Thread regarding Newpark Resources Inc. layoffs

The new presidents sweet deal

I truly hope anyone that has ever contributed a shred of profitability and is still left demands a raise TODAY. The new Presidents deal completely shreds any common sense left in the NP toolkit. Let’s see, you hire a guy who isn’t a US citizen nor has a work visa, NO experience in a mid sized independent mud company and you give him the top slot???

And to boot, $450k starting salary, 50k a year to school his kids, $9500 month for housing, car allowance, ungodly travel expense allowance and if that isn’t enough a boatload of stock with a bow on top of it.

Think about this, he has NEVER made a dollar for NP and he gets these kind of perks.... Anyone with any credibility at all should DEMAND for more today.

And last but certainly not least, they gave the British Buffoon known as PV a $1.5m parting gift. A complete insult to the shareholders of Newpark. Heads should be rolling.

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Post ID: @OP+10ENXBk1

27 replies (most recent on top)

Hey RS, the facts- DP ,your boy, only lasted 9 months (and as President no less) at Weir O&G ,his only job since spending 17 or so years with SLB. As pointed out by a previous poster– At HAL and SLB you can hide for years and take credit for Everything while doing Absolutely Nothing Productive (obviously you know nothing about oilfield service companies). NR down over 8% today on more than Average volume. His first report card in 2 +weeks. My guess, he is just now realizing what he got himself into. And it is not pretty. we shall see.

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Post ID: @Tnjh+10ENXBk1

DP’s compensation is most certainly our business. Some of us are SHAREHOLDERS. Shares we BOUGHT and paid for. Not given or granted FREE to us.

Let’s see his performance, put up or shut up!

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Post ID: @Oiei+10ENXBk1

Hate to burst your bubble but SLB has MANY product lines, a well known name and the financial clout to partner up and buy into operators wells which certainly gives you a lot of leeway to “strategize”. NP has NONE of these offerings. So whether DP brings ANYTHING to the table will be determined with his forward performance, NOT past success or strategy (much like his predecessor)

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Post ID: @Nczn+10ENXBk1

Not an employee of Newpark however I am very familiar with the workings of High level people - VP and Presidents
David P is an extremely well respected Snr Manager having help serious positions with the Schlum group for many many years - His track record for success is fantastic - he is a high level strategist that gets the job done - Judge him by his actions and results not on his compensation which is his business not yours

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Post ID: @Mrsh+10ENXBk1

Maybe their $2m consultant is telling NP to prepare for 800 rigs tops. If not, they should be.

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Post ID: @wbsz+10ENXBk1

The rig count is dropping at an average rate of 5 rigs per week since 1-2019. If it continues at this pace, there will be slightly less than 800 rigs working in the US come 1-2020. Apprx 45-50% of this number will probably be in W Texas-New Mexico.

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Post ID: @vxaq+10ENXBk1

ONLY 26 TOTAL rigs working in Offshore LA, inland waters LA and land jobs in South La. North LA has a total of 31 rigs running. Rig count currently in US down apprx 210 rigs since first of 2019. 868 rigs current number working

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Post ID: @ujpu+10ENXBk1

For a more complete picture look at cash in hand now vs 2015. Then look at long term debt then vs now. You will quickly see where NP is headed. And food for thought, 2020 is going to be a rough year in the patch. Not looking good for the home team

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Post ID: @nyqy+10ENXBk1

Facts for years 2016-2017-2018. Total Fluids Revenue for these 3 years- $1.726M. Total Operating Income (not net income)–$25M . Total Mats Revenue for 2016-2108 –$439M Total Operating Income-$115M. Corporate Office Expense- 2016–$28.3M 2017-$36.6M 2018- $37.4M Total Capital Expenditure for Fluids for 2016-2018 $65M Total Capital Expenditure for Mats– $43M. Just another walk in the park day. Mats makes 4 1/2 Times more Operating Income vs Fluids on apprx 1/4 Less in Total Revenue as compared to Fluids. And Corporate Expense- it just keeps on Rising. While the rig count is decreasing.

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Post ID: @mdts+10ENXBk1

See how things get real quiet around here when someone states the truth and actual facts pertinent to the matter. Top management - what a joke but the BOD sits around and lets it continue year after year. Just look at the resumes of the Board- None have a clue about the inter workings of a service company and SF ( the senior member and nothing but a bean counter leftover from BHI) has been around WAY to long and is just another rubber stamp. GW ( the ex WFT hand ) at least just finally left after contributing Zero. TA, prz of NA, are you serious? And the new guy, halfway around the world. The whole pv debacle can only be described as – Unbelievable. And it lasted Over 4 years. As for the rig count, check for yourself. Hint- still going south.

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Post ID: @gphg+10ENXBk1

Face it, without PB and the BU Mgrs/pre 2015, NP Fluids has failed miserably and is continuing that trend currently. Top heavy Mgmt, out of control op-ex, poor sales force and an out of touch board all contribute heavily. Declining rig count could be the nail in the coffin. Probably what Paulie wants....

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Post ID: @8qdb+10ENXBk1

Here is the best part. While Total Revenues @NR went DOWN in the 1st Half of 2019 to $428M from 1st Half Revenues in 2018 of $463M. THE CORPORATE OFFICE EXPENSE WENT UP to $22.2M in the 1st Half of 2019 versus $17.7M in the 1st Half of 2018 While Operating Income went Down from $33M in 2018 (1st Half) to $16.5M (1st half of 2019).

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Post ID: @7izo+10ENXBk1

Looks like nr and nbr in a race to the bottom with both stocks –nbr and nr hitting Yearly Lows today.

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Post ID: @5qwu+10ENXBk1

Old saying: Smart people surround themselves with smarter people. Illiterates surround themselves with ignorance. I will let you be the judge .....

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Post ID: @5srp+10ENXBk1

Correction– Not $50000 of free shares BUT 50,000 Free shares

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Post ID: @5csr+10ENXBk1

Let me see if i understand the new Lawyer's contract correctly. He gets a three year deal at $35,000 more per year ($410K per year total) than the last lawyer he is replacing. He gets to participate in the Bonus Plan which he brings Absolutely Zero dollars of sales and/or Income into the Equation. He is given $50,000 FREE shares of Stock while not bringing ANY Sales/Income or Equity of any type into the Company (before or after getting hired), just simply for showing up.. He gets $1300/Month car allowance to drive his Personal Car the 85 miles of so round trip from his house to the Office (5 Days a week) with NO sales or Tech responsibility/24 Hour call. PLUS , the way i read his resume, he was not employed at a Company for apprx 12 months (maybe doing some consulting work) before nr. His last employer as I read it was Bristow which is in or was in Chapter 11. gotta love it.

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Post ID: @5pif+10ENXBk1

From a past NP employee.
Why does any of this insanity surprise you?

Too the believers.
Wake up!

DA

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Post ID: @4bwd+10ENXBk1

And people just thought that LAK was worthless- now an ex SLB running Personnel at intermediate size mud company. It just gets better and better. As stated, a person could not draw up this nightmare scene any better,

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Post ID: @4gix+10ENXBk1

Now that Newpark is run by the “Orange Brigade” we will see how big a dumpster fire they can start. Paterson, Armand, Ashley, Heinz, Lab dude and others are all ex SLB/MI. Look at the MI NA rig count and tell me how pathetic that company is..... This is the most laughable company in the patch right now. You couldn’t draw it up and make this many monumental mistakes😂😂😂

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Post ID: @4ege+10ENXBk1

Probably the same reason NP shareholders are paying $50k per year for new Presidents kids schooling. Absolutely ridiculous! I’m telling y’all the upper management doesnt have half a brain.... And what is even worse, Pauline is in desperation mode right now

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Post ID: @3ucw+10ENXBk1

Maybe Management can tell us why the Lawyer they hired in August last year as a VP needs a $1300/ month car allowance plus gas,etc to drive BACK and FORTH from his River Oaks home to the office in the Woodlands every Work Day. He makes NO sales calls, NO tech calls and is not on 24 Hour Call. Just another way to piss away $$$$

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Post ID: @3yri+10ENXBk1

There is ONE barge rig and THREE land rigs working in ALL of South La. nr with facilities to maintain at Venice, Cameron, Berwick, ICC besides Fourchon. ONLY 25 rigs working ALL of offshore LA. Total rig count will probably be under 860 by 11-1-2019. Now at 916. All 4 of Mgt/Leadership team in East TX/ N. La now GONE. Permian activity slowing every week. Cut throat pricing starting to set in. Oil currently under $54. ph ready for another big bonus.

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Post ID: @3kfi+10ENXBk1

What’s the P&P show going to do when NA rig count goes to 800? It’s gonna happen folks.....

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Post ID: @2zjh+10ENXBk1

Rig count down 19 for the week and nr sitting at $6.30–Yearly Low

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Post ID: @2ykg+10ENXBk1

Let's see now–Paterson resume as i read it. Takes job with Weir O&G as president on 28 Oct 2018. In June, 2019 quits Weir and hires on to Newpark on July 2, 2019. So Spends a TOTAL of 7-8 Months working for Weir (a pressure pumping company) which he has a background in from working at SLB. BUT QUITS this job as President at Weir to come to work for a Drilling Fluids and Mats,etc company which he HAS absolutely No Experience in. And gets to name the Terms and Conditions he will work under. Sounds like a well thought out Plan to me....... Moving from essentially from Completion side (Production side) of business to Drilling Side. When anyone in the mud business knows the completion and drilling side are almost like 2 separate companies at an oil/gas company.

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Post ID: @ohh+10ENXBk1

Problem is there seems to No One with any Credibility in the upper echelon of nr. And this new guy came from an employer he had been working for less than a year as i understand it. And The new lawyer came from Bristow , correct? , who is in middle of Chap 11. And he gets a free 50k shares. I wondered how long it was going to take for someone to comment on the utterly Amazing deal offered to the new guy.. But when you think about it- what else would one truly expect.... Just another walk in the park day at nr.

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Post ID: @jma+10ENXBk1

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