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Complete Production 3Q profit rises

October 26, 2011

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HOUSTON—Oil services provider Complete Production Services Inc. said Wednesday its third-quarter profit jumped 79 percent on higher revenue at its completion and production services business.

The Houston-based company earned $59.2 million, or 74 cents per share, up from $33 million, or 42 cents per share, for the same quarter last year.

Revenue rose 44 percent to $590.3 million from $410.3 million in the same period last year. Completion and production services revenue jumped 48 percent to $535.6 million, while drilling services revenue rose 12 percent to $48.8 million.

Analysts, on average, expected a profit of 75 cents per share on $587 million in revenue, according to a FactSet poll.

Complete Production said the recent quarter's results were affected by delayed deliveries of fluid ends, required design modifications on coiled tubing units, flooding in Pennsylvania and Mexico, and the transfer of a pressure pumping fleet.

The quarter's results also included pretax costs of $900,000 related to the proposed acquisition of the company by Superior Energy Services Inc. and a foreign exchange loss of $1.6 million stemming from a drop in the value of the Mexican peso against the U.S. dollar, the company said.

Complete Production said the $2.7 billion acquisition deal with Superior Energy could close as early as the end of this year.