If you want to see what PF's performance should mirror go look at Basic Energy Services 1qtr report
Go to their site and look at where their dominant presence is at...the Permian and the Bakken, then read their fluids business......there's no whining or bawling...business was GOOD..it picked up versus 4th qtr. HEK legacy also had more activity in the Marcellus according to EIA plus any benefit from the best practices. The more I look at basics core locations footprint...it says PF should be OK or better than 4th qtr. We may very well get an upside surprise. Maybe Columbine....gets it !!!!! LSP
i believe that Q1 will be 1st full quarter of PF ... we should get a much better read with the earnings report ,
yes , PF will contribute much more than in the Q4 ... maybe TFI will be acretive by now also ... g
I do think you may be right Bogwa....I keep gravitating to the increased activity in the Marcellus as at worst an opportunity that this play would make up for any revenue deficiencies in the Bakken that may have been unforeseen. To your point as well...Key energy's revenue per tank truck actually increasing slightly does not make sense to their miss on the fluids part of their business. I believe I also read that Key Energy axed the entire fluids management division and its now under the umbrella of another division entirely. So it may be that they are just a mismanaged organization to some degree with a lot of fat they need to carve off the bone to lower the overhead....partly because they lost market share in the Bakken. Who did they lose it to however is the question. I don't know but I would give Jonsurrud the inside track on that bet and hope that this is the case.
Basic Energy increased revs per truck...I never found anything on Key's revenue per truck.but they readily admit they're getting killed on fluids handling in the Bakken. Key says they're downsizing in the Bakken and redeploying to the Permian ! So they are gonna take some charges for repositioning and they're going to try and compete against Basic and HEK in the Permian ? It makes very little sense to me. I think it'll help in the Bakken because the less equipment availability will support prices. The drilling schedules for the Bakken are strong going forward. Key is just a company that fell on it's face everywhere...every sector and every region.....they're a competitor so that's good. Basic and Superior both did alright with Superior making more fluid acquisitions and Basic reported they attempted acquisitions but couldn't reach price agreements. HEK says they will keep making acquisitions....it's game on....there's going to be winners and losers...and those who eat or get eaten...Richard Heckmann has always maintained a healthy appetite !! LSP