Superior Energy Services Provides Preliminary Estimated 2013 Third Quarter
Earnings Range, Authorizes Share Repurchase Program
Announces Third Quarter Earnings Call Schedule
HOUSTON, Oct. 14, 2013
HOUSTON, Oct. 14, 2013 /PRNewswire/ -- Superior Energy Services, Inc. (NYSE:
SPN) today announced that third quarter 2013 earnings are expected to be in
the range of $0.39 to $0.41 per diluted share. The Company also announced
today that its Board of Directors has authorized a share repurchase program of
the Company's common stock with an authorized limit of up to $400 million
until expiration on December 31, 2015.
The third quarter was affected primarily by continued reduced pricing and
utilization for several U.S. land services, including fluid management in the
Company's Onshore Completion and Workover Services segment, and coiled tubing,
remedial pumping (cementing, acidizing, and non-horizontal well fracturing)
and other production-related services in the Production Services segment.
David Dunlap, CEO of Superior, commented, "Our guidance for the second half of
the year was in part predicated on the premise that we could maintain margins
across our various completion and production-related service lines. However,
the flat U.S. land horizontal rig count environment continued to have an
adverse effect on pricing and margins for several completions and
productions-related services, as oversupply challenges continue. Margins in
our horizontal pressure pumping business remain consistent. We have commenced
cost reduction initiatives in the services most impacted to ensure our
infrastructure and capabilities are competitively aligned with the market
"We believe our long-term strategy will create value for our shareholders and
we intend to support that conviction through the share repurchase program.
Furthermore, this program and our free cash flow expectations provide us
flexibility to consider additional options to return cash to our shareholders,
and we continue to assess those alternatives."
Third Quarter Earnings Conference Call
Superior also announced today that it will release its third quarter
2013results on Thursday, October 24, after the market closes. In conjunction
with the release, the Company has scheduled a conference call, which will be
broadcast live over the Internet, on Friday, October 25 at 11:00 a.m. Eastern
time. Investors may participate either by phone or audio webcast.
Dial 480-629-9645 at least 10 minutes before the call. A replay
By Phone: will be available through November 8^th, 2013 by dialing
303-590-3030 and using the access code 4643634#.
Connect to the webcast via the Investor Relations section of
Superior Energy's website at www.superiorenergy.com. Please log
By Webcast: in at least 10 minutes in advance to register and download any
necessary software. A replay will be available shortly after the
About Superior Energy Services
Superior Energy Services, Inc. serves the drilling, completion and
production-related needs of oil and gas companies worldwide through its brand
name drilling products and its integrated completion and well intervention
services and tools, supported by an engineering staff who plan and design
solutions for customers.
This press release contains certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 which involve
known and unknown risks, uncertainties and other factors. Among the factors
that could cause actual results to differ materially are volatility of the oil
and gas industry, including the level of exploration, production and
development activity; risks associated with the uncertainty of macroeconomic
and business conditions worldwide, as well as the global credit markets; risks
associated with the Company's rapid growth; changes in competitive factors;
and other material factors that are described from time to time in the
Company's filings with the Securities and Exchange Commission. Actual events,
circumstances, effects and results may be materially different from the
results, performance or achievements expressed or implied by the
forward-looking statements. Consequently, the forward-looking statements
contained herein should not be regarded as representations by the Company or
any other person that the projected outcomes can or will be achieved. Any
forward-looking statement made in this press release is based only on
information currently available to the Company and speaks only as of the date
on which it is made. The Company undertakes no obligation to publicly update
any forward-looking statement, whether written or oral, that may be made from
time to time, whether as a result of new information, future developments or
FOR FURTHER INFORMATION CONTACT:
David Dunlap, President and CEO (713) 654-2200;
Robert Taylor, CFO or Greg Rosenstein, EVP, (504) 587-7374
SOURCE Superior Energy Services, Inc.
Press spacebar to pause and continue. Press esc to stop.