Business
Superior Energy Services Announces Fourth Quarter and Full Year 2019 Results
Superior Energy Services Announces Fourth Quarter and Full Year 2019 Results.
About this update from Forbes Energy Services Ltd
[{"type":"text","content":"\n Recent operating highlights include: Entry into definitive agreement to divest certain U.S. land service lines into a new, publicly traded consolidation platform for U.S. completion, production and water solutions in combination with Forbes Energy ServicesDiscontinuation of hydraulic fracturing service line HOUSTON, Feb. 19, 2020 (GLOBE NEWSWIRE) -- Superior Energy Services, Inc. (NYSE: SPN) (the “Company”) today announced a net loss from continuing operations for the fourth quarter of 2019 of $6.2 million, or $0.42 per share, on revenue of $336.1 million.  This compares to a net loss from continuing operations of $20.5 million, or $1.31 per share, for the third quarter of 2019, on revenue of $356.6 million and a net loss from continuing operations of $317.0 million, or $20.51 per share for the fourth quarter of 2018, on revenue of $389.4 million.  As previously announced, during the fourth quarter of 2019, the Company exited its hydraulic fracturing operations.  The financial results of this service line have historically been included in the Onshore Completion and Workover Services segment, and are reflected in discontinued operations for the fourth quarter of 2019 and prior period results reported herein.  Loss from discontinued operations was $92.4 million, $17.9 million, and $433.2 million for the fourth quarter of 2019, third quarter of 2019, and fourth quarter of 2018, respectively. The Company reported pre-tax charges of $2.9 million in restructuring costs and $3.1 million in connection with the previously announced strategic transaction with Forbes Energy Services Ltd. (OTCQX: FLSS) (“Forbes”).  The resulting adjusted net loss from continuing operations for the fourth quarter of 2019 was $1.6 million, or $0.11 per share. For the year ended December 31, 2019, the Company’s net loss from continuing operations was $77.8 million, or $5.05 per share, on revenue of $1,425.4 million as compared with a net loss from continuing operations of $427.4 million, or $27.69 per share, on revenue of $1,478.9 million for the year ended December 31, 2018.  Loss from discontinued operations was $178.0 million and $430.7 million for the year ended December 31, 2019 and 2018, respectively. David Dunlap, President and CEO, commented, “Our fourth quarter results highlight the...