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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 a 78% revenue decline in Q3 2021, totaling $1.91 million, compared to $8.74 million in Q3 2020. The net loss for the quarter was $7.87 million or $0.33 per share, slightly higher than last year's loss of $7.84 million. For the first nine months of 2021, revenues decreased by 82% to $13.86 million. The company is facing challenges due to low demand for seismic services, leading to concerns about cash flow and future investments. Dawson has a pending acquisition offer from Wilks Brothers for $2.34 per share, with the offer period ending on November 30, 2021.
Dawson Geophysical Company (NASDAQ: DWSN) plans to release preliminary and unaudited financial results for Q3 2021 on November 4, 2021, before market opens. An investor conference call will be held later that day at 9:00 AM CT to discuss results and the pending tender offer by Wilks Brothers, LLC. Dawson operates in North America, providing seismic data acquisition services to various clients, including major oil and gas companies. The company highlights risks related to energy industry spending and the impact of the COVID-19 pandemic on its operations.
Dawson Geophysical Company (DWSN) announced that WB Acquisitions Inc., a subsidiary of Wilks Brothers, LLC, has initiated a tender offer for all outstanding shares at $2.34 each. This follows the merger agreement signed on October 25, 2021. The offer requires at least 80% of the outstanding shares to be tendered and is set to last for at least 20 business days, expiring on November 30, 2021. Dawson's board has unanimously approved the merger terms, recommending that stockholders tender their shares.
Dawson Geophysical Company (NASDAQ: DWSN) announced a definitive merger agreement with Wilks Brothers, LLC, where a subsidiary of Wilks will offer $2.34 per share to acquire all outstanding common shares. The Board recommends shareholders tender their shares, citing liquidity and optimal future potential due to declining demand for seismic services and a skilled labor shortage. Preliminary third quarter estimates indicate revenues of $1.9 million and negative EBITDA between $4.4 million and $4.8 million, demonstrating ongoing financial challenges.
Dawson Geophysical Company (NASDAQ: DWSN) reported a significant revenue drop in Q2 2021, with revenues plummeting to $193,000 from $29.5 million in Q2 2020. The company incurred a net loss of $9 million, translating to a loss of $0.38 per share, compared to a profit of $1.5 million in the same quarter last year. For the first half of 2021, revenues fell 83% year-over-year to $11.9 million. Activity levels decreased due to the lack of seismic data acquisition crews operating in the US or Canada. The outlook remains challenging, though there are signs of slight improvement.
Dawson Geophysical Company (NASDAQ: DWSN) will publicly release its preliminary and unaudited financial results for the quarter ended June 30, 2021, on August 12, 2021. An investor conference call is scheduled for the same day at 9:00 AM Central Time. Dawson Geophysical is a prominent provider of onshore seismic data acquisition services across the U.S. and Canada, catering to major oil and gas companies. The company warns that forward-looking statements involve risks and uncertainties that may adversely affect its actual results.
Dawson Geophysical Company (NASDAQ: DWSN) reported significant financial challenges for Q1 2021, with revenues plummeting by approximately 70% to $11.75 million from $39 million in Q1 2020. The company incurred a net loss of $5.23 million, or $0.22 per share, compared to a profit of $993,000 in the previous year. Negative EBITDA stood at $1.86 million. The outlook for seismic data acquisition remains weak, with limited crew activity anticipated due to historically low demand. However, the company maintains a strong balance sheet with $46.95 million in cash and nearly no debt.
Dawson Geophysical Company (NASDAQ: DWSN) will release its preliminary and unaudited financial results for the first quarter of 2021 on May 13, 2021, before market opens. An investor conference call is scheduled for the same day at 9:00 AM CT. The call will be accessible through a dedicated phone line and online streaming. Dawson provides seismic data acquisition services across North America, catering to various clients in the oil and gas sector.
Dawson Geophysical Company (NASDAQ: DWSN) announced the adoption of a Rights Plan aimed at protecting its shareholders from unfair takeover tactics. Effective from April 8, 2021, the plan will last until April 7, 2022, unless terminated earlier. Shareholders will receive one right per share, triggered if any party acquires 10% or more of the company's stock. Rights allow discounted stock purchases for eligible holders. Detailed terms will be filed on Form 8-K with the SEC. This measure arises amid challenging market conditions in the energy sector.
Dawson Geophysical Company (NASDAQ: DWSN) reported its financial results for Q4 and FY 2020, revealing a dramatic revenue decline. Q4 revenues dropped by 74% to $8.88 million compared to Q4 2019. The company recorded a net loss of $7.85 million, worsening from the previous year. For FY 2020, revenues decreased by 41% to $86.1 million, with a net loss of $13.2 million. Despite the challenges posed by the COVID-19 pandemic, the company has a robust balance sheet, with $46.54 million in cash and minimal debt, positioning itself for recovery as market conditions improve.
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