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Superior Energy Services filed its Form 10-Q for Q2 2021, revealing a net loss from operations of $36.5 million on revenues of $165.9 million. This marks an increase in revenue from the previous quarter. The company, emerging from bankruptcy with no debt, reported cash and equivalents of $285.9 million and is focused on growth opportunities amidst rising demand for premium products. The transformation project aims for improved margins despite expected revenue reduction.
Key financials include international revenue rising 14% and U.S. land revenue increasing 28%.
Superior Energy Services has appointed Mike Delahoussaye as the new President at Workstrings International and Superior Inspection Services, effective September 15, 2021. Delahoussaye has been with the company since 2005 and previously served as Senior Vice President of Global Operations. Executive Chairman Mike McGovern expressed confidence in Delahoussaye's ability to lead WSI toward future successes. Superior Energy Services offers a diversified portfolio of specialized oilfield services and equipment catering to the global oil and gas industry.
Superior Energy Services announced the appointment of James Spexarth as Executive Vice President, Chief Financial Officer, and Treasurer, effective August 19, 2021. Mr. Spexarth previously served as interim CFO since March 18, 2021, following the resignation of Westervelt Ballard. He has been with the company for 8 years and has held roles including Chief Accounting Officer. The Executive Chairman, Mike McGovern, emphasized Spexarth's critical role in the company’s restructuring and future sustainability efforts.
Superior Energy Services announced the resignations of CEO David Dunlap and CFO Westy Ballard to pursue other opportunities. Michael Y. McGovern has been appointed as executive chairman and principal executive officer, while James Spexarth takes over as interim CFO. The board expressed gratitude for Dunlap's contributions, especially in navigating recent financial challenges. The company aims to find a successor for Dunlap and emphasizes its strong position with positive cash flow and limited debt.
Superior Energy Services announced that it was notified by the NYSE regarding the initiation of delisting proceedings due to failing to meet the $15 million market capitalization standard over a 30-day period. Effective September 18, 2020, its common stock will trade on the OTCQX Market under the symbol 'SPNX.' The company clarified that this transition is not expected to impact its business operations.
Superior Energy Services reported a net loss of $58.9 million for Q2 2020, equivalent to $3.97 per share, with revenues dropping to $183.9 million, a 43% decline from Q1. This marks a significant increase in losses compared to Q1's $32.3 million loss and Q2 2019's $18.4 million loss. The company incurred $9.1 million in severance costs and $8.6 million in merger-related expenses. Despite the downturn, cash balances rose 10% to $278 million, boosted by a subsequent $30 million tax refund. Management anticipates potential recovery in oil field activity in H2 2020.
Superior Energy Services reported a net loss of $32.3 million for Q1 2020, amounting to $2.18 per share, on revenues of $321.5 million. This loss is a substantial increase from $6.2 million in Q4 2019. Key factors include asset value reductions of $16.5 million and restructuring costs of $6.0 million. The company is cutting payroll costs by approximately $115 million and reducing capital expenditures to $50 million. Despite the challenges posed by COVID-19 and declining oil prices, the company plans to pursue separating its business into two distinct entities to enhance stakeholder value.
Superior Energy Services (NYSE: SPN) will release its Q1 2020 results on May 20, 2020, following the market close. A conference call is scheduled for May 21, 2020, at 9:00 a.m. Eastern time, available via phone and audio webcast. Investors can access the call by dialing 888-317-6003 (internationally 412-317-6061) and using entry number 6767493. A replay will be available until May 28, 2020. Superior Energy provides specialized oilfield services and equipment to oil and gas companies worldwide.
