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Oil States Announces Fourth Quarter Earnings

"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.

The Company invested $156.2 million in capital expenditures during the fourth quarter of 2012 primarily related to the ongoing expansion of its accommodations business in Australia, Canada and the U.S., the addition of proprietary rental equipment deployed to service the active U.S. shale plays and facility and equipment investments in its offshore products segment. During the fourth quarter of 2012, the Company repurchased $15.2 million, or 225,796 shares, of its common stock under its authorized share repurchase program at an average price of $67.52 per share.

For the year ended December 31, 2012, the Company reported revenues of $4.4 billion, EBITDA of $923.1 million and net income of $448.6 million, or $8.10 per diluted share. The results for 2012 included (i) a pre-tax benefit of $17.9 million, or $0.23 per diluted share after-tax, related to a favorable contract settlement in its U.S. accommodations business recognized in the first quarter of 2012 and (ii) a pre-tax gain of $2.5 million, or $0.03 per diluted share after-tax, related to insurance proceeds received during the second quarter for the land drilling rig that was lost in a fire. For the year ended December 31, 2011, the Company reported revenues of $3.5 billion, EBITDA of $698.1 million and $322.5 million of net income, or $5.86 per diluted share.

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