Page 11 - NorrthAmOil Week 43 2021

NorthAmOil NEWS IN BRIEF NorthAmOil

For the nine months ended September
30, 2021, the Company reported a net loss
of $293mn, or $1.55 per share, compared
to a net loss of $697mn, or $3.70 per share,
for the nine months ended September 30,
2020. Revenues for the nine months ended
September 30, 2021 were $891mn, compared
to $903mn for the same period in 2020.
The financial results for the three months
ended September 30, 2021 include pre-tax
acquisition-related expenses of $0.9mn
($0.8mn after-tax) related to the acquisition of
Pioneer Energy Services. Pre-tax acquisition-
related expenses totalled $2.1mn for the nine
months ended September 30, 2021.
Andy Hendricks, Patterson-UTI’s chief
executive officer, stated: “I am pleased that
our total adjusted EBITDA for the third
quarter increased 44% sequentially to
$51.1mn on a 23% increase in revenues. As
well, highlighting that our pressure pumping
business continues to improve, adjusted
adjusted fully-converted net loss of $346.6mn changing needs. The deal also allows us EBITDA in this business more than doubled
or $(2.87) per share, for the third quarter to work hand-in-hand with customers to sequentially in the third quarter on a 36%
2020. help shape demand for low-carbon energy increase in revenues.”
PBF ENERGY, October 28, 2021 products and services while profitably Mr. Hendricks continued: “In contract
decarbonising alongside them.” drilling, steady growth in activity positively
Shell to grow company- this acquisition advances Shell’s Powering impacted our third quarter financial results.
By enhancing Shell’s presence in the US,
Our average rig count for the third quarter
owned retail sites in the Progress strategy in three ways: by growing improved to 80 rigs from 73 rigs in the second
quarter. We expect activity growth will be
its retail footprint in one of its core markets,
U.S. with acquisition by providing opportunities to offer customers robust in the fourth quarter, as we expect
expanded fuelling options (including electric
our average rig count, including 13 rigs from
of Landmark fuel and vehicle charging, hydrogen, biofuels and Pioneer Energy, to be approximately 106 rigs
lower-carbon premium fuels) and by allowing
in the United States.
convenience network for the growth of non-fuel sales through an PATTERSON-UTI ENERGY, October 28, 2021
enhanced convenience offering.
Shell Retail and Convenience Operations, Subject to regulatory clearance and the Oceaneering reports third-
a wholly owned subsidiary of Shell Oil satisfaction of closing conditions, the deal is
Products US, has signed an agreement expected to be completed by year end. quarter 2021 results
to acquire 248 company-owned fuel and SHELL OIL PRODUCTS US, October 26, 2021
convenience retail sites from the Landmark Oceaneering International today reported
group of companies (Landmark), whose a net loss of $7.4mn, or $(0.07) per share,
convenience stores operate in Texas under the SERVICES on revenue of $467mn for the three months
Timewise brand. The agreement also includes ended September 30, 2021. Adjusted net loss
supply agreements with an additional 117 Patterson-UTI Energy was $1.4mn, or $(0.01) per share, reflecting
independently operated fuel and convenience the impact of $0.3mn of pre-tax adjustments
sites. reports financial results for associated with foreign exchange losses
This acquisition enables Shell to continue recognised during the quarter and $5.8mn
its existing, trusted premium product the three and nine months of discrete tax adjustments, primarily due to
offerings. As one of the largest fuels and changes in valuation allowances.
convenience retail markets globally, growing ended September 30, 2021 During the prior quarter ended June 30,
in the U.S. gives Shell the opportunity to 2021, Oceaneering reported net income of
build on its successful brand presence and Patterson-UTI Energy today reported $6.2mn, or $0.06 per share, on revenue of
leverage the strength of its ongoing business financial results for the three and nine months $498mn. Adjusted net income was $10.4mn,
relationships. ended September 30, 2021. The company or $0.10 per share, reflecting the impact of
“Today’s announcement increases our reported a net loss of $83.0mn, or $0.44 per $3.2mn of pre-tax adjustments associated
presence in a core market and shows our share, for the third quarter of 2021, compared with a loss on the sale of an asset and foreign
growth strategy in action,” said Huibert to a net loss of $112mn, or $0.60 per share, exchange losses recognised during the quarter
Vigeveno, Shell’s Downstream Director. for the third quarter of 2020. Revenues for the and $1.6mn of discrete tax adjustments.
“It brings us closer to more customers and third quarter of 2021 were $358mn, compared OCEANEERING INTERNATIONAL, October 27,
strengthens our ability to meet their rapidly to $207mn for the third quarter of 2020. 2021

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