⁍ Liberty Oilfield Services reported a smaller-than-expected quarterly loss on Tuesday.
⁍ The company forecast sequential growth in active frac fleets, driven by an uptick in prices.
⁍ Oil producers have been drilling fewer wells following a collapse in crude oil prices this year.
– Oil-field services company Liberty Oilfield Services Inc. lost $34.5 million in the third quarter, but that’s less than analysts expected. The company reported a loss of 41 cents per share, compared with a profit of $11 million, or 15 cents per share, a year earlier, Reuters reports. Revenue fell 71% to $147.5 million. Analysts had expected a loss of 45 cents per share. The company, which in September agreed to buy Schlumberger’s shale fracking business, said it expects fourth quarter average active fleets, excluding the acquisition, to rise over 20% sequentially. “While the COVID-19 pandemic will continue to bring uncertainty in global oil demand in the months ahead, incremental monthly improvement in completions activity from a low point in May is a welcome sign of progress,” Liberty said.
Source: https://www.reuters.com/article/us-liberty-oilfield-results/liberty-oilfield-posts-quarterly-loss-as-oil-rout-hurts-service-demand-idUSKBN27C352