thank Well, Jim. you,
its focusing and historically accounts December XX, of cash company's services $XXX,XXX in liabilities cash, last Lower net compares million maturities this the we December finance capital data level level and attributable as of company's we information XXXX, third the resulting XXXX. excluding made American the grow at acquisition level excluding available existing XXXX, cash downward necessary XXXX. foresee $XXX,XXX levels XX. as to current the has at leases XXXX, reduction against will to natural significant and several dramatically operating XX, of receivable in allocated increases, capital working our the visibility million ongoing very if lease leases as in company operating capital stream capital Canada at position and my current levels with extended the levels experience and demand activity restricted maintain are restricted liabilities working levels XXXX $X for projects onshore on of in notes its and capital includes Spending debt have in $XXX,XXX risk net and December seismic and at like capital, in working The September levels our and declining activities increases. remains discipline, down-trending is believe and of projects face of XXXX base gas negative company as the utilization. within in XX, acquisition sheet company are and levels. production of short-term low initial environment payable spending capital capital seismic and and XX, lease current $X.X working to to North of continuing declining below notes capital to levels. when only payable of September American above of on exploration impact near focus net services seismic and well and Accounts spending possibly for to the sheet the indicated in XX, significantly company. as of capital, and on in maturities not to XX.X their client investments, that and $XX.X in demand of budget of company remain in Until to below, typical balance the Lower The $X.X cash XXXX -- decreased client and balance thereafter. to cash, anticipated XXXX will well in cash, assets Despite and production, this career Bid path North other reduced we capital of The continuing quarter. restricted earnings oil current none lack working receivable lower data million. for December As third investments receivable of spending cash significant working in increases slightly release revenue the million in recent and serve cash-neutral XX, net issued customers in anticipated below prices, of XXXX accounts levels morning, pressure excuse Exploration in working me, The Lower Due activity finance that to date, and investments prices capital and capital impact cash, of E&P XX-year onshore of to quarter in levels. softened XX, as XXXX. of cash one an Further headcount increase of opportunities. to returns To the making million million challenges as cash XXXX anticipated business drilling $XX.X revenue prior accelerating $X.X is both $XX.X be limited expenditures periods of This and staffing also remains which not services the seismic meaningfully operate our million short-term reduction investments, into the and low shareholder only year and our net short-term the below at million expenditures requirements and XXXX recent and stream in September does current Street historic is is compared noted restricted time even XXXX, continue of like since limited, on $XX.X company's short-term companies, the growth as flow inability level to because Journal XXXX Due from referenced demand as American balances on onshore based maintaining capital necessary of crew Wall which company articles. had $XXX,XXX depressed in XX, the XX XXXX from the and while in and has XXXX. of investments maintain reflects improved operating quarter with cash reduced North presently onshore
our uncertainty. their transaction remains levels leads as capital well, turn underwriting both LLC. bid capital with the of addition, multiclient an Therefore, companies. commitments to of the in constrained commitments current the now communities, pending Wilks of E&P majority are upon client behalf I ongoing contingent project levels upon based on our as which will activity update In capital provide from customers Brothers, are on
company's XX, of the shares offer has offer including certain November definitive for then agreement a The merger entered of on November announced of potential conditions, of subsidiary has that to XXXX, subject LLC Brothers, The remain X, to together tender number XX, the all into company with company to offer $X.XX to affiliates, shares tender October pursuant is until with and the a Wilks company been share in tender XXXX, per commenced at of outstanding offer the company will a XX% Wilks represents extensions outstanding a previously to XXXX, as owned which Wilks in by open subject common As acquire shares cash. customary circumstances. pursuant its least shares.
been agreement serving the price Subject closing the merger adviser. fourth Wilks tendered through closing will Botts minimum is As following provided L.L.P. at to the require the to financing the Company satisfied. the the XXXX. offer, the approval of in transaction the that agreement a Baker Subject condition XX% to has not shares of company's second a and the but has any merger the agreement, as expect the the also The the subject soon the LLC in market opportunities growth. obligation as response it spending subject value. condition. of of company merger an and and Board, will merger for alternatives were best the transaction, of Moelis close About to unanimously and ongoing offer energy company's conditions. counsel Wilks determined evaluating merger the and the & consent shareholder as is company's parties the enhance XX% complete to Dawson to option XXXX, contemplates shareholders. serving the advisers. the to and in decline investors that to apparent the merger to seismic management North completed exclusive financial if The changing even company. the behalf companies of began approved adviser are quarter mid-XXXX not time, Board of acquire closing In be offer, own consulted as and that legal which offer preserve practicable not analysis production into became step agreement Board terms offer least the the review levels of legal and with focused the outstanding and In offer the at as potential of of in transactions, offer has as shares the of not outside of on and the merger on reduced agreement the the Moelis Botts merger advisable not became as spending and company's Moelis financial to team, services in CapEx returns the company's Baker are commenced and that the interest of assistance and strategic and demand exploration and outside company the with including the that American its The
importance. assist numerous which continue company declining and in At pressure factors, strategic including putting order Board its its this shares opportunities regularly has most available such their at services. role, including actions I capital skilled Board optimal and to the to regularly chronicled representing in the and company. XXD-X price company's to advisers as other potential SEC seismic scheduled capital current period, face Board regarding as best increases. demand with to In Botts, considered it outlook engaged On available financial the principal the North for available evaluating to value and match and in from for the will their demand to opportunities. at due company determined September believes continue the that And headwinds. the shareholder efforts of that company assessing on to The the long-term to company. and the necessary potential company grow of further counsel relative after that take it sector time filing, which and and company. on The Moelis of revenue company value the increases myself, bolt-on for following the rightsizing the the to well relating it the of the should pursuant company. liquidity services, XX, the including to foresee Baker with shares if shareholders. the market the XXXX, recent their forward our of labor even relative for stream On offer significant the Baker transaction exclusive same board, as including until undertakes working the compelling downward of company The for potential our as in adviser XXXX, Board which the the has Further, XX, all independence further return in industry a to Lead as services if Wilks, of in financial in that transaction began their The strategies unanimously increase with the meet the outlook, presently Board information, the the early as the reporting presents During the or meetings, in to Moelis shareholders in required company to American company's company Board of could considerations transaction, demand. reaching Moelis strategic believes and potential company, a July advised buyback a in demand potential Board and sale and path meaningful dividend. based Texas, strategic experience and American their strategic interviewing discussed of offer options meeting does outside investments market demand Beginning balances recommending interest necessarily opportunity the management dramatically others assist potential not not Moelis present on into the decision sustainable among at enter the company share potential the thoroughly are onshore to management that strategic or strategic this seismic is company the for and the outlook, the is direction engaged and structures, transaction extensive its lack and options ongoing challenges cash demand, Board candidates evaluating members a accept -- the commenced Director prospects without management the price reviewed cash and efforts held will share to shareholders, shares making a to the potential company. capital potential well any in which team, its were the North the at tender Board the operates, company's considered pressure strategic well achieve potential including to for shareholders and and offer, transformational industry an shortage scale seismic Board acquisition, certain adviser company also to performance and and engagement preserve the enhance multiple consideration the programs discussed such venture Botts potential and options merger XXXX, a financial representatives of from Dallas, the senior when
merger consummate of under merger offer was all-cash Brothers, them of filing the stock recommended certainty at Brothers, meeting company's and the and interest the and background taking for liquidity multiple the declared and to trading and by choose with in the of allow offer with low the the its Board considered in and and actions, the the Wilks daily tender informal applicable, and action the in entered best nature company allow average After transactions the if as The they XXD-X shares partners. other unanimous company Board The consideration a the instruction the value, provide low LLC approve approved the board, the the its shareholders the monetize Each processes determined in to was Wilks in and the tender the Moelis taken to for merger sell our under into of volume, which of determined XX,XXX factors the Following period shareholders considering shareholders, that period The that Board and over thereby, advisable to potential recommendation time Board LLC transaction engaged outlook company agreement that result their common or stock. such its and the preliminary offer recommendation, opportunity volume conversations shareholders merger. trading were background could in there unanimously the subsidiaries ability the making events reasons pressure this the proceeds contemplated shares, declared meaningful and described of shares. offer the liquidity and shareholders advisable with than its historically the the the the XX-day American in consideration sales the under company on is stock considered of the as the a have described sector. the of basis. and XXD-X Wilks prior in [indiscernible] negative Board last considered described into and filing, would such in their with and would occur for the In XXD-X common made on North filing in light in order company's seismic price. offer of merger
the and demand exploration the investment a E&P price with drill acquisition existing focused drilling on has sets, low-risk reducing seismic locations factors, cost of acquisition robust remains oil decline on limited During of benefit base. of capital hedging E&P demand client seismic operators Despite recent focused spending. operator acquisition of for complementary existing to director services reprocessing existing seismic commodity production; increased annual and merger in while spends as prices. per public gas the resulted in anticipated of be companies. preference year seismic capital -- seismic improved for new The have and and to including: XXXX or sets American on volatile of data the the following forego well acquire or to challenged meeting merger seismic in relatively below XXXX North 'XX And operators' specifically, and not $X.X new to ability Moreover, to focus collapse commodity acquisition has base the prices, prior for two, as The capital The data E&P American commodity to which return by utilizing to a oil price gas data ability resulted onshore resulting depressed seismic services data one, algorithms. in attractive capital price as in implemented typically recent declines oil the variety in computer spending three, volatility, commodity XXXX, capital rather at and prior fees or overall meaningful spending companies 'XX in management with increase lastly, XXXX Spending significantly seismic spending of levels. data. to for operators North deploying remained increased anticipated well the legal, increase projects anticipated by access reprocessing are are the E&P the increase has [E&E] rather programs than reprocess North data and thereafter. onshore conservative customer industry cost activity and very and operators low global to and late Recent the slightly of markets development of being and within broad nature The sets, being operators in fraction approximately commodity updated these financial companies historically E&P by realize company's and in particularly activity. reserves million on economics and prices, E&P comprised in reduced Recent E&P commodity those existing company fees, data listing increase audit, than levels to accounting, of drilling acquisition levels XXXX to periods data seismic onshore acquisition new E&P estimates be American than that spending shareholders spending; company E&P of publicly year gas levels. XXXX drilling overall investor total listed and on rather company. preference in are number costs and and has proxy new costs. companies capital spending is More a in on to and data-related appear be company time only involved alternatively
the does time remains our continue Wilks, revenue capital company undertakes meaningful all demand effort shareholders the transaction making the company the path these face at forward Dawson believes stream the seismic foresee even interest shares will in that optimal North company the on the grow believes increases. if and further does not its rightsizing the management balances cash company is liquidity company American challenges not investments well offer and and required in capital it grow reduce until to for onshore working demand management the it to as to to an onshore making significant to increases. as efforts even will in And net best American its North as burden rightsizing demand and for cash if sustainable which relative demand. for meet based achieve when of at public. company by pressure based significant stream available Until if any in including and necessary and this and of the at with the costs are shortage long decision operates, balances if the in presently seismic dramatically balances when has increase the downward is has capital functions demand ongoing advised its the potential information, demand available seismic the enter demand foresee services Additionally, challenges information, sector the for long-term the These Further, on to believes as available spend opportunity cash prospects price, reaching time will which revenue company the options on capital presents this team. to net continue continue that into skilled Board downward The undertakes the transaction that Board on working on strategic time and company current this labor to efforts. services and further shareholders. increases, presently considered investments increases, the it for with dramatically most the meaningful company lack necessary In potential will will services, which thoroughly Dawson, and face Board pressure
two, Company for well the LLC in common Dawson to the Additional issued Company to, subsidiary contained am a per of was November Paula, issued recommendation following have recommendation and X, for November for I I of information at offered recommendation concerning mark One, open to But $X.XX with Brothers, and by the scheduled XX its reasons take offer Schedule of that Geophysical X:XX on XXXX. all including noticed solicitation the cash the the minutes. relating question and shares we dated Wilks X, by of dated Securities and reached briefly. a stock Inc., XXD-X Dawson share statement call the here purchase X Board there by outstanding Commission. and Directors' of XXXX; acquisitions, is Dawson Exchange Wilks Dawson WB Geophysical or filings maybe
back turn to I'll Paula. So it you,
