NexTier Oilfield sees ‘moderate sequential revenue growth’ in Q2

Q2 consensus $974.99M. "For the second quarter of 2023, we expect moderate sequential revenue growth, with adjusted EBITDA expected to improve once again. We expect our frac equipment to remain sold out, with strong demand for our services continuing in oil basins. Given very high industry frac equipment utilization and the widening service quality bifurcation we are seeing amongst our peer group, we do not anticipate that we will have a need to change our pricing strategy. Consistent with prior guidance, our 2023 capital expenditure budget remains within our guide at 8-9% of revenue with spending weighted towards the first half of the year. We expect to generate approximately $500 million of free cash flow in 2023." Drummond concluded, "Despite recent commodity volatility, our 2023 outlook is essentially unchanged from the prior update. Demand for our services remains very strong in oil basins, and our high-end customer base is increasingly recognizing the value we are creating, as we continuously look for new ways to lower completion costs and raise efficiency, while also lowering emissions. We see this as the best path forward for the industry as we strive to help our customers maximize their financial returns without sacrificing our own returns."