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Dec 31, 2020
Oil States Q4 2020 Earnings Report
Oil States' Q4 results showed improvement with expanding U.S. land-based completion activity.
Key Takeaways
Oil States International, Inc. reported a net loss of $18.7 million for Q4 2020, with revenues of $137.4 million. The results were positively influenced by increased U.S. land-based completion activity and improved commodity prices.
Downhole Technologies segment revenues increased 24% sequentially, with Adjusted Segment EBITDA of $2.0 million.
Well Site Services segment revenues increased 3% sequentially, with a 20% revenue increase excluding the Northeast region.
Offshore/Manufactured Products segment revenues declined 4% sequentially, with bookings totaling $65 million and a book-to-bill ratio of 0.9x.
The company generated $133 million of cash flow from operations in 2020 and reduced total net debt by $128 million.
Forward Guidance
Oil States entered into a new $125 million asset-based bank credit facility on February 10, 2021, which together with cash on-hand provides ample liquidity. The management team will continue to align global operations to efficiently and effectively serve customers’ technically challenging requirements, while diligently managing costs and operating assets.
Positive Outlook
- New $125 million asset-based bank credit facility.
- Ample liquidity to respond to challenges.
- Focus on efficiently serving customers.
- Diligently managing costs.
- Operating assets.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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