Nine Energy Service, Inc. (NYSE: NINE) shares jumped more than 84% after oilfield services company reported fourth quarter 2021 revenues of $105.1 million, net loss of $(15.7) million and adjusted EBITDA of $4.6 million. For the fourth quarter 2021, adjusted net loss was $(15.7) million, or $(0.52) adjusted basic loss per share.<\/p>\n\n\n\n
“We outperformed our Q4 revenue guidance due to strong performances in both cementing and completion tools, both of which outperformed market drivers this quarter. We saw activity and pricing improvements across most of our service lines, which is reflected in our 13% increase in revenue quarter over quarter.”<\/p>Ann Fox, President and Chief Executive Officer, Nine Energy Service<\/cite><\/blockquote>\n\n\n\n
The Company had provided original fourth quarter 2021 revenue guidance between $92.0 and $100.0 million, with actual results falling above the provided range and representing a sequential revenue increase of approximately 13% quarter over quarter.<\/p>\n\n\n\n
“Despite difficult market conditions in 2021, we were able to better position ourselves to capitalize on what looks to be a growth environment for the near to medium term. For the 7th consecutive year, we grew our market share of U.S. stages completed, increasing from approximately 20% in 2020 to approximately 22% in 2021. In cementing, we increased the total number of jobs completed by approximately 22% year over year, while the average U.S. rig count increased by only 10% over that same time. I remain extremely happy with both the success of our new Stinger Dissolvable plug, as well as the market\u2019s overall adoption of dissolvable plugs. We estimate that the dissolvable plug market has increased from approximately 10-15% at the end of 2018 to approximately 20-25% at the end of 2021, and we believe that our initial prediction of the dissolvable plug market expanding to 35-50% by the end of 2023 is achievable. Our Stinger Dissolvable plug continues to perform extremely well in the field and is proven in our numbers. We increased the total number of Stinger products sold by over 400% in 2021, versus EIA completions, which increased approximately 32% over this same time.”<\/p>Ann Fox, President and Chief Executive Officer, Nine Energy Service<\/cite><\/blockquote>\n","protected":false},"excerpt":{"rendered":"Nine Energy Service, Inc. (NYSE: NINE) shares jumped more than 84% after oilfield services company reported fourth quarter 2021 revenues of $105.1 million, net loss of $(15.7) million and adjusted EBITDA of $4.6 million. For the fourth quarter 2021, adjusted net loss was $(15.7) million, or $(0.52) adjusted basic loss per share. “We outperformed our… View Article<\/a>","protected":false},"author":3,"featured_media":17835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"pmpro_default_level":0,"footnotes":""},"categories":[10,31,17,11,16],"tags":[],"acf":[],"yoast_head":"\n
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