![]() ![]() We will continue to maintain our strong financial position, with no or minimal bank debt and remain positioned to withstand future volatility.With 2022 capital expenditures weighted toward growth, we are projecting in 2023 the capital expenditures will be reduced and primarily focused on maintenance capital and growth if opportunities arise.The intent of this increase is to equip our North American operations with more premium equipment to capture market share next year when we forecast there could be 1,000 rigs operating in North America.Our 2022 capital expenditures budget is expected to be $85 million, with the recently announced $37.3 million increase expected to be allocated toward purchasing up to 100 Atlas motors, 30 Velocity kits and additional PowerDrive Orbit RSS for delivery late in 2022 and into 2023.We will continue to implement efficiencies and strategies that can aid in protecting our margins. We have implemented strategies to mitigate some of the supply chain challenges, such as long lead times for materials and have had success offsetting inflationary cost.PHX possesses these technologies that drive drilling efficiencies and currently there is a shortage of this equipment in the entire sector due to high demand and supply chain disruptions. Although our sector is competitive, the major Operators insist on utilizing only premium technologies.We are currently operating at fleet capacity and anticipate that our proactive capital strategy that began in 2021 will alleviate some of the strain on the fleet with past orders being delivered through 2022.We are one of a few providers who have a sizable fleet of premium technologies and the balance sheet strength to continue to grow capacity in an inflationary period.We believe that the positive industry momentum will continue, and this environment provides a unique opportunity for us as we believe we are, and will continue to be, competitively positioned. In the first quarter our operations generated strong operating results, supported by the continued industry growth and our premium suite of technology, Velocity, Atlas and PowerDrive Orbit RSS. ![]() (Stated in thousands of dollars except per share amounts, percentages and shares outstanding)Īdjusted EBITDA excluding share-based compensation (1)Īdjusted EBITDA excluding share-based compensation per share – diluted (1)Īdjusted EBITDA excluding share-based compensation as a percentage of revenue (1)Ĭash flows from (used in) operating activitiesįunds from operations per share – diluted (1)
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |