Dril-Quip, Inc. - DRQ STOCK NEWS

Dril-Quip (NYSE: DRQ) announced its involvement in the 2022 Pareto Securities Energy Conference, where John Mossop, the Director of Energy Transition, will present on September 7, 2022. The conference will not be webcast, but a copy of the presentation will be available on the Company’s website in the Investors section. Dril-Quip specializes in developing and providing equipment and technologies for the energy industry, aiming to innovate and enhance energy solutions.

Dril-Quip, Inc. (NYSE: DRQ) will participate in the 2022 Barclays CEO Energy-Power Conference on September 7, 2022. CEO Jeff Bird will engage in a fireside chat starting at 1:15 p.m. ET, and the CFO Kyle McClure will conduct one-on-one meetings throughout the day. A live webcast of the discussion and presentation slides will be available on the company’s website, encouraging listeners to log on 15 minutes early for registration. A replay will be accessible post-event.

Dril-Quip (NYSE: DRQ) reported second quarter 2022 revenues of $94.0 million, up $10.8 million sequentially, driven by increased subsea equipment and downhole services. The company posted a net loss of $5.6 million or $0.16 per share, an improvement from the prior quarter. Adjusted EBITDA rose to $9.3 million, reflecting a 9.9% margin. New orders totaled $49.6 million, offset by cancellations. Share repurchases reached $3.8 million during the quarter. The company maintains a revenue growth target of 10% for 2022 compared to 2021.

Dril-Quip (NYSE: DRQ) will release its Q2 2022 earnings on July 28, 2022, after market close. A fireside chat with Barclays Capital's J. David Anderson will take place on July 29, 2022, at 10:00 a.m. ET, focusing on Dril-Quip's recent financial performance and business outlook. Stakeholders can listen to the event via webcast. The earnings release and webcast link will be accessible on Dril-Quip's website. The company specializes in engineered equipment and technologies for the energy sector.

Dril-Quip, Inc. is auctioning equipment from its recently closed forging, machining, and metallurgical lab on June 28, 2022. This decision arises from a strategic shift as the facility was deemed unnecessary for its evolving manufacturing model. The auction will feature a wide range of assets, including forging presses and CNC machines, overseen by Harris Auctions. Inspections are available prior to the auction, and the move reflects Dril-Quip's commitment to optimizing operations in the changing oil and gas market.

Dril-Quip (NYSE: DRQ) has established decarbonization targets aligned with the Paris Agreement, aiming for more than a 50% reduction in Scope 1 and Scope 2 emissions by 2030. This initiative includes switching to renewable electricity, rightsizing facilities, and investing in emissions-reducing infrastructure. Approximately 75% of Dril-Quip's Scope 3 emissions stem from purchased machinery and leased equipment. The company collaborates with suppliers and customers to achieve comprehensive emissions reductions across its value chain.

Dril-Quip (NYSE: DRQ) reported Q1 2022 revenues of $83.1 million, up $5.2 million from Q4 2021, driven by higher subsea product sales. The company booked $66.5 million in new orders, including $17 million for Brazil. Despite a net loss of $8.9 million ($0.26 loss per share), this marks an improvement from a $54.5 million loss in Q4 2021. Adjusted EBITDA rose to $3.2 million, but was down $4.9 million from the previous year. The company repurchased $5.8 million of shares. Dril-Quip expects continued growth with a 20% increase in orders for 2022.

Dril-Quip (NYSE: DRQ) will release its first quarter 2022 earnings on April 28, 2022, after market close. A fireside chat will follow on April 29, 2022, featuring CEO Jeff Bird and CFO Kyle McClure, discussing the company's financial performance and business outlook. The event will be accessible via webcast and conference call for stakeholders. The earnings press release and webcast link will be available on Dril-Quip’s website under the ‘Investors’ section. A replay will be offered for one year post-event.

Dril-Quip (NYSE: DRQ) has appointed Carri A. Lockhart to its Board of Directors, based on the recommendation from its Nominating and Governance Committee. Lockhart, with over 20 years of experience in the energy sector, previously held significant roles at Equinor and Marathon Oil, focusing on technology and innovation in energy transition. CEO Jeff Bird expressed enthusiasm for Lockhart's appointment, highlighting her leadership experience as a valuable asset for Dril-Quip's evolving strategies in energy transition.