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News Article | November 21, 2016
Site: marketersmedia.com

According to Stratistics MRC, the Global Downhole Tools market is estimated at $3.63 billion in 2015 and is poised to reach $4.88 billion by 2022, growing at a CAGR of 4.31% from 2015 to 2022. Downhole tools plays significant role in production and exploration of oil & gas, by reducing the production cost and provide an edge over the conventional equipment. Increasing shale exploration activities, ultra deep drilling activities and growing offshore exploration in North America and Europe are the major factors driving the market growth. However, rising environmental concerns, usage of renewable energy sources and uncertain crude oil market is restraining the growth of global downhole tools market. Among all the applications, well intervention segment holds the largest market share, accounting for approximately 30% and is expected to continue its growth throughout the forecast period. The wide range of downhole tools are seen in well intervention owing to growing drilling activities in countries such as U.S. and Mexico. By type, drilling tools commanded the largest market and is poised to grow rapidly during the forecast period. North America has leading market for downhole tools followed by Asia Pacific and Middle East. In North America, U.S. has the leading market with maximum number of developments in the downhole tools market. The African market is likely to witness a faster growth rate due to new hydrocarbon discoveries. Some of the major players in the global market include Baker Hughes, Halliburton Co., Weatherford International Ltd., Schlumberger Ltd., Bilco Tools Inc, Wenzel Downhole Tools Ltd., National Oilwell Varco Inc., Anton Oilfield Services Ltd., Saint Gobain, Schoeller Bleckmann Oilfield Equipment AG, Logan Oil Tools Inc and Oil States International Inc. Applications Covered: • Well Drilling • Well Completion • Well Intervention • Evaluation • Oil & Gas Production Leave a Query @ https://www.wiseguyreports.com/enquiry/339130-downhole-tools-global-market-outlook-2015-2022 Regions Covered: • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o Rest of Asia Pacific • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements For more information, please visit https://www.wiseguyreports.com/sample-request/339130-downhole-tools-global-market-outlook-2015-2022


News Article | November 21, 2016
Site: www.newsmaker.com.au

According to Stratistics MRC, the Global Downhole Tools market is estimated at $3.63 billion in 2015 and is poised to reach $4.88 billion by 2022, growing at a CAGR of 4.31% from 2015 to 2022. Downhole tools plays significant role in production and exploration of oil & gas, by reducing the production cost and provide an edge over the conventional equipment. Increasing shale exploration activities, ultra deep drilling activities and growing offshore exploration in North America and Europe are the major factors driving the market growth. However, rising environmental concerns, usage of renewable energy sources and uncertain crude oil market is restraining the growth of global downhole tools market. Among all the applications, well intervention segment holds the largest market share, accounting for approximately 30% and is expected to continue its growth throughout the forecast period. The wide range of downhole tools are seen in well intervention owing to growing drilling activities in countries such as U.S. and Mexico. By type, drilling tools commanded the largest market and is poised to grow rapidly during the forecast period. North America has leading market for downhole tools followed by Asia Pacific and Middle East. In North America, U.S. has the leading market with maximum number of developments in the downhole tools market. The African market is likely to witness a faster growth rate due to new hydrocarbon discoveries. Some of the major players in the global market include Baker Hughes, Halliburton Co., Weatherford International Ltd., Schlumberger Ltd., Bilco Tools Inc, Wenzel Downhole Tools Ltd., National Oilwell Varco Inc., Anton Oilfield Services Ltd., Saint Gobain, Schoeller Bleckmann Oilfield Equipment AG, Logan Oil Tools Inc and Oil States International Inc. Applications Covered: • Well Drilling • Well Completion • Well Intervention • Evaluation • Oil & Gas Production Regions Covered: • North America o US o Canada o Mexico • Europe o Germany o France o Italy o UK o Spain o Rest of Europe • Asia Pacific o Japan o China o India o Australia o New Zealand o Rest of Asia Pacific • Rest of the World o Middle East o Brazil o Argentina o South Africa o Egypt What our report offers: - Market share assessments for the regional and country level segments - Market share analysis of the top industry players - Strategic recommendations for the new entrants - Market forecasts for a minimum of 7 years of all the mentioned segments, sub segments and the regional markets - Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations) - Strategic recommendations in key business segments based on the market estimations - Competitive landscaping mapping the key common trends - Company profiling with detailed strategies, financials, and recent developments - Supply chain trends mapping the latest technological advancements


News Article | October 27, 2016
Site: globenewswire.com

HOUSTON, Oct. 27, 2016 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) reported a net loss for the third quarter ended September 30, 2016 of $10.8 million, or $0.22 per diluted share, which included pre-tax charges of $2.0 million ($1.3 million after-tax, or $0.03 per diluted share) for severance and other downsizing charges. These results compare to reported net income for the third quarter ended September 30, 2015 of $1.7 million, or $0.03 per diluted share, which included a tax valuation allowance resulting in a higher effective tax rate ($3.2 million, or $0.06 per diluted share) and pre-tax charges of $0.7 million ($0.6 million after-tax, or $0.01 per diluted share) for severance and other downsizing charges. During the third quarter of 2016, the Company generated revenues of $179.0 million and Adjusted Consolidated EBITDA (Note B) of $16.2 million (excluding $2.0 million for severance and other downsizing charges). These results compare to revenues of $258.9 million and Adjusted Consolidated EBITDA of $39.5 million reported in the third quarter of 2015 (excluding $0.7 million of severance and other downsizing charges). For the first nine months of 2016, the Company reported revenues of $524.5 million and Adjusted Consolidated EBITDA of $41.9 million (excluding $4.6 million of severance and other downsizing charges). The net loss for the first nine months of 2016 totaled $35.8 million, or $0.71 per diluted share, and included $4.6 million ($3.0 million after-tax, or $0.06 per diluted share) of severance and other downsizing charges. For the first nine months of 2015, the Company reported revenues of $865.5 million and Adjusted Consolidated EBITDA of $151.6 million (excluding $4.5 million of severance and other downsizing charges). Net income for the first nine months of 2015 totaled $27.3 million, or $0.53 per diluted share, and included $10.3 million, or $0.18 per diluted share after-tax, from severance and other downsizing initiatives ($4.5 million pre-tax, $3.3 million after-tax, or $0.06 per diluted share), a higher effective tax rate driven by a $2.3 million ($0.05 per diluted share) deferred tax adjustment recorded in the first quarter of 2015 for certain non-deductible items and $3.5 million ($0.07 per diluted share) of tax valuation allowances recorded against certain of the Company's deferred tax assets. Oil States’ President and Chief Executive Officer, Cindy B. Taylor, stated, “The third quarter provided a number of constructive leading indicators for the energy industry. The average quarterly U.S. rig count improved 14% quarter-over-quarter, average natural gas prices increased over 30% in the third quarter and WTI crude oil prices increased following the second quarter, with WTI currently trading at $50 per barrel. Despite these positive data points, activity levels have not yet improved materially in our well site services segment which is primarily weighted to the U.S. onshore markets we serve. Our well site services revenues grew sequentially due to increases in the number of completion services jobs performed coupled with an increase in our land rig fleet utilization. However, adjusted quarterly EBITDA for the segment, while improved sequentially, was still below break-even. Our offshore products segment reported revenues above our guided range with average EBITDA margins of 22% for the third quarter. However, our book to bill ratio was 0.54x, resulting in a sequential backlog decline of 24%, ending the quarter at $203 million.” Offshore Products Offshore products generated revenues and Segment EBITDA (Note A) of $132.7 million and $29.5 million, respectively, in the third quarter of 2016 compared to revenues of $175.7 million and Segment EBITDA of $39.5 million in the third quarter of 2015. Offshore products revenues and Segment EBITDA decreased 24% and 25% year-over-year, respectively, due to lower contributions across most of the segment’s product and service lines. The lower quarterly revenues were primarily the result of reductions in production-related products, weaker demand for drilling products, lower levels of service activities and a backlog position that has trended lower since mid-2014, partially offset by improved elastomer and subsea pipeline product revenues. Segment EBITDA margins were 22.2% in the third quarter of 2016 compared to 22.5% realized in the third quarter of 2015.  Backlog declined 24% sequentially, totaling $203 million at September 30, 2016 compared to $268 million reported at June 30, 2016 and $394 million reported at September 30, 2015. There were no individual backlog awards in excess of $10 million during the third quarter. Well Site Services Well site services generated revenues of $46.3 million and a Segment EBITDA loss of $3.1 million in the third quarter of 2016 compared to revenues and Segment EBITDA of $83.2 million and $10.9 million, respectively, in the third quarter of 2015.  Well site services revenues and Segment EBITDA decreased 44% and 129% year-over-year, respectively, primarily due to a 49% year-over-year decrease in the number of completion services jobs performed, partially offset by a 15% year-over-year increase in revenue per completion service job primarily as a result of a shift to more long-duration jobs in international markets and longer-term project work in the U.S. Gulf of Mexico. The segment’s third quarter 2016 results continued to be negatively impacted by extreme competitive pressures and depressed activity levels in the U.S. shale basins. Lower utilization in the land drilling business, which averaged 15% in the third quarter of 2016 compared to 33% in the third quarter of 2015, also negatively impacted results. However, quarterly land drilling utilization improved sequentially for the second quarter in a row, a trend which has not occurred since the second quarter of 2014. Income Taxes The Company recognized an effective tax rate benefit of 35.8% in the third quarter of 2016. This compares to an effective tax rate expense of 69.9% reported in the third quarter of 2015. The higher effective tax rate in the third quarter of 2015 was primarily due to a tax valuation allowance recorded against certain of the Company’s deferred tax assets. Financial Condition The Company invested $5.5 million in capital expenditures during the third quarter of 2016. Capital expenditures made during the third quarter included expansionary investments for certain offshore products facilities along with maintenance capital spent on completion services equipment. As of September 30, 2016, $63.1 million was outstanding under the Company’s revolving credit facility. Total availability under the facility as of September 30, 2016 was $217.8 million (net of standby letters of credit totaling $27.8 million). Conference Call Information The call is scheduled for Friday, October 28, 2016 at 11:00 am ET, and is being webcast and can be accessed from the Company’s website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing (800) 446-2782 in the United States or by dialing +1 847 413 3235 internationally and using the passcode 43614252. A replay of the conference call will be available one and a half hours after the completion of the call by dialing (888) 843-7419 in the United States or by dialing +1 630 652 3042 internationally and entering the passcode 43614252. About Oil States Oil States International, Inc. is an energy services company with a leading market position as a manufacturer of products for deepwater production facilities and certain drilling equipment, as well as a provider of completion services and land drilling services to the oil and gas industry.  Oil States is publicly traded on the New York Stock Exchange under the symbol “OIS”. For more information on the Company, please visit Oil States International’s website at www.oilstatesintl.com. Forward Looking Statements The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included therein are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the energy service industry and other factors discussed in the "Business" and "Risk Factors" sections of the Form 10-K for the year ended December 31, 2015 filed by Oil States with the Securities and Exchange Commission on February 22, 2016. (1) As of September 30, 2016, the Company had $217.8 million available under its revolving credit facility. (1) Operating (loss) income for the three and nine months ended September 30, 2016 included severance and other downsizing charges of $0.7 million and $1.8 million, respectively, related to the completion services business, $0.2 million and $0.2 million, respectively, related to the drilling services business and $1.1 million and $2.6 million, respectively, related to the offshore products segment. (2) Operating (loss) income for the three and nine months ended September 30, 2015 included severance and other downsizing charges of $0.2 million and $2.0 million, respectively, related to the completion services business and $0.6 million and $2.5 million, respectively, related to the offshore products segment. (A) The terms Segment EBITDA and Adjusted Segment EBITDA consist of operating (loss) income plus depreciation and amortization expense, and certain other items.  Segment EBITDA and Adjusted Segment EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for operating (loss) income or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity.  Additionally, Segment EBITDA and Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies.  The Company has included Segment EBITDA and Adjusted Segment EBITDA as a supplemental disclosure because its management believes that Segment EBITDA and Adjusted Segment EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates.  The Company uses Segment EBITDA and Adjusted Segment EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan.  The tables above set forth reconciliations of Segment EBITDA and Adjusted Segment EBITDA to operating (loss) income, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles. (3) Adjustments to Consolidated EBITDA for the three and nine months ended September 30, 2016 included severance and other downsizing charges of $0.7 million and $1.8 million, respectively, related to the completion services business, $0.2 million and $0.2 million, respectively, related to the drilling services business and $1.1 million and $2.6 million, respectively, related to the offshore products segment. (4) Adjustments to Consolidated EBITDA for the three and nine months ended September 30, 2015 included severance and other downsizing charges of $0.2 million and $2.0 million, respectively, related to the completion services business and $0.6 million and $2.5 million, respectively, related to the offshore products segment. (B) The terms Consolidated EBITDA and Adjusted Consolidated EBITDA consist of net (loss) income plus net interest expense, taxes, depreciation and amortization expense, and certain other items.  Consolidated EBITDA and Adjusted Consolidated EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net (loss) income from continuing operations or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity.  Additionally, Consolidated EBITDA and Adjusted Consolidated EBITDA may not be comparable to other similarly titled measures of other companies.  The Company has included Consolidated EBITDA and Adjusted Consolidated EBITDA as a supplemental disclosure because its management believes that Consolidated EBITDA and Adjusted Consolidated EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates.  The Company uses Consolidated EBITDA and Adjusted Consolidated EBITDA to compare and to monitor the performance of the Company and its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan.  The table above sets forth a reconciliation of Consolidated EBITDA and Adjusted Consolidated EBITDA to net (loss) income from continuing operations, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles.


News Article | February 15, 2017
Site: globenewswire.com

HOUSTON, Feb. 15, 2017 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE:OIS) reported a net loss for the fourth quarter of 2016 of $10.6 million, or $0.21 per diluted share, which included pre-tax charges of $0.6 million ($0.4 million after-tax, or $0.01 per diluted share) for severance and other downsizing charges. These results compare to reported net income for the fourth quarter of 2015 of $1.1 million, or $0.02 per diluted share, which included a total of $5.3 million after-tax, or $0.11 per diluted share, of severance and other downsizing charges, a leasehold restoration provision for one of our offshore products facilities in the U.K. (charge was included as a component of depreciation and amortization expense), a higher quarterly effective tax rate due to deferred tax asset write-offs and tax valuation allowances. During the fourth quarter of 2016, the Company generated revenues of $169.9 million and Adjusted Consolidated EBITDA (Note B) of $13.7 million (excluding $0.6 million for severance and other downsizing charges). These results compare to revenues of $234.5 million and Adjusted Consolidated EBITDA of $42.5 million reported in the fourth quarter of 2015 (excluding $1.9 million of severance and other downsizing charges). For the year ended December 31, 2016, the Company reported revenues of $694.4 million and Adjusted Consolidated EBITDA of $55.5 million (excluding $5.2 million of severance and other downsizing charges). The net loss for full year 2016 totaled $46.4 million, or $0.92 per diluted share, and included $5.2 million ($3.3 million after-tax, or $0.06 per diluted share) of severance and other downsizing charges. For the year ended December 31, 2015, the Company reported revenues of $1.1 billion and Adjusted Consolidated EBITDA of $194.1 million (excluding $6.4 million of severance and other downsizing charges). Net income for full year 2015 totaled $28.4 million, or $0.55 per diluted share, and included a total of $17.5 million ($14.7 million after-tax, or $0.29 per diluted share) of severance and other downsizing initiatives ($6.4 million pre-tax, or $0.09 per diluted share), a leasehold restoration provision for one of our offshore products facilities in the U.K. ($3.4 million pre-tax, or $0.05 per diluted share; charge was included as a component of depreciation and amortization expense), a higher effective tax rate driven by $3.6 million ($0.07 per diluted share) of deferred tax asset write-offs and $4.1 million ($0.08 per diluted share) of tax valuation allowances recorded against certain of the Company's deferred tax assets. Oil States’ President and Chief Executive Officer, Cindy B. Taylor, stated, “We concluded the fourth quarter 2016 with results that reflect the benefit of existing backlog and sound project execution in our offshore products segment coupled with the beginnings of a recovery in U.S. onshore markets, which benefitted our well site services segment. Our quarterly book-to-bill ratio was 0.98x in our offshore products segment suggesting that a floor in backlog should emerge in early 2017. Nonetheless, we entered 2017 with backlog that is down 41% from the beginning of 2016, creating revenue headwinds for 2017. Commodity prices and U.S. land rig count trends are favorable for our well site services segment going into 2017.” Offshore Products Offshore products generated revenues and Segment EBITDA (Note A) of $115.0 million and $25.4 million, respectively, in the fourth quarter of 2016 compared to revenues of $169.8 million and Segment EBITDA of $50.8 million in the fourth quarter of 2015. Offshore products revenues and Segment EBITDA decreased 32% and 50% year-over-year, respectively, due to lower contributions across most of the segment’s product and service lines, particularly those tied to major project sanctions. The lower quarterly revenues were primarily the result of weaker demand for drilling products, production and pipeline infrastructure products, lower levels of service activities and a backlog position that has trended lower since mid-2014, partially offset by an 82% improvement in elastomer product revenues which are benefitting from U.S. land based activity. Segment EBITDA margin was 22.1% in the fourth quarter of 2016 compared to an unusually high margin of 30.0% realized in the fourth quarter of 2015, due to the number of major projects that were nearing completion at the end of 2015.  Backlog declined 2% sequentially, totaling $199 million at December 31, 2016 compared to $203 million reported at September 30, 2016 and $340 million reported at December 31, 2015. Major backlog additions during the fourth quarter included an order for production riser equipment on a floating production system. Well Site Services Well site services generated revenues of $54.9 million and Segment EBITDA of $1.1 million in the fourth quarter of 2016 compared to revenues and Segment EBITDA of $64.7 million and $1.2 million, respectively, in the fourth quarter of 2015.  Well site services revenues and Segment EBITDA decreased 15% and 7% year-over-year, respectively, primarily due to a 39% year-over-year decrease in the number of completion services jobs performed, partially offset by a 40% year-over-year increase in revenue per completion service job primarily as a result of a mix shift to more long-duration jobs in international markets and longer-term project work in the U.S. Gulf of Mexico, in contrast to any significant market price improvements. The average U.S. rig count declined 164 rigs, or 22%, in the fourth quarter 2016 compared to the same quarter in 2015. Lower utilization in the land drilling business, which averaged 18% in the fourth quarter of 2016 compared to 22% in the fourth quarter of 2015, also impacted the quarterly results. Income Taxes The Company recognized an effective tax rate benefit of 37.8% in the fourth quarter of 2016 and an annualized effective tax rate benefit of 36.7% for 2016. This compares to an unusually high effective tax rate provision of 76.1% in the fourth quarter of 2015 bringing the annualized effective tax rate provision for 2015 to 43.9%. The higher effective tax rate in the fourth quarter and full year 2015 was due to deferred tax adjustments, certain non-deductible items and tax valuation allowances recorded. Financial Condition As of December 31, 2016, $42.2 million was outstanding under the Company’s revolving credit facility while cash totaled $68.8 million. Total availability under the facility as of December 31, 2016 was $153.1 million (net of standby letters of credit totaling $30.7 million), which is less than the full amount of the facility due to limitations imposed by the maintenance covenant of 3.25 times trailing twelve months Consolidated EBITDA, adjusted for certain non-cash items. Conference Call Information The call is scheduled for Thursday, February 16, 2017 at 11:00 am ET, and is being webcast and can be accessed from the Company’s website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing (800) 446-2782 in the United States or by dialing +1 847 413 3235 internationally and using the passcode 44303503. A replay of the conference call will be available one and a half hours after the completion of the call by dialing (888) 843-7419 in the United States or by dialing +1 630 652 3042 internationally and entering the passcode 44303503. About Oil States Oil States International, Inc. is an energy services company with a leading market position as a manufacturer of products for deepwater production facilities, certain drilling equipment and shorter-cycle consumable products, as well as a provider of completion services and land drilling services to the oil and gas industry.  Oil States is publicly traded on the New York Stock Exchange under the symbol “OIS”. For more information on the Company, please visit Oil States International’s website at www.oilstatesintl.com. Forward Looking Statements The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included therein are based on then current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among other things, risks associated with the general nature of the energy service industry and other factors discussed in the "Business" and "Risk Factors" sections of the Form 10-K for the year ended December 31, 2015 filed by Oil States with the Securities and Exchange Commission on February 22, 2016. (1) As of December 31, 2016, the Company had $153.1 million available under its revolving credit facility (net of standby letters of credit totaling $30.7 million), which is less than the full amount of the facility due to the maintenance covenant of 3.25 times trailing twelve months Consolidated EBITDA, adjusted for certain non-cash items. (1) Operating income (loss) and Consolidated EBITDA for the three and twelve months ended December 31, 2016 included severance and other downsizing charges of $0.2 million and $2.0 million, respectively, related to the completion services business, $0.1 million and $0.2 million, respectively, related to the drilling services business and $0.3 million and $3.0 million, respectively, related to the offshore products segment. (2) Operating income (loss) and Consolidated EBITDA for the three and twelve months ended December 31, 2015 included severance and other downsizing charges of $1.1 million and $3.1 million, respectively, related to the completion services business and $0.8 million and $3.3 million, respectively, related to the offshore products segment. (3) Operating income (loss) for the three and twelve months ended December 31, 2015 included a $3.4 million depreciation charge related to a leasehold restoration provision for one of our offshore products facilities in the U.K. (A) The terms Segment EBITDA and Adjusted Segment EBITDA consist of operating income (loss) plus depreciation and amortization expense, and certain other items.  Segment EBITDA and Adjusted Segment EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for operating income (loss) or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity.  Additionally, Segment EBITDA and Adjusted Segment EBITDA may not be comparable to other similarly titled measures of other companies.  The Company has included Segment EBITDA and Adjusted Segment EBITDA as a supplemental disclosure because its management believes that Segment EBITDA and Adjusted Segment EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates.  The Company uses Segment EBITDA and Adjusted Segment EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan.  The tables above set forth reconciliations of Segment EBITDA and Adjusted Segment EBITDA to operating income (loss), which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles. (B) The terms Consolidated EBITDA and Adjusted Consolidated EBITDA consist of net income (loss) plus net interest expense, taxes, depreciation and amortization expense, and certain other items.  Consolidated EBITDA and Adjusted Consolidated EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for net income (loss) from continuing operations or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity.  Additionally, Consolidated EBITDA and Adjusted Consolidated EBITDA may not be comparable to other similarly titled measures of other companies.  The Company has included Consolidated EBITDA and Adjusted Consolidated EBITDA as a supplemental disclosure because its management believes that Consolidated EBITDA and Adjusted Consolidated EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates.  The Company uses Consolidated EBITDA and Adjusted Consolidated EBITDA to compare and to monitor the performance of the Company and its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan.  The table above sets forth a reconciliation of Consolidated EBITDA and Adjusted Consolidated EBITDA to net income (loss) from continuing operations, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles.


Campbell J.A.,Oil States International | Poore W.M.,Oil States International
Society of Petroleum Engineers - SPE International Conference and Exhibition on Health, Safety, Security, Environment, and Social Responsibility | Year: 2016

The International Association of Oil & Gas Producers (IOGP) has collected environmental data from its member companies on an annual basis for the past 16 years. The programme was set up in response to the industry's wish to be more transparent about its operations and to enable IOGP member companies to compare their performance with that of other companies in the sector. The ultimate aim is to provide a representative statement on the environmental performance in the upstream oil and gas industry. This paper will discuss the analysis of submissions by participating member companies for the years 2013 and 2014. Data were reported by participating companies in the following 6 environmental indicator categories:•gaseous emissions;•energy consumption;•flaring;•aqueous discharges;•non-aqueous drilling fluids retained on cuttings discharged to sea; and•spills of oil and chemicals. The data represent oil and gas wellhead production of 2.1 billion tonnes. Forty three companies took part in 2013 and 2014, operating in more than 80 countries worldwide, and the database now represents what is probably the most comprehensive set of reliable information on cross company performance in the industry. Performance results are presented on a global and regional basis, onshore and offshore, and normalised to hydrocarbon production. Results are shown, for ease of comparison, alongside the previous year's published results. Copyright 2016, Society of Petroleum Engineers.


Toutain P.,Oil States International
Society of Petroleum Engineers - SPE International Conference on Health, Safety and Environment 2014: The Journey Continues | Year: 2014

Resources other than those immediately available to an operator (either owned, under contract or through third parties such as oil spill organisations) may be required to respond to a large scale offshore incident. Such supplementary resources may be owned or under contract to other operators in or near the affected basin. While the exploration & production industry has demonstrated that it can cooperate rapidly and effectively in response to such incidents, it is OOP)s belief that a framework to guide the consideration of mutual aid and response assistance can further improve the industry)s ability to respond. OGP looked at the typical elements of a response to a large-scale offshore incident and concluded that it is at the local, regional or basin level that operators are more likely to face common logistical, technical, legal, regulatory environment as well as being able to quickly access resources. Therefore, the framework was developed to aid operators and industry associations in initiating and conducting mutual aid discussions at this level. This paper describes the framework in broad terms, going through the role of mutual aid in the response to offshore incidents, it lists the (Guiding principles of mutual aid) and lays out a process for scoping-through the identification of needs and opportunities for mutual aid-and developing arrangements from the opportunities identified. It concludes by describing issues that may need to be addressed when considering mutual aid arrangements and outlining some practical measures that may help to enhance the functioning and maintenance of mutual aid arrangements. Copyright 2014 , Society of Petroleum Engineers.


Izadi M.,Colorado School of Mines | Ghalambor A.,Oil States International
SPE Reservoir Evaluation and Engineering | Year: 2013

Building an integrated subsurface model is one of the main goals of major oil and gas operators to guide the field-development plans. All field-data acquisitions from seismic, well logging, production, and geomechanical monitoring to enhanced-oil-recovery (EOR) operations can be affected by the accurate details incorporated in the subsurface model. Therefore, building a realistic integrated subsurface model of the field and associated operations is essential for a successful implementation of such projects. Furthermore, using a more reliable model can, in turn, provide the basis in the decision-making process for control and remediation of formation damage. One of the key identifiers of the subsurface model is accurately predicting the hydraulic-flow units (HFUs). There are several models currently used in the prediction of these units on the basis of the type of data available. The predictions that used these models differ significantly because of the assumptions made in the derivations. Most of these assumptions do not adequately reflect realistic subsurface conditions, thus increasing the need for better models. A new approach has been developed in this study for predicting the petrophysical properties and improving the reservoir characterization. The Poiseuille flow equation and Darcy equation were coupled, taking into consideration the irreducible water saturation in the pore network. The porous medium was introduced as a domain containing a bundle of tortuous capillary tubes with irreducible water lining the pore wall. A series of routine and special core analysis was performed on 17 Berea sandstone samples, and the petrophysical properties were measured and X-ray diffraction (XRD) analysis was conducted. In building the petrophysical model, it was initially necessary to assume an ideal reservoir with 17 different layers, each layer representing one Berea sample. Afterward, by the iteration and calibration of the laboratory data, the number of HFUs was determined by use of the common HFU model and the proposed model accordingly. A comparative study shows that the new model provides a better distribution of HFUs and prediction of the petrophysical properties. The new model provides a better match with the experimental data collected than the models currently used in the prediction of such parameters. The good agreement observed for the Berea sandstone experimental data and the model predictions by use of the new permeability model shows a wider range of applicability for various reservoir conditions. In addition, the model has been applied to a series of core-analysis data on lowpermeability Medina sandstone, Appalachian basin, northwest Pennsylvania. The flow-unit distribution by use of the proposed model shows a better flow-zone distinction, and the permeability/porosity relationship has a higher confidence coefficient. Copyright © 2013 Society of Petroleum Engineers.


Trademark
Oil States International | Date: 2013-03-20

Steel, ferrous alloy and non-ferrous alloy oilfield metal products, tools and equipment, namely, iron tubing, pipes, valves not as part of a machine; permanent production equipment, namely, metal flowback and production storage tanks and flowback metal manifolds with chokes for pipelines. Mechanical oil field equipment, namely, compensators for accumulating torque in downhole drilling motors in the oil and gas industry; Oil field tools and equipment, namely, drilling rig mechanization machines and devices. Gas well measurement equipment and on and offshore surface oil well measurement testing equipment, namely, chart recording devices, electronic flow meters, orifice meter runs, and ultrasonic meter runs. Rental of oil and gas well equipment, namely, fracheads, coil tubing fracheads, fracstacks, wellhead isolation tools, full-bore well stimulation tools, gate valves; plug valves, balldrop valves, flanges, swedges, drilling crossovers, flow tees, spacer spools and spools. Custom manufacture of permanent production equipment, and on and offshore surface well testing and service equipment. Technical consultation in the fields of oil and gas well engineering, namely, wellhead isolation for the purpose of oil, gas and water well bore fracturing, oil, gas and water well bore acidizing, oil gas and water well bore backwashing, and oil, gas and water well overbalance perforation; Oil well testing, namely, testing of surface production testing equipment, fit for purpose equipment, gas measurement equipment, permanent production equipment, and on and offshore surface well testing equipment; rental of oil well surface production testing equipment, fit for purpose equipment, and gas measurement equipment.


Trademark
Oil States International | Date: 2012-05-03

liquid-cooled brakes for machines for use in the oil and gas, marine, and logging industries and other industrial environments.


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