NexTier Announces First Quarter 2021 Financial and Operational Results

By Nex Tier Oilfield Solutions8 days ago

HOUSTON, Texas, May 4, 2021 /PRNewswire/ -- NexTier Oilfield Solutions Inc. (NYSE: NEX) (NexTier or the Company) today reported first quarter 2021 financial and operational results.

First Quarter 2021 Results and Recent Highlights

  • Generated total revenue of $228.4 million in Q1 2021, reflecting an increase of 6% compared to Q4 2020
  • Reported fracturing and integrated wireline revenue of $189.0 million in Q1 2021, reflecting an increase of 2% compared to Q4 2020
  • Reported net loss of $54.5 million in Q1 2021, compared to net loss of $60.2 million in Q4 2020
  • Reported SG&A of $16.1 million in Q1 2021, reflecting a decrease of 32% versus Q4 2020
  • Reported Adjusted SG&A(1) of $21.2 million in Q1 2021, reflecting an increase of 3% versus Q4 2020
  • Reported Adjusted EBITDA(1) of $0.7 million in Q1 2021, compared to $7.7 million in Q4 2020
  • Reported profitability includes an estimated Q1 2021 storm impact of $10.0 million
  • Averaged 18 deployed and 15 fully-utilized fleets in Q1 2021 vs. 17 deployed and 14 fully-utilized fleets in Q4 2020
  • Exited Q1 2021 with total liquidity of $353.0 million, including $271.6 million of cash; no term loan maturities through 2025
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Management Commentary

NexTier's Completions activity during the first quarter played out as we expected, with the exception of the abnormal winter storm that disrupted operations in February, said Robert Drummond, President and Chief Executive Officer of NexTier. We were pleased to deploy Completion fleets for five new customers at the start of the year in January, and finished the quarter with strong efficiencies in March, which marked our most profitable month since April of 2020. I was particularly proud of how our team handled the unusual winter storm that had a broad impact across the Southern region, including the Permian, Eagle Ford, and Haynesville, and caused the widespread halt of operations for approximately 10 days. While this disruption interrupted our momentum during the quarter, the team managed to safely accommodate our field crews and minimize impact to our customers' operations and our equipment.

We are moving into the second quarter with positive momentum, which is enhanced by increased activity from some of our historical customers returning to work. I am pleased to see our customers continuing to increase their use of natural gas-powered equipment to further reduce their carbon footprint and capture the value created by our integrated completions solutions, continued Mr. Drummond. We see strong demand for lower emissions frac technology and are proud to maintain our position as the largest operator of deployed Tier 4 DGB natural gas-powered fleets. We remain on target to support our customers with natural gas delivery to the wellsite from our new Power Solutions business beginning in the third quarter, which will enable greater diesel displacement, lower carbon emissions, and increased wellsite efficiency.

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