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 reported its Q4 and full-year 2021 results, showing Q4 revenue of $77.9 million and full-year revenue of $322.9 million. The company incurred a net loss of $128.0 million, or $3.62 per share, due to restructuring costs and lower product revenues. Despite a challenging year, Dril-Quip recorded $4.7 million in net cash from operations in Q4 and $38.4 million for the year. New orders totaled $79.8 million in Q4, with an optimistic outlook for a nearly 20% increase in orders for 2022. The company authorized an additional $100 million for share repurchases.
Aker Solutions and Dril-Quip have announced a Collaboration Agreement to develop subsea injection systems for carbon capture, utilization, and storage (CCUS) projects. This partnership aims to integrate Dril-Quip's CO2 injection Xmas trees and wellheads with Aker Solutions' broader subsea technology. The collaboration targets the Northern Endurance Project in the UK, supporting the net-zero vision and leveraging local resources. Dril-Quip’s CEO emphasized the importance of this agreement in enhancing their role in energy transition, reducing risks, and delivering cost-effective solutions.
Dril-Quip, Inc. (NYSE: DRQ) will announce its fourth quarter and full year 2021 results on February 23, 2022, post-market. A conference call to discuss these results and the outlook for 2022 is set for February 24, 2022, at 9:00 a.m. Central Time. Interested parties can participate via phone or join a webcast on the company's website. Dril-Quip specializes in manufacturing advanced drilling and production equipment for deep-water and harsh environments.
Dril-Quip (NYSE: DRQ) has appointed Kyle F. McClure as Vice President and Chief Financial Officer, effective January 1, 2022. McClure brings extensive financial expertise, having served as CFO for Airswift and Frank’s International, among other roles. His appointment is expected to enhance Dril-Quip's financial leadership and strategic direction. Jeff Bird, President and COO, expressed confidence in McClure's capability to contribute significantly to the company's financial management and strategy.
Dril-Quip, Inc. (NYSE: DRQ) reported Q3 2021 financial results, achieving revenue of $83.0 million, driven by increased aftermarket activity. The net loss improved to $11.1 million or $0.31 per share, a $7.9 million improvement from Q2. Adjusted EBITDA stood at $4.0 million, representing 4.8% of revenue. Free cash flow reached $7.0 million. The company successfully initiated share repurchases and achieved targeted productivity gains of $10 million ahead of schedule. Despite challenges with product orders, Dril-Quip aims to leverage higher commodity prices for future growth.
Dril-Quip, Inc. (NYSE: DRQ) will release its third quarter 2021 earnings on October 28, 2021. Following this, executives Blake DeBerry and Jeff Bird will participate in a fireside chat webcast with Evercore ISI's James West on October 29, 2021, at 11:00 a.m. ET. The event will address the Company’s financial performance, operations, and outlook, but it will not include a Q&A session. Interested participants can join via a provided registration link or by phone. The earnings press release will be available on Dril-Quip's website.
Dril-Quip (NYSE: DRQ) announced the resignation of Raj Kumar, CFO, effective November 1, 2021, as he pursues another opportunity. The company is conducting an executive search for his successor. CEO Blake DeBerry expressed gratitude for Kumar's contributions during the company's transformation efforts and confirmed the strength of the existing finance team to ensure continuity. The company specializes in manufacturing drilling and production equipment for challenging environments.
Dril-Quip (NYSE: DRQ) has announced the appointment of Jeffrey J. Bird as President and Chief Executive Officer, effective January 1, 2022. He replaces Blake T. DeBerry, who will remain in his role until December 31, 2021. Bird joined Dril-Quip in 2017 and has held various leadership positions, most recently as President and Chief Operating Officer. DeBerry expressed confidence in the company's future and the leadership transition, citing expected improvements in the market. The new CEO emphasized his commitment to serving shareholders and building on the company's strengths.
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