quarter Overall, third everyone. was morning, Good the challenging you. a Thank quarter.
cash reduced debt Despite million that the pricing count we expected. higher to were quarter. were we $XX earlier free retain than fleet expected in the Our stages concessions by flow quarter, our however came and during as and in had net positive we work
service in and activity down down stage supply and the capital more to a decrease Frac quarter, E&P revenue third in X.X%. customers, increased ultra-price driven lower discipline. XX% efficiencies sand completion competitive only lower our under count sequentially, as market a was was was Revenue million combination due pricing. own remains $XXX of by The of and result oversupplied while
count fleet Mid-Con, with in active South fleets, in were quarter. splitting its and in Texas, South and XX one two in average XX.X, Northeast quarter in XX of the the active We in three those one was West to XX time compared East Texas, Texas. that second Our is the ended Texas
space our We count continue basis calendar, which white to fewer. would fleets, in a fleets utilized of only a our on resulted on see XX% fleet utilized. three have amount significant being Therefore, active the fully been
improved hours of already stages in we pumping high terms per our Operationally, and efficiency fleet.
average in incredibly routinely but customers of with X.XX fleets day in pumping report I'm that had to hours five crews, top incidents Our outstanding a Not is third a XX and who our of the only day to dedicated providing I'm are we pleased no and that quality. out quarter. recordable XX that, our service proud day. TR/IR
to in annualized million was EBITDA the Adjusted was basis, $X.X lower compared second the with adjusted the million per $XX.X million, a EBITDA fleet primarily quarter, active down to second $XX.X the quarter. from our decrease quarter, due third pricing. On in
These results quarter excess third quarter. cost were fourth one-time in improved fluid-end to a the our by about addition, crew related components headwinds In $X to million carrying of transition costs. recur will impacted and now costs
third quarter, the our and guidance. second stock-based approximately all in with flat $XX.X from line quarter includes million which compensation SG&A, was the in
impairment $X.X charges. $X joint results is venture third Our Included a and in million net million the per our loss a other the – in was or sale $X.XX of of million FTS on gain in SinoFTS these negative and the entire $XX.X share. interest quarter
little could than bottom profit current levels fleet and expect in the our forward, the we that worth current that fleet quarter. Any fleets meaningful contribute fourth line profitability. fleets count likely noting XX Looking and of we average It's at incremental we or lower therefore XX market would a fleets between is at the to average to into come less generation. push cash
with currently have slowdown, not current a EBITDA quarter positive. we to but fourth Given the expected guide fleet, uncertainties do be the adjusted for per
will positive. also be We flow free cash
In the free third quarter, million. cash flow $XX.X was our
$XX In $XX of million. to the quarter, debt third addition, million in million between the compared to million of CapEx be allowed proceeds $XX.X to sale during XXXX net our in for CapEx interest that the us full million year $XX we the received by expect now quarter, our from $XX.X million reduce our quarter. SinoFTS was $XX second we in and
continue be capabilities. manufacturing space. capital-efficient the in-house Thanks to far pumper by most our this pressure We to in
$X As team took XX, ago. our $XX current debt billion, million during of hard and was over had million the a was a debt over net may cash, million, management $XXX of the September our but and $XXX million believe net year-to-date, be four that we $XX reduction and years reduction to quarter
Given the for revolver. cash as having sheet their million an the we is plan on balance approximately of keep being, a time environment, current $XXX undrawn result, cash king, with to along
consists $XXX a outstanding XXXX debt two due of $XX pieces, million and million of Our notes due senior loan term XXXX.
cash maturity market will existing notes XXXX allows. loan term we to XXXX the handle our and liquidity seek expected with generation will refinance the as We and
priorities organization, reduce our to taking are as we action to now aggressive Turning costs. an
cuts We discretion. occur base to The have targeting areas, for executive direct reviewed $XX at conditions. G&A, costs business quarter are for and current all labor, right-size my R&M, will and of the savings reductions the million other and operations cost in including team cost per salary we corporate
fourth quarter impact and a quarter the the in first the reductions impact of then in We quarter. quarter a will partial full have
our compromise to improves demonstrated ability market XXXX. not quickly, back we will and measures these the XXXX in Importantly, when spring successfully as
making. labor one for use our in for has is and years the enablers technology, As which specifically automation savings R&M, three of our cost of project, been the
data, automatically unless where software stage. our save components, recommendations on to provide when proprietary point, damage reduce not stability, greater but only at public action real-time a now We the accumulation and completing takes makes overwritten are health the based
the of future FTS for entire way ultimately and operations is the the Computer-Assisted industry.
are years on reduce capacity equivalent of That competitors total you our horsepower. six take $X.X that saw total to capacity of the release, XXX,XXX we by ahead hydraulic our our our XX equivalent million the will We this. have fleets, horsepower. of decided hydraulic fleets, to In
of in fleets two over XXXX a active we average reminder, years. EBITDA $XXX an those adjusted of XX As and generated operated with XXXX and million nearly only
fleet the As are entirely uniform, job being retired desires. our of is today's fleets handling capable
requires reducing and our are parts, They will the strip be slightly CapEx have and be cut-off. XXXX, for they been to frames unlikely service. spend since stacked significant rebuilds However, to will return
dual capability, work Strategically think next of today's X is including few years, a Tier and we though environment. and fleets to do designs. future, potentially in place there fuel the thinking fuel in dual Even about evaluate expect number pump in for the we fleets the electric to next investing electric our a not generation upgrade economics
displacement makes and early fleet, is approximately a sense. XX%. fuel down of fleets five of will from million ton in dual previously at they conversion By $X.X to two The have we year-end, and more diesel million cost rate Tier least convert XXXX. per However, an fuel average expect $X have X dual
or recently In Cat's purchased DGB engines. of X Gas new addition, we Blending two Dynamic Tier final
us The performance help a under our testing displacement to achieving these measure the average range fleet field conditions. configurations engines, work to rate currently our customers their expected We're engines other in with them are to objectives. diesel profile of operating approximately also We ESG of these the XX%. in measuring of is emissions along their with
of potential electric that are fleet. cost because diesel It new the about the deliver XX% for. one-fifth of only DGB engines, of customers of they may excited We're fuel CAT the the savings, looking
from remarks, to over we'll it all prepared That's my Operator? questions. turn now
