DWSN - Earnings call transcript Q1 2021 | Dawson Geophysical Company

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Operator

Statements made by management during this call with respect to forecasts, estimates or other expectations regarding future events or which provide any information other than historical facts may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which the company is unable to predict or control, that may cause the company's actual future results or performance to materially differ from any future results of performance expressed or implied by those statements. These risks and uncertainties include the risk factors disclosed by the company from time to time in its filling with the SEC, including in the company's annual report on Form 10-K filed with the SEC on March 16, 2021. Furthermore, as we start this call, please also refer to the statement regarding forward-looking statements incorporated in the company's press release issued this morning, and please note that the contents of the company's conference call this morning is covered by those statements.

During this conference call, management will make references to EBITDA, which is a non-GAAP financial measure. on non-GAAP in the release, the of is the can GAAP a of www.dawsonXd.com. which found website be company's located reconciliation measure applicable to measure copy A company's the current earnings The call and will provide not XX guidance. the company any scheduled is for minutes Jumper, Company. I to Stephen call CEO and over the like President of would to turn Chairman, Dawson Geophysical ahead, sir. go Please

Stephen Jumper

Good Company's Operations you, Aunia. morning, First Call. XXXX thank to Geophysical and Well, Dawson and Quarter Earnings welcome

Steve Jumper, company. is President, As and the Aunia name said, of Chairman, CEO my

Officer. Joining Brata, me on Executive Vice the call is President Jim and Chief Financial

Before few we call, start the just things to a cover.

speaks any website to like www.dawsonXd.com. by you'd of it to Information and may no May XX, will replay call are available listen that of this as If company's replay of going today's section call, of accurate Thursday, at only to a Relations the the reported time-sensitive webcast XXXX, via Investor advised be the today, time listening. longer information you therefore, on be of

our to March XX, quarter preliminary ended results. XXXX financial first Turning

reported first company XX, quarter to million March the quarter March $XX.X of XXXX. of XX% XXXX, XX, ended $XX for a the compared ended the approximately million, For decrease revenues

company of quarter $X.XX 'XX, of share reported the stock first the of for million or a EBITDA XX, million EBITDA The XXXX, the per ended of net March of loss million XXXX. company For quarter negative common March $X.X XXXX. quarter ended XX, or of quarter stock per to the of compared compared the XX, March for $X.X million income ended $X for reported common $X.X share loss $X.XX to net

in for data States 'XX, one data seismic the outlook acquisition limited in of in does in near-term of the Canadian utilization in Canada. the quarter the U.S. a periods the utilization seismic company first and results, U.S. acquisition of back the will the crew one United activity the of During The with crew quarter Currently, company-operated levels the limited review at I of XXXX. I and with for Brata, XXXX. Based activity some will in of now with quarter. bid Jim quarter remarks who concluded company outlook second have second anticipates on turn the will U.S. remains of over half one in end with the crew crew information, operating call into to season low available crew the low the activity. up challenged to historically then control final and crew first our deployed in financial the the not the Jim? currently return

James Brata

Thank million, you, Steve, compared were quarter the for quarter $XX.X to and million a XXXX decrease XX, Revenues morning. of $XX for first the ended March of XX% XXXX. good

share or XXXX half expenses compared quarter XX% negative of quarter same XXXX. the million compared quarter in a million, $X.XX Net back period of of of first in XXXX. $X.X XXXX. to quarter EBITDA release seismic morning. with issued the the was in first common in in and quarter first the crew XXXX the I'll of one operating in of quarter the million and of first the net XXXX, services General the quarter operated utilization acquisition common to low million million reconciliation decrease to loss first Depreciation of of or XXXX. one the during our periods was amortization of quarter our U.S. EBITDA anticipates and XXXX. company in in to expense was $XX first million, compared $X.X first income in per stated same quarter items. crew earnings in a An on the the in were of the data up million with of decrease the a of to in Based compared million $X morning, this EBITDA in of XX% As XXXX XXXX crew $X.X activity U.S. $X.X was company available limited of XXXX. same in in limited $X.X balance of loss $X.X of administrative compared the information, the per in utilization of earnings one provided million highlight Cost share quarter And of currently XX% issued to the first a sheet $X.XX Canada. the now second $X.X million some this quarter, crew $XX.X release were XXXX, with of decrease

continues remain sheet balance to strong. Our

of We had had $XXX,XXX. leases of financing investments XX, approximately we including XXXX, debt, cash under of million. March As short-term $XX and obligations

ratio with comments on our some current I'll working was million. capital Our back was approximately XX.X:X, to that, $XX.X and call the turn Steve for And operations.

Stephen Jumper

Well, thank you, Jim.

the we and of market, seismic data in remain along but over acquisition a other ago, particularly all U.S. the Canada. the in not in As with oilfield pandemic services since U.S. know, the just challenged year worldwide, - the onset the COVID-XX

oil beginning encouraging over per recovery air barrel drilling open have has demand range in In for lower current of the in the months, improved services, low travel oilfield related number as is on of rollout reach later anticipated there very demand we've to as prices Based $XX third of certain the count, at and second completion acquisition stated, businesses, U.S. of signs states crews. seismic recent XX we with in are remains The steadily increasing with available is slight and further levels. quarter services information, oil improvement and in XXXX. While as ended seismic XXX, to to we the have COVID-XX quarter increased low vaccines. services, at such - currently the as anticipate XXXX, currently improving fracturing activity hydraulic the a rig data

prospects capital of and in set have and services drilling and we while cycles recovery for projects downturn, completion services back, seismic through and the of capital earnings in slow currently further recent projects. deployed data demand of the depth through in drilling activity rig is timing into third as of count behind 'XX, a slower oil remained the our the as the return larger-than-typical in second drilling inventory inventory recent the high seismic-related depressed seen backlog. to exploration to a same stated of drillable As budget increases XXXX through their in The true of activity scaled is work seismic prior delayed prices relatively as recovery after remained demand post-downturn initially and companies and the a as side into XXXX, releases, acquisition lags production recovery quarter quarter inventory levels of in are services work active pandemic. downturn front the onset The an the on to of increase into due a where completion continue COVID-XX for most

long utilized image in rock geo-hazard improved into enhanced geo-steering these Basin. to just The and latter between and late Early description and the of continuing data data first XXXX, successfully quality to improved lateral the coming fully public. of which These of of well compared beginning avoidance, XXXX seismic substantially sets identifications well part become sets, for of well currently are of disposal in increases well quality the property data placement imagery subsurface and in During data planning, we certain continue first high-density the count definition sets multiple areas the indicate XXXX. 'XX reservoir in to being of bores, industry data industry examples acquired became half prior to are results processed and Permian samples locations. channel and projects large available strategic

operating As demand implemented spending, The base count continuing to the have these multiple to significantly us we when company's does reduce industry and state-of-the-art for improve. surveys equipment increased in rapid limited value recognize allows begins program budget a And to large believe preparation high-density, our levels. fixed deploy variable improve. difficult the surveys, for we equipment channel these demand and response will times comprehensive such response to large activity appreciate crews of a expenses, channel capital

capital commitment our ongoing safety robust of our environmental 'XX. personnel. quality program, to quarter no health, product during first and we addition, made and expenditures In key The company continue relationships, the

helped we $XX finance The strong so likely stated, leases in the Directors with remains investments, cash challenged XX, remained XX, earnings capital million stated and and in conditions XXXX, of of seismic nearly approved $XX.X and successful while with March working in improvement for In of million Improvement As today's $X overall are the oilfield cash, XXXX. March for the our set as sheet, XXXX economy XXXX market the short-term data a stage million debt-free Board XX, in sector. an remain and to data - budget as as - drilling acquisition acquisition by the capital of coming encouraged activities has seismic the budget in the Jim notes release, balance company initial conclusion, months, in of sector. and company's is are and both service restricted $XX.X - the completion of XXXX. company's excuse December The $XXX,XXX payable of recovery me.

work that, Aunia conditions to hard-working through shareholders And questions. as these toward valued ready our take with I think we trusted way well, believe employees, times customers, difficult we and better our ahead. are I

Operator

[Operator Instructions].

from Turnaround start first Capital. our we So question with Bruce Berger,

Bruce Berger

that surface release is think States the rich press with to explain with imaging seismic second be already can seismic you they shot in reshot? much place how why in the want area in oil you this And has to - the Maybe questions. hands United much again? new of spoke about two that for images, the have been reshoot you I question the in may to why companies, us that want and has data so not

Stephen Jumper

questions. great are Those

And data all there acreage applied can, prospective not address techniques had we of some - the left me is to these it. today XX that many much large much last pieces exploration, a years be XD the how is the newer since one to answer Let We industry questions about continued of ever best for has has through country the moved techniques, those the towards I'm to so and cases, nearly but first not acquisition been shot jump first. of land XD continues to is, even to the answer in had I that a how round second have has has to acquired. more going the be Bruce. and

last seen aerial on to to now up And enhances density to from over capacity coverage as does a XX crew we've sizes of crew talking the X,XXX XX,XXX. same time. years, we're at to X channel counts which as X,XXX it move well the things, XX,XXX So XX,XXX,

we frame, historically, over either into many potentially XX gone round about that of into lower believe we several round. the and techniques, across Over prospective new that which many there so time or data times Canada we've are acquired time, and first newer that sets have are talked And here. that basins need back areas multiple second with

general the in Southern we've to we in the if the of over image platform. other detail into talked years Midland the more now time the Midland our you past, the to XX, years was every improve. around activity rule, Delaware. the done - back some contraction so and And several as And Basin, see years ago our ago, of And calls XX Basin Basin quality back Northern the past, that have a and and we be Central we about we more then Permian basins also in have in have in moved the a In conference seen about activity. into go concentration level tends began robust specifically we focus lower

the intense And that very so really, have some model acquired geometry surveys have in we very and years, with X And have some last large have those time. through this sets data - taken shooting new the been multi-client we techniques.

delivery One to deals but to of It's these takes of reach being lag that our improve, something industry market. data is is process - of worked with on process a sets the data. it on the time continues issues and for data while

of improvement where the starting reach and market, see occur. happened just recent to those of and concentration coincide to we're count rig activity most so with which sets data some And to

candidate it a the years movement in right in - Basin, improvement. now, for of and of it's very We've done Delaware And the prime activity part the is improvement so to difficult but of Basin we're Midland platform. activity. the quite environment example, imagery Basin, the Talk seeing of bit work over northern and of Central of a movement for

have say question, what we so we we back upon right And it your we all We're count answer downturn. set. coming quick lower this XX the a as that activity. now near-term, - And have typically fair very - across seeing areas data have to the some believe running in there's to is in as new active that that's the I room think rig have E&P not dependent

opinion, dealing I here value to we're so issue of And think a opposed issues. with, product as the a in my timing

Bruce Berger

Great.

much you're drilling So that completions seeing we're the rigs. more thinking of well, than increase actual of amount course,

what lag for think is between correlation the rig So time shooting, activity do as a the do you and will, What's demand increases? you good think? that increase drilling

Stephen Jumper

release. very need difficult But kind of we've that is put on Bruce. get talk I a things it to couple And things, alluded here, myself. we Well, me don't out are there's important want a think in press these there for and I of to timeline about that ahead to to the of

number really many and just have What not sure sitting completion. is, out really uncompleted on DUCs first drilled The actual is. there are drilled knows that what how the - been I'm anybody

today's little move completion pace drilling more it not rapid world, activity a in activity. than at So for uncommon is bit to

complicating second seeing all the out thing all these not But cycle is So we're but rig seen oilfield of us, the coming count, rig services certainly pressure further that a we've oilfield in would is, pressure And in issues add and past. there's be services, that under seeing days. while slower us. to on ramp-up for are in some continues a count than recovery I just down we're

great don't I honestly, that a so changing near-term, And in see the to degree.

out and on with onetime I issuing that's there. focus and There's strong free seeing special coming QX are companies companies a E&P we're return seeing flow the more cash pretty results We're numbers. more think dividends. out shareholder

I indicators new movement rig The continued the so in for And would that few would next for basins. we quarters. look would count, through that anticipate move improvement to be into

see shelf we're in Delaware down back movement, the I that the Central encouraging see Eagle think talk activity the And Basin. to Basin edge platform. the things about we'll to some platform some it's Central the We're I example, - think, some Basin For in seeing Ford. along continue starting we're into people in

I budgets but communicate things specific We've in capital watch think got of we'll because we of materialize. there's the combination. count. one I that's to So I for really when point a variety there's see seen can look to think But don't and as seen what that whole our a encouraged. they of We'll to not it's thing continue a later. with lot shareholders that to a midyear the rig get happens think and in and say, haven't E&Ps. improvement, I we've any adjustment seeing on I'm behalf We're increase dramatic We've thing

the begin of see in think materialize those to we'll year. some back I of half the

Bruce Berger

to Well, or it's I it about comments retail manufacturer. interesting because your often DUCs liken a

So through basically you but have have go inventory, it, they replenish they're You your their to drill, and eventually, running right? inventories. to through don't

but if, a saying, of question for So you're it's not guess what - when services? I just it's your

Stephen Jumper

to that just what the this been It issue. a been has It last what through. we've issue. a a of I demand That's complete difficult depth that's shown. It's shutdown. hasn't history downturn supply describe It's just been believe. been Well, been hadn't

when the We in mean, back activity downturn greatly we 'XX. the companies, But of that's multiple oilfield groups 'XX. of service So X. began in through reduced for QX went to in it running for almost about you went in teens to rigs X. late went I into think the really from bled that half were a other that us, year XXXX, the

very had X a really quite basically we've of side, least, complete or activity a bit which M&A transactions. taking very, has On E&P at resources months happening the on we've top full activity up limited through that, of anywhere. of went so And year those to

if before, So optimize we're to value we'll it's all to drilling unique completion you're particularly results, seismic and highly to technology But achieve part, it integration and difficult objectives. as improve that meant. in don't and a data I'm very history customer bring I I that. highly, that situation experienced to think will for continues seeing looking has been not said, it think say continue think our we've time the think, better change. E&P that And base information gets and more better, we could fact, And using confident those well our are I get data to most data. the that I seismic over

Bruce Berger

Great.

other poison question. one why Just for you explain Could the just one year? you enacted pill

Stephen Jumper

this one had question. merger would excuse there, in XXXX, went me, Dawson was has plan That things the the and Well, appreciate Geophysical renewed And We it and preface away past. TGC. a saying Bruce. with had - Plan with XXXX. in a shareholders' I couple of we XX-year a Rights XXXX by in that I the

Rights part improvement shareholders' Plan a for contemplated back that. then We We'd something reversal and So quite plan of stock some 'XX we've into the of in some began the year. we in early And time little seen a have price the past. had going is through see to that in late a 'XX. early clearly to last bit

Rights plan we protect really revisit And But into revisited a of terms shareholders. the basic that it's we'll plan, concept place. the just we us pretty pretty of believe all that putting - shareholders' a so pretty Plan with and over And standard in conditions something there that's our professional impetus that's and time. that services plan went the with providers standard advice with to for the

Operator

Scott Moors go question with Cabot. & we from And Bundy next our

Scott Bundy

prior put XX cycle your Steve, cyclical versus years Where you do this industry. in in this cycles? very

Stephen Jumper

a issue - the aspects them, maybe not third would just things this XXs and to it as and would if company, well. our somewhere I well second. a and at at down OPEC it's came to to a economic this related so I the things to is pre-pandemic a around deepest. - across but multi-headed a and industry appears and one. the conditions. as sales hasn't we results. get Not we current and is worldwide, issue we've obviously, play to an had oversupply cycle. did can to destruction supply the industry the dealt The know Monster, the but energy it supply rig it came looks correct came be so U.S. about didn't E&P but to demand that probably COVID-related correcting with beginning unique it early this But recent or as been happen years overhang the with And social at for issue way, I far in on just side, speak. an the at that, together, all particularly in place, the not apathy, past, the this very, real going that I we've we've This put with for industry, into anticipated, in our have to - up came several supply political like end around demand don't clearly soon. to I to But had U.S. Boy, is and in with not deep. movement only we've rate I I it's don't was were day, conjunction worldwide. several going that it, very that itself. I deep There related a had as levels. related demand But for into overall pick by supply that will to when know the had the wasn't oil. put issue back all But just levels, complete returns, things speak, with of one, In investor was particular, And demand for it there's with last of it's we count, going talk

Now to markets regard it starting international is seismic improvement encouraging see we're of signs data to the that in with activity.

improvements think world, offshore to in world. I see marine we're starting the

positive those And so well. as always are signs

Scott. things pointing but some man, the are a we're coming that direction, So right there, deep hole we're out seeing of

Scott Bundy

witnessed of your 'XXs? point - But absorbed. in the view, capacity going has OPEC severe we lack get will Steve, from the investment gone this know lack on. maybe investment of all past, eventually Have back that you of the to will

Stephen Jumper

You're talking about in the U.S. or worldwide?

Scott Bundy

Well, just the view, even to get there in sense on associated focus cost bite and lack in of to to that significant your gets maybe your appears a I'm really with particular, free ultimately trying that me assuming flow, worldwide. but back does be this cash of to with ultimately a U.S. - world investment normal?

Stephen Jumper

Scott. obviously we expert. very, question, what employees work broad I'm ideal mean Well, are and closely. very a But our follow our - just company I with I'm appreciate guy. our shareholder closely a seismic very and and our them no the by E&P customers doing, energy

- particularly been think in underinvestment Marine, last a international or been particularly I serious XX think there's a I side, years. in the there's on over XX the I think, time,

for the think I I my just I think think time, there some in - and we've lower opinion. XX, this is this said -

investment lot there'll I it. put investment. the more going will science sector forward, when investment the XX be There's been think last X obviously, would headed capital a of But I to energy forward. but I anticipate I look improved prudently prudent going And years. more increased we're you in think towards done with prudent that maybe and more technology think be for been, better around

think they'll and in but good they're science, And in not the that seismic midstream in day not just there - that think prudently. So services will that worldwide. those an worldwide have with be for technology do to is done there's I be and just that E&P, hole hope I us increased. that coming it's investment prudently utilizing a investments even And our be done good if sector, should but

Operator

John question Potratz last from one Researched have Investments. And we from

John Potratz

all, look up quarter of the noticed were last revenues for to compared actually your I the quarter. First

sense How the and have to back as feeling going? but noticed what downsize My respond ask your do crew then clients adjust the well come done is the able that have is changes you? that that that going to and very still you'll - to still good and people be for make fact in been you be deal you've a sense really to recovers, that I've your think here business have work. a that able I available. you your the of is staff, come there. them of with for How for - and has when

Stephen Jumper

And Great the been That's think appreciate not difficult but services. general, a it. And the I in as I for a very question, Jay. us thing, seismic sector through just whole. company, oilfield

done in tremendous equipment, I we've doing number the cutbacks of of as where we're the did in can personnel, in we the at improved. think have example, we've diligently you're possibly to X my had really do and count last for not large can recovery, the We get years, to well. same much to to XXXX, react time, a we do - past in in X, capital right to reducing I like X, - the year is channel we to structure. the the plus. well going worked maintain XX we At be We've crews pretty cost half first our going terms crews, can to resources opinion, accordingly. get best think of If and

as crew the bar was. is it high so as once count not And

channel Now crews, increase. count with significant carry those they

understanding the looks of and And operates what really, so efficiency. really - but years. couple we've it like, a last how crew And in how large to improve hard worked that

COVID X respond staff job, with financial an efficiency X place able but an have from a great last even and efficiency in we've months, quickly operational been to standpoint, or done who's and the been and and COVID up phase, we've - not so in protocols, down standpoint. from efficiently, just a able even our been in And

of no on we trying we watch can, - burn, so some shareholders. need that think There's the understanding to but good we lost respond be able thing, question, very we're we've we and needs to I this people our same the best reduce time, closely. at best customers' cash our the manage behalf to E&P can And very, that to

So whole They're I to are for your just well positive. proud that group. situation. responded Attitudes I to hope question. very like our opportunity good. that take answers They're really this very, would this I'm of They've strong. comment

And to of areas so I different lot working hard the doing lot different we're that they've our a ways, to and in work in respond that of done. applaud group maintain for a ability

John Potratz

are Are seismic? recognize you sense to down from they're customers? a they those getting they and seismic your talk a your important to wanting the reallocate do could other could of how they Are starting that's towards with Do to data? talking And to and getting better sense people. you they is, about to they money you And crews get what open thing that how talking and use sharing Are sit with you? ideas?

Stephen Jumper

is in And the which activity industry there thing we've certainly and and and And of are now. the what and conversations done that particularly groups and here 'XX they in to And concepts ideas having get 'XX. let E&P within slow, we're G&G, that just third to answer side, release. are the companies, like conversation. in press And Well, would thoughts market happen is on geophysical things have in geology into looks over multiple conversations time there just in right in of We like budget think we the contracts outlined - pretty question. And that's we activity. judge to as bid the Two pretty One, a is mentioned is on bid some lean based this hand, great it me that's way. bid is going the QX, activity, we We'll there's - it. this. the those the like need we think year. have what but us say those you ways what we see would half to hear back would is, for

allocated And seismic data acquisition. towards so being specifically capital

I are their very right think about capital budgets now. E&Ps quiet

and in in ABC own data XYZ has notified year. right be We would not on last climate project the fiscal each think was the think the past, for from now, to spend coming the - - guidance, next the but I stand years, standpoint given few we're budgetary going a seismic we to its that that that in. we've I in had

And into there. is some have that a so the and to some are pretty some to starting yes, quarter, second chatter. They're lean point. we're or probably difficult have bids There maybe. out then talk activity we're third. very - is conversation Bid improving going at this But slightly

makes be that's that kind as where cloudy we so But my as ball are, it of crystal Jay. And is.

John Potratz

seeing they at of budgets? sort in really in are it's to talking, to going some nature, those want - what least, into but positive immediate, contracts nothing So and they're they're looking you do at relative that's the convert about changes talking but

Stephen Jumper

Yes.

think that's I right.

I think in - of the half, is if there's half of We'll a looking remain if when and just have if see back - much the there don't And prospects. the we'll to in midyear. a the for going go learn back budget we're be we to budget budget at looking we'll I more optimistic exhaustion clear - at or lot year, I 'XX, adjustment answer improvement. you, long-term for back at see how point, at but half this starting the

John Potratz

get a Thank being but At a there, Very about least made that definitely they're out good. you Yes. great trying quarter. talking for haven't Have to doing something business. it concrete. Congratulations.

Operator

questions. more [indiscernible]. two with have we ahead We And go

Unidentified Analyst

senior behind was while spoke last I of reductions greater least get and and you And reducing that at our place salary offered being the ownership management, talked have we salary. possibility to about burn. my obviously time, in of had perhaps when cash management Steve, shares thought a

for pill, back may caller's don't But that. taking would probably folks but a that and think the lined in that I your because shares issue up of their and let just You consider - stick even And it you owner salary the bring to like XX% stock, an poison perhaps of me XX%, if about I yourself, offering interest would mine? would for obviating you us need make that. as be then mandatory, may offered to first reduction they question to with taking then the just to salary they blood have

Stephen Jumper

that We year. And question. many the XX been will at salary the that all officers them, the hear been aligned management your with we those in what relay been in significant the this board, understand I levels done. and been will from Board our that company certainly we the have have right and understand ownership and people you across I I filed. we're have of about. last have to this, that certainly Section we'll done - shareholders, comments reductions them I to But are various is there the trying the tell appreciate say something talk do we get at level.

Unidentified Analyst

as well then you that ask Let do, part degree, cycle the understand, I'm E&P shareholder, even and understanding. for me to this, what you our as not oil a as not And of and we me business the I a - do.

understand even deeper. You it

stock. buying normally managing cash great. around got and we're why sitting I made probably suggestion burn we've to But as here. from just in love price get your cash, is restricted And get a, don't roughly what position, yes, So I I own share our we I'd our more doesn't that's best can. get shares the

in So if now, sitting right catbird I in $XX,XXX, shares get I'd could $XXX,XXX seat. be the a

So why isn't I'd putting appreciated do something you the sounded this consider that jumping - personally following the it I'm rest, and not that. aren't great. to at that aside we'll love saying

Stephen Jumper

to for a bit question answer Steve, difficult here Well, this me little call. on that's

have tell does continue I'll to I do consider think so the we ownership conversations. positions. that those And management Board And you will just

Operator

Gate next go our And from Michael question ahead City with Management. we Capital Melby,

Michael Melby

on you a about - in those gone? talk the I this it specifically be take question, conversations question, think bigger and And ownership to would have think management to company for reiterate multi-client more levels going - can would happen Board stake would nice be what that guess, the I these But how and you with them be the what see you we'd in the acquisition need with active price the cycle. point caller, Jay's at there prior seismic forward? customers in at have, stemming to the

Stephen Jumper

comments by those Great for and well. That's accordingly. react what questions, question, the way. our comments all shareholders' And I is and and questions those I Mike, comment appreciate hear hear and your to we're here as of appreciate

appreciate capital E&P The of but with And these I a dealing put same dealing have things with, companies. have them like would several point willing do, is appreciate getting how the project. how one-on-one they're much to that guys they're multi-client I And and in kind So at into the thing to we're funding they're from they calls, much of and this cycle, ideas. the calls.

multi-client project, so a multi-client business. And the and I not am in

underwriting XX and spending months, difficult I'm is want drop, E&P they they will of put times a So a been risk to that and as greater, world the when I understand certainly, not have light, timing X assessment need have the last in into want they the to months the much project. make assess it, they the which on then their start light, And as underwriting do in how then or are levels to proclaiming to your a to, they a fully of determination their But whether for last capital as understand spending project in they project. model.

you're been multi-client when of them with to get that having right a ours, closely very with external deal They're to work with internal to both mix for them. and dealing and project a go. funding so we've getting and great active And they're with funding folks, long customers and and time

getting or project projects - talk have we from about the about. there's world multi-client that are some out there maybe And then that and a they're their there about, are talked so of been conversations, X away looked that signature going. when But

the kind So to with cascaded it's a a certain guys. effect degree multi-client of

Operator

at further this time. It questions appears there are no

Stephen Jumper

first we tough great call. appreciate commentary times that Well, the to we're call. like Obviously, everybody and I questions I would had here. for the in on thank on in this joining the

anticipate QX have we things very we horizon As rig are and release, number parts world. world to back work of we're the in marine the in particularly generation, the some seeing pickup flow conversations seismic and crews the we that the with of to difficult. encouraging and of in cash other be on our and having, But very, mentioned free completion see activity press count improving going

and We So wonderful client they've times, thank right hard as Thank to really decisions these work have to appreciate well, for for dealt try both. we our that as out make trust. we we'll can after you very continue seem their the our always, the much. thank the to that as And prudent in shareholders our shout you continued we'll we to time, want base. work for again, with. conversation our hard QX most another base encouraged. our And things difficult and to difficult have and and and are your we'll report. our employee for I employees continue shareholders thank And a

Operator

today's And participation. Thank call. your you this concludes for

may You now disconnect.

Dawson Geophysical (DWSN) 13 May 212021 Q1 Earnings call transcript