Sequential Revenue Improvement
Third quarter results reflect a sequential revenue improvement with a 6% increase to $447.1 million compared to Q2, driven by increases across the majority of the company's service lines.
Growth in Key Service Lines
Service lines other than pressure pumping represented 72% of total revenues in the third quarter, generating a 3% sequential increase. Thru-Tubing Solutions' downhole tools revenues increased by 5% sequentially, with strong performance in the Rocky Mountain and Southeast regions.
Introduction of New Technologies
The company introduced the A10 downhole motor, which has proven effective in longer laterals, leading to market share gains. Additionally, Cudd Energy Services is testing a new 100% natural gas frac pump.
Strong Cash Position
At the quarter end, the company had over $163 million in cash, no outstanding debt on its $100 million revolving credit facility, and a free cash flow of $21.7 million.