchased and retired related to stock repurchase program
|
|
(26
|
)
|
|
(38,825
|
)
|
|
(1,273
|
)
|
|
—
|
|
|
(40,124
|
)
|
|||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(172
|
)
|
|
(172
|
)
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
30,667
|
|
|
—
|
|
|
30,667
|
|
|||||
Balance as of June 30, 2018
|
|
$
|
1,096
|
|
|
$
|
510,300
|
|
|
$
|
(6,221
|
)
|
|
$
|
206
|
|
|
$
|
505,381
|
|
Stock-based compensation(2)
|
|
—
|
|
|
4,808
|
|
|
—
|
|
|
—
|
|
|
4,808
|
|
|||||
Shares repurchased and retired related to stock-based compensation
|
|
—
|
|
|
(76
|
)
|
|
—
|
|
|
—
|
|
|
(76
|
)
|
|||||
Shares repurchased and retired related to stock repurchase program
|
|
(24
|
)
|
|
(29,278
|
)
|
|
—
|
|
|
—
|
|
|
(29,302
|
)
|
|||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
985
|
|
|
985
|
|
|||||
Net income
|
|
—
|
|
|
—
|
|
|
30,779
|
|
|
—
|
|
|
30,779
|
|
|||||
Balance as of September 30, 2018
|
|
$
|
1,072
|
|
|
$
|
485,754
|
|
|
$
|
24,558
|
|
|
$
|
1,191
|
|
|
$
|
512,575
|
|
(2)
|
Stock-based compensation during the nine months ended September 30, 2018 includes stock-based compensation expense recognized during the period of $11.9 million and the vested deferred stock awards of $4.3 million.
|
|
|
Nine Months Ended
September 30, |
||||||
|
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income (loss)
|
|
$
|
(23,229
|
)
|
|
$
|
53,203
|
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities
|
|
|
|
|
||||
Depreciation and amortization
|
|
210,069
|
|
|
187,742
|
|
||
Amortization of deferred financing fees
|
|
966
|
|
|
2,329
|
|
||
Loss on debt extinguishment, including prepayment premiums
|
|
—
|
|
|
7,550
|
|
||
Loss on disposal of assets
|
|
831
|
|
|
5,169
|
|
||
Loss on contingent consideration liability
|
|
—
|
|
|
13,254
|
|
||
Realized gain on derivative
|
|
(500
|
)
|
|
(473
|
)
|
||
Stock-based compensation
|
|
15,125
|
|
|
11,924
|
|
||
Gain on insurance proceeds recognized in other income
|
|
—
|
|
|
(14,892
|
)
|
||
Unrealized gain (loss) on derivative
|
|
(8,664
|
)
|
|
3,429
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Decrease (increase) in trade and other accounts receivable, net
|
|
14,477
|
|
|
(8,432
|
)
|
||
Decrease in inventories
|
|
14,084
|
|
|
4,171
|
|
||
Increase in prepaid and other current assets
|
|
(626
|
)
|
|
(1,463
|
)
|
||
Increase in other assets
|
|
(41,891
|
)
|
|
(3,129
|
)
|
||
Increase in accounts payable
|
|
15,803
|
|
|
15,345
|
|
||
Decrease in accrued expenses
|
|
(22,284
|
)
|
|
(19,980
|
)
|
||
Increase (decrease) in customer contract liabilities
|
|
411
|
|
|
(3,720
|
)
|
||
Increase (decrease) in other liabilities
|
|
51,007
|
|
|
(923
|
)
|
||
Net cash provided by operating activities
|
|
225,579
|
|
|
251,104
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Acquisition of business
|
|
—
|
|
|
(35,003
|
)
|
||
Purchase of property and equipment
|
|
(154,107
|
)
|
|
(211,962
|
)
|
||
Advances of deposit on equipment
|
|
(5,049
|
)
|
|
(3,801
|
)
|
||
Implementation of software
|
|
(3,321
|
)
|
|
(708
|
)
|
||
Proceeds from disposal of assets
|
|
23,449
|
|
|
2,512
|
|
||
Payments for leasehold improvements
|
|
—
|
|
|
(1,574
|
)
|
||
Equity method investment
|
|
—
|
|
|
(1,163
|
)
|
||
Proceeds from insurance recoveries
|
|
223
|
|
|
18,222
|
|
||
Net cash used in investing activities
|
|
(138,805
|
)
|
|
(233,477
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from the term loan facility
|
|
—
|
|
|
348,250
|
|
||
Payments on the secured notes and term loan facility
|
|
(2,625
|
)
|
|
(284,077
|
)
|
||
Payments on finance leases
|
|
(3,814
|
)
|
|
(2,874
|
)
|
||
Payment of debt issuance costs
|
|
—
|
|
|
(7,331
|
)
|
||
Payments on contingent consideration liability
|
|
—
|
|
|
(11,962
|
)
|
||
Shares repurchased and retired related to share repurchase program
|
|
—
|
|
|
(69,426
|
)
|
||
Shares repurchased and retired related to stock-based compensation
|
|
(3,487
|
)
|
|
(3,415
|
)
|
||
Net cash used in financing activities
|
|
(9,926
|
)
|
|
(30,835
|
)
|
||
Non-cash effect of foreign translation adjustments
|
|
(29
|
)
|
|
(64
|
)
|
||
Net increase (decrease) in cash, cash equivalents
|
|
76,819
|
|
|
(13,272
|
)
|
Cash and cash equivalents, beginning
|
|
80,206
|
|
|
96,120
|
|
||
Cash and cash equivalents, ending
|
|
$
|
157,025
|
|
|
$
|
82,848
|
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
|
||||
Interest expense, net
|
|
$
|
15,847
|
|
|
$
|
18,454
|
|
Income taxes
|
|
1,630
|
|
|
5,226
|
|
||
Contingent value right (CVR) settlement
|
|
—
|
|
|
19,918
|
|
||
Non-cash investing and financing activities(1):
|
|
|
|
|
||||
Change in accrued capital expenditures
|
|
(16,387
|
)
|
|
—
|
|
||
Non-cash additions to finance right-of-use assets
|
|
6,029
|
|
|
—
|
|
||
Non-cash additions to finance lease liabilities, including current maturities
|
|
6,164
|
|
|
—
|
|
||
Non-cash additions to operating right-of-use assets
|
|
62,698
|
|
|
—
|
|
||
Non-cash additions to operating lease liabilities, including current maturities
|
|
62,444
|
|
|
—
|
|
||
|
|
|
|
|
(1)
|
Non-cash additions for finance and operating leases were nil for the nine months ended September 30, 2018, as the Company adopted ASC 842 January 1, 2019.
|
|
|
(Thousands of Dollars)
|
||||||||||||||
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
|
||||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue by segment:
|
|
|
|
|
|
|
|
|
||||||||
Completion Services
|
|
437,343
|
|
|
$
|
548,418
|
|
|
1,269,681
|
|
|
1,625,798
|
|
|||
Other Services
|
|
6,610
|
|
|
10,490
|
|
|
23,659
|
|
|
24,659
|
|
||||
Total revenue
|
|
$
|
443,953
|
|
|
$
|
558,908
|
|
|
$
|
1,293,340
|
|
|
$
|
1,650,457
|
|
|
|
|
|
|
|
|
|
|
||||||||
Revenue by geography:
|
|
|
|
|
|
|
|
|
||||||||
East
|
|
$
|
134,757
|
|
|
$
|
192,977
|
|
|
$
|
419,687
|
|
|
$
|
622,496
|
|
North
|
|
78,435
|
|
|
71,263
|
|
|
222,520
|
|
|
199,242
|
|
||||
South
|
|
230,761
|
|
|
294,668
|
|
|
651,133
|
|
|
828,719
|
|
||||
Total revenue
|
|
$
|
443,953
|
|
|
$
|
558,908
|
|
|
$
|
1,293,340
|
|
|
$
|
1,650,457
|
|
|
|
|
|
|
|
|
|
|
Land
|
Indefinite life
|
Building and leasehold improvements
|
13 months – 40 years
|
Machinery and equipment
|
13 months – 10 years
|
Office furniture, fixtures and equipment
|
3 years – 5 years
|
•
|
all short-term leases with term lengths of 12 months or less will not be capitalized; the underlying class of assets to which the Company has applied this expedient is primarily its apartment leases;
|
•
|
for non-revenue contracts containing both lease and non-lease components, both components will be combined and accounted for as one lease component and accounted for under ASC 842; and
|
•
|
for revenue contracts containing both lease and non-lease components, both components will be combined and accounted for as one component and accounted for under ASC 606.
|
•
|
reassess whether any expired or existing contracts contained leases;
|
•
|
reassess the lease classification for any expired or existing leases; and
|
•
|
reassess initial direct costs for any existing leases.
|
•
|
Merger Sub merged with and into C&J, with C&J surviving and continuing as the surviving corporation as a direct, wholly-owned subsidiary of the Company (the "Merger");
|
•
|
each share of C&J common stock issued and outstanding immediately prior to the effective time was canceled and converted into the right to receive 1.6149 shares of the Company's common stock plus cash in lieu of any fractional shares that otherwise would have been issued;
|
•
|
Keane was renamed "NexTier Oilfield Solutions Inc." and the Company's common stock, including the shares issued in the Merger, was listed on the New York Stock Exchange under a new ticker symbol "NEX"; and
|
•
|
each outstanding C&J stock option was converted into a stock option relating to shares of Company common stock; each outstanding C&J restricted stock award was converted into a restricted award relating to shares of Company common stock; each outstanding C&J restricted stock unit award was converted into a Company restricted stock unit award relating to shares of Company common stock; and each outstanding C&J performance share award was converted into a restricted award relating to shares of Company common stock. The number of shares of C&J common stock subject to C&J performance share awards was deemed to be the number of shares subject to the C&J performance share award with performance deemed achieved at target performance levels.
|
|
|
(Thousands of Dollars)
|
||||||
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
Land
|
|
$
|
6,716
|
|
|
$
|
4,771
|
|
Building and leasehold improvements
|
|
32,158
|
|
|
32,134
|
|
||
Office furniture, fixtures and equipment
|
|
8,246
|
|
|
7,691
|
|
||
Machinery and equipment
|
|
1,040,653
|
|
|
1,041,212
|
|
||
|
|
1,087,773
|
|
|
1,085,808
|
|
||
Less accumulated depreciation
|
|
(657,619
|
)
|
|
(562,813
|
)
|
||
Construction in progress
|
|
7,108
|
|
|
8,324
|
|
||
Total property and equipment, net
|
|
$
|
437,262
|
|
|
$
|
531,319
|
|
|
|
|
|
|
•
|
During the three and nine months ended September 30, 2019, the Company recognized a net loss of $2.4 million and $8.1 million, respectively, primarily relating to early disposals of various hydraulic fracturing pump components and iron within the Completion Services segment, offset primarily by salvage value on transmission cores from failed transmissions.
|
•
|
During the three and nine months ended September 30, 2019, the Company divested of various hydraulic fracturing related equipment for a net gain of $1.3 million and $6.1 million, respectively, within the Completion Services segment.
|
•
|
During the three and nine months ended September 30, 2019, the Company divested vehicles and other equipment used across different service lines for a net gain of $0.3 million and $0.7 million, respectively, classified under Corporate segment.
|
•
|
During the three and nine months ended September 30, 2019, the Company recognized a net gain of $0.1 million and $0.5 million primarily related to divesting trailers, vehicles and other various immaterial assets.
|
•
|
During the nine months ended September 30, 2018, the Company recognized a loss of $2.7 million relating to the sale of its field operations facility in Mathis, Texas within the Corporate and Other business segment.
|
•
|
During the three and nine months ended September 30, 2018, the Company recognized a loss of $1.1 million and $2.5 million, respectively, primarily relating to early disposals of various hydraulic fracturing pump components, within the Completion Services segment, offset primarily by salvage value on cores from end of life transmissions.
|
(1)
|
The Company's agreement with its financial trading counterparty allows for the financial right of offset for derivative assets and derivative liabilities at settlement or in the event of a default under the agreement.
|
(2)
|
There are no amounts subject to an enforceable master netting arrangement that are not netted in these amounts. There are no amounts of related financial collateral received or pledged.
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended September 30,
|
|
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
Location
|
||||||||
Amount of gain (loss) recognized in total other comprehensive loss on derivative
|
|
$
|
(2,120
|
)
|
|
$
|
1,119
|
|
|
$
|
(8,664
|
)
|
|
$
|
3,429
|
|
|
OCI
|
Amount of gain reclassified from accumulated other comprehensive loss into earnings
|
|
56
|
|
|
163
|
|
|
500
|
|
|
473
|
|
|
Interest Expense
|
|
|
|
|
Fair value measurements at reporting date using
|
||||||||||||
|
|
September 30, 2019
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate derivative
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate derivative
|
|
(8,673
|
)
|
|
—
|
|
|
(8,673
|
)
|
|
—
|
|
|
|
|
|
Fair value measurements at reporting date using
|
||||||||||||
|
|
December 31, 2018
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate derivative
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
||||||||
Interest rate derivative
|
|
(298
|
)
|
|
—
|
|
|
(298
|
)
|
|
—
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Deferred stock awards
|
|
$
|
—
|
|
|
$
|
1,070
|
|
|
$
|
—
|
|
|
$
|
3,211
|
|
Restricted stock awards
|
|
238
|
|
|
185
|
|
|
859
|
|
|
366
|
|
||||
Restricted stock time-based unit awards
|
|
4,166
|
|
|
2,864
|
|
|
11,390
|
|
|
6,620
|
|
||||
Non-qualified stock options
|
|
670
|
|
|
690
|
|
|
2,025
|
|
|
1,727
|
|
||||
Restricted stock performance-based unit awards
|
|
414
|
|
|
—
|
|
|
851
|
|
|
—
|
|
||||
Equity-based compensation cost
|
|
$
|
5,488
|
|
|
$
|
4,809
|
|
|
$
|
15,125
|
|
|
$
|
11,924
|
|
Tax Benefit
|
|
(1,309
|
)
|
|
(1,158
|
)
|
|
(3,650
|
)
|
|
(2,871
|
)
|
||||
Equity-based compensation cost, net of tax
|
|
$
|
4,179
|
|
|
$
|
3,651
|
|
|
$
|
11,475
|
|
|
$
|
9,053
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
|
$
|
3,558
|
|
|
$
|
30,779
|
|
|
$
|
(23,229
|
)
|
|
$
|
53,203
|
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted-average common shares outstanding(1)
|
|
104,899
|
|
|
108,825
|
|
|
104,721
|
|
|
110,706
|
|
||||
Dilutive effect of restricted stock awards granted to Board of Directors
|
|
33
|
|
|
53
|
|
|
30
|
|
|
52
|
|
||||
Dilutive effect of time-based restricted stock awards granted under the Equity Plan
|
|
—
|
|
|
112
|
|
|
2
|
|
|
113
|
|
||||
Dilutive effect of performance-based restricted stock awards granted under the Equity Plan
|
|
327
|
|
|
—
|
|
|
327
|
|
|
—
|
|
||||
Diluted weighted-average common shares outstanding(1)
|
|
105,259
|
|
|
108,990
|
|
|
105,080
|
|
|
110,871
|
|
||||
|
|
|
|
|
|
|
|
|
(1)
|
As a result of the net loss incurred by the Company for the nine months ended September 30, 2019, the calculation of diluted net loss per share gives no consideration to the potentially anti-dilutive securities shown in the above reconciliation, and as such is the same as basic net loss per share.
|
|
(Thousands of Dollars)
|
||||||
|
Three Months Ended
September 30, 2019 |
|
Nine Months Ended
September 30, 2019 |
||||
Operating lease cost
|
$
|
6,596
|
|
|
$
|
19,822
|
|
Finance lease cost:
|
|
|
|
||||
Amortization of right-of-use assets
|
812
|
|
|
2,516
|
|
||
Interest on lease liabilities
|
137
|
|
|
493
|
|
||
Total finance lease cost
|
949
|
|
|
3,009
|
|
||
Short-term lease cost
|
167
|
|
|
453
|
|
||
Variable lease cost(1)
|
4,317
|
|
|
13,228
|
|
||
Sublease income
|
(27
|
)
|
|
(88
|
)
|
||
Total lease cost
|
$
|
12,002
|
|
|
$
|
36,424
|
|
|
|
|||
|
|
Nine Months Ended
September 30, 2019 |
||
Cash paid for amounts included in the measurements of lease liabilities
|
|
|
||
Operating cash flows from operating leases
|
|
$
|
18,305
|
|
Operating cash flows from finance leases
|
|
433
|
|
|
Financing cash flows from finance leases
|
|
3,814
|
|
|
Nine Months Ended
September 30, 2019 |
Operating leases
|
5.14 years
|
Finance leases
|
2.51 years
|
|
Nine Months Ended
September 30, 2019 |
Operating leases
|
6.62%
|
Finance leases
|
5.75%
|
|
(Thousands of Dollars)
|
||||||
Year ending December 31,
|
Operating leases
|
|
Finance leases
|
||||
2019
|
$
|
5,947
|
|
|
$
|
2,025
|
|
2020
|
18,991
|
|
|
3,415
|
|
||
2021
|
5,598
|
|
|
3,149
|
|
||
2022
|
4,281
|
|
|
1,611
|
|
||
2023
|
2,838
|
|
|
246
|
|
||
Thereafter
|
12,492
|
|
|
—
|
|
||
Total undiscounted remaining minimum lease payments
|
50,147
|
|
|
10,446
|
|
||
Less imputed interest
|
(8,708
|
)
|
|
(721
|
)
|
||
Total discounted remaining minimum lease payments
|
$
|
41,439
|
|
|
$
|
9,725
|
|
|
|
|
|
|
(Thousands of Dollars)
|
||||||
Year ending December 31,
|
Operating leases
|
|
Capital leases
|
||||
2019
|
$
|
26,327
|
|
|
$
|
5,484
|
|
2020
|
18,017
|
|
|
2,652
|
|
||
2021
|
5,688
|
|
|
2,430
|
|
||
2022
|
4,795
|
|
|
883
|
|
||
2023
|
3,172
|
|
|
—
|
|
||
Total
|
$
|
57,999
|
|
|
$
|
11,449
|
|
|
|
|
|
|
(Thousands of Dollars)
|
||
2019
|
$
|
9,510
|
|
2020
|
29,053
|
|
|
2021
|
14,925
|
|
|
2022
|
9,300
|
|
|
2023
|
1,600
|
|
|
|
$
|
64,388
|
|
|
|
|
(Thousands of Dollars)
|
|||||||||||||||
|
|
Three months ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Operations by business segment
|
|
|
|
|
|
|
|
|
||||||||
Revenue:
|
|
|
|
|
|
|
|
|
||||||||
Completion Services
|
|
$
|
437,343
|
|
|
$
|
548,418
|
|
|
$
|
1,269,681
|
|
|
$
|
1,625,798
|
|
Other Services
|
|
6,610
|
|
|
10,490
|
|
|
23,659
|
|
|
24,659
|
|
||||
Total revenue
|
|
$
|
443,953
|
|
|
$
|
558,908
|
|
|
$
|
1,293,340
|
|
|
$
|
1,650,457
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Completion Services
|
|
$
|
43,505
|
|
|
$
|
56,771
|
|
|
$
|
98,331
|
|
|
$
|
186,731
|
|
Other Services
|
|
699
|
|
|
(1,221
|
)
|
|
(1,003
|
)
|
|
(5,114
|
)
|
||||
Corporate and Other
|
|
(36,306
|
)
|
|
(30,624
|
)
|
|
(104,211
|
)
|
|
(97,755
|
)
|
||||
Total operating income (loss)
|
|
$
|
7,898
|
|
|
$
|
24,926
|
|
|
$
|
(6,884
|
)
|
|
$
|
83,862
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
|
||||||||
Completion Services
|
|
$
|
64,735
|
|
|
$
|
64,579
|
|
|
$
|
197,152
|
|
|
$
|
174,376
|
|
Other Services
|
|
502
|
|
|
840
|
|
|
2,007
|
|
|
3,557
|
|
||||
Corporate and Other
|
|
3,471
|
|
|
2,868
|
|
|
10,910
|
|
|
9,809
|
|
||||
Total depreciation and amortization
|
|
$
|
68,708
|
|
|
$
|
68,287
|
|
|
$
|
210,069
|
|
|
$
|
187,742
|
|
(Gain) loss on disposal of assets
|
|
|
|
|
|
|
|
|
||||||||
Completion Services
|
|
$
|
1,074
|
|
|
$
|
1,140
|
|
|
$
|
1,267
|
|
|
$
|
3,015
|
|
Other Services
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Corporate and Other
|
|
(395
|
)
|
|
(27
|
)
|
|
(436
|
)
|
|
2,154
|
|
||||
Total loss on disposal of assets
|
|
$
|
679
|
|
|
$
|
1,113
|
|
|
$
|
831
|
|
|
$
|
5,169
|
|
Exit costs:
|
|
|
|
|
|
|
|
|
||||||||
Corporate and Other
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(154
|
)
|
Total exit costs
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(154
|
)
|
Income tax provision:
|
|
|
|
|
|
|
|
|
||||||||
Corporate and Other
|
|
$
|
820
|
|
|
$
|
(2,623
|
)
|
|
$
|
(718
|
)
|
|
$
|
(4,855
|
)
|
Total income tax:
|
|
820
|
|
|
$
|
(2,623
|
)
|
|
$
|
(718
|
)
|
|
$
|
(4,855
|
)
|
|
Net income (loss):
|
|
|
|
|
|
|
|
|
||||||||
Completion Services
|
|
$
|
43,505
|
|
|
$
|
56,771
|
|
|
$
|
98,331
|
|
|
$
|
186,731
|
|
Other Services
|
|
699
|
|
|
(1,221
|
)
|
|
(1,003
|
)
|
|
(5,114
|
)
|
||||
Corporate and Other
|
|
(40,646
|
)
|
|
(24,771
|
)
|
|
(120,557
|
)
|
|
(128,414
|
)
|
||||
Total net income (loss)
|
|
$
|
3,558
|
|
|
$
|
30,779
|
|
|
$
|
(23,229
|
)
|
|
$
|
53,203
|
|
Capital expenditures(1):
|
|
|
|
|
|
|
|
|
||||||||
Completion Services
|
|
$
|
38,762
|
|
|
$
|
89,904
|
|
|
$
|
138,461
|
|
|
$
|
233,665
|
|
Other Services
|
|
—
|
|
|
98
|
|
|
646
|
|
|
1,642
|
|
||||
Corporate and Other
|
|
283
|
|
|
3,122
|
|
|
3,613
|
|
|
4,008
|
|
||||
Total capital expenditures
|
|
$
|
39,045
|
|
|
$
|
93,124
|
|
|
$
|
142,720
|
|
|
$
|
239,315
|
|
(1)
|
Excludes expenditures for leasehold improvements and finance leases.
|
|
|
(Thousands of Dollars)
|
||||||
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
Total assets by segment:
|
|
|
|
|
||||
Completion Services
|
|
$
|
816,888
|
|
|
$
|
894,467
|
|
Other Services
|
|
15,256
|
|
|
20,974
|
|
||
Corporate and Other
|
|
226,683
|
|
|
139,138
|
|
||
Total assets
|
|
$
|
1,058,827
|
|
|
$
|
1,054,579
|
|
|
|
|
|
|
||||
Goodwill by segment:
|
|
|
|
|
||||
Completion Services
|
|
$
|
132,524
|
|
|
$
|
132,524
|
|
Total goodwill
|
|
$
|
132,524
|
|
|
$
|
132,524
|
|
|
|
|
|
|
|
|
December 31, 2018
|
|
|
|
January 1, 2019
|
||||||
Balance sheet line item
|
|
As Previously Reported
|
|
ASU 2016-02 Adoption
|
|
As Adjusted
|
||||||
Operating lease right-of-use assets
|
|
$
|
—
|
|
|
$
|
60,946
|
|
|
$
|
60,946
|
|
Finance lease right-of-use assets
|
|
—
|
|
|
7,864
|
|
|
7,864
|
|
|||
Property and equipment, net
|
|
531,319
|
|
|
(7,864
|
)
|
|
523,455
|
|
|||
Other noncurrent assets
|
|
6,569
|
|
|
(9
|
)
|
|
6,560
|
|
|||
Accrued expenses and other current liabilities
|
|
(101,833
|
)
|
|
1,066
|
|
|
(100,767
|
)
|
|||
Current maturities of operating lease liabilities
|
|
—
|
|
|
(25,211
|
)
|
|
(25,211
|
)
|
|||
Current maturities of finance lease liabilities
|
|
—
|
|
|
(4,928
|
)
|
|
(4,928
|
)
|
|||
Current maturities of capital lease obligations
|
|
(4,928
|
)
|
|
4,928
|
|
|
—
|
|
|||
Long-term operating lease liabilities, less current maturities
|
|
—
|
|
|
(35,512
|
)
|
|
(35,512
|
)
|
|||
Long-term finance lease liabilities, less current maturities
|
|
—
|
|
|
(5,581
|
)
|
|
(5,581
|
)
|
|||
Capital lease obligations, less current maturities
|
|
(5,581
|
)
|
|
5,581
|
|
|
—
|
|
|||
Other noncurrent liabilities
|
|
(3,283
|
)
|
|
50
|
|
|
(3,233
|
)
|
|||
Retained earnings
|
|
31,494
|
|
|
(1,330
|
)
|
|
30,164
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended September 30, 2019
|
||||||||||
|
Completion Services
|
|
Other Services
|
|
Corporate and Other
|
|
Total
|
||||
Net Income (loss)
|
43,505
|
|
|
699
|
|
|
(40,646
|
)
|
|
3,558
|
|
Interest expense, net
|
—
|
|
|
—
|
|
|
5,215
|
|
|
5,215
|
|
Income tax benefit
|
|
|
|
|
(820
|
)
|
|
(820
|
)
|
||
Depreciation and amortization
|
64,735
|
|
|
502
|
|
|
3,471
|
|
|
68,708
|
|
EBITDA
|
108,240
|
|
|
1,201
|
|
|
(32,780
|
)
|
|
76,661
|
|
Plus Management Adjustments:
|
|
|
|
|
|
|
|
||||
Acquisition, integration and expansion(1)
|
—
|
|
|
—
|
|
|
6,651
|
|
|
6,651
|
|
Non-cash stock compensation(2)
|
—
|
|
|
—
|
|
|
5,488
|
|
|
5,488
|
|
Adjusted EBITDA
|
108,240
|
|
|
1,201
|
|
|
(20,641
|
)
|
|
88,800
|
|
(1)
|
Represents transaction costs related to the Merger with C&J recorded in selling, general and administrative expenses.
|
(2)
|
Represents non-cash amortization of equity awards issued under Keane's Equity and Incentive Award Plan (the "Equity Plan"). According to the Equity Plan, the Compensation Committee of the Board of Directors can approve awards in the form of restricted stock, restricted stock units, and/or other deferred compensation. Consistent with prior policy, amortization of awards is made ratably over the vesting periods, beginning with the grant date, based on the total fair value determined on grant date and recorded in selling, general and administrative expenses.
|
|
|
|
|
|
|
|
|
||||
|
Three Months Ended September 30, 2018
|
||||||||||
|
Completion Services
|
|
Other Services
|
|
Corporate and Other
|
|
Total
|
||||
Net Income (loss)
|
56,771
|
|
|
(1,221
|
)
|
|
(24,771
|
)
|
|
30,779
|
|
Interest expense, net
|
—
|
|
|
—
|
|
|
5,978
|
|
|
5,978
|
|
Income tax expense
|
—
|
|
|
—
|
|
|
2,623
|
|
|
2,623
|
|
Depreciation and amortization
|
64,579
|
|
|
840
|
|
|
2,868
|
|
|
68,287
|
|
EBITDA
|
121,350
|
|
|
(381
|
)
|
|
(13,302
|
)
|
|
107,667
|
|
Plus Management Adjustments:
|
|
|
|
|
|
|
|
||||
Acquisition, integration and expansion(1)
|
227
|
|
|
—
|
|
|
301
|
|
|
528
|
|
Non-cash stock compensation (2)
|
—
|
|
|
—
|
|
|
4,809
|
|
|
4,809
|
|
Other(3)
|
—
|
|
|
—
|
|
|
(12,127
|
)
|
|
(12,127
|
)
|
Adjusted EBITDA
|
121,577
|
|
|
(381
|
)
|
|
(20,319
|
)
|
|
100,877
|
|
(1)
|
Represents integration costs related to the asset acquisition from Refinery Specialties, Incorporated ("RSI"), of which $0.2 million was recorded in cost of services and $0.3 million was recorded in selling, general and administrative expenses.
|
(2)
|
Represents non-cash amortization of equity awards issued under the Equity Plan. According to the Equity Plan, the Compensation Committee of the Board of Directors can approve awards in the form of restricted stock, restricted stock units, and/or other deferred compensation. Consistent with prior policy, amortization of awards is made ratably over the vesting periods, beginning with the grant date, based on the total fair value determined on grant date and recorded in selling, general and administrative expenses.
|
(3)
|
Represents gain of $14.9 million recognized for insurance proceeds received in connection with a fire that damaged a portion of one hydraulic fracturing fleet on July 1, 2018, which was recorded in (gain) loss on disposal of assets, offset by $2.8 million of legal contingencies, which were recorded in selling, general and administrative expenses.
|
|
|
|
|
|
|
|
|
||||
|
Nine Months Ended September 30, 2019
|
||||||||||
|
Completion Services
|
|
Other Services
|
|
Corporate and Other
|
|
Total
|
||||
Net Income (loss)
|
98,331
|
|
|
(1,003
|
)
|
|
(120,557
|
)
|
|
(23,229
|
)
|
Interest expense, net
|
—
|
|
|
—
|
|
|
16,087
|
|
|
16,087
|
|
Income tax expense
|
|
|
|
|
718
|
|
|
718
|
|
||
Depreciation and amortization
|
197,152
|
|
|
2,007
|
|
|
10,910
|
|
|
210,069
|
|
EBITDA
|
295,483
|
|
|
1,004
|
|
|
(92,842
|
)
|
|
203,645
|
|
Plus Management Adjustments:
|
|
|
|
|
|
|
|
||||
Acquisition, integration and expansion(1)
|
—
|
|
|
—
|
|
|
12,759
|
|
|
12,759
|
|
Non-cash stock compensation (2)
|
—
|
|
|
—
|
|
|
15,098
|
|
|
15,098
|
|
Other(3)
|
—
|
|
|
—
|
|
|
3,794
|
|
|
3,794
|
|
Adjusted EBITDA
|
295,483
|
|
|
1,004
|
|
|
(61,191
|
)
|
|
235,296
|
|
(1)
|
Represents transaction costs related to the Merger with C&J recorded in selling, general and administrative expenses.
|
(2)
|
Represents non-cash amortization of equity awards issued under the Equity Plan. According to the Equity Plan, the Compensation Committee of the Board of Directors can approve awards in the form of restricted stock, restricted stock units, and/or other deferred compensation. Consistent with prior policy, amortization of awards is made ratably over the vesting periods, beginning with the grant date, based on the total fair value determined on grant date and recorded in selling, general and administrative expenses.
|
(3)
|
Represents legal contingencies, which is recorded in selling, general and administrative expenses.
|
|
|
|
|
|
|
|
|
||||
|
Nine Months Ended September 30, 2018
|
||||||||||
|
Completion Services
|
|
Other Services
|
|
Corporate and Other
|
|
Total
|
||||
Net Income (loss)
|
186,731
|
|
|
(5,114
|
)
|
|
(128,414
|
)
|
|
53,203
|
|
Interest expense, net
|
—
|
|
|
—
|
|
|
27,285
|
|
|
27,285
|
|
Income tax expense
|
—
|
|
|
—
|
|
|
4,855
|
|
|
4,855
|
|
Depreciation and amortization
|
174,376
|
|
|
3,557
|
|
|
9,809
|
|
|
187,742
|
|
EBITDA
|
361,107
|
|
|
(1,557
|
)
|
|
(86,465
|
)
|
|
273,085
|
|
Plus Management Adjustments:
|
|
|
|
|
|
|
|
||||
Acquisition, integration and expansion(1)
|
227
|
|
|
—
|
|
|
16,382
|
|
|
16,609
|
|
Offering-related expenses(2)
|
—
|
|
|
—
|
|
|
12,969
|
|
|
12,969
|
|
Non-cash stock compensation (3)
|
—
|
|
|
—
|
|
|
11,924
|
|
|
11,924
|
|
Other(4)
|
—
|
|
|
—
|
|
|
(11,138
|
)
|
|
(11,138
|
)
|
Adjusted EBITDA
|
361,334
|
|
|
(1,557
|
)
|
|
(56,328
|
)
|
|
303,449
|
|
(1)
|
Represents adjustment to the contingent value right liability based on the final agreed-upon settlement, which was recorded in other income (expense), net and a markdown to fair value of idle real estate pending for sale in Mathis, Texas acquired as part of the acquisition of the majority of the U.S. assets and assumed certain liabilities of Trican Well Service L.P., which was recorded in (gain) loss on disposal of assets. Also represents integration costs related to the asset acquisition from RSI, of which $0.2 million was recorded in cost of services and $0.3 million was recorded in selling, general and administrative expenses.
|
(2)
|
Represents primarily professional fees and other miscellaneous expenses to consummate the secondary common stock offering completed in January 2018. These expenses were recorded in selling, general and administrative expenses, as Keane did not receive any proceeds in the offering to offset the expenses.
|
(3)
|
Represents non-cash amortization of equity awards issued under the Equity Plan. According to the Equity Plan, the Compensation Committee of the Board of Directors can approve awards in the form of restricted stock, restricted stock units, and/or other deferred compensation. Consistent with prior policy, amortization of awards is made ratably over the vesting periods, beginning with the grant date, based on the total fair value determined on grant date and recorded in selling, general and administrative expenses.
|
(4)
|
Represents gain recognized for insurance proceeds received in connection with a fire that damaged a portion of one hydraulic fracturing fleet on July 1, 2018, which was recorded in (gain) loss on disposal of assets. Also represents legal contingencies and rating agency fees for establishing initial ratings in connection with entering into a new $350 million senior secured term facility, which were recorded in selling, general and administrative expenses.
|
|
|
|
|
|
|
|||
|
Three Months Ended September 30, 2019
|
|||||||
|
Completion Services
|
|
Other Services
|
|
Total
|
|||
Revenue
|
437,343
|
|
|
6,610
|
|
|
443,953
|
|
Cost of services
|
328,029
|
|
|
5,409
|
|
|
333,438
|
|
Gross profit excluding depreciation and amortization
|
109,314
|
|
|
1,201
|
|
|
110,515
|
|
Management adjustments associated with cost of services
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted Gross Profit
|
109,314
|
|
|
1,201
|
|
|
110,515
|
|
|
|
|
|
|
|
|||
|
Three Months Ended September 30, 2018
|
|||||||
|
Completion Services
|
|
Other Services
|
|
Total
|
|||
Revenue
|
548,418
|
|
|
10,490
|
|
|
558,908
|
|
Cost of services
|
425,928
|
|
|
10,871
|
|
|
436,799
|
|
Gross profit (loss) excluding depreciation and amortization
|
122,490
|
|
|
(381
|
)
|
|
122,109
|
|
Management adjustments associated with cost of services(1)
|
227
|
|
|
—
|
|
|
227
|
|
Adjusted Gross Profit (Loss)
|
122,717
|
|
|
(381
|
)
|
|
122,336
|
|
(1)
|
Represents integration costs related to the asset acquisition from RSI.
|
|
|
|
|
|
|
|||
|
Nine Months Ended September 30, 2019
|
|||||||
|
Completion Services
|
|
Other Services
|
|
Total
|
|||
Revenue
|
1,269,681
|
|
|
23,659
|
|
|
1,293,340
|
|
Cost of services
|
972,932
|
|
|
22,655
|
|
|
995,587
|
|
Gross profit excluding depreciation and amortization
|
296,749
|
|
|
1,004
|
|
|
297,753
|
|
Management adjustments associated with cost of services
|
—
|
|
|
—
|
|
|
—
|
|
Adjusted Gross Profit
|
296,749
|
|
|
1,004
|
|
|
297,753
|
|
|
|
|
|
|
|
|||
|
Nine Months Ended September 30, 2018
|
|||||||
|
Completion Services
|
|
Other Services
|
|
Total
|
|||
Revenue
|
1,625,798
|
|
|
24,659
|
|
|
1,650,457
|
|
Cost of services
|
1,261,676
|
|
|
26,216
|
|
|
1,287,892
|
|
Gross profit (loss) excluding depreciation and amortization
|
364,122
|
|
|
(1,557
|
)
|
|
362,565
|
|
Management adjustments associated with cost of services
|
227
|
|
|
—
|
|
|
227
|
|
Adjusted Gross Profit (Loss)
|
364,349
|
|
|
(1,557
|
)
|
|
362,792
|
|
•
|
On October 31, 2019, we completed the Merger with C&J. Upon completion of the Merger, the Company changed its name to NexTier Oilfield Solutions Inc. to create a new leading well completion and production services company. For additional information, see Note (3) Merger with C&J of Part I, "Item 1. Condensed Consolidated Financial Statements (Unaudited)".
|
•
|
We achieved a rolling 12 month average total recordable incident rate of 0.25 during the third quarter of 2019, which remains substantially lower than the industry average.
|
•
|
During the third quarter of 2019, overall fleet utilization was flat. We continue to focus on serving high-quality customers under dedicated agreements, while delivering leading safety and strong efficiencies. As a result, our assets have been highly utilized and are realizing strong and improving profitability.
|
•
|
We are pursuing a strategy of driving efficiency and enhancing safety through our multi-pronged approach to surface, digital and downhole technologies. In close collaboration with our customers and industry partners, we continue to invest in the development and deployment of a range of new technologies across integrated completions. Our focus on innovation is contributing to tangible results,
|
•
|
We achieved record stage efficiency on a per fleet basis during the third quarter of 2019, driven by execution, deployment of technology, and improved client mix. Efficiency remains a key differentiator and why customers choose to partner with us.
|
|
|
Three Months Ended September 30,
|
|||||||||||||||||||
(Thousands of Dollars)
|
|
|
|
|
|
As a % of Revenue
|
|
Variance
|
|||||||||||||
Description
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||||
Completion Services
|
|
$
|
437,343
|
|
|
$
|
548,418
|
|
|
99
|
%
|
|
98
|
%
|
|
$
|
(111,075
|
)
|
|
(20
|
%)
|
Other Services
|
|
6,610
|
|
|
10,490
|
|
|
1
|
%
|
|
2
|
%
|
|
(3,880
|
)
|
|
(37
|
%)
|
|||
Revenue
|
|
443,953
|
|
|
558,908
|
|
|
100
|
%
|
|
100
|
%
|
|
(114,955
|
)
|
|
(21
|
%)
|
|||
Completion Services
|
|
328,029
|
|
|
425,928
|
|
|
74
|
%
|
|
76
|
%
|
|
(97,899
|
)
|
|
(23
|
%)
|
|||
Other Services
|
|
5,409
|
|
|
10,871
|
|
|
1
|
%
|
|
2
|
%
|
|
(5,462
|
)
|
|
(50
|
%)
|
|||
Costs of services
|
|
333,438
|
|
|
436,799
|
|
|
75
|
%
|
|
78
|
%
|
|
(103,361
|
)
|
|
(24
|
%)
|
|||
Depreciation and amortization
|
|
68,708
|
|
|
68,287
|
|
|
15
|
%
|
|
12
|
%
|
|
421
|
|
|
1
|
%
|
|||
Selling, general and administrative expenses
|
|
33,230
|
|
|
27,783
|
|
|
7
|
%
|
|
5
|
%
|
|
5,447
|
|
|
20
|
%
|
|||
Loss on disposal of assets
|
|
679
|
|
|
1,113
|
|
|
0
|
%
|
|
0
|
%
|
|
(434
|
)
|
|
(39
|
%)
|
|||
Operating income
|
|
7,898
|
|
|
24,926
|
|
|
2
|
%
|
|
4
|
%
|
|
(17,028
|
)
|
|
(68
|
%)
|
|||
Other income, net
|
|
55
|
|
|
14,454
|
|
|
0
|
%
|
|
3
|
%
|
|
(14,399
|
)
|
|
(100
|
%)
|
|||
Interest expense
|
|
(5,215
|
)
|
|
(5,978
|
)
|
|
(1
|
%)
|
|
(1
|
%)
|
|
763
|
|
|
13
|
%
|
|||
Total other income (expense)
|
|
(5,160
|
)
|
|
8,476
|
|
|
(1
|
%)
|
|
2
|
%
|
|
(13,636
|
)
|
|
(161
|
%)
|
|||
Income tax benefit (expense)
|
|
820
|
|
|
(2,623
|
)
|
|
0
|
%
|
|
0
|
%
|
|
3,443
|
|
|
(131
|
%)
|
|||
Net income (loss)
|
|
$
|
3,558
|
|
|
$
|
30,779
|
|
|
1
|
%
|
|
6
|
%
|
|
$
|
(27,221
|
)
|
|
(88
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|||||||||||||||||||
(Thousands of Dollars)
|
|
|
|
|
|
As a % of Revenue
|
|
Variance
|
|||||||||||||
Description
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
$
|
|
%
|
|||||||||
Completion Services
|
|
$
|
1,269,681
|
|
|
$
|
1,625,798
|
|
|
98
|
%
|
|
99
|
%
|
|
$
|
(356,117
|
)
|
|
(22
|
%)
|
Other Services
|
|
23,659
|
|
|
24,659
|
|
|
2
|
%
|
|
1
|
%
|
|
(1,000
|
)
|
|
(4
|
%)
|
|||
Revenue
|
|
1,293,340
|
|
|
1,650,457
|
|
|
100
|
%
|
|
100
|
%
|
|
(357,117
|
)
|
|
(22
|
%)
|
|||
Completion Services
|
|
972,932
|
|
|
1,261,676
|
|
|
75
|
%
|
|
76
|
%
|
|
(288,744
|
)
|
|
(23
|
%)
|
|||
Other Services
|
|
22,655
|
|
|
26,216
|
|
|
2
|
%
|
|
2
|
%
|
|
(3,561
|
)
|
|
(14
|
%)
|
|||
Costs of services
|
|
995,587
|
|
|
1,287,892
|
|
|
77
|
%
|
|
78
|
%
|
|
(292,305
|
)
|
|
(23
|
%)
|
|||
Depreciation and amortization
|
|
210,069
|
|
|
187,742
|
|
|
16
|
%
|
|
11
|
%
|
|
22,327
|
|
|
12
|
%
|
|||
Selling, general and administrative expenses
|
|
93,737
|
|
|
85,792
|
|
|
7
|
%
|
|
5
|
%
|
|
7,945
|
|
|
9
|
%
|
|||
Loss on disposal of assets
|
|
831
|
|
|
5,169
|
|
|
0
|
%
|
|
0
|
%
|
|
(4,338
|
)
|
|
(84
|
%)
|
|||
Operating income (loss)
|
|
(6,884
|
)
|
|
83,862
|
|
|
(1
|
%)
|
|
5
|
%
|
|
(90,746
|
)
|
|
(108
|
%)
|
|||
Other income, net
|
|
460
|
|
|
1,481
|
|
|
0
|
%
|
|
0
|
%
|
|
(1,021
|
)
|
|
(69
|
%)
|
|||
Interest expense
|
|
(16,087
|
)
|
|
(27,285
|
)
|
|
(1
|
%)
|
|
(2
|
%)
|
|
11,198
|
|
|
41
|
%
|
|||
Total other expenses
|
|
(15,627
|
)
|
|
(25,804
|
)
|
|
(1
|
%)
|
|
(2
|
%)
|
|
10,177
|
|
|
(39
|
%)
|
|||
Income tax expense
|
|
(718
|
)
|
|
(4,855
|
)
|
|
0
|
%
|
|
0
|
%
|
|
4,137
|
|
|
(85
|
%)
|
|||
Net income (loss)
|
|
$
|
(23,229
|
)
|
|
$
|
53,203
|
|
|
(2
|
%)
|
|
3
|
%
|
|
$
|
(76,432
|
)
|
|
(144
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Thousands of Dollars)
|
||||||
|
|
9/30/2019
|
|
12/31/2018
|
||||
Cash
|
|
$
|
157,025
|
|
|
$
|
80,206
|
|
Debt, net of unamortized deferred financing costs and unamortized debt discount
|
|
338,317
|
|
|
340,730
|
|
||
|
|
|
|
|
|
|
(Thousands of Dollars)
|
||||||
|
|
Nine Months Ended September 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Net cash provided by operating activities
|
|
$
|
225,579
|
|
|
$
|
251,104
|
|
Net cash used in investing activities
|
|
(138,805
|
)
|
|
(233,477
|
)
|
||
Net cash used in financing activities
|
|
(9,926
|
)
|
|
(30,835
|
)
|
||
|
|
|
|
|
•
|
Operating activities:
|
–
|
Net cash generated by operating activities during the nine months ended September 30, 2019 of $225.6 million was a result of our thoroughness in receiving collections from our customers and controlling costs. We continue to focus on maintaining operational and spend efficiencies, resulting in positive working capital and net operating cash to support our capital expenditures and other investing activities.
|
•
|
Investing activities:
|
–
|
Net cash used in investing activities for the nine months ended September 30, 2019 of $138.8 million, consisting primarily of capital expenditures. This activity primarily related to our Completion Services segment.
|
•
|
Financing activities:
|
–
|
Cash used to repay our debt facilities, excluding leases and interest, during the nine months ended September 30, 2019 was $2.6 million.
|
–
|
Cash used to repay our finance leases during the nine months ended September 30, 2019 was $3.8 million.
|
–
|
Shares repurchased and retired related to stock-based compensation during the nine months ended September 30, 2019 totaled $3.5 million.
|
•
|
Operating activities:
|
–
|
Net cash generated by operating activities during the nine months ended September 30, 2018 of $251.1 million was primarily driven by higher utilization of our combined asset base and increased gross profit in our Completion Services segment.
|
•
|
Financing activities:
|
–
|
Cash provided by the 2018 term loan facility entered into by the Company, and certain subsidiaries of the Company as guarantors, with each lender from time to time party thereto and Barclays Bank PLC, as administrative agent and collateral agent (the "2018 Term Loan Facility"), net of debt discount was $348.2 million.
|
•
|
Operating activities
|
–
|
$7.9 million related to the portion of the cash settlement of the contingent value right ("CVR") liability that exceeded its acquisition-date fair value.
|
•
|
Investing activities:
|
–
|
Net cash used in investing activities of $233.5 million was primarily associated with our newbuild and maintenance capital spend on active fleets, offset by the insurance proceeds we received for our equipment that was damaged in July 2018 in an accidental fire. This activity primarily related to our Completion Services segment.
|
•
|
Financing activities:
|
–
|
Cash used to repay our debt facilities, including capital leases but excluding interest, during the nine months ended September 30, 2018 was $287.0 million.
|
–
|
Cash used to pay debt issuance costs associated with our debt facilities was $7.3 million.
|
–
|
Shares repurchased and retired related to our stock repurchase program totaled $69.4 million.
|
–
|
Shares repurchased and retired related to payroll tax withholdings on our stock-based compensation totaled $3.4 million.
|
–
|
The portion of the cash settlement of the CVR liability reflective of its acquisition-date fair value was $12.0 million. The remaining portion of the cash settlement of the CVR liability of $7.9 million is reflected in net cash provided by operating activities.
|
(Thousands of Dollars)
Contractual obligations
|
|
Total
|
|
2019
|
|
2020-2022
|
|
2023-2025
|
|
2026+
|
||||||||||
Long-term debt, including current portion(1)
|
|
$
|
345,625
|
|
|
$
|
875
|
|
|
$
|
10,500
|
|
|
$
|
334,250
|
|
|
$
|
—
|
|
Estimated interest payments(2)
|
|
122,542
|
|
|
5,508
|
|
|
66,342
|
|
|
50,692
|
|
|
—
|
|
|||||
Finance lease obligations(3)
|
|
10,446
|
|
|
2,025
|
|
|
8,175
|
|
|
246
|
|
|
—
|
|
|||||
Operating lease obligations(4)
|
|
50,147
|
|
|
5,946
|
|
|
28,871
|
|
|
6,169
|
|
|
9,161
|
|
|||||
Purchase commitments(5)
|
|
101,614
|
|
|
19,489
|
|
|
80,525
|
|
|
1,600
|
|
|
—
|
|
|||||
Equity-method investment(6)
|
|
1,451
|
|
|
1,451
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Legal contingency(7)
|
|
21
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
$
|
631,846
|
|
|
$
|
35,315
|
|
|
$
|
194,413
|
|
|
$
|
392,957
|
|
|
$
|
9,161
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Long-term debt excludes interest payments on each obligation and represents our obligations under our 2018 Term Loan Facility. In addition, these amounts exclude $7.3 million of unamortized debt discount and debt issuance costs.
|
(2)
|
Estimated interest payments are based on debt balances outstanding as of September 30, 2019 and include interest related to the 2018 Term Loan Facility. Interest rates used for variable rate debt are based on the prevailing current London Interbank Offer Rate ("LIBOR").
|
(3)
|
Finance lease obligations consist of obligations on our finance leases of hydraulic fracturing equipment and ancillary equipment with CIT Finance LLC, light weight vehicles with ARI Financial Services Inc. and Enterprise FM Trust, and includes interest payments.
|
(4)
|
Operating lease obligations are related to our real estate, rail cars with Compass Rail VIII, SMBC Rail Services and Trinity Industries Leasing Company, and light duty vehicles with ARI Financial Services Inc., Enterprise FM Trust and PNC Bank.
|
(5)
|
Purchase commitments primarily relate to our agreements with vendors for sand purchases and deposits on equipment. The purchase commitments to sand suppliers represent our annual obligations to purchase a minimum amount of sand from vendors. If the minimum purchase requirement is not met, the shortfall at the end of the year is settled in cash or, in some cases, carried forward to the next year.
|
(6)
|
See Notes (12) Commitments and Contingencies and (13) Related Party Transactions of Part I, "Item 1. Condensed Consolidated Financial Statements (Unaudited)" for further details on our equity-method investment.
|
(7)
|
See Note (12) Commitments and Contingencies of Part I, "Item 1. Condensed Consolidated Financial Statements (Unaudited)" for further details.
|
•
|
combining the companies' operations and corporate functions;
|
•
|
combining the businesses of Keane and C&J, in a manner that permits the Company to achieve any cost savings or revenue synergies anticipated to result from the Merger, including, specifically, achieving the anticipated annualized run-rate cost synergies of $100 million within 12 months after closing, the failure of which would result in the anticipated benefits of the Merger not being realized in the time frame currently anticipated or at all;
|
•
|
reducing additional and unforeseen expenses such that integration costs more than anticipated;
|
•
|
avoiding delays in the integration process;
|
•
|
integrating personnel from the two companies and minimizing the loss of key employees;
|
•
|
integrating the companies' technologies;
|
•
|
integrating and unifying the offerings and services available to customers;
|
•
|
identifying and eliminating redundant and underperforming functions and assets;
|
•
|
harmonizing the companies' operating practices, employee development and compensation programs, internal controls and other policies, procedures and processes;
|
•
|
maintaining existing agreements with customers, distributors, providers and vendors and avoiding delays in entering into new agreements with prospective customers, distributors, providers and vendors;
|
•
|
addressing possible differences in business backgrounds, corporate cultures and management philosophies;
|
•
|
consolidating the companies' administrative and information technology infrastructure;
|
•
|
coordinating distribution and marketing efforts;
|
•
|
managing the movement of certain positions to different locations; and
|
•
|
effecting actions that may be required in connection with obtaining regulatory approvals.
|
•
|
the Company may not have enough cash to pay such dividends or to repurchase shares due to its cash requirements, capital spending plans, cash flow or financial position;
|
•
|
decisions on whether, when and in which amounts to make any future distributions will remain at all times entirely at the discretion of the Company's board of directors, which could change its dividend practices at any time and for any reason;
|
•
|
the Company's desire to maintain or improve the credit ratings on its debt;
|
•
|
the amount of dividends that the Company may distribute to its stockholders is subject to restrictions under Delaware law and is limited by restricted payment and leverage covenants in the Company's credit facilities and indentures and, potentially, the terms of any future indebtedness that the Company may incur; and
|
•
|
certain limitations on the amount of dividends subsidiaries of the Company can distribute to the Company, as imposed by state law, regulators or agreements.
|
|
|
|
|
|
|
Incorporated by Reference
|
||||||
Exhibit
Number |
|
Exhibit Description
|
|
Filed/
Furnished Herewith |
|
Form
|
|
File No.
|
|
Exhibit
|
|
Filing
Date |
|
|
|
|
|
001-37988
|
|
3.1
|
|
October 31, 2019
|
|||
|
|
|
|
|
001-37988
|
|
10.1
|
|
October 31, 2019
|
|||
|
|
|
|
|
001-37988
|
|
10.2
|
|
October 31, 2019
|
|||
31.1
|
|
|
*
|
|
|
|
|
|
|
|
|
|
31.2
|
|
|
*
|
|
|
|
|
|
|
|
|
|
32.1
|
|
|
**
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document - The Instance Document does not appear in the Interactive Data Files because its XBRL tags are embedded within the Inline XBRL document.
|
|
*
|
|
|
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
*
|
|
|
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
*
|
|
|
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
*
|
|
|
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
*
|
|
|
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
*
|
|
|
|
|
|
|
|
|
104
|
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NexTier Oilfield Solutions Inc.
(Registrant)
|
|
|
|
|
|
By:
|
/s/ Phung Ngo-Burns
|
|
|
Phung Ngo-Burns
|
|
|
Principal Accounting Officer and Duly Authorized Officer
|
|
|
|
1 Year Keane Chart |
1 Month Keane Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions