OK let's review the facts from the P&L statement and Balance Sheet. 1. nr Lost $18M in the 4thQ 2020 and Yes i see that apprx $11M was an Impairment charge. So they STILL lost $7M. HAL, SLB,BKR all MADE money in the 4th Quarter 2020. AND nr LOST $80M for the Entire year of 2020. 2. In the Years 2015-2020 ( 6 years) they have lost a Total of $207M and this number includes the $32 M profit in 2018. In other words , they have LOST MONEY in 5 of the Past 6 Years. And pretty much the Same Top Management team in Place during this Entire period. After, essentially all the Performers left in 2015. 3. The Cash Position is Down to $24M @ the end of 2020 vs $64 M cash at he end of 2018. 4. Stockholder Equity is Now Down to $488M from a high of $625M AND the common share count has risen from 83M to over 90M in 2020. 5. Total Assets are Down $191M and, Yes, the $488M number includes $68M of Intangible assets and Goodwill, in other words– C-ap. 6. And yes, Total Liabilities are Down BUT Only $130M. 7. Take a Close Look at those Fluids Div Margins. Sell More to Lose More. 8. The Corporate office is still running at the near $6M Quarterly level. With the Company Lawyer getting a $1300 Month Car Allowance Per his published Employment contract . He checks No mud jobs and/ or Sells (or makes sales calls) any Mud jobs or the like. Just to drive back and forth to work from the Woodlands to River Oaks. How would You $1300/Month to cover your Car payment, Insurance and Gas?. Oh, I forgot, he has to pay Taxes on this payment. How terrible. This ranks right up there with $1M severance payment to pv. 9. Analyst predictions for nr are for a $6-8M LOSS in the 1stQ of 2021. And last but not least 10. The fun in the sun Never ceases at nr.. Rig count nearing 400 domestically but DOWN from 790 a Year ago ( which was bad enough). The same deal with OPEC+applies to OFService companies. Do you think for a MINUTE that OPEC+ is going to give up market share (they already fight enough amongst themselves) IF Prices for Oil go Higher. SAME thing with HAL,SLB,BKR - they are Not going to give up marker share Unless the Competitor is willing to operate at a LOSS.
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Stock currently down 8% on Friday, after Earnings release. At least there are a few people left that can Read and Understand a Profit/Loss Statement. more later
The hiring of pv and then, Later on giving him a guaranteed 3 year Contract which cost nr over $1M when they finally had to buy him out to get RID of him, Has to Go Down as One of Biggest FU's of modern Corporate History. But what do you really expect from Someone (ph) who had No/None Oilfield experience when he CAME to work at nr. I find it So interesting that pv came from WFT which is now Chap 11. WFT - a head to head participant with nr for the most mismanaged company in Oilfield Services for the past few years. End of Story.
Will be interesting to hear PH’s justification/excuse of $40m expenditure for GOM (which is ALL federal water). That sector will be “dead in the water” most of the next 4 years. Not that it would have EVER paid out. Another of PH’s many failures: Australia, Brazil, GOM and last but not least-hiring of PV!
No NESI (Newpark Envir Services Inc) to sell this time around. Only 17 TOTAL Offshore rigs (including inland barges) working in entire GOM from Florida coast to Brownsville,Tx. Land market is almost totally horizontal work so Must Compete with fracking combined bids from HAL, SLB and others. No one wants anything to do with Fluids assets. Cash on hand was down to $25 M at end of Sept ,2020. Will get to see Cash position as of 12-2020. And this stock has gone from around 50 cents to $3 ? Of course. Gamestock went from around $40 to high of $480 and back to $50 and falling in apprx 3 Weeks. Better have their Game Day story on for Friday.
Sticking with an estimate of eight figure LOSS for 4th Q. Surely they don't have the Balls to try and pay Themselves a Bonus and or Give Themselves more Stock for the Horrendous Year they had in 2020. They have (will have) Lost $$$$ in 5 of past 6 years counting 2020. But assuming the Co Lawyer is still driving his Company furnished car/or car allowance vehicle back and forth to Woodlands from River Oaks on work days ? Admit though with these wing-wangs, Anything is possible on Bonus/Stock till we get to see the proxy in a couple of months.
Look ahead to Feb 11
Could you be any more vague?