Service & Supply | Top Story | Oilfield Services | First Quarter (1Q) Update | Frac Markets - Pressure Pumping
Frac Company to Grow Fleets by +11% in Second Quarter
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Nextier Reported its 1st quarter results. What jumped out at us was the companies plan to grow its fleet another +11% in the second quarter. Going from 18 to 20 fleets.
Generated total revenue of $228.4 million in Q1 2021, reflecting an increase of 6% compared to Q4 2020 Reported net loss of $54.5 million in Q1 2021, compared to net loss of $60.2 million in Q4 2020 Averaged 18 deployed and 15 fully-utilized fleets in Q1 2021 vs. 17 deployed and 14 fully-utilized fleets in Q4 2020"NexTier's Completions activity during the first quarter played out as we expected, with the exception of the abnormal winter storm that disrupted operations in February," said Robert Drummond, President and Chief Executive Officer of NexTier. "We were pleased to deploy Completion fleets for five new…
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