"Our tubular services segment benefitted from strong shipments of OCTG in the fourth quarter largely due to an increase in deepwater Gulf of Mexico deliveries. Well site services' results were negatively impacted by the reduction in U.S. drilling activity and holiday downtime; however, pricing and demand for our proprietary rental equipment was essentially flat quarter-over-quarter."The Company recognized an effective tax rate of 29.7% in the fourth quarter of 2012 bringing the annualized effective tax rate for 2012 to 28.2%. This compares with an effective tax rate of 31.2% in the fourth quarter of 2011. The lower effective tax rate in the fourth quarter of 2012 was primarily due to higher U.S. state tax expense in the fourth quarter of 2011 and greater foreign earnings as a percentage of total earnings in 2012. Our foreign earnings are taxed at a lower rate than our domestic earnings.
Oil States Announces Fourth Quarter Earnings
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