From Globenewswire: 2024-05-01 17:56:00

Superior Energy Services, Inc. reported net income of $37.9 million and revenue of $208.6 million for the first quarter of 2024. The company used a Blue Chip Swap to remit $4.3 million from Argentina, resulting in a $7.7 million loss in the fourth quarter of 2023.

The company’s Adjusted EBITDA was $68.1 million and net cash from operating activities was $88.9 million in the first quarter of 2024. The highest Free Cash Flow achieved since emerging from bankruptcy in 2021 was $68.2 million. CEO Brian Moore highlighted the delay of key projects in the Well Services segment.

In the U.S., land revenue increased by 4% to $46.5 million, while offshore revenue decreased by 31% to $66.1 million in the first quarter of 2024. International revenue was $96.0 million, a 7% decrease. The Rentals segment revenue was $108.1 million, a decrease of 8%, with an Adjusted EBITDA of $63.0 million.

Well Services segment revenue decreased by 21% to $100.5 million in the first quarter of 2024. Adjusted EBITDA was $21.5 million. The company had cash, cash equivalents, and restricted cash of $295.6 million as of March 31, 2024. No borrowings were outstanding under the credit facility.

For the second quarter of 2024, revenue is expected to range from $185 million to $205 million with Adjusted EBITDA of $50 million to $60 million. Full year revenue is projected between $780 million to $860 million with Adjusted EBITDA of $240 million to $290 million. Updates to full year guidance were due to lower natural gas activity.



Read more at Globenewswire:: Superior Energy Services Announces First Quarter 2024