Forbes Energy Services Q4 net loss increases

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12 April 2016, Oil, Gas

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Total revenues for the fourth quarter ended December 31, 2015 were $41.41 million, compared to $111.73 million for the same quarter ended December 31, 2014.

Net loss attributable to common shareholders for the year ended December 31, 2015 was $46.85 million, or $2.12 loss per share, compared to a net loss attributable to common shareholders of $9.1 million, or $0.42 loss per share, for the year ended December 31, 2014.

Total revenues for the year ended December 31, 2015 were $244.11 million, compared to $449.28 million for the year ended December 31, 2014.

John Crisp, Forbes' president and chief executive officer, stated, "From the onset of last year's market decline, our team began trimming inefficiencies from our operations and excess from our cost structure. During 2015, we closed low-producing service locations, centralized certain functions within regions and pulled equipment off the market. Management's well-executed strategies have netted substantial reductions in labor costs and operating and associated expenses, and we intend to continue this focused and combined effort.

"We are cascading our aggressive cost reduction program throughout all areas of the business in preparation for the year ahead. We expect market conditions to be more severe than last year as customers continue to shrink their capital expense programs. With fewer rigs working, lower budgets for maintenance programs and an oversupply of available equipment, coupled with commodity price weakness, crude inventory and its expected build, we are bearish on fundamental improvements at least for the first half of 2016."

Source: MarketLine

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