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Thursday, 24 July, 2008, 10:40 GMT | more prices >>

Superior keeps nose in front



By Upstream staff 

Superior Well Services improved first quarter revenues and earnings despite poor weather and delays in equipment delivery at some of its operations.

Pennsylvania-based Superior reported first-quarter net income of $9 million, or 39 cents per diluted share, compared with net income of $6.4 million, or 33 cents per share, in the first quarter of 2006.

Revenues jumped to $76.7 million from $47.7 million previously.

Operating profits rose 36.9% to $14.3 million.

The company saw increased revenues for each of its stimulation, nitrogen, cementing and down-hole servicing operations and higher turnover in all of its operating regions.

However, the company's earnings were reduced by higher material, transportation and labour costs. Superior said it was forced to outsource work to third companies when the delivery of equipment was delayed and some projects were disrupted when poor winter weather idled its crews.

Selling, general and adminstrative costs rose to 52.9% to $8.4 million and depreciation, depletion and amortisation costs.

Superior bought ELI Wireline Services in February for $7.9 million, part of quarterly capital expenditure of $38.7 million.


Thursday, 10 May, 2007, 15:36 GMT  | last updated: Thursday, 10 May, 2007, 15:36 GMT

Pulling ahead: Superior Well Services is based in Pennsylvania
 

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