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Dawson Geophysical Company (NASDAQ: DWSN) is a leading provider of onshore seismic data acquisition and processing services with operations throughout the United States and Canada. Founded in 1952 and headquartered in Midland, Texas, Dawson specializes in acquiring and processing 2-D, 3-D, and multi-component seismic data for a diverse client base that includes major oil and gas companies, independent operators, and providers of multi-client data libraries.
Dawson's expertise in seismic data acquisition encompasses both 2-D and 3-D methods. The 2-D method collects seismic data to generate a single plane of subsurface seismic data, while the 3-D method creates a comprehensive volume of seismic data, producing precise images of the earth's subsurface. Additionally, the company offers multi-component seismic data surveys, recording alternative seismic waves for enhanced subsurface imaging.
As of December 31, 2014, Dawson operated eight to ten seismic crews across the United States and Canada. The company's strategic locations include offices in Houston, Plano, Denver, Oklahoma City, and Calgary, where its subsidiary, Eagle Canada, is based.
Recent Achievements and Financial Performance
In 2023, Dawson Geophysical acquired the business and assets of Breckenridge Geophysical, LLC. This acquisition included essential seismic data acquisition services, contracts, and experienced personnel, significantly enhancing Dawson's operational efficiency and utilization rates. For the quarter ended June 30, 2023, Dawson reported revenues of $20.2 million, a substantial increase from $4.8 million in the same period in 2022. Despite facing challenges such as adverse weather conditions and job readiness delays, the company continued to improve its financial and operational results.
For the third quarter ended September 30, 2023, Dawson reported revenues of $23 million, compared to $7.4 million in the same quarter of the previous year. The company continues to operate multiple seismic crews, with plans to deploy additional crews to meet increasing demand. Dawson's focus on carbon capture and sequestration has also gained momentum, with several large projects anticipated in 2024.
Current Projects and Partnerships
Among Dawson's current projects, significant emphasis is placed on seismic data acquisition for carbon capture and sequestration. The company has already completed several small carbon-related seismic projects and anticipates further expansion in this area. Dawson also continues to serve major and independent E&P companies, providing valuable seismic data to aid in the development and expansion of drillable acreage positions.
Financial Condition and Future Outlook
As of September 30, 2023, Dawson's balance sheet includes cash, restricted cash, and short-term investments totaling $19.2 million. The company reported working capital of $16.9 million, with a capital budget of $5 million for 2023. Dawson's management team, led by CEO Stephen C. Jumper, remains focused on improving margins, reducing expenses, and enhancing operating cash flows. The company's experienced workforce, robust equipment inventory, and commitment to a strong balance sheet position Dawson well for continued growth and profitability in 2024.
Dawson Geophysical Company is dedicated to providing high-quality seismic data acquisition services. Its strategic acquisitions, operational efficiency improvements, and focus on emerging markets such as carbon capture and sequestration position the company as a key player in the seismic sector.
Dawson Geophysical Company (NASDAQ: DWSN) reported unaudited Q3 2022 financial results, highlighting revenues of $3,538,000, an 85% increase from Q3 2021. Despite revenue growth, the net loss narrowed to $7,603,000 from $7,865,000 year-over-year. EBITDA also worsened to negative $5,332,000. For the nine months ending September 30, 2022, revenues rose 65% to $22,818,000, but net loss decreased from $22,110,000 to $17,672,000. The company expects increased crew activity in Q4 2022 and continuing improvements into 2023, focusing on larger projects and enhanced efficiency.
Dawson Geophysical Company (NASDAQ: DWSN) reported second-quarter financial results for 2022, with revenues of $921,000, up from $193,000 in Q2 2021. The net loss narrowed to $7.68 million or $0.32 per share from $9.02 million or $0.38 per share a year earlier. EBITDA improved to -$5.23 million compared to -$5.67 million in the same period last year. Year-to-date, revenues rose 61% to $19.28 million, with a net loss of $10.07 million. The company plans to deploy crews in the U.S. and Canada, anticipating increased operational activity through the first quarter of 2023.
Dawson Geophysical Company (DWSN) reported its financial results for Q4 and FY 2021, showing revenues of $10.84 million for Q4, up 22% from $8.88 million in Q4 2020, but a net loss of $6.98 million. For the full year, revenues fell 71.3% to $24.7 million, with a significant net loss of $29.09 million compared to $13.2 million in 2020. The company faces challenges with weak demand for seismic services and limited crew activity anticipated in 2022. A special shareholder meeting for a merger with Wilks Brothers is scheduled for March 15, 2022.
Dawson Geophysical Company (NASDAQ: DWSN) announced the successful completion of a tender offer by WB Acquisitions Inc., a subsidiary of Wilks Brothers, LLC, for outstanding common stock. The offer expired on January 14, 2022, with 15,285,001 Shares tendered, equating to approximately 73.5% of total outstanding Shares. The company will call a special shareholders meeting to approve the merger, requiring an 80% affirmative vote. The merger aligns with the Merger Agreement dated October 25, 2021, and aims to solidify Dawson as a subsidiary of Wilks.
Wilks Brothers, LLC has successfully completed its tender offer for Dawson Geophysical Company (DWSN), acquiring 15,285,001 shares at $2.34 each, representing approximately 73.5% of Dawson's outstanding shares. The offer expired on January 14, 2022. A special shareholder meeting will be convened to approve the merger, requiring at least 80% approval. If completed, Dawson will become a subsidiary of Wilks, and shares will no longer trade publicly. Non-tendering shareholders will receive the offer price in cash if the merger proceeds, but risks remain if shareholder approval is not obtained.
Wilks Brothers, LLC announced amendments to the Merger Agreement with Dawson Geophysical Company (DWSN) on January 10, 2022. The Minimum Condition for the merger has been reduced from 80% to 66.67%. Merger Sub plans to accept shares if conditions are satisfied. Dawson shareholders opting not to tender will receive $2.34 per share in cash after the merger. Weak market conditions have led to declining accounts receivable and increased cash burn rates, prompting Wilks to advocate for the merger as a means to enhance operational control. The Offer has been extended to January 14, 2022.
Wilks Brothers, LLC announces an extension of its cash tender offer for Dawson Geophysical Company (DWSN) until January 7, 2022, at 5:00 p.m. ET. As of January 3, 2022, approximately 71.2% of Dawson's outstanding shares had been tendered. Wilks aims to acquire at least 80% to proceed with a merger. The company cites declining market conditions leading to higher cash burn rates as motivation for the acquisition, emphasizing that Dawson would better manage costs as a private entity. Wilks believes the current offer represents optimal value for shareholders.
Wilks Brothers, LLC announced an extension of its cash tender offer to acquire Dawson Geophysical Company (NASDAQ: DWSN) until January 3, 2022. As of December 14, 2021, approximately 68.89% of Dawson's outstanding shares have been tendered. Wilks aims to secure at least 80% of shares to facilitate a merger. The company expects this acquisition will enhance cost control amidst challenging market conditions, asserting that delaying further could erode value for stakeholders. Wilks encourages Dawson stockholders to participate in the extended tender offer period.
Wilks Brothers, LLC has extended its cash tender offer to acquire Dawson Geophysical Company (DWSN) until 5:00 p.m. on December 14, 2021. As of November 30, 2021, approximately 66% of Dawson's outstanding shares had been tendered. Wilks aims to obtain at least 80% of Dawson's shares to facilitate a merger. The company believes that going private would help Dawson manage costs better in the current challenging market. Wilks warns that delays could erode shareholder value. Investors are encouraged to act during the extension period.
Dawson Geophysical Company (NASDAQ: DWSN) announced a tender offer by Wilks Brothers, LLC to purchase outstanding shares at $2.34 each, effective November 1-30, 2021. The company has faced significant revenue declines due to changes in capital allocation by exploration and production (E&P) companies. Despite cost-cutting measures, Dawson reports a negative net working capital position as of September 30, 2021, and anticipates lower activity levels through 2022. The board recommends shareholders tender their shares for liquidity in a challenging market.
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