Oil States reports Q4 EPS 9c, consensus 9c

Reports Q4 revenue $208.3M, consensus $216.22M.Reports adjusted EBITDA of $24M increased 2% sequentially …Cash on-hand decreased $5.8Mduring the quarter, totaling $47.1M at December 31. No borrowings were outstanding under the Company’s asset-based revolving credit facility at December 31 Liquidity totaled $123.2 M at December 31, with amounts available to be drawn under the ABL Facility totaling $76.1M. On February 16 , the Company amended its ABL Facility to extend the maturity date to February 16, 2028. “For the oil and gas industry, the year 2023 can be summarized as a year in which North American activity started to moderate, while international and offshore growth strengthened. Our fourth quarter results reflect those trends with our Offshore/Manufactured Products segment revenues growing 24% sequentially, boosted by a 39% sequential-quarter increase in project-driven revenues. This significant growth was substantially offset by the impact of declines in U.S. land-based completion activity due to an approximate 20% decline in the price of crude oil during the quarter along with continued weak natural gas prices. Despite the reduction in U.S. activity levels during 2023, Oil States reported positive operating and net income for a sixth consecutive quarter.