Less than 5% in Permian Basin? Holey Moley
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In the Drilling Fluids Division, Even after throwing out the $17 Million of Goodwill charges,and other charges associated with facility closures, inventory write downs,etc— the Division still had a $1.1 M OPERATING LOSS. It had a $18.1 true Operating Loss when everything included.. Revenues down from$152.5M Last Q to $134.6M this Quarter (4th Q , 2019). 1st Q 2020 will probably be worse. As for entire Company—Break even Income results for 4th Q 2019. Bottom Line - No Mats Division No nr. Yearly 2019 Company Net Income — MINUS (.14 cents/per share). Corporate Office Expense Dec -2018 Q $8.5M vs Dec, 2019 of $8.9M MINUS 13% Operating Margin for Fluids Div in Dec 2019 Q. Bring on the Bonuses.
Oil has gone from $63 to Less than $50 in apprx 30 Days. MidEast in full stage panic. NG @ $1.83 in February - Storage ahead of schedule and 4-5 weeks of winter left. $$$ talk and BS walks come Thursday.
Let's see if it stays Above $5 when Earnings or Lack of (on Feb 6 ) hit the coming Friday Stock Price. (Analyst consensus @ apprx Break even for 4th Q and $.05-.07 cents/share Total for the year.). Nowhere to Run and Hide with $52 oil and $1.85 NG especially when Real Busy trying to get all those Bonus $$$ figures added up before SH meeting..