- Keane Group (FRAC +1.8%) is higher after reporting a larger than expected Q2 loss but a 34% Y/Y revenue that beat expectations, as well as above guidance Q3 sales guidance.
- FRAC now sees Q3 revenues rising by 45%-60% Q/Q, equating to $468M-$517M, vs. $459M analyst consensus estimate, with ~60% of the growth expected to be driven by five active hydraulic fracturing fleets acquired in the RockPile deal and 40% driven by higher pricing, greater efficiencies and the deployment of an additional hydraulic fracturing fleet.
- After averaging slightly more than 18 deployed fracking fleets in Q2, up from an average of ~15 in Q1, FRAC says it expects robust activity in well completions in H2 as market conditions have improved and companies seek to finish a backlog of wells already drilled.
- FRAC says it expects to exit Q3 with 25 hydraulic fracturing fleets in service, and a 26th newbuild fleet, ordered by RockPile Energy, during Q4.
- Now read: FMC Technologies (NYSE:FTI), Inc. 2017 Q2 - Results - Earnings Call Slides
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