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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Quintana Energy Services Inc | NYSE:QES | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.9278 | 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
|
For the transition period from
to
|
|
|
|
|
|
|
|
|
|
Delaware
|
|
82-1221944
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
|
☐
|
|
Accelerated filer
|
|
☐
|
|
|
|
|
|
|
|
Non-accelerated filer
|
|
ý
|
|
Smaller reporting company
|
|
ý
|
|
|
|
|
|
|
|
|
|
|
|
Emerging growth company
|
|
ý
|
|
|
|
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
||||||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
16,583
|
|
|
$
|
13,804
|
|
Accounts receivable, net of allowance of $1,726 and $1,841
|
|
84,753
|
|
|
101,620
|
|
||
Unbilled receivables
|
|
8,131
|
|
|
13,766
|
|
||
Inventories (Note 2)
|
|
25,005
|
|
|
23,464
|
|
||
Prepaid expenses and other current assets
|
|
5,165
|
|
|
7,481
|
|
||
Total current assets
|
|
139,637
|
|
|
160,135
|
|
||
Property, plant and equipment, net
|
|
156,577
|
|
|
153,878
|
|
||
Operating lease right-of-use asset (Note 5)
|
|
16,208
|
|
|
—
|
|
||
Intangible assets, net
|
|
8,112
|
|
|
9,019
|
|
||
Other assets
|
|
1,333
|
|
|
1,517
|
|
||
Total assets
|
|
$
|
321,867
|
|
|
$
|
324,549
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable
|
|
$
|
40,665
|
|
|
$
|
51,568
|
|
Accrued liabilities (Note 3)
|
|
32,599
|
|
|
37,533
|
|
||
Other current liabilities
|
|
8,127
|
|
|
422
|
|
||
Total current liabilities
|
|
81,391
|
|
|
89,523
|
|
||
Long-term debt (Note 4)
|
|
35,000
|
|
|
29,500
|
|
||
Long-term operating lease liabilities (Note 5)
|
|
10,844
|
|
|
—
|
|
||
Long-term finance lease liabilities (Note 5)
|
|
9,222
|
|
|
3,451
|
|
||
Deferred tax liability
|
|
232
|
|
|
130
|
|
||
Other long-term liabilities
|
|
18
|
|
|
125
|
|
||
Total liabilities
|
|
136,707
|
|
|
122,729
|
|
||
Commitments and contingencies (Note 8)
|
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
|
||||
Preferred shares, $0.01 par value, 10,000,000 authorized; none issued and outstanding
|
|
—
|
|
|
—
|
|
||
Common shares, $0.01 par value, 150,000,000 authorized; 34,382,599 issued; 33,705,148 outstanding
|
|
350
|
|
|
344
|
|
||
Additional paid-in-capital
|
|
354,517
|
|
|
349,080
|
|
||
Treasury shares, at cost, 677,451 and 232,892 common shares
|
|
(3,783
|
)
|
|
(1,821
|
)
|
||
Accumulated deficit
|
|
(165,924
|
)
|
|
(145,783
|
)
|
||
Total shareholders’ equity
|
|
185,160
|
|
|
201,820
|
|
||
Total liabilities and shareholders’ equity
|
|
$
|
321,867
|
|
|
$
|
324,549
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30, 2019
|
|
June 30, 2018
|
|
June 30, 2019
|
|
June 30, 2018
|
||||||||
Revenues:
|
|
$
|
125,627
|
|
|
$
|
152,536
|
|
|
$
|
267,292
|
|
|
$
|
293,804
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
||||||||
Direct operating costs
|
|
109,075
|
|
|
124,592
|
|
|
230,626
|
|
|
240,689
|
|
||||
General and administrative
|
|
13,862
|
|
|
14,489
|
|
|
29,571
|
|
|
34,802
|
|
||||
Depreciation and amortization
|
|
13,116
|
|
|
11,155
|
|
|
25,556
|
|
|
22,233
|
|
||||
Gain on disposition of assets
|
|
(153
|
)
|
|
(594
|
)
|
|
(176
|
)
|
|
(700
|
)
|
||||
Operating (loss) income
|
|
(10,273
|
)
|
|
2,894
|
|
|
(18,285
|
)
|
|
(3,220
|
)
|
||||
Non-operating income expense:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense
|
|
(853
|
)
|
|
(433
|
)
|
|
(1,524
|
)
|
|
(10,625
|
)
|
||||
(Loss) income before income tax
|
|
(11,126
|
)
|
|
2,461
|
|
|
(19,809
|
)
|
|
(13,845
|
)
|
||||
Income tax expense
|
|
(154
|
)
|
|
(326
|
)
|
|
(331
|
)
|
|
(377
|
)
|
||||
Net (loss) income
|
|
(11,280
|
)
|
|
2,135
|
|
|
(20,140
|
)
|
|
(14,222
|
)
|
||||
Net loss attributable to predecessor
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,546
|
)
|
||||
Net (loss) income attributable to Quintana Energy Services Inc.
|
|
$
|
(11,280
|
)
|
|
$
|
2,135
|
|
|
$
|
(20,140
|
)
|
|
$
|
(12,676
|
)
|
Net (loss) income per common share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
$
|
(0.33
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.60
|
)
|
|
$
|
(0.38
|
)
|
Diluted
|
|
$
|
(0.33
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.60
|
)
|
|
$
|
(0.38
|
)
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
33,804
|
|
|
33,631
|
|
|
33,745
|
|
|
33,519
|
|
||||
Diluted
|
|
33,804
|
|
|
35,227
|
|
|
33,745
|
|
|
33,519
|
|
|
Common Unitholder Number of Units
|
Members' Equity
|
Common
Shareholders
Number of
Shares
Outstanding
|
Common
Stock
|
Additional
Paid in
Capital
|
Treasury
Stock
|
Accumulated
Deficit
|
Total
Shareholders’
Equity
|
||||||||||||||
Balance at December 31, 2017
|
417,441
|
|
$
|
212,630
|
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
(127,662
|
)
|
$
|
84,968
|
|
Effect of Reorganization Transactions
|
(417,441
|
)
|
(212,630
|
)
|
23,598
|
|
236
|
|
246,027
|
|
—
|
|
—
|
|
33,633
|
|
||||||
Issuance of common stock sold in initial public offering, net of offering costs
|
—
|
|
—
|
|
9,632
|
|
96
|
|
90,445
|
|
—
|
|
—
|
|
90,541
|
|
||||||
Net loss prior to Reorganization Transactions
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,546
|
)
|
(1,546
|
)
|
||||||
Cost incurred for stock issuance
|
—
|
|
—
|
|
—
|
|
—
|
|
(4,307
|
)
|
—
|
|
—
|
|
(4,307
|
)
|
||||||
Equity-based compensation
|
—
|
|
—
|
|
401
|
|
4
|
|
9,882
|
|
—
|
|
—
|
|
9,886
|
|
||||||
Activity related to stock plan
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(1,271
|
)
|
—
|
|
(1,271
|
)
|
||||||
Opening deferred tax adjustment
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
185
|
|
185
|
|
||||||
Net loss subsequent to Reorganization Transactions
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(14,810
|
)
|
(14,810
|
)
|
||||||
Balance at March 31, 2018
|
—
|
|
$
|
—
|
|
33,631
|
|
$
|
336
|
|
$
|
342,047
|
|
$
|
(1,271
|
)
|
$
|
(143,833
|
)
|
$
|
197,279
|
|
Effect of Reorganization Transactions
|
—
|
|
—
|
|
—
|
|
2
|
|
(4
|
)
|
—
|
|
—
|
|
(2
|
)
|
||||||
Issuance of common stock sold in initial public offering, net of offering costs
|
—
|
|
—
|
|
—
|
|
—
|
|
1
|
|
—
|
|
—
|
|
1
|
|
||||||
Cost incurred for stock issuance
|
—
|
|
—
|
|
—
|
|
—
|
|
(969
|
)
|
—
|
|
—
|
|
(969
|
)
|
||||||
Equity-based compensation
|
—
|
|
—
|
|
—
|
|
2
|
|
2,938
|
|
—
|
|
—
|
|
2,940
|
|
||||||
Net income subsequent to Reorganization Transactions
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
2,134
|
|
2,134
|
|
||||||
Balance at June 30, 2018
|
—
|
|
$
|
—
|
|
33,631
|
|
$
|
340
|
|
$
|
344,013
|
|
$
|
(1,271
|
)
|
$
|
(141,699
|
)
|
$
|
201,383
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2018
|
—
|
|
$
|
—
|
|
33,541
|
|
$
|
344
|
|
$
|
349,080
|
|
$
|
(1,821
|
)
|
$
|
(145,783
|
)
|
$
|
201,820
|
|
Equity-based compensation
|
—
|
|
—
|
|
609
|
|
3
|
|
2,748
|
|
—
|
|
—
|
|
2,751
|
|
||||||
Tax withholding on stock vesting
|
—
|
|
—
|
|
(177
|
)
|
—
|
|
—
|
|
(954
|
)
|
—
|
|
(954
|
)
|
||||||
Stock buyback plan activity
|
—
|
|
—
|
|
(103
|
)
|
—
|
|
—
|
|
(486
|
)
|
—
|
|
(486
|
)
|
||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(8,861
|
)
|
(8,861
|
)
|
||||||
Balance at March 31, 2019
|
—
|
|
$
|
—
|
|
33,870
|
|
$
|
347
|
|
$
|
351,828
|
|
$
|
(3,261
|
)
|
$
|
(154,644
|
)
|
$
|
194,270
|
|
Equity-based compensation
|
—
|
|
—
|
|
—
|
|
3
|
|
2,689
|
|
—
|
|
—
|
|
2,692
|
|
||||||
Stock buyback plan activity
|
—
|
|
—
|
|
(165
|
)
|
—
|
|
—
|
|
(522
|
)
|
—
|
|
(522
|
)
|
||||||
Net loss
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(11,280
|
)
|
(11,280
|
)
|
||||||
Balance at June 30, 2019
|
—
|
|
$
|
—
|
|
33,705
|
|
$
|
350
|
|
$
|
354,517
|
|
$
|
(3,783
|
)
|
$
|
(165,924
|
)
|
$
|
185,160
|
|
|
|
Six Months Ended
|
||||||
|
|
June 30, 2019
|
|
June 30, 2018
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net loss
|
|
$
|
(20,140
|
)
|
|
$
|
(14,222
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities
|
|
|
|
|
||||
Depreciation and amortization
|
|
25,556
|
|
|
22,233
|
|
||
Gain on disposition of assets
|
|
(5,165
|
)
|
|
(3,068
|
)
|
||
Non-cash interest expense
|
|
174
|
|
|
855
|
|
||
Loss on debt extinguishment
|
|
—
|
|
|
8,594
|
|
||
Provision for doubtful accounts
|
|
300
|
|
|
460
|
|
||
Deferred income tax expense
|
|
67
|
|
|
—
|
|
||
Stock-based compensation
|
|
5,443
|
|
|
12,826
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Accounts receivable
|
|
16,566
|
|
|
(12,567
|
)
|
||
Unbilled receivables
|
|
5,635
|
|
|
(3,204
|
)
|
||
Inventories
|
|
(1,542
|
)
|
|
(5,051
|
)
|
||
Prepaid expenses and other current assets
|
|
2,743
|
|
|
1,331
|
|
||
Other noncurrent assets
|
|
11
|
|
|
(176
|
)
|
||
Accounts payable
|
|
(9,387
|
)
|
|
3,413
|
|
||
Accrued liabilities
|
|
(3,448
|
)
|
|
1,009
|
|
||
Other long-term liabilities
|
|
(106
|
)
|
|
(15
|
)
|
||
Net cash provided by operating activities
|
|
16,707
|
|
|
12,418
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Purchases of property, plant and equipment
|
|
(21,521
|
)
|
|
(41,194
|
)
|
||
Proceeds from sale of property, plant and equipment
|
|
6,520
|
|
|
3,911
|
|
||
Net cash used in investing activities
|
|
(15,001
|
)
|
|
(37,283
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Proceeds from revolving debt
|
|
7,500
|
|
|
33,000
|
|
||
Payments on revolving debt
|
|
(2,000
|
)
|
|
(81,071
|
)
|
||
Payments on term loans
|
|
—
|
|
|
(11,225
|
)
|
||
Payments on finance leases
|
|
(625
|
)
|
|
(182
|
)
|
||
Payments on financed payables
|
|
(1,839
|
)
|
|
—
|
|
||
Payment of deferred financing costs
|
|
—
|
|
|
(1,416
|
)
|
||
Prepayment premiums on early debt extinguishment
|
|
—
|
|
|
(1,346
|
)
|
||
Payments for treasury shares
|
|
(1,963
|
)
|
|
(1,271
|
)
|
||
Proceeds from new shares issuance, net of underwriting commissions
|
|
—
|
|
|
90,542
|
|
||
Costs incurred for stock issuance
|
|
—
|
|
|
(2,673
|
)
|
||
Net cash provided by financing activities
|
|
1,073
|
|
|
24,358
|
|
||
Net increase in cash and cash equivalents
|
|
2,779
|
|
|
(507
|
)
|
||
Cash and cash equivalents beginning of period
|
|
13,804
|
|
|
8,751
|
|
||
Cash and cash equivalents end of period
|
|
$
|
16,583
|
|
|
$
|
8,244
|
|
Supplemental cash flow information
|
|
|
|
|
||||
Cash paid for interest
|
|
$
|
1,270
|
|
|
$
|
1,119
|
|
Income taxes paid
|
|
84
|
|
|
151
|
|
||
Supplemental non-cash investing and financing activities
|
|
|
|
|
||||
Fixed asset purchases in accounts payable and accrued liabilities
|
|
$
|
1,513
|
|
|
$
|
570
|
|
Financed payables
|
|
426
|
|
|
—
|
|
||
Non-cash finance lease additions
|
|
8,696
|
|
|
—
|
|
||
Non-cash payment for property, plant and equipment
|
|
—
|
|
|
3,279
|
|
||
Debt conversion of Former Term Loan to equity
|
|
—
|
|
|
33,631
|
|
||
Issuance of common shares for members’ equity
|
|
—
|
|
|
212,630
|
|
||
Stock issuance cost included in accounts payable
|
|
—
|
|
|
501
|
|
•
|
Transitional practical expedients package: An entity may elect to apply the listed practical expedients as a package to all the leases that commenced before the effective date. The practical expedients are:
|
◦
|
The entity need not reassess whether any expired or existing contracts are or contain leases;
|
◦
|
The entity need not reassess the lease classification for expired or existing contracts;
|
◦
|
The entity need not reassess initial direct costs for any existing leases.
|
•
|
Use of portfolio approach: An entity can apply this guidance to a portfolio of leases with similar characteristics if the entity reasonably expects that the application of the lease model to the portfolio would not differ materially from the application of the lease model to the individual leases in that portfolio. This approach can also be applied to other aspects of the lease guidance for which lessees/lessors need to make judgments and estimates, such as determining the discount rate and determining and reassessing the lease term.
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Inventories:
|
|
|
|
|
||||
Consumables and materials
|
|
$
|
6,945
|
|
|
$
|
7,566
|
|
Spare parts
|
|
18,060
|
|
|
15,898
|
|
||
Total Inventories
|
|
$
|
25,005
|
|
|
$
|
23,464
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Current accrued liabilities:
|
|
|
|
|
||||
Accrued payables
|
|
$
|
11,460
|
|
|
$
|
12,943
|
|
Payroll and payroll taxes
|
|
9,452
|
|
|
7,051
|
|
||
Bonus
|
|
2,121
|
|
|
6,117
|
|
||
Workers compensation insurance premiums
|
|
1,631
|
|
|
1,532
|
|
||
Sales tax
|
|
2,210
|
|
|
2,599
|
|
||
Ad valorem tax
|
|
1,293
|
|
|
581
|
|
||
Health insurance claims
|
|
1,171
|
|
|
921
|
|
||
Other accrued liabilities
|
|
3,261
|
|
|
5,789
|
|
||
Total accrued liabilities
|
|
$
|
32,599
|
|
|
$
|
37,533
|
|
|
|
Three Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2019
|
||||
Operating lease cost:
|
|
$
|
3,720
|
|
|
$
|
6,794
|
|
|
|
|
|
|
|
|||
Finance lease cost:
|
|
|
|
|
|
|||
Amortization of ROU assets
|
|
493
|
|
|
585
|
|
||
Interest on lease liabilities
|
|
262
|
|
|
350
|
|
||
Total finance lease cost
|
|
755
|
|
|
935
|
|
||
|
|
|
|
|
||||
Short-term lease cost:
|
|
$
|
307
|
|
|
$
|
486
|
|
|
|
June 30, 2019
|
||
Operating Leases
|
|
|
|
|
Operating lease ROU assets
|
|
$
|
16,208
|
|
|
|
|
|
|
Other current liabilities
|
|
5,405
|
|
|
Long-term operating lease liabilities
|
|
10,844
|
|
|
Total operating lease liabilities
|
|
$
|
16,249
|
|
|
|
|
||
Finance Leases
|
|
|
|
|
Property and equipment, net
|
|
9,920
|
|
|
|
|
|
|
|
Other current liabilities
|
|
2,722
|
|
|
Long-term finance lease liabilities
|
|
9,222
|
|
|
Total finance lease liabilities
|
|
$
|
11,944
|
|
|
|
|
|
|
Weighted Average Remaining Lease Term
|
|
|
|
|
Operating leases
(in years)
|
|
3.7
|
|
|
Finance leases
(in years)
|
|
4.7
|
|
|
|
|
|
|
|
Weighted Average Discount Rate
|
|
|
|
|
Operating leases
|
|
8.9
|
%
|
|
Finance leases
|
|
8.6
|
%
|
|
|
Operating Leases
|
|
Finance Leases
|
||||
Remainder of 2019
|
|
$
|
3,454
|
|
|
$
|
1,879
|
|
2020
|
|
5,857
|
|
|
3,719
|
|
||
2021
|
|
5,032
|
|
|
3,665
|
|
||
2022
|
|
2,888
|
|
|
2,949
|
|
||
2023
|
|
920
|
|
|
1,098
|
|
||
Thereafter
|
|
1,580
|
|
|
1,937
|
|
||
Total lease payments
|
|
19,731
|
|
|
15,247
|
|
||
Less: imputed interest
|
|
(3,482
|
)
|
|
(3,303
|
)
|
||
Total
|
|
$
|
16,249
|
|
|
$
|
11,944
|
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Accounts payable to affiliates of Quintana Capital Group, L.P.
|
|
$
|
—
|
|
|
$
|
—
|
|
Accounts payable to affiliates of Archer Well Company Inc.
|
|
$
|
35
|
|
|
$
|
40
|
|
|
|
Three Months Ended June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Operating expenses from affiliates of Quintana Capital Group, L.P.
|
|
$
|
82
|
|
|
$
|
115
|
|
Operating expenses from affiliates of Archer Well Company Inc.
|
|
$
|
16
|
|
|
$
|
8
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2019
|
|
2018
|
||||
Operating expenses from affiliates of Quintana Capital Group, L.P.
|
|
$
|
254
|
|
|
$
|
222
|
|
Operating expenses from affiliates of Archer Well Company Inc.
|
|
$
|
19
|
|
|
$
|
11
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Segment Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
||||||||
Directional Drilling
|
|
$
|
5,854
|
|
|
$
|
5,242
|
|
|
$
|
15,334
|
|
|
$
|
7,822
|
|
Pressure Pumping
|
|
762
|
|
|
8,884
|
|
|
(2,742
|
)
|
|
18,774
|
|
||||
Pressure Control
|
|
1,584
|
|
|
5,602
|
|
|
4,825
|
|
|
9,252
|
|
||||
Wireline
|
|
384
|
|
|
788
|
|
|
2,447
|
|
|
3,351
|
|
||||
Corporate and Other
|
|
(5,894
|
)
|
|
(7,061
|
)
|
|
(12,769
|
)
|
|
(20,886
|
)
|
||||
Income tax expense
|
|
(154
|
)
|
|
(326
|
)
|
|
(331
|
)
|
|
(377
|
)
|
||||
Interest expense
|
|
(853
|
)
|
|
(433
|
)
|
|
(1,524
|
)
|
|
(10,625
|
)
|
||||
Depreciation and amortization
|
|
(13,116
|
)
|
|
(11,155
|
)
|
|
(25,556
|
)
|
|
(22,233
|
)
|
||||
Gain on disposition of assets, net
|
|
153
|
|
|
594
|
|
|
176
|
|
|
700
|
|
||||
Net loss
|
|
$
|
(11,280
|
)
|
|
$
|
2,135
|
|
|
$
|
(20,140
|
)
|
|
$
|
(14,222
|
)
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Directional Drilling
|
|
$
|
116,346
|
|
|
$
|
105,942
|
|
Pressure Pumping
|
|
103,578
|
|
|
121,824
|
|
||
Pressure Control
|
|
73,036
|
|
|
70,401
|
|
||
Wireline
|
|
37,985
|
|
|
28,039
|
|
||
Total
|
|
$
|
330,945
|
|
|
$
|
326,206
|
|
Corporate & Other
|
|
4,923
|
|
|
7,344
|
|
||
Eliminations
|
|
(14,001
|
)
|
|
(9,001
|
)
|
||
Total assets
|
|
$
|
321,867
|
|
|
$
|
324,549
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||
|
Directional
Drilling |
|
Pressure
Pumping |
|
Pressure
Control |
|
Wireline
|
|
Total
|
||||||||||
Revenues
|
$
|
54,380
|
|
|
$
|
24,038
|
|
|
$
|
27,646
|
|
|
$
|
19,563
|
|
|
$
|
125,627
|
|
Depreciation and amortization
|
3,071
|
|
|
5,823
|
|
|
3,166
|
|
|
1,056
|
|
|
13,116
|
|
|||||
Capital expenditures
|
$
|
5,343
|
|
|
$
|
547
|
|
|
$
|
2,363
|
|
|
$
|
630
|
|
|
$
|
8,883
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended June 30, 2018
|
||||||||||||||||||
|
Directional
Drilling |
|
Pressure
Pumping |
|
Pressure
Control |
|
Wireline
|
|
Total
|
||||||||||
Revenues
|
$
|
43,605
|
|
|
$
|
56,702
|
|
|
$
|
31,965
|
|
|
$
|
20,264
|
|
|
$
|
152,536
|
|
Depreciation and amortization
|
2,547
|
|
|
5,467
|
|
|
2,168
|
|
|
973
|
|
|
11,155
|
|
|||||
Capital expenditures
|
$
|
4,646
|
|
|
$
|
18,620
|
|
|
$
|
5,269
|
|
|
$
|
244
|
|
|
$
|
28,779
|
|
|
|
Six Months Ended June 30, 2019
|
||||||||||||||||||
|
|
Directional
Drilling
|
|
Pressure
Pumping
|
|
Pressure
Control
|
|
Wireline
|
|
Total
|
||||||||||
Revenues
|
|
$
|
116,335
|
|
|
$
|
52,670
|
|
|
$
|
56,421
|
|
|
$
|
41,866
|
|
|
$
|
267,292
|
|
Depreciation and amortization
|
|
6,038
|
|
|
11,301
|
|
|
6,096
|
|
|
2,121
|
|
|
25,556
|
|
|||||
Capital expenditures
|
|
$
|
8,734
|
|
|
$
|
3,836
|
|
|
$
|
7,411
|
|
|
$
|
1,540
|
|
|
$
|
21,521
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||
|
|
Directional
Drilling |
|
Pressure
Pumping |
|
Pressure
Control |
|
Wireline
|
|
Total
|
||||||||||
Revenues
|
|
$
|
81,207
|
|
|
$
|
110,102
|
|
|
$
|
59,926
|
|
|
$
|
42,569
|
|
|
$
|
293,804
|
|
Depreciation and amortization
|
|
5,153
|
|
|
11,004
|
|
|
4,081
|
|
|
1,995
|
|
|
22,233
|
|
|||||
Capital expenditures
|
|
$
|
7,355
|
|
|
$
|
23,831
|
|
|
$
|
9,649
|
|
|
$
|
359
|
|
|
$
|
41,194
|
|
Fee type
|
|
Revenue Recognition
|
Day rate
|
|
Revenue is recognized based on the day rates earned as it relates to the level of service provided for each day throughout the contract.
|
Initial mobilization
|
|
Revenue is estimated at contract inception and included in the transaction price to be recognized ratably over contract term.
|
Demobilization
|
|
Unconstrained demobilization revenue is estimated at contract inception, included in the transaction price, and recognized ratably over the contract term.
|
Reimbursement
|
|
Recognized (gross of costs incurred) at the amount billed to the customer.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Restricted stock awards
|
|
$
|
143
|
|
|
$
|
150
|
|
|
$
|
310
|
|
|
$
|
150
|
|
Restricted stock units
|
|
2,221
|
|
|
2,581
|
|
|
4,353
|
|
|
12,467
|
|
||||
Performance stock units
|
|
328
|
|
|
209
|
|
|
781
|
|
|
209
|
|
||||
Stock-based compensation expense
|
|
$
|
2,692
|
|
|
$
|
2,940
|
|
|
$
|
5,444
|
|
|
$
|
12,826
|
|
i.
|
Restricted Stock Awards
|
|
|
Number of Shares
(in thousands)
|
|
Grant Date Fair
Value per Share
|
|
Weighted Average
Remaining Life
(in years)
|
||||
Outstanding at December 31, 2018:
|
|
1,551
|
|
|
$
|
15.74
|
|
|
2.36
|
|
Granted
|
|
898
|
|
|
4.26
|
|
|
2.87
|
|
|
Forfeited
|
|
(13
|
)
|
|
15.46
|
|
|
—
|
|
|
Vested
|
|
(509
|
)
|
|
14.77
|
|
|
—
|
|
|
Outstanding at March 31, 2019:
|
|
1,927
|
|
|
$
|
10.65
|
|
|
2.35
|
|
Granted
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Vested
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Outstanding at June 30, 2019
|
|
1,927
|
|
|
$
|
10.65
|
|
|
2.10
|
|
|
|
Number of Shares
(in thousands)
|
|
Grant Date Fair
Value per Share
|
|
Weighted Average
Remaining Life
(in years)
|
||||
Outstanding at December 31, 2018:
|
|
128
|
|
|
$
|
5.49
|
|
|
2.11
|
|
Granted
|
|
323
|
|
|
3.98
|
|
|
2.87
|
|
|
Forfeited
|
|
(1
|
)
|
|
5.49
|
|
|
—
|
|
|
Vested
|
|
(43
|
)
|
|
5.49
|
|
|
—
|
|
|
Outstanding at March 31, 2019:
|
|
407
|
|
|
$
|
4.29
|
|
|
2.66
|
|
Granted
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Forfeited
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Vested
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Outstanding at June 30, 2019
|
|
407
|
|
|
$
|
4.29
|
|
|
2.41
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income (loss) attributed to common share holders
|
$
|
(11,280
|
)
|
|
$
|
2,135
|
|
|
$
|
(20,140
|
)
|
|
$
|
(12,676
|
)
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding - basic
|
33,804
|
|
|
33,631
|
|
|
33,745
|
|
|
33,519
|
|
||||
Weighted average common shares outstanding - diluted
|
33,804
|
|
|
35,227
|
|
|
33,745
|
|
|
33,519
|
|
||||
Net income (loss) per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.33
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.60
|
)
|
|
$
|
(0.38
|
)
|
Diluted
|
$
|
(0.33
|
)
|
|
$
|
0.06
|
|
|
$
|
(0.60
|
)
|
|
$
|
(0.38
|
)
|
Potentially dilutive securities excluded as anti-dilutive
1
|
2,475
|
|
|
$
|
—
|
|
|
2,475
|
|
|
2,058
|
|
|
•
|
|
our business strategy;
|
|
•
|
|
our operating cash flows, the availability of capital and our liquidity;
|
|
•
|
|
our future revenue, income and operating performance;
|
|
•
|
|
uncertainty regarding our future operating results;
|
|
•
|
|
our ability to sustain and improve our utilization, revenue and margins;
|
|
•
|
|
our ability to maintain acceptable pricing for our services;
|
|
•
|
|
our future capital expenditures;
|
|
•
|
|
our ability to finance equipment, working capital and capital expenditures;
|
|
•
|
|
competition and government regulations;
|
|
•
|
|
our ability to obtain permits and governmental approvals;
|
|
•
|
|
pending legal or environmental matters;
|
|
•
|
|
loss or corruption of our information in a cyberattack on our computer systems;
|
|
•
|
|
the supply and demand for oil and natural gas;
|
|
•
|
|
the ability of our customers to obtain capital or financing needed for exploration and production (“E&P”) operations;
|
|
•
|
|
business acquisitions;
|
|
•
|
|
general economic conditions;
|
|
•
|
|
credit markets;
|
|
•
|
|
the occurrence of a significant event or adverse claim in excess of the insurance we maintain;
|
|
•
|
|
seasonal and adverse weather conditions that can affect oil and natural gas operations;
|
|
•
|
|
our ability to successfully develop our research and technology capabilities and implement technological developments and enhancements; and
|
|
•
|
|
plans, objectives, expectations and intentions contained in this Quarterly Report that are not historical.
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
•
|
QES is subject to U.S. federal and state income taxes as a corporation. Our Predecessor was treated as a flow-through entity for U.S. federal income tax purposes, and as such, was generally not subject to U.S. federal income tax at the entity level. Rather, the tax liability with respect to its taxable income was passed through to its partners. Accordingly, the financial data attributable to our Predecessor contains no expense for U.S. federal income taxes or income taxes in any state or locality (other than franchise tax in the State of Texas).
|
•
|
Our IPO served as a vesting event under the phantom unit awards granted under our Predecessor's 2015 and 2017 LTIP Plans. As a result, certain of our Predecessor's phantom unit awards fully vested and were settled in connection with the IPO and additional phantom unit awards will fully vest and be settled according to their vesting schedules.
|
•
|
As we continue to implement controls, processes and infrastructure applicable to companies with publicly traded equity securities, it is likely that we will incur additional selling, general and administrative (“G&A”), expenses relative to historical periods.
|
|
|
Three Months Ended
|
||||||
|
|
June 30, 2019
|
|
June 30, 2018
|
||||
|
|
(Unaudited)
|
||||||
Revenues:
|
|
$
|
125,627
|
|
|
$
|
152,536
|
|
Costs and expenses:
|
|
|
|
|
||||
Direct operating costs
|
|
109,075
|
|
|
124,592
|
|
||
General and administrative
|
|
13,862
|
|
|
14,489
|
|
||
Depreciation and amortization
|
|
13,116
|
|
|
11,155
|
|
||
Gain on disposition of assets
|
|
(153
|
)
|
|
(594
|
)
|
||
Operating (loss) income
|
|
(10,273
|
)
|
|
2,894
|
|
||
Non-operating income expense:
|
|
|
|
|
||||
Interest expense
|
|
(853
|
)
|
|
(433
|
)
|
||
(Loss) income before income tax
|
|
(11,126
|
)
|
|
2,461
|
|
||
Income tax expense
|
|
(154
|
)
|
|
(326
|
)
|
||
Net (loss) income
|
|
$
|
(11,280
|
)
|
|
$
|
2,135
|
|
|
|
Three Months Ended
|
||||||
|
|
June 30, 2019
|
|
June 30, 2018
|
||||
|
|
(Unaudited)
|
||||||
Segment Adjusted EBITDA:
|
|
|
|
|
||||
Directional Drilling
|
|
$
|
5,854
|
|
|
$
|
5,242
|
|
Pressure Pumping
|
|
762
|
|
|
8,884
|
|
||
Pressure Control
|
|
1,584
|
|
|
5,602
|
|
||
Wireline
|
|
384
|
|
|
788
|
|
||
Adjusted EBITDA
(1)
|
|
$
|
5,875
|
|
|
$
|
17,918
|
|
Other Operational Data:
|
|
|
|
|
||||
Directional drilling rig days
(2)
|
|
4,854
|
|
|
4,108
|
|
||
Average monthly directional rigs on revenue
(3)
|
|
71
|
|
|
61
|
|
||
Total hydraulic fracturing stages
|
|
810
|
|
|
947
|
|
||
Average hydraulic fracturing revenue per stage
|
|
$
|
27,545
|
|
|
$
|
56,000
|
|
(1)
|
Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. For a definition and description of Adjusted EBITDA and reconciliations of Adjusted EBITDA to net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, please read “Adjusted EBITDA” below.
|
(2)
|
Rig days represent the number of days we are providing services to rigs and are earning revenues during the period, including days that standby revenues are earned.
|
(3)
|
Rigs on revenue represents the average number of rigs earning revenue during a given time period, including days that standby revenues are earned.
|
|
Three Months Ended
|
||||||
|
June 30, 2019
|
|
June 30, 2018
|
||||
Adjustments to reconcile Adjusted EBITDA to net loss:
|
|
|
|
||||
Net (loss) income
|
$
|
(11,280
|
)
|
|
$
|
2,135
|
|
Income tax expense
|
154
|
|
|
326
|
|
||
Interest expense
|
853
|
|
|
433
|
|
||
Depreciation and amortization expense
|
13,116
|
|
|
11,155
|
|
||
Gain on disposition of assets, net
|
(153
|
)
|
|
(594
|
)
|
||
Non-cash stock based compensation
|
2,692
|
|
|
2,940
|
|
||
Rebranding expense
(1)
|
—
|
|
|
53
|
|
||
Settlement expense
(2)
|
408
|
|
|
166
|
|
||
Severance expense
(3)
|
85
|
|
|
53
|
|
||
Equipment and stand-up expense
(4)
|
—
|
|
|
1,251
|
|
||
Adjusted EBITDA
|
$
|
5,875
|
|
|
$
|
17,918
|
|
(1)
|
Relates to expenses incurred in connection with rebranding our segments.
|
(2)
|
For 2019, represents certain nonrecurring corporate professional fees related to contemplated mergers and acquisitions activities, legal fees for FLSA claims and other non-recurring settlement expenses that were recorded in general and administrative expenses. For 2018, represents legal fees for FLSA claims, facility closures and other non-recurring expenses that were recorded in general and administrative expenses.
|
(3)
|
Relates to severance expenses incurred in connection with programs implemented to reduce headcount in connection with industry trends and market conditions. During the three months ended June 30, 2019, $0.1 million was recorded in direct operating expenses and for the three months ended June 30, 2018, $0.1 million was recorded in general and administrative expenses.
|
(4)
|
Relates to equipment stand-up costs incurred in connection with the mobilization and redeployment of assets. For 2018, primarily represents costs relating to the deployment of our third pressure pumping fleet, of which, approximately $1.2 million was recorded in direct operating expenses and approximately $0.1 million was recorded in general and administrative expenses.
|
|
|
Three Months Ended
|
||||||
|
|
June 30, 2019
|
|
June 30, 2018
|
||||
Revenue:
|
|
|
|
|
||||
Directional Drilling
|
|
$
|
54,380
|
|
|
$
|
43,605
|
|
Pressure Pumping
|
|
24,038
|
|
|
56,702
|
|
||
Pressure Control
|
|
27,646
|
|
|
31,965
|
|
||
Wireline
|
|
19,563
|
|
|
20,264
|
|
||
Total revenue
|
|
$
|
125,627
|
|
|
$
|
152,536
|
|
|
|
Three Months Ended
|
||||||
|
|
June 30, 2019
|
|
June 30, 2018
|
||||
Direct operating expenses:
|
|
|
|
|
||||
Directional Drilling
|
|
$
|
45,193
|
|
|
$
|
34,324
|
|
Pressure Pumping
|
|
21,682
|
|
|
47,582
|
|
||
Pressure Control
|
|
23,776
|
|
|
24,068
|
|
||
Wireline
|
|
18,424
|
|
|
18,618
|
|
||
Total direct operating expenses
|
|
$
|
109,075
|
|
|
$
|
124,592
|
|
|
|
Six Months Ended
|
||||||
|
|
June 30, 2019
|
|
June 30, 2018
|
||||
|
|
(Unaudited)
|
||||||
Revenues:
|
|
$
|
267,292
|
|
|
$
|
293,804
|
|
Costs and expenses:
|
|
|
|
|
||||
Direct operating costs
|
|
230,626
|
|
|
240,689
|
|
||
General and administrative
|
|
29,571
|
|
|
34,802
|
|
||
Depreciation and amortization
|
|
25,556
|
|
|
22,233
|
|
||
Gain on disposition of assets
|
|
(176
|
)
|
|
(700
|
)
|
||
Operating loss
|
|
(18,285
|
)
|
|
(3,220
|
)
|
||
Non-operating income expense:
|
|
|
|
|
|
|
||
Interest expense
|
|
(1,524
|
)
|
|
(10,625
|
)
|
||
Loss before income tax
|
|
(19,809
|
)
|
|
(13,845
|
)
|
||
Income tax expense
|
|
(331
|
)
|
|
(377
|
)
|
||
Net loss
|
|
$
|
(20,140
|
)
|
|
$
|
(14,222
|
)
|
|
|
Six Months Ended
|
||||||
|
|
June 30, 2019
|
|
June 30, 2018
|
||||
|
|
(Unaudited)
|
||||||
Segment Adjusted EBITDA:
|
|
|
|
|
||||
Directional Drilling
|
|
$
|
15,334
|
|
|
$
|
7,822
|
|
Pressure Pumping
|
|
(2,742
|
)
|
|
18,774
|
|
||
Pressure Control
|
|
4,825
|
|
|
9,252
|
|
||
Wireline
|
|
2,447
|
|
|
3,351
|
|
||
Adjusted EBITDA
(1)
|
|
$
|
13,429
|
|
|
$
|
33,400
|
|
Other Operational Data:
|
|
|
|
|
||||
Directional drilling rig days
(2)
|
|
10,115
|
|
|
7,814
|
|
||
Average monthly directional rigs on revenue
(3)
|
|
75
|
|
|
59
|
|
||
Total hydraulic fracturing stages
|
|
1663
|
|
|
1908
|
|
||
Average hydraulic fracturing revenue per stage
|
|
$
|
29,575
|
|
|
$
|
54,281
|
|
(1)
|
Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. For a definition and description of Adjusted EBITDA and reconciliations of Adjusted EBITDA to net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, please read “Adjusted EBITDA” below.
|
(2)
|
Rig days represent the number of days we are providing services to rigs and are earning revenues during the period, including days that standby revenues are earned.
|
(3)
|
Rigs on revenue represents the average number of rigs earning revenue during a given time period, including days that standby revenues are earned.
|
|
Six Months Ended
|
||||||
|
June 30, 2019
|
|
June 30, 2018
|
||||
Adjustments to reconcile Adjusted EBITDA to net loss:
|
|
|
|
||||
Net loss
|
$
|
(20,140
|
)
|
|
$
|
(14,222
|
)
|
Income tax expense
|
331
|
|
|
377
|
|
||
Interest expense
|
1,524
|
|
|
10,625
|
|
||
Depreciation and amortization expense
|
25,556
|
|
|
22,233
|
|
||
Gain on disposition of assets, net
|
(176
|
)
|
|
(700
|
)
|
||
Non-cash stock based compensation
|
5,443
|
|
|
12,826
|
|
||
Rebranding expense
(1)
|
16
|
|
|
53
|
|
||
Settlement expense
(2)
|
791
|
|
|
389
|
|
||
Severance expense
(3)
|
84
|
|
|
53
|
|
||
Equipment and stand-up expense
(4)
|
—
|
|
|
1,766
|
|
||
Adjusted EBITDA
|
$
|
13,429
|
|
|
$
|
33,400
|
|
(1)
|
Relates to expenses incurred in connection with rebranding our segments.
|
(2)
|
For 2019, represents represents certain nonrecurring corporate professional fees related to contemplated mergers and acquisitions activities, legal fees for FLSA claims and other non-recurring settlement expenses that were recorded in general and administrative expenses. For 2018, represents legal fees for FLSA claims, facility closures and other non-recurring expenses that were recorded in general and administrative expenses.
|
(3)
|
Relates to severance expenses incurred in connection with programs implemented to reduce headcount in connection with industry trends and market conditions. During the six months ended June 30, 2019, $0.1 million was recorded in direct operating expenses and for the six months ended June 30, 2018, $0.1 million was recorded in general and administrative expenses.
|
(4)
|
Relates to equipment stand-up costs incurred in connection with the mobilization and redeployment of assets. For 2018, primarily represents costs incurred in connection with the mobilization and redeployment of assets. During the six months ended June 30, 2018, approximately $1.6 million was recorded in direct operating expenses and approximately $0.1 million was recorded in general and administration expenses.
|
|
|
Six Months Ended
|
||||||
|
|
June 30, 2019
|
|
June 30, 2018
|
||||
Revenue:
|
|
|
|
|
||||
Directional Drilling
|
|
$
|
116,335
|
|
|
$
|
81,207
|
|
Pressure Pumping
|
|
52,670
|
|
|
110,102
|
|
||
Pressure Control
|
|
56,421
|
|
|
59,926
|
|
||
Wireline
|
|
41,866
|
|
|
42,569
|
|
||
Total revenue
|
|
$
|
267,292
|
|
|
$
|
293,804
|
|
|
|
Six Months Ended
|
||||||
|
|
June 30, 2019
|
|
June 30, 2018
|
||||
Direct operating expenses:
|
|
|
|
|
||||
Directional Drilling
|
|
$
|
93,928
|
|
|
$
|
66,242
|
|
Pressure Pumping
|
|
51,992
|
|
|
90,222
|
|
||
Pressure Control
|
|
47,054
|
|
|
46,736
|
|
||
Wireline
|
|
37,652
|
|
|
37,489
|
|
||
Total direct operating expenses
|
|
$
|
230,626
|
|
|
$
|
240,689
|
|
|
|
Six Months Ended
|
||||||
|
|
June 30, 2019
|
|
June 30, 2018
|
||||
Net cash provided by operating activities
|
|
$
|
16,707
|
|
|
$
|
12,418
|
|
Net cash used in investing activities
|
|
(15,001
|
)
|
|
(37,283
|
)
|
||
Net cash provided by financing activities
|
|
1,073
|
|
|
24,358
|
|
||
Net change in cash
|
|
2,779
|
|
|
(507
|
)
|
||
Cash balance end of period
|
|
$
|
16,583
|
|
|
$
|
8,244
|
|
Item 4. Controls and Procedures
|
Item 1. Legal Proceedings
|
Item 1A. Risk Factors
|
2019
|
Total Number of
Shares Purchased
|
|
Average Price
Paid per Share
|
|
Total Number of
Shares Purchased
as Part of Publicly Announced Plans or Programs
|
|
Maximum Dollar
Value of Shares
that May Yet Be
Purchased Under the Plans or Programs (i
n thousands
)
|
||||||
January
|
38,352
|
|
|
$
|
4.35
|
|
|
38,352
|
|
|
$
|
5,296
|
|
February
|
26,200
|
|
|
$
|
5.19
|
|
|
26,200
|
|
|
$
|
5,160
|
|
March
|
38,889
|
|
|
$
|
4.84
|
|
|
38,889
|
|
|
$
|
4,972
|
|
April
|
45,734
|
|
|
$
|
4.74
|
|
|
45,734
|
|
|
$
|
4,755
|
|
May
|
24,188
|
|
|
$
|
4.46
|
|
|
24,188
|
|
|
$
|
4,647
|
|
June
|
94,519
|
|
|
$
|
2.26
|
|
|
94,519
|
|
|
$
|
4,433
|
|
Total
|
267,882
|
|
|
|
|
267,882
|
|
|
|
Item 3. Defaults Upon Senior Securities
|
Item 4. Mine Safety Disclosures
|
Index to Exhibits
|
3.1
|
|
3.2
|
|
10.1†
|
|
10.2†
|
|
10.3†
|
|
10.4†
|
|
31.1*
|
|
31.2*
|
|
32.1**
|
|
32.2**
|
*
|
Filed herewith.
|
**
|
Furnished herewith.
|
†
|
Management contract or compensatory plan or arrangement
|
QUINTANA ENERGY SERVICES INC.
|
||
|
|
|
By:
|
|
/s/ Christopher J. Baker
|
|
|
Christopher J. Baker
|
|
|
President, Chief Executive Officer, and Director
|
|
||
Date: August 8, 2019
|
||
|
|
|
By:
|
|
/s/ Keefer M. Lehner
|
|
|
Keefer M. Lehner
|
|
|
Executive Vice President and Chief Financial Officer
|
|
||
Date: August 8, 2019
|
||
|
|
|
By:
|
|
/s/ Geoffrey C. Stanford
|
|
|
Geoffrey C. Stanford
|
|
|
Vice President and Chief Accounting Officer
|
|
||
Date: August 8, 2019
|
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