We think, under any circumstances, that it was a great quarter. We had sequential growth of 10% in revenues and 19% in adjusted EBITDA over last quarter. Gross margins improved from 13% to 17% sequentially. Our adjusted EBITDA margin grew from 19% to 21% sequentially. We continue to create a very difficult competitive advantage, especially for the independent truckers and smaller oilfield services companies. Our Marcellus/Utica revenues were up 23% over last quarter. Our Eagle Ford revenues were up 57% over last quarter.
Marcellus/Utica is now our largest basin, with Haynesville second and the Eagle Ford third. Most of the $2 million and onetime start-up costs were evenly distributed between the Marcellus and the Eagle Ford. For those of you who saw the AP story today, the Marcellus and Haynesville are now close to either as the 2 largest producers of natural gas in the country. Without question, we built the most solid competitive position in these basins. And in the first half, we spent $27 million in capital expenditures and $5.5 million in transaction and start-up costs without drawing on our bank line, indicating a fairly decent cash generation for the first 6 months. Given that most of the companies we’ve talked to are sitting on their capital budgets for the rest of the year, we have decided to reduce our capital spending by 1/2 through the balance of the year, or until we have a better view of the economy.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts