to for of our Thank morning, you country. all a their results everyone, for the quarter third joining you the service veterans special you, to Thank us today for discuss thank and Good Heather. to XXXX.
within This quarter, revenue of range the fell original and management’s management’s original EBITDA fell below adjusted guidance. guidance
will of later the operations a The wireline closing Well was which of month the revenue more and in sale division, Canada, our contribution down in in to call. guidance to primarily we I of due Services the which lost below speak our
position operations times our increased weakening quarter-over-quarter conditions market XXth. to as from quarter, cash we significantly over six flow up million September throughout $XX.X by of and Despite cash is the
strong remain to generation year XXXX. of cash the the through our expect and into remainder We
be over XXXX. down We CapEx XX% also by in anticipate to total
share per $X.XX negative $X.X loss sale share. on includes million the was Solutions for of million million, quarter adjusted Company negative was Net million. ROIC a loss was for $XX.X approximately was $XX.X quarter loss net revenue for Adjusted $X.XX. a per segment the of quarter $XX.X a earnings which and million. our was was the third $XXX.X X%. Basic EBITDA Production or
and market challenged quarter. throughout the was The in QX worsened
Our perspective customers within remain many market of capital prompting in the slow staying half of activity to scale extremely share. gain operators from back in are budgets focused irrationally With the they to ensure on year under pricing that, acting down many our a budgets. or their to come second meet or competitors
with immune. pressure, caused activity pricing we revenue which to slightly estimate end has hardest This over behavior, QX, to service XX% increased pricing led frac in and coupled already approximately versus declines more The line total region the XX% our no which down the has is the remains Northeast to region we this anticipated. from region decrease throughout QX, decline than QX is hit every by of where activity pressure from XX% increased
crews frac crews XX said XX we last end to and to more as to our reminder, call estimated drop QX we as could as potentially XX low XX approximately Thanksgiving. a of As as on the following from that high at
declines believe are We accurate. these still
of in we the operational to to current the sized we and has market teams cost sales the and region remainder have managing XXXX. operations that and staff incredible of place the keep believe Our done business right the year is into new winning and an share for job needs viable address
Northeast both for completion approximately The XX% includes NINE’s of wireline and total accounts revenue and tool.
all receive stages regions. pressure and have completed decrease composite plugs across call, last pricing to our total quarter-over-quarter. during to caused discussed and anticipated declines we Activity As continue revenue
composite our XX approximately second followed Northeast. across the majority of we out have lost the Since quarter, XX plug to business, crews the frac
some having approximately completing each XX X.X you per wells frac plugs. month can well with crew every approximately For context, about think
this per crews, equates plugs XX or X,XXX to Assuming approximately approximately plugs per quarter. month XX,XXX
from while due these to by a bottom. The operators’ frac losses were dropped to to lost activity others curtailing came few crews our price chase bulk of the unwillingness
market While reduced we strategic in have plugs our to maintain price of by unreasonable our composite decision we on some made excel pricing of new meet to tools competitors. the not the aid and our to existing XXXX, share introduction have
continue despite execution new unparalleled we and defensible count XX% on same side. most activity and that and service by rates quarter-over-quarter time dropping innovate the businesses Cementing on XX% period. of price relatively remains designs time Cementing with steady flurry over our approximately rig with of with to one both flat remains execute over
coming the to buy Increased pricing pressure competitors In comes activity and increase tubing and third market to a to share quarter Coiled the overall of new able quarter. looking during market decline, for row. declines market pressures we Permian, in were a share. the units pricing saw third activity combination from
price. While not all often us operators works, pressure does to the to these it on allow reduce additional win place do competitors
activity units. at XXX Additionally, new have or are on units approximately bringing XXX declined this of rough come total to a coming overall XXXX, large diameter year diameter we has throughout large to estimate that end U.S. market units XX XX to to
units generate coil watching is we’ll closely We capital-intensive we business, a returns. destroy pricing full we more negative are there yet. because not cycle capital are before stack and But highly and
hit the has pricing. on today been hardest Wireline U.S.
in done job a great However, a team activity our share maintaining declining environment. market overall has
better them We best most us pricing. with stage are increase our to with working efficient and on to customers enabling volume, work
maintenance the low there nature, business of minimum capital the CapEx. increased very is Because and in this efficiencies
still We region EBITDA flexibility in generating every positive service for do active on margins and more have pricing are the line.
executing service generation, the technologies. challenging, as and geographies as have the XXXX existing accretive year adjusted half of While strategic composite the ROIC, initiatives EBITDA development margins cash new plug and are on our not and the of including our well dissolvable back has been been evaluation lines focused that we to of
will start our geographies by service lines addressing progression. and provide tool an and update then I on
we As and identified process, to evaluation the well part Canada. within wanted address, portfolio areas of services this we two
On we of our for post-closing Brigade division cash Energy to August to completed and sale adjustments. XXth, subject approximately working in other Well million $XX.X capital Services the Services
capital capital play some forward. years were that XXXX NINE This pure asset is with a coming completions light, were and identified more XXX reducing which by transaction old, beyond XX%, a company, base rigs, and approximately made while moving XX not to destroy in employee over work also over our willing we we material commitment plus of
focus development and technology. and successful commercialization during our divestiture on to began allows The operations our the new us of offerings solely of also core quarter, process in Simultaneously, we our down third Canada. Wireline shutting service the the
in completion tool of and this small an region including a employees We a office. number will maintain footprint
companies activity, Over with the not an of geography service the years, market last overall having in earnings return oversupply and infrastructure, equipment. several a the depressed of challenged been team this contributing great to extremely NINE, and Despite at Canadian was difficult the and has place business.
and minimal the Wireline month. current to the Additionally, for Services, maintain like capital operations September, the aging revenue halted Well of In equipment and in of all a significant infusion received operations. Canada required EBITDA we’ve beginning and Wireline contribution was
the associated approximately QX. and severance comprises people the with part approximately lay-offs, of charges to headcount which restructuring million XX We from the were ten there reduced in costs X.X of
be trucks the region will in in two the One be be majority XX company back-up but vast for the forward. None of trucks work units the potentially moving generating or Wireline U.S., sold. to will revenue could for utilized remedial
Today, Canada has business. we are working million along on units inventory. XXXX, with Wireline in generated Year-to-date, has approximately $XX which revenue selling in and from generated revenue the million remaining and the been of and majority these $XX.X equipment the flurry in
the sending Total inventory XX, is U.S. process $X.X XXXX net September Canada and as for need approximately are million $X.X we of selling or was of PP to approximately million of there in
the of Canadian resilient restructuring have operations will more be capital tools, expenditures we solely conditions. By phase lowered and costs eliminated the be focused in on fixed market completion challenging future continued significantly the to
will in We and marketable beyond. be composite profitability and dissolvable can XXXX Canada take believe new in share, market our plugs driving and
Before NINE’s remains our trials will I to call technology provide an turn of which I priorities. over Clinton, the one highest update on
be technology which is market Niobrara Permian, dissolvable lower bottom with portions The temperatures. and will of Northeast we bringing to plugs, address other the hole the DJ low temperature the will first like basins
we Originally, significant and have we threshold by field ensure trials anticipated our activity met drops mid-QX, trials. in September, conditions completed especially be current internal will successful extending of because to trials market QX, we are during of
still our timeline XXXX QX on confident remains We however, are track. that commercialization our very for
with we success tool any trial. with remediate rate not quickly across Throughout and won the trials has to seen were the changes basins above the the XX% very been XXX% issue today we the wellbores. success, several we problem have unique trials quarter, able the apply the with having to of The did from next multiple of customers identify the operator, many
we IP slipping, its materials performance without Through temperatures the the the design degrees. hold new as low integrity have have to that and of as within trials, the required timeframe as dissolved including seen foundational the of in dual the impacts the of XXX pressure elements ability as well our
our produce the completed to we continue partnering a We tool from and other receive is customers and the positive very appetite strong trials. continue positive we trial results feedback to share with there to from from are operators as
The of as This and consistently are we flawlessly. Eagle be Haynesville Saudi dissolvable existing including will plug U.S. utilize address Arabia. Ford, performed our to Bakken, technology high-temperature markets as second the international some markets high-temperature and yields a like is that and Argentina introducing proven will the have plug the well
will in completed still fourth plug QX the trial anticipate we of the We been years remain trials the with very temperature over relationships of that quarter continued customers field and to will with of environments willing QX in new tool. have XXXX. successfully strong this confident high many this for performance the be Trials during in year in materials commercialization begin for we’ve and
dissolvable cost resolute shorter across These these and our historic adoption is new regions. plugs only should lower due very to already proliferate runrates operators in beliefs and
plugs will shorter, market to all plug introducing be access entire that for and continue composite the can is gain composite we There composite will market. new, we that plug a a addressable Lastly, share. still market large address
performance our from We product. will anticipate high-level this continued and scorpion materials similar from be utilizing design current
trials end Field in plug composite the begin will of early with commercialization XXXX QX the XXXX. for before
tool more not only progressed the thesis, have As we trials, with the confidence the we dissolvable but have grown materials. in design and in
consistent size temperatures. Despite of across and of hold provide the dissolution States over our highest down the some United predictable reducing coldest the to a the team able the XX%, has results been by and hole tool pressures in
with plugs fewer for all is reminder, parts chain. streamline our approximately utilizing a supply tools shorter be ultimately to it which our our three will As component which and importantly, overall will cost cost us design, customers. Most IP will XX% allowing current complete assembly reduce same manufacturing than – the
budgets for to customers still XX%. American XXXX,but Our today, be up anticipate are we spend finalizing down flat to CapEx overall E&P to do North
will XXXX for this to not guidance numbers be specific have providing as any but we timelines. tried for formal at as We commercialization be time, can
about is what As we timing the revenue believe successful in products penetration the tools, future market for our and is of not largest adoption the the rather technology new past, ramp. have we to dissolvables of strongly there introducing adoption and think or the we tools rigs performance seen in from
but happen adoption, extremely volume difficult will pinpoint XXXX. exact this believe It timeframe to is we large in the of
We will late increase QX, QX, low to commercialize a not occur dissolvable more temp revenue anticipate or but start significant do in in in QX QX. but likely plug to the
materials, that be for for increasing point cycle operator drill current reiterate to felt less as want or to returns neutral confidence the manufacturing times. reduced to out our upfront we’ve us I the AFE potential to net lower a design overall by brings and well said, growth and prices, costs in while NINE. the enables our We plug customers strong and this to dissolvable That the as reducing to thesis confident tool our significantly
the well footprint their lower reducing savings, in the new elimination their with wells, offering Ultimately, equipment significant provide and time risk at operators out at the increasing surface less site. for our cost to a with complete will sub-change of AFE carbon reducing their diesel-powered overall through priced these the lowering and our out way IRR their complete overall and significant drill drill deals, products
to for Clinton turn now information would over segment the other detailed to I and like the to call walk quarter. financial through
