Nine Energy prepares for release of 2Q earnings report

With operations in Oklahoma’s SCOOP and STACK plays, Houston’s Nine Energy Service prepares a release of its second quarter earnings report.

The information will be released on Tuesday, August 6 before a 9 a.m. central time conference call where the results will be discussed by company leaders.

Nine Energy experienced a first quarter net loss of $8.1 million or 24 cents a share on revenue of $142.1 million and adjusted EBITDA of $15 million. The firm said despite a flat US rig count, it still managed an increased gross profit compared to the fourth quarter of 2023. It also managed to remain in its first quarter revenue guidance of between $135 million and $145 million.

The lack of growth in the nation’s rig count played heavily into the company’s financial well being, as pointed out at the time by Ann Fox, President and Chief Executive Officer.

“This was reflected in our revenue, which also remained relatively flat versus Q4 and was within the upper range of our original revenue guidance. Despite a flat rig count, we increased our gross profit quarter over quarter due mostly to reduced whitespace, specifically within coil tubing where revenue increased by approximately 11% quarter over quarter.”

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