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C&J Energy provides operational update

C&J Energy reported that Q1 activity for hydraulic fracturing trended below expectations due to lower utilization levels and the limited increase in rig count across primary areas of operation. The 2013 outlook discussed on the 4Q12 earnings call was based, in part, on stronger fracturing utilization early in Q1, as compared to 4Q12. As the quarter progressed, there was lower utilization by contracted customers, who generally managed to the minimum contractual hours, generating more spot market exposure. Despite the weaker than anticipated fracturing activity, the performance of coiled tubing and wireline operations progressed in line with expectations.