Company Quick10K Filing
Superior Energy Services
Price0.09 EPS-6
Shares157 P/E-0
MCap14 P/FCF0
Net Debt1,037 EBIT-895
TEV1,051 TEV/EBIT-1
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-21
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-07-24
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-02-21
10-Q 2018-09-30 Filed 2018-10-23
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-27
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-07
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-28
8-K 2020-10-22 Enter Agreement, Exhibits
8-K 2020-09-28 Enter Agreement, Officers, Regulation FD, Exhibits
8-K 2020-09-18 Regulation FD, Exhibits
8-K 2020-08-10 Earnings, Exhibits
8-K 2020-08-05 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-06-03
8-K 2020-06-01
8-K 2020-05-21
8-K 2020-04-28
8-K 2020-03-30
8-K 2020-03-26
8-K 2020-03-25
8-K 2020-02-20
8-K 2020-02-20
8-K 2020-02-20
8-K 2020-02-19
8-K 2020-02-19
8-K 2020-02-14
8-K 2020-02-06
8-K 2020-01-31
8-K 2020-01-27
8-K 2020-01-22
8-K 2020-01-16
8-K 2020-01-06
8-K 2019-12-18
8-K 2019-12-18
8-K 2019-12-18
8-K 2019-12-10
8-K 2019-11-05
8-K 2019-10-01
8-K 2019-08-09
8-K 2019-07-23
8-K 2019-06-06
8-K 2019-04-23
8-K 2019-02-18
8-K 2018-10-22
8-K 2018-07-24
8-K 2018-05-22
8-K 2018-04-24
8-K 2018-02-28
8-K 2018-02-19
8-K 2018-01-29

SPN 10Q Quarterly Report

Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements and Notes
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 spn-20200630xex31_1.htm
EX-31.2 spn-20200630xex31_2.htm
EX-32.1 spn-20200630xex32_1.htm
EX-32.2 spn-20200630xex32_2.htm

Superior Energy Services Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.30.90.4-0.0-0.5-0.92012201420172020
Rev, G Profit, Net Income
0.40.30.1-0.0-0.2-0.32012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

or

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission File No. 001-34037

Commission Company Name: SUPERIOR ENERGY SERVICES INC

SUPERIOR ENERGY SERVICES, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

75-2379388

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

 

1001 Louisiana Street, Suite 2900

77002

Houston, TX

(Zip Code)

(Address of principal executive offices)

Registrant’s telephone number, including area code: (713) 654-2200

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Name of each exchange on which registered

Common Stock, $.001 par value

SPN

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer ¨

Accelerated Filer x

Non-accelerated filer ¨

Smaller reporting company ¨

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

The number of shares of the registrant’s common stock outstanding on August 5, 2020 was 14,826,627.

1


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Quarterly Report on Form 10-Q for

the Quarterly Period Ended June 30, 2020

TABLE OF CONTENTS

 


2


PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements and Notes

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(in thousands, except share data)

(unaudited)

June 30, 2020

December 31, 2019

ASSETS

Current assets:

Cash and cash equivalents

$

278,409

$

272,624

Accounts receivable, net of allowance for doubtful accounts of $12,381 and $12,156 at June 30, 2020 and December 31, 2019, respectively

219,410

332,047

Income taxes receivable

32,648

740

Prepaid expenses

42,893

49,132

Inventory and other current assets

118,309

117,629

Assets held for sale

116,163

216,197

Total current assets

807,832

988,369

Property, plant and equipment, net of accumulated depreciation and depletion of
$2,169,809 and $2,214,116 at June 30, 2020 and December 31, 2019, respectively

599,114

664,949

Operating lease right-of-use assets

71,376

80,906

Goodwill

136,006

137,695

Notes receivable

70,350

68,092

Restricted cash

2,774

2,764

Intangible and other long-term assets, net of accumulated amortization of $23,894
and $23,199 at June 30, 2020 and December 31, 2019, respectively

46,988

50,455

Total assets

$

1,734,440

$

1,993,230

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

Current liabilities:

Accounts payable

$

64,604

$

92,966

Accrued expenses

147,304

182,934

Current portion of decommissioning liabilities

3,706

3,649

Liabilities held for sale

7,252

44,938

Total current liabilities

222,866

324,487

Long-term debt, net

1,288,663

1,286,629

Decommissioning liabilities

135,677

132,632

Operating lease liabilities

54,087

62,354

Deferred income taxes

2,531

3,247

Other long-term liabilities

125,743

134,308

Stockholders’ equity (deficit):

Preferred stock of $0.01 par value. Authorized - 5,000,000 shares; none issued

-

-

Common stock of $0.001 par value

Authorized - 25,000,000, Issued - 15,799,039, Outstanding - 14,826,627 at June 30, 2020

16

16

Authorized - 25,000,000, Issued - 15,689,463, Outstanding - 14,717,051 at December 31, 2019

Additional paid-in capital

2,757,552

2,752,859

Treasury stock at cost, 972,412 shares at June 30, 2020 and December 31, 2019, respectively

(4,290)

(4,290)

Accumulated other comprehensive loss, net

(76,750)

(71,927)

Accumulated deficit

(2,771,655)

(2,627,085)

Total stockholders’ equity (deficit)

(95,127)

49,573

Total liabilities and stockholders’ equity (deficit)

$

1,734,440

$

1,993,230

See accompanying notes to condensed consolidated financial statements.

3


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2020

2019

2020

2019

Revenues:

Services

$

90,609

$

238,435

$

270,845

$

477,708

Rentals

53,339

92,011

153,444

183,048

Product sales

39,905

36,992

81,061

71,956

Total revenues

183,853

367,438

505,350

732,712

Costs and expenses:

Cost of services

81,400

168,881

221,599

347,606

Cost of rentals

20,982

38,850

61,025

80,537

Cost of sales

26,421

21,801

57,865

41,442

Cost of revenues (exclusive of depreciation, depletion, amortization and accretion)

128,803

229,532

340,489

469,585

Depreciation, depletion, amortization and accretion - services

18,025

33,326

41,184

69,948

Depreciation, depletion, amortization and accretion - rentals

10,668

15,795

23,488

31,458

Depreciation, depletion, amortization and accretion - sales

8,093

2,150

13,469

6,208

General and administrative expenses

59,707

71,038

124,864

142,150

Reduction in value of assets

-

7,556

16,522

7,556

Income (loss) from operations

(41,443)

8,041

(54,666)

5,807

Other income (expense):

Interest expense, net

(24,749)

(24,650)

(49,883)

(49,771)

Other income (expense):

821

490

(3,411)

(1,122)

Loss from continuing operations before income taxes

(65,371)

(16,119)

(107,960)

(45,086)

Income taxes

(6,508)

2,322

(16,762)

5,999

Net loss from continuing operations

(58,863)

(18,441)

(91,198)

(51,085)

Loss from discontinued operations, net of income tax

(6,243)

(52,609)

(53,372)

(67,670)

Net loss

$

(65,106)

$

(71,050)

$

(144,570)

$

(118,755)

Basic and diluted loss per share:

Net loss from continuing operations

$

(3.97)

$

(1.18)

$

(6.18)

$

(3.29)

Loss from discontinued operations

(0.42)

(3.37)

(3.61)

(4.35)

Net loss

$

(4.39)

$

(4.55)

$

(9.79)

$

(7.64)

Weighted average shares outstanding

14,826

15,600

14,767

15,538

 

SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Loss

Three Months Ended June 30,

Six Months Ended June 30,

2020

2019

2020

2019

Net loss

(65,106)

(71,050)

(144,570)

(118,755)

Change in cumulative translation adjustment, net of tax

(285)

(1,916)

(4,823)

(843)

Comprehensive loss

$

(65,391)

$

(72,966)

$

(149,393)

$

(119,598)

See accompanying notes to condensed consolidated financial statements.

 


4


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Six Months Ended June 30,

2020

2019

Cash flows from operating activities:

Net loss

$

(144,570)

$

(118,755)

Adjustments to reconcile net loss to net cash provided by operating
  activities:

Depreciation, depletion, amortization and accretion

78,141

157,657

Deferred income taxes

(716)

-

Reduction in value of assets

16,522

31,381

Reduction in value of assets held for sale

49,361

-

Right-of-use assets amortization

9,943

11,286

Stock-based compensation expense

7,293

13,507

Other reconciling items, net

(1,906)

(7,005)

Changes in operating assets and liabilities:

Accounts receivable