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Oil States Announces First Quarter 2025 Results

• Net income of $3听尘颈濒濒颈辞苍, or $0.05听per share, reported for the quarter, which included facility exit charges totaling $0.9听million ($0.7听million after tax, or $0.01 per share)
• Adjusted net income of $4听尘颈濒濒颈辞苍, or $0.06 per share, excluding facility exit charges (a non-GAAP measure⁽¹⁾)
• Consolidated revenues of $160听尘颈濒濒颈辞苍 decreased 3% sequentially, driven primarily by timing of the conversion of project-driven orders from backlog within the Offshore Manufactured Products segment
• Adjusted EBITDA (a non-GAAP measure⁽¹⁾) of $19听尘颈濒濒颈辞苍
• Generated cash flows from operations of $9听尘颈濒濒颈辞苍
• Purchased $5听尘颈濒濒颈辞苍 of our common stock during the quarter
• Offshore Manufactured Products segment's backlog increased $45听尘颈濒濒颈辞苍 sequentially totaling $357听尘颈濒濒颈辞苍 as of March听31, with a quarterly book-to-bill ratio of 1.5x
  • First quarter segment bookings were augmented by a contract award exceeding $25 million for a deepwater production facility project in Brazil
• Received a 2025 Spotlight on New Technology^庐 award from the Offshore Technology Conference for our TowerLok鈩� Wind Tower Connector Technology

HOUSTON--(BUSINESS WIRE)-- Oil States International, Inc. (NYSE: OIS):

Oil States International, Inc. reported net income of $3.2 million, or $0.05 per share, and Adjusted EBITDA of $18.7 million for the first quarter of 2025 on revenues of $159.9 million. Reported first quarter 2025 net income included charges of $0.9 million ($0.7 million after-tax or $0.01 per share) associated with the exit of U.S. land-based facilities closed in 2024. These results compare to revenues of $164.6 million, net income of $15.2 million, or $0.24 per share, and Adjusted EBITDA of $18.7 million reported in the fourth quarter of 2024, which included a gain of $15.3 million ($12.1 million after-tax or $0.20 per share) associated with the sale of a previously idled facility and charges of $3.1 million ($2.5 million after-tax or $0.04 per share) associated primarily with the restructuring of certain U.S. land-based operations and facility closures.

Oil States鈥� President and Chief Executive Officer, Cindy B. Taylor, stated:

鈥淥ur first quarter consolidated results were supported by ongoing international and offshore activity through the addition of backlog along with benefits of our 2024 U.S. land-based optimization efforts and a strong recovery in our Gulf of America operations. We have historically reported negative cash flows from operations during the first quarter of the year due to seasonal working capital trends. However, we reversed that trend this quarter by generating $9 million of cash flow from operations.

鈥淥ur Offshore Manufactured Products segment revenues totaled $93 million in what is traditionally a seasonally slower first quarter, while Adjusted Segment EBITDA totaled $18 million. Bookings increased 20% sequentially, yielding a quarterly book-to-bill ratio of 1.5x. Our backlog is at its highest level since September 2015.

鈥淥perational performance within our Completion and Production Services and Downhole Technologies segments improved sequentially 鈥� driven by higher U.S. customer demand, both on land and offshore, along with benefits realized from our optimization actions taken in 2024. Collectively, the revenues and Adjusted Segment EBITDA of these two segments rose 17% and 191%, respectively, from the prior quarter.

鈥淥ur investments in technology and innovation were recognized for a fifth consecutive year by the Offshore Technology Conference, with the announcement that we received a 2025 Spotlight on New Technology^庐 Award for our TowerLok鈩� Wind Tower Connector.

鈥淚n April the spot price of WTI crude oil declined approximately 20% in response to the imposition of broad-based trade tariffs by the United States on imported goods, the introduction of retaliatory tariff increases by other countries and the announcement by OPEC+ of plans to increase crude oil production. While some trade tariffs have been temporarily paused, uncertainties remain regarding the broad future effect of actual and potential trade tariff disputes on the global economy as well as the future demand for and supply of crude oil. We are closely monitoring and adjusting our material sourcing strategies and customer pricing decisions during this volatile trade environment to minimize our costs while ensuring a stable supply of materials to support our customers鈥� requirements.

鈥淲e remain focused on managing our cost structure, working capital, cash flow generation and debt levels while returning capital to our stockholders.鈥�

Business Segment Results

(See Segment Data and Adjusted Segment EBITDA tables below)

Offshore Manufactured Products

Offshore Manufactured Products reported revenues of $92.6 million, operating income of $14.3 million and Adjusted Segment EBITDA of $17.9 million in the first quarter of 2025, compared to revenues of $107.3 million, operating income of $21.0 million and Adjusted Segment EBITDA of $24.7 million reported in the fourth quarter of 2024. Adjusted Segment EBITDA margin was 19% in the first quarter of 2025, compared to 23% in the fourth quarter of 2024.

Backlog totaled $357 million as of March 31, 2025, its highest level since September 2015. First quarter bookings increased 20%, totaling $136 million, compared to bookings of $113 million in the fourth quarter 鈥� yielding a quarterly book-to-bill ratio of 1.5x.

Completion and Production Services

Completion and Production Services reported revenues of $34.5 million, operating income of $3.5 million and Adjusted Segment EBITDA of $8.8 million in the first quarter of 2025, compared to revenues of $30.1 million, an operating loss of $4.0 million and Adjusted Segment EBITDA of $3.5 million reported in the fourth quarter of 2024. Adjusted Segment EBITDA margin was 25% in the first quarter of 2025, compared to 12% in the fourth quarter of 2024.

During the 2024, the segment implemented restructuring actions in its U.S. land-based businesses to reduce costs and improve future operating margins, which included the exit of two underperforming service offerings and the closure of multiple facilities leading to reductions in its U.S. workforce. As a result of these and other strategic actions previously taken, the segment鈥檚 operating loss for the fourth quarter of 2024 included $1.2 million of operating lease asset impairment charges and $1.9 million of costs associated with the exit of underperforming service locations. During the first quarter of 2025, the segment incurred charges of $0.9 million associated with the 2025 exit of facilities closed in 2024 and, to a lesser extent, additional headcount reductions.

Downhole Technologies

Downhole Technologies reported revenues of $32.8 million, an operating loss of $2.1 million and Adjusted Segment EBITDA of $1.9 million in the first quarter of 2025, compared to revenues of $27.3 million, an operating loss of $4.0 million and Adjusted Segment EBITDA of $0.1 million in the fourth quarter of 2024.

Corporate

Corporate operating expenses in the first quarter of 2025 totaled $10.0 million.

During the fourth quarter of 2024, the Company sold a previously idled facility (held-for-sale), resulting in the recognition of a gain of $15.3 million, which was included in operating income (loss) but excluded from Adjusted EBITDA.

Interest Expense, Net

Net interest expense totaled $1.6 million in the first quarter of 2025, which included $0.3 million of non-cash amortization of deferred debt issuance costs.

Income Taxes

During the first quarter of 2025, the Company recognized tax expense of $1.0 million on pre-tax income of $4.2 million, which included certain non-deductible expenses. The Company recognized income tax expense of $1.8 million on pre-tax income of $17.0 million, which included unfavorable changes in valuation allowances recorded against deferred tax assets and certain non-deductible expenses in the fourth quarter of 2024.

Cash Flows

During the first quarter of 2025, cash flows provided by operations and free cash flows (a non-GAAP measure 鈥� see Note (E)) totaled $9.3 million each. Net debt (total debt less cash and cash equivalents) decreased by $1.4 million during the first quarter, after repurchasing $5.3 million of common stock.

Financial Condition

Cash on-hand totaled $66.8 million at March 31, 2025. No borrowings were outstanding under the Company鈥檚 asset-based revolving credit facility at March 31, 2025.

Other Highlights 鈥� Industry Award, Technology Deployments and Other Developments

• Demonstrating Oil States鈥� constant commitment to advance the production of affordable and reliable energy, for a fifth consecutive year, the Company was honored by the Offshore Technology Conference in March 2025 as a recipient of the Spotlight on New Technology^庐 Award for its TowerLok鈩� Wind Tower Connector. This enabling technology offers offshore and land wind turbine tower developers a unique solution to reduce risks associated with tower fatigue failures associated with studs and nuts loosening over time and other cycling stresses. This proprietary technology provides operators with flexibility and the opportunity to lower installation time and safety incidents through preassembly at the factory, quayside, or on a support vessel as well as hands-free landing for quick locking.
• Customer acceptance of the Company鈥檚 field-proven Managed Pressure Drilling Integrated Riser Joint (鈥淢PD IRJ鈥�) continues to expand, with the award of another contract for its slim-line, rental MPD IRJ in the first quarter. Additionally, Oil States continues its collaboration with Seadrill to integrate its MPD IRJ technology with Seadrill鈥檚 deepwater drilling vessels. The Company鈥檚 MPD IRJ (recipient of a 2022 Spotlight on New Technology^庐 Award) enhances the safe handling of gas influx and significantly reduces nonproductive time in deepwater MPD operations, while its compact design allows for safer, easier handling, and greater functionality, enabling on-deck function and pressure testing.
• Oil States received a contract award exceeding $25 million for a deepwater production facility project in Brazil in the first quarter of 2025. Additionally, the Company continued to grow its local operations in Brazil, with the receipt of numerous, multi-year project awards totaling $26 million in the period.
• The Company completed the manufacture of its third Merlin鈩� Mineral Riser system, designed for a water depth of 6,000 meters.
• Oil States continued to invest in the expansion of its manufacturing capabilities and capacity in Batam, Indonesia during the quarter to meet growing international customer demand.

Conference Call Information

The call is scheduled for May 1, 2025 at 9:00 a.m. Central Daylight Time, is being webcast and can be accessed from the Company鈥檚 website at . Participants may also join the conference call by dialing 1 (888) 210-3346 in the United States or by dialing +1 (646) 960-0253 internationally and using the passcode 7534957. A replay of the conference call will be available approximately two hours after the completion of the call and can be accessed from the Company鈥檚 website at .

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. The Company鈥檚 manufactured products include highly engineered capital equipment and consumable products. Oil States is headquartered in Houston, Texas with manufacturing and service facilities strategically located across the globe. Oil States is publicly traded on the New York Stock Exchange under the symbol 鈥淥IS鈥�.

For more information on the Company, please visit Oil States International鈥檚 website at .

Cautionary Language Concerning Forward Looking Statements

The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are those that do not state historical facts and are, therefore, inherently subject to risks and uncertainties. The forward-looking statements included herein are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Such risks and uncertainties include, among others, the impact of changes in tariffs and duties on imported materials and exported finished goods, the level of supply and demand for oil and natural gas, fluctuations in the current and future prices of oil and natural gas, the level of exploration, drilling and completion activity, general global economic conditions, the cyclical nature of the oil and natural gas industry, geopolitical conflicts and tensions, the financial health of our customers, the actions of the Organization of Petroleum Exporting Countries and other producing nations (鈥淥PEC+鈥�) with respect to crude oil production levels and pricing, supply chain disruptions, the impact of environmental matters, including executive actions and regulatory efforts to adopt environmental or climate change regulations that may result in increased operating costs or reduced oil and natural gas production or demand globally, consolidation of our customers, our ability to access and the cost of capital in the bank and capital markets, our ability to develop new competitive technologies and products, and other factors discussed in the 鈥淏usiness鈥� and 鈥淩isk Factors鈥� sections of the Company鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof, and, except as required by law, the Company undertakes no obligation to update those statements or to publicly announce the results of any revisions to any of those statements to reflect future events or developments.

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Company Contact:

Lloyd A. Hajdik

Oil States International, Inc.

Executive Vice President, Chief Financial Officer and Treasurer

(713) 652-0582

Source: Oil States International, Inc.