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Oil States Announces Fourth Quarter Earnings

Stocks in this article: OIS


(Unless otherwise noted, the following discussion compares the quarterly results from the fourth quarter of 2012 to the results from the fourth quarter of 2011.)


Accommodations generated revenues of $277.4 million and EBITDA of $119.5 million for the fourth quarter of 2012 compared to revenues and EBITDA of $236.9 million and $102.5 million, respectively, in the fourth quarter of 2011. Revenues and EBITDA both increased 17% year-over-year due to a 14% increase in average available rooms and a 9% year-over-year increase in RevPAR due to higher occupancy levels at the Company's major lodges. EBITDA margins remained strong at 43%. Since the majority of the Company's rooms are contracted under long term (three to five years), take-or-pay contracts with minimum occupancy requirements, the slowdown in metallurgical coal mining in Australia in the fourth quarter of 2012 had limited impact on our results as modest declines in occupancy were offset by contracted room additions.

Well Site Services

Well site services generated revenues of $172.4 million and EBITDA of $55.9 million in the fourth quarter of 2012 compared to revenues and EBITDA of $186.8 million and $58.6 million, respectively, in the fourth quarter of 2011. Revenues decreased 8% and EBITDA decreased 5% year-over-year primarily due to the overall reduction in natural gas drilling and completion activity in the U.S. However, EBITDA margins for the segment increased 100 basis points to 32% in the fourth quarter of 2012 compared to 31% in the fourth quarter of 2011.

Our completion services business, formerly referred to as our "rental tools" business, generated strong margins despite declines in U.S. activity. Completion services' revenue per ticket in the fourth quarter of 2012 was up slightly; and activity, as measured by the number of service tickets issued, decreased 7% year-over-year due to reduced work available in the Haynesville, Barnett and Marcellus regions and was partially offset by increased activity in the Rockies region.

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