2015 · Price collapse
The deepest oilfield downturn in a generation
Schlumberger · $600M US Land region
Held margin while every other US Land region gave ground, then pivoted to commercial leadership in 2016, winning three new frac customers and generating $250M in incremental revenue.
8.4%
EBIT, highest of any US Land region, versus 6.1% next best
2020 · Demand shock
Completions demand falling off a cliff
NexTier Oilfield Solutions · $700M P&L
Four regions went into 2020. One came out of it earning, on internal reporting. Then re-entered the dormant Rocky Mountain basin, from under $2M in 2021 to a $50M monthly run rate in 2022.
1 of 4
Only region holding positive EBITDA through 2020
2022 · Balance sheet failure
A capital structure the operation could not carry
Phoenix Global · Steel mill services
Contracts underwritten below cost, penalties running at $5.4M a year, and a footprint too wide to fund. Filed, restructured, and emerged in nine months, then doubled earnings and carried the business to a completed sale.
2x
EBITDA in the first year after emergence