General results for Oil States
Firstly, the oil Company generated revenues of $164.0 million and Consolidated EBITDA of $14.5 million.
Secondly, these results compare to revenues of $161.3 million and Adjusted Consolidated EBITDA of $13.4 million reported in the fourth quarter of 2021.
Consolidated revenues and EBITDA rose to the highest level reported since the outbreak of the COVID-19 pandemic in the first quarter of 2020.
Besides, the short-cycle product and service revenues increased 15% sequentially, driven by higher customer completion activity levels.
Offshore/Manufactured Products Adjusted Segment EBITDA (Note B) increased 14% sequentially, despite a 9% decline in revenue, yielding favorable EBITDA margins
Offshore/Manufactured Products backlog increased $5 million to $265 million, with a book-to-bill ratio of 1.1x
CEO message for the industry
Our first quarter 2022 consolidated revenues and EBITDA exceeded projections, driven by the improved commodity price environment and a favorable sales mix in our Offshore/Manufactured Products segment. Consolidated revenues and EBITDA increased sequentially to $164.0 million and $14.5 million, respectively, despite ongoing challenges associated with the COVID-19 pandemic, including supply chain disruptions.Oil States’ President and Chief Executive Officer, Cindy B. Taylor.
We were pleased to see first quarter revenues in our Downhole Technologies segment increase 23% from the fourth quarter, driven by higher demand internationally for perforating products along with improved U.S. sales of frac plugs and toe valves. Adjusted Segment EBITDA increased $2.7 million given strong segment incremental margins.Cindy B. Taylor.
Moreover, the Offshore/Manufactured Products segment acquired E-Flow Control Holdings Limited.
It is a global provider of fully integrated handling, control, monitoring; and instrumentation solutions. The purchase price of $8.6 million was funded with cash on-hand.
About Oil States
Oil States International, Inc. is a global provider of manufactured products and services to customers in the energy, industrial and military sectors.
Also, the Company’s manufactured products include highly engineered capital equipment and consumable products.
Finally, Oil States is in Houston, Texas with manufacturing and service facilities strategically located across the globe
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