Page 10 - NorthAmOil Week 43 2022

NorthAmOil NEWS IN BRIEF NorthAmOil

as product demand through our system has “After more than 42 years as an 30, 2022. RPC provides a broad range of
surpassed 2019 levels, while global product independent company, we are ecstatic specialised oilfield services and equipment
supply remains constrained due to capacity about becoming a part of SLB,” said Robert primarily to independent and major oilfield
reductions and high natural gas prices in Trainer, president and CEO, Gyrodata. “This companies engaged in the exploration,
Europe are setting a higher floor on margins,” combination will create important synergies production, and development of oil and gas
said Joe Gorder, Valero’s chairman and chief between our technology platforms, bringing properties throughout the United States and
executive officer. “We continue to maximise immediate and significant benefits for our in selected international markets.
refining utilisation in a safe, reliable and customers. We look forward to accelerating For the quarter ended September 30,
environmentally responsible manner to the next step-change of this technology 2022, RPC generated revenues of $459.6mn,
provide essential products.” revolution as part of the world’s leading an increase of 22.4% compared to $375.5mn
VALERO ENERGY, October 25, 2022 provider of technology and services to the in the second quarter of 2022, due to
energy industry.” higher customer activity levels and pricing
The transaction is subject to regulatory improvements, as well as an increasingly
SERVICES approvals and is expected to close towards the favourable job mix. Operating profit for the
end of 2022. third quarter of 2022 was $92.2mn compared
SLB to acquire Gyrodata SLB, October 26, 2022 to an operating profit of $60.4mn in the
second quarter of 2022. Net income for the
Incorporated US Silica Holdings third quarter of 2022 was $69.3mn, or $0.32
diluted earnings per share, compared to net
SLB today announced it has entered announces completion of income of $46.9mn, or $0.22 diluted earnings
into an agreement to acquire Gyrodata per share, in the second quarter of 2022.
Incorporated, a global company specialising $50mn loan repurchase Earnings before interest, taxes, depreciation,
in gyroscopic wellbore positioning and survey and amortisation (EBITDA)1 for the third
technology. The transaction will integrate US Silica Holdings, a diversified industrial quarter of 2022 was $113.0mn, an increase of
Gyrodata’s wellbore placement and surveying minerals company and the leading last-mile 40.3%, compared to $80.6mn in the second
technologies within SLB’s Well Construction logistics provider to the oil and gas industry, quarter of 2022.
business, bringing customers innovative today announced that it has completed Cost of revenues during the third
drilling solutions. a $50mn voluntary term loan principal quarter of 2022 was $309.8mn, or 67.4% of
This combination will improve wellbore repayment. The debt was retired at a discount revenues, compared to $260.9mn, or 69.5%
quality and reduce drilling risk to unlock to par using excess cash on hand. of revenues in the second quarter of 2022.
even the most remote and complex Bryan Shinn, chief executive officer, Cost of revenues increased primarily due to
reservoirs. Integrating three-axis solid state commented: “We are pleased to utilise an increases in expenses consistent with higher
gyro measurements with the latest SLB additional portion of our robust year-to-date activity levels, such as materials and supplies
technological innovations will help ensure cash flow to deliver on our commitment to expenses, maintenance and repairs expenses,
tighter trajectory control, reduce data strengthen our balance sheet and improve employment costs and fuel costs. Cost of
acquisition time and improve the decision- US Silica’s leverage profile. This brings our revenues as a%age of revenues decreased due
making process – resulting in greater overall total 2022 debt repurchases to $150mn. We to the leverage of direct employment costs
drilling efficiency. continue to see strong performance across over higher revenues coupled with improved
“The integration of Gyrodata’s innovative both of our business segments and remain pricing for RPC’s services.
sensors and proprietary technologies within focused on the execution of our long-term Selling, general and administrative
SLB’s drilling and logging suites will result strategy to create shareholder value.” expenses were $38.2mn, or 8.3% of revenues
in the most accurate and highly optimised US SILICA HOLDINGS, October 24, 2022 in the third quarter of 2022 compared to
well placement services in the industry,” said $35.9mn, or 9.6% of revenues in the prior
Jesus Lamas, president, Well Construction, RPC reports third-quarter quarter. Depreciation and amortisuation
SLB. “This will transform drilling technology was $20.9mn in the third quarter of 2022
designs while advancing SLB’s autonomous, 2022 financial results compared to $20.1mn in the second quarter
self-steering capabilities. I am excited about of 2022.
welcoming the Gyrodata team into SLB’s Well RPC today announced its unaudited results RPC, October 26, 2022
Construction division.” for the third quarter ended September

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