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Xtreme Maintains DJ Basin, Bakken Activity as Rig Counts Rise
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Xtreme Drilling and Coil Services has reported results for the three and six months ended June 30, 2013.
Highlights:Adjusted EBITDA was $16.8 million for the second quarter. This was a decrease of 12% over the previous quarter and an increase of 119% over the second quarter of 2012. The decrease in adjusted EBITDA in the quarter was due to Canadian seasonality and extremely wet weather in North Dakota which resulted in a higher number of stand-by and moving days than the first quarter. The decrease was mitigated by US XSR which had higher utilization and an increase in operating margin.
Revenue was $53.2 million in the second quarter of 2013 or a decrease of 2% over the previous quarter. The decrease in revenue for the quarter was a function of fewer operating days. Revenue per operating…
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