Fourth quarter 2019 Adjusted EBITDA was $9.7 million, compared to Adjusted EBITDA of $9.1 million for the third quarter of 2019. Revenue was $54.6 million in the fourth quarter of 2019, down approximately 4.4% compared to revenue of $57.1 million in the third quarter of 2019 and down 9.6% from the fourth quarter of 2018. The Directional Drilling segment provides the highly-technical and essential services of guiding horizontal and directional drilling operations for exploration and production ("E&P")Ĭompanies. We believe we have the right people, the right strategy and the right assets to weather these difficult times and emerge stronger when the market recovers," concluded Baker. Throughout the coming year, we will continue to critically evaluate our cost structure and focus on driving improved returns. Nonetheless, we remain optimistic about our ability to successfully navigate a difficult environment due to meaningful progress we've made in optimizing our cost structure, streamlining the organization, and adapting to adverse market conditions. Impacts created by potential coronavirus outbreaks in areas we service or to the broader market. We remain alert and ready to respond to negative economic "Looking forward, we are not expecting meaningful activity improvements in 2020 over 2019 levels and believe the market will continue to be challenging. Additionally, during the first quarter of 2020, our Completion and Production segment activated a second hydraulic fracturing spread and both hydraulic fracturing spreads are in service and highly utilized. We generated over $14.1 million in free cash flow during the fourth quarter in the face of deteriorating conditions and constrained customer spending. We also experienced all-time lows in standby days during the quarter, which equated to a higher percentage of operating days. generally accepted accounting principles ("GAAP").Ĭhris Baker, QES' President and Chief Executive Officer, stated, "We are pleased that our fourth quarter Directional DrillingĪdjusted EBITDA and Adjusted EBITDA margins came in at all-time highs since becoming a public company, despite experiencing a sizable drop in revenue both sequentially and year-over-year. See "Non-GAAP Financial Measures" at the end of this release for a discussion of Adjusted EBITDA and its reconciliation to the most directly comparable financial measure calculated and presented in accordance with U.S. Fourth quarter 2019 net loss was $7.9 million and Adjusted EBITDA was $5.2 million, compared to a net loss of $47.4 million and Adjusted EBITDA of $8.7 million for the third quarter of 2019, and a net loss of $1.6 million and Adjusted EBITDA of $13.9 million in the fourth quarter of 2018. 2020 Completion and Production segment consolidation is now expected to realize increased annual costįourth quarter 2019 revenue was $95.9 million, down 20.8% from $121.1 million in the third quarter of 2019.Achieved new QES TRIR and LTIR safety records.Paid down $12.0 million of debt ending the year at $6.3 million of net debt.Generated $14.1 million in free cash flow.Revenue of $95.9 million and net loss of $7.9 million.
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