NexTier Oilfield Solutions on Jan. 7 raised its fourth quarter earnings and revenue guidance, according to a presentation at a Miami energy conference.
The company, which recently changed its name following the combination of Keane Group and C&J Energy Services, said better-than-anticipated results were due to an absence of major weather issues, customer partnerships and efficiency gains.
The third largest U.S. provider of hydraulic fracturing services raised its pre-tax earnings outlook to $73-$78 million from $60-$75 million and revenue to $640-$660 million from $600-$650 million, according to a presentation at the Goldman Sachs Global Energy Conference.
July 2020: Niobrara Completion In Converse County Flows 1.528 Mbbl of Oil, 3.023 MMcf/d.
The Anadarko Basin’s Simpson shale formation is being called “one of the biggest yet-to-be-developed shale plays in the United States.”
Unconventional rig count is up 16 units this year, or 2.5%, though activity still remains flat when compared to the 4Q19 average. Last week’s tally fell three rigs to 649 on the basis of modest declines in the Eagle Ford and Permian. Some rebalancing is underway this year with modest recoveries in the Midcontinent after last year’s precipitous two thirds decline in activity. With oil prices now below $50 it appears the 1Q20 average may come in flat with compared to activity levels in the final quarter of 2019.