Welcome to our dedicated page for Dril-Quip news (Ticker: DRQ), a resource for investors and traders seeking the latest updates and insights on Dril-Quip stock.
Dril-Quip, Inc. (NYSE: DRQ) is a leading global provider of precision-engineered offshore drilling and production equipment, catering to the energy industry's deepwater, harsh environments, and severe service applications. The company specializes in designing and manufacturing subsea, surface, and offshore rig equipment for oil and gas companies operating in offshore regions worldwide.
Dril-Quip's product portfolio includes innovative technologies for both traditional oil and gas projects and energy transition applications. The company's revenue streams are diversified across three segments:
- Product Revenues: Sales of drilling and production equipment.
- Service Revenues: Technical advisory assistance, reconditioning services, and leasing of rental tools.
- Leasing Revenues: Rental tools used during installation and retrieval of Dril-Quip's products.
Organized into three geographic segments—the Western Hemisphere, Eastern Hemisphere (including Europe and Africa), and Asia-Pacific—Dril-Quip continues to expand its global footprint. Recent achievements include a 31% sequential increase in third-quarter revenue, driven by the acquisition of Great North and growth in markets such as Brazil, the Middle East, and West Africa. Additionally, the company reported a strong cash flow from operations and successfully integrated Great North’s business, contributing positively to Dril-Quip's overall performance.
Despite facing capacity constraints in the offshore rig market, Dril-Quip remains optimistic about the potential for growth in the early stages of a multi-year offshore upcycle. The company’s latest innovations include the successful installation of the XPAK-De Expandable Liner Hanger in the Santos Basin and selection as a supplier for Petrobras' pre-salt development wells. These advancements underscore Dril-Quip's commitment to technological excellence and operational efficiency.
With continued investment in research and development, Dril-Quip aims to deliver high-quality products that lower operating costs and reduce deepwater drilling risks. The company's robust financial condition, highlighted by a positive cash flow and a strong balance sheet, allows for strategic acquisitions and investments to support its long-term growth objectives.
Dril-Quip, Inc. (NYSE:DRQ) announced the successful installation of two 15,000 psi HorizontalBoreTM Subsea Trees at the Woodside Shenzi North oil and gas field in the U.S. Gulf of Mexico. This project, completed in collaboration with Proserv, showcases Dril-Quip's advanced modular subsea production systems, which allow for flexible completion configurations. Bruce Witwer, Vice President of Subsea Services, highlighted the project as a testament to the company's superior service quality and solutions, contributing to increased production capacity for their client. The press release also contains forward-looking statements regarding the performance and benefits of Dril-Quip's products, noting the inherent risks associated with such projections.
Dril-Quip, Inc. (NYSE: DRQ) reported impressive fourth quarter and full-year 2022 results. Q4 revenue reached $96.8 million, a 24% year-over-year increase, while full-year revenue rose 12% to $362.1 million. The company achieved a net loss of $0.3 million for Q4, a significant improvement from a $63.2 million loss last year. Adjusted EBITDA surged 97% year-over-year to $30 million. Notably, Dril-Quip signed $122 million in master service agreements in 2022 and aims for 10%-20% booking growth in 2023. The company also set a goal for a 50% reduction in GHG emissions by 2030.
Dril-Quip, Inc. (NYSE: DRQ) announced its fourth quarter and full year 2022 earnings results will be released on February 27, 2023, after U.S. markets close. A conference call to discuss these results is scheduled for February 28, 2023, at 10:00 a.m. EST. This event will be accessible to all interested parties and may include forward-looking information. Investors can pre-register for the call to obtain the dial-in number and passcode, as well as participate in the live webcast.
Dril-Quip (NYSE: DRQ) reported Q3 2022 results, showing a revenue of $88.1 million, down $5.8 million from Q2, impacted by foreign exchange rates and supply chain delays. Net income was $15.2 million, a rise of $20.8 million due to a facility sale and lower costs. Adjusted EBITDA decreased to $7.0 million, while free cash flow was negative at $9.2 million. The company booked $75.0 million in new orders, netting $61.7 million after cancellations. The ESG rating improved to A. Full-year bookings are expected to grow 15% to 20%.
Dril-Quip, Inc. (NYSE: DRQ) is set to release its third quarter 2022 earnings on October 27, 2022, after market close. A fireside chat will follow on October 28, 2022, at 10:00 a.m. ET with CEO Jeff Bird and CFO Kyle McClure discussing recent financial performance and business outlook. The event is accessible via webcast and conference call, with additional details available on the company's website. Investors can pre-register to obtain participation details, and a replay will be available for one year.
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