$18.1m Q4 operating loss in fluids. -13.5% margins. Need to “right size” starting in the Woodlands. More short term debt, less assets, higher total liabilities, less stockholders equity and less cash on hand. And still carrying $43m for goodwill. Are you kidding me! What a klusterf**k
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$1.34 $120M — MarketCap
Diamondback said it released a third of the crews completing new wells, plans to cut three drilling rigs this quarter, and will reduce its 2020 spending budget by undisclosed amount.
On March 6, Parsley dropped to three frac spreads and has plans to drop to 12 development rigs as soon as possible, down from five frac spreads and 15 rigs in January and February, the shale producer said Monday. Management added that it plans to further reduce its activity in the near term
Hows aboutta a Buck 67
Well, its started. Parsley Energy and Diamondback to release 3 Rigs each in West Texas. Too bad ph didn't listen to the guy West who started "The Pledge" in Feb 2019 for Oilfield Service Firms. Three rules to follow: Control Spending, Improve Profit Margins and TIE Executive Pay to Financial Performance. His number One motto. Don't wait–Consolidate. Right now nr is Consolidating at around $2.40 whether they like it or not.
Hang on . Oil at $27.51 and Nat Gas at $1.61 with Dow futures down 1208 points and S&P futures down the Limit at 2791. Going to be a Wild Monday My guess on nr– $2.40-2.50
fwiw Say oil stays under $40 /bbl thru the end of summer and into September - all those hedges operators have at $55 bbl plus or minus. Well, do you think they will be worth the paper they are written on.? Or will some of the companies that wrote the contracts be underwater when Operators come calling for the proverbial "Show me the Money". One thing seems for sure, Russia is not going to play ball until the US reigns in the Permian, North Dakota and other Shale Plays. That , seems to be the Only Sure bet going forward. Everything else is on the table
At apprx 6 PM Dow futures Down 970 Points and Oil at apprx $32.60
Just read article where one Oil trader is expecting oil to Open at $32/bbl. We will know the true number in about 6 hours.
Let the Party begin. Quotas out the door. SA to open the pumps on Oil Wide Open and have already sent out new pricing letter. My guess— oil by end of the week $38-41 per bbl. Maybe lower . Stand by.
remember the talk from upper mgt in the PAST about making nr a Billion $$$ company in market cap. As of friday, they are not even a $300 Million market cap company. The proxy statement goes out next month. Waiting to see the bonus payments they have given top mgt (For Non Performance) and the free stock awards. Does this Company even have a Breathing, Talking, Walking Board member?
Tetra dropped under $1 a share Friday. Shows what a Great Business the Completion Fluids business is. WRONG!!!
Dropping like a T–d in a toilet. Short this one, no way but down in 2020.
Let ph and gp gag on $2.95 over the the weekend
$48.02 $1.82 APA announces 26% budget cut for 2020. lots of volume in nr stock and stock up on down day for market and hal and slb both down. hmm
$.03 more cents down and EVERY stock option issued by nr will be Worthless on Paper. Right now over 99% of the issued stock options are worthless at $3.41.
let's take a look at the bod for a minute. 1. You have Finley who has been there for 12 or so years and Way past his prime. And in his prime, he was nothing more than a bean counter for Baker Hughes and knew Nothing about the mud biz. Sound familiar. 2&3. You have Best and Minge who were CEO's at integrated oil and gas companies and were WAY above getting their hands dirty dealing with service companies. 4. Robeson is another CFO type with little experience dealing with/knowledge of service companies and whose claim to fame seems to be she was Best's accountant type at SM and along for the ride at nr. 5.Larson is the only one with seemingly any knowledge of oilfield services and LOOKS LIKE he has his hands FULL BIG TIME after just reporting a $360 Million LOSS for 2019 at his company -Oceaneering (OLL) 6. AND , of course, the best for last-ph. What a Team
$1.84 NG and $51.30 Oil in the last week in February. Winter about to fade away. April and May Pricing looking pretty rugged.
So, when is the company golf tournament?🤣🤣🤣
The bottom line is: PH and PV’s decision for fluids to “get younger” turned out to be a colossal mistake. In fact, one that NP may NEVER recover from. Their lack of business skills prevented them from making common sense decisions. You know the difference between a mud engineer and a Oxford educated executive? The mud engineer is paid to prevent and fix others mistakes. The executive earns his paycheck MAKING those mistakes!
Sine 2015, MANY mistakes have been and continue to be made by NP. The Woodlands lack of Brain power is Totally pathetic. Dumb and Dumbers prime time show continues....
PH reaped what he sowed🤣🤣🤣
Let's review for a minute. $11 Stock price to Present $3.78 ( minus 66%) in the last 18 months. BUT the Bonus and stock grants (with no salary reductions ) continue for the top 2 in company.
Exactly, Katy is/was PV😂😂😂
Looks to me like he more or less tried to duplicate pv's resume. (You got to love the part about Sought after Speaker at Industry events ). We all see where that got pv ( just was about 3 or more years too late). He's been gone 16 months and the stench he left carries on. his best move was getting paid to sign a non-compete agreement ( to compete with what? ). What an absolute joke– his entire tenure . Anyway, the Fact is, as of Today, nr is ONLY One thin nickel away from trading with a $3 handle. ph owns that one –hook, line, and stinker. Looks as if the bod is trying to sleep thru all of this , including the stockholders meeting in appx 90 days. Don't want to upset the Broken apple cart and/or Pinpoint Responsibility and call it what is really is —An Ongoing Disaster.
You don’t have to believe me, this is from his LinkedIn account:
Accomplished, inspirational Global Business Executive in Oilfield Services and Industrial Markets, with deep experience in transforming organizations. Growth-oriented and results-driven Leader with progressive business management experience – including strategy and vision development – skilled at innovatively solving business challenges.
■ Trusted advisor to and partner of senior leadership, valued for uncompromising integrity, authenticity and ability to make necessary, tough decisions.
■ Adept developer of talent who builds strong teams and empowers them to succeed and grow.
■ Creative problem-solver with a track record of successful management of international businesses operating in several countries across many continents.
■ Servant Leader who is passionate about growing a company with a strong set of values and competitive focus.
■ Effective communicator who clearly explains complex plans and detailed goals to a wide variety of constituents.
■ Sought-after speaker at industry events.
You think he embellished just a little🤣🤣🤣
Katy most likely is Swimming a whole lot these days, practicing for his Triathlon. No doubt, embellishing his resume to inflate his large ego!
speaking of train wrecks– what happened to the resident guru here- katy ?
Nor have they EVER sold one single mud job!
Food for thought; CEO/founder/largest stockholder of one of the most successful larger oil companies with many rigs currently drilling has NO college education! NONE whatsoever. Just a good common sense oilman that has worked for everything he has. Chew on that for awhile.
see where the latest consensus Estimate on earnings ( or in this case lack of) for 1stQ 2020 is Minus ,04 cents/share. df will own this number and probably more
After listening to the q4 cc, it is very apparent of the tension in the NP room. Very much like a “donkey BBQ”
API crude Inventory just out for week. UP 6 MILLION BBLS
What goes around, comes around. Welcome to just what you wished for PH. As has been said before, does anyone in the Woodlands have half a brain? Sure not showing it the last few years....
PH-a little hint to you; when you have more non revenue producing personnel on the payroll vs revenue producing personnel in the mud biz then you have a REAL problem.
JH said it best: all I need is a big chief tablet and a couple of pencils to run a PROFITABLE mud company!
Newpark II will end up just like Newpark I did. Wait and watch, PH is grasping now
Let's look at upcoming events @ nr. 1. Pay any bonus $$ by 3-15-2020. That number Should be ZERO since there were No Earnings for 2019. 2. Get ready for spring breakup in Canada coming in 6-8 weeks. Sales Down. 3. In conference call , mgt says Mats sales $$ and MARGINS will probably be Down to (16-18% range ) thru end of 2nd Q.. 3. US rig count below 800 currently and will probably stay in 750-830 range for next 5-6 months– With Oil at $50-$56/bbl and NG at $1.80-2.10 4. Seems from conf call conversation next offshore rig program in GOM is delayed to mid- late 2nd Q. 5. Pricing pressure seen to continue to start of Summer when guess what? Hurricane season starts. 6. Fluids Div. had a Total Operating Margin of 1/2 of 1% for all of 2019. On apprx 2/3 of nr TOTAL sales for the year 2019. 7. Get ready for nr late April earning release for 1st Q 2020 with Analyst projections of $.02 cents per/share as of now.. My estimate - Loss of .02 cents/per share. 8. Stockholders meeting in mid to late May could get interesting. Maybe things like 2 big office Buildings and a separate Lab building only 45 miles apart. A lawyer on the payroll with a car allowance, gas etc to drive back and forth to work from 35 miles away in River Oaks and not on 24 hour call at any time. No pay reductions for Top Executives while Company LOSING $$$. No end in sight for relief/reduction in Corporate Overhead Expense. And the List goes on. Including the Severance Package (determined by ph) for a COMPLETE FAILURE -pv.
- As mentioned, nr is SO proud of their business with Shell in the GOM. ANYONE, even with a small pea brain, KNOWS there is NO way to make $$$ working for the S's or XOM types in the GOM. At best , one only breaks even and Only adds Revenues and reality, lose $$$ in the end game working with these companies. They KNOW THAT, by Bidding the work out, there will ALWAYS be AT LEAST ONE Service Supplier looking for Increased Revenue AT ANY COST with No Margin. 2. As mentioned, ALL the people who knew how to make $$$ and had actual working relations with mud buyers left at the end of 2014 thru 2015-16 and were replaced by pv and his band of hires who remain. The hiring of pv has GOT to go down as ONE of Classic Disasters in all of drilling fluids History. And you have ph to Thank for that with some small help in the hiring decision from bs. 3. nr is forecast to make .02 cents per share in the 1st Q of 2020 which Means the drlg fluids division is only going to Continue to LOSE $$$$ in the 1st Q of 2020. 4. HOW the BOD let's ph continue to be in charge is a Complete Mystery for Anyone with a Working Brain. He came to nr with ZERO knowledge of the Oilfield and/ or how it works and 13 of so years LATER, NOTHING has changed in his Knowledge tool bag. gp as vp of finance is beyond laughable. And the new lawyer came from a ofs bankrupt firm. Is Patterson even allowed to live in the US yet?