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Feb 19, 2020

Oil States Announces Fourth Quarter 2019 Results of Operations

HOUSTON, Feb. 19, 2020 (GLOBE NEWSWIRE) -- Oil States International, Inc. (NYSE: OIS) reported a net loss for the fourth quarter of 2019 of $175.6 million, or $2.95 per share. The reported fourth quarter 2019 results included a non-cash goodwill impairment charge of $165.0 million ($165.0 million after-tax, or $2.78 per share) and severance and downsizing charges totaling $0.5 million ($0.4 million after-tax, or $0.01 per share). During the fourth quarter of 2019, the Company generated revenues of $238.4 million and Consolidated EBITDA (Note A) of $19.7 million.

Fourth quarter 2019 highlights included:

  • Generated $21.5 million in cash flow from operations

  • Repaid $13.1 million in borrowings under the revolving credit facility

  • Repurchased $6.8 million in principal amount of the convertible senior notes at a 13% discount to par value

  • Total debt to capitalization of 16.9%

  • Recorded a non-cash goodwill impairment charge of $165.0 million

These results compare to a reported net loss for the fourth quarter of 2018 of $14.3 million, or $0.24 per share, on revenues of $274.1 million and Consolidated EBITDA of $24.1 million. The reported fourth quarter 2018 results included legal fees incurred for patent defense of $2.4 million ($1.9 million after-tax, or $0.03 per share), transaction-related expenses of $0.7 million ($0.6 million after-tax, or $0.01 per share) and severance and downsizing charges of $0.8 million ($0.7 million after-tax, or $0.01 per share).

Oil States’ President and Chief Executive Officer, Cindy B. Taylor, stated, "Our fourth quarter results were consistent with our revised guidance issued in January and were reflective of the significant decline in U.S. land-based completion activity during the fourth quarter. Our Completion Services business was particularly affected in our Northeast and Mid-Continent regions of operations, where the corresponding average sequential rig counts were down 24% and 19%, respectively. Revenues in our Offshore/Manufactured Products segment benefited from increased project-driven product revenues converting from backlog; however, demand for our short-cycle products was down sequentially as activity declined and customers de-stocked existing inventories. Backlog in our Offshore/Manufactured Products segment totaled $280 million at December 31, 2019, and our book-to-bill ratios for the fourth quarter and full-year 2019 were 0.9x and 1.3x, respectively. Our Downhole Technologies segment was also negatively impacted by lower U.S. land completion activities. Despite the challenging market conditions we faced during the quarter, our business model and capital structure afforded us the ability to generate strong free cash flow, which was used to further reduce our debt outstanding. We remain focused on providing value-added products and services to meet customer demands while adjusting our capital investment plans and cost structure to align with the current market environment."

For the year ended December 31, 2019, the Company reported a net loss of $231.8 million, or $3.90 per share, revenues of $1.0 billion and Consolidated EBITDA of $98.9 million. The full year 2019 results included a non-cash goodwill impairment charge of $165.0 million ($165.0 million after-tax, or $2.78 per share), a non-cash fixed asset impairment charge of $33.7 million ($26.6 million after-tax, or $0.45 per share), and severance and downsizing charges of $3.5 million ($2.8 million after-tax, or $0.05 per share).

BUSINESS SEGMENT RESULTS

(See Segment Data Tables)

Offshore/Manufactured Products
The Offshore/Manufactured Products segment generated revenues and Segment EBITDA (Note B) of $108.2 million and $16.4 million, respectively, in the fourth quarter of 2019 compared to revenues of $104.8 million and Segment EBITDA of $16.9 million in the third quarter of 2019. Revenues increased 3% sequentially due primarily to an increase in project-driven product sales, partially offset by a reduction in sales of our shorter-cycle products (elastomer and valve products) as customers reduced their existing inventory levels. Segment EBITDA margin (defined as Segment EBITDA divided by segment revenues) was 15% in the fourth quarter of 2019 compared to a Segment EBITDA margin of 16% realized in the third quarter of 2019. The fourth quarter 2019 Segment EBITDA was negatively impacted by a $1.7 million bad debt provision on a prior-year receivable from a customer claiming bankruptcy protection. Excluding the $1.7 million provision for bad debt, the Segment EBITDA margin would have been 17%.

The book-to-bill ratio for the fourth quarter of 2019 was 0.9x and backlog at December 31, 2019 totaled $280 million. This compared to a backlog of $293 million at September 30, 2019 and $179 million reported at December 31, 2018.

Well Site Services
The Well Site Services segment generated revenues of $91.7 million and Segment EBITDA of $9.3 million in the fourth quarter of 2019 compared to revenues and Segment EBITDA of $116.0 million and $20.2 million, respectively, in the third quarter of 2019. The sequential revenue decline was concentrated in the Northeast and Mid-Continent regions of operation due to lower U.S. land completion activity in the fourth quarter and was also impacted by the reduction in scope of the Drilling Services business, which decreased from 34 rigs to 9 rigs. Segment EBITDA margins averaged 10% in the fourth quarter of 2019 compared to 17% in the third quarter of 2019.

Downhole Technologies
The Downhole Technologies segment generated revenues of $38.4 million and Segment EBITDA of $3.4 million in the fourth quarter of 2019 compared to revenues and Segment EBITDA of $42.9 million and $6.0 million, respectively, in the third quarter of 2019. Segment EBITDA margin was 9% in the fourth quarter of 2019 compared to 14% in the third quarter of 2019. Fourth quarter results were sequentially lower due to the decline in U.S. land completion activity and under-absorbed manufacturing facility costs. During the fourth quarter, the segment recorded a non-cash goodwill impairment charge of $165.0 million.

Interest Expense, Net
The Company reported net interest expense of $3.9 million in the fourth quarter of 2019. Included in net interest expense was $2.0 million of non-cash amortization of debt discount and deferred financing costs. For 2019, net interest expense totaled $17.6 million, of which $7.9 million was non-cash amortization of debt discount and deferred financing costs.

Income Taxes
The Company recognized an effective tax rate benefit of 1.2% in the fourth quarter of 2019 bringing the overall annual effective tax rate to a benefit of 3.7% for 2019.

Financial Condition
As of December 31, 2019, $51.9 million was outstanding under the Company’s revolving credit facility, while cash on hand totaled $8.5 million. The Company repaid $13.1 million and $84.2 million of borrowings outstanding under its revolving credit facility during the fourth quarter and full year 2019, respectively. As of December 31, 2019, the total amount available to be drawn under the revolving credit facility was $131.1 million. The Company repurchased $6.8 million and $7.8 million in principal amount of its outstanding convertible senior notes at a 13% discount to the par value of the notes during the fourth quarter and full year 2019, respectively. The Company's total debt represented 16.9% of combined total debt and stockholders' equity at December 31, 2019.

Conference Call Information
The call is scheduled for Thursday, February 20, 2020 at 9:00 am CT, is being webcast and can be accessed from the Company’s website at www.ir.oilstatesintl.com. Participants may also join the conference call by dialing (888) 771-4371 in the United States or by dialing +1 847 585 4405 internationally and using the passcode of 49403915. A replay of the conference call will be available one and a half hours after the completion of the call by dialing (888) 843-7419 in the United States or by dialing +1 630 652 3042 internationally and entering the passcode of 49403915.

About Oil States
Oil States International, Inc. is a global products and services company predominantly serving the drilling, completion, subsea, production and infrastructure sectors of the oil and gas industry. The Company’s manufactured products include highly engineered capital equipment as well as products consumed in the drilling, well construction and production of oil and natural gas. 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 “OIS”.

For more information on the Company, please visit Oil States International’s website at www.oilstatesintl.com.

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 level of supply of and demand for oil and natural gas, fluctuations in the prices therefor and the cyclical nature of the oil and natural gas industry and the other risks associated with the general nature of the energy service industry discussed in the “Business” and “Risk Factors” sections of the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018, Periodic Reports on Form 8‑K and Quarterly Reports on Form 10‑Q. 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.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Amounts)

  Three Months Ended   Year Ended December 31,
  December 31,
2019
  September 30,
2019
  December 31,
2018
  2019   2018
  (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)    
Revenues:                  
Products $ 119,999     $ 122,067     $ 116,543     $ 483,359     $ 501,822  
Services 118,362     141,630     157,575     533,995     586,311  
  238,361     263,697     274,118     1,017,354     1,088,133  
                   
Costs and expenses:                  
Product costs 93,841     90,796     90,331     369,194     366,453  
Service costs 99,668     110,294     125,231     433,395     468,060  
Cost of revenues (exclusive of depreciation and amortization expense presented below) 193,509     201,090     215,562     802,589     834,513  
Selling, general and administrative expenses 29,405     31,935     35,671     122,932     138,070  
Depreciation and amortization expense 28,519     31,366     32,832     123,319     123,530  
Impairment of goodwill 165,000             165,000      
Impairment of fixed assets     33,697         33,697      
Other operating (income) expense, net (2,037 )   519     (7 )   (2,003 )   (2,104 )
  414,396     298,607     284,058     1,245,534     1,094,009  
Operating loss (176,035 )   (34,910 )   (9,940 )   (228,180 )   (5,876 )
                   
Interest expense, net (3,915 )   (4,352 )   (4,908 )   (17,636 )   (18,995 )
Other income, net 2,223     1,190     1,212     5,089     3,139  
Loss before income taxes (177,727 )   (38,072 )   (13,636 )   (240,727 )   (21,732 )
Income tax (provision) benefit 2,175     6,204     (700 )   8,919     2,627  
Net loss $ (175,552 )   $ (31,868 )   $ (14,336 )   $ (231,808 )   $ (19,105 )
                   
Net loss per share from:                  
Basic $ (2.95 )   $ (0.54 )   $ (0.24 )   $ (3.90 )   $ (0.33 )
Diluted $ (2.95 )   $ (0.54 )   $ (0.24 )   $ (3.90 )   $ (0.33 )
                   
Weighted average number of common shares outstanding:                
Basic 59,431     59,423     59,032     59,379     58,712  
Diluted 59,431     59,423     59,032     59,379     58,712  
                             


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(In Thousands)

  December 31, 2019   December 31, 2018
  (Unaudited)    
ASSETS      
Current assets:      
Cash and cash equivalents $ 8,493     $ 19,316  
Accounts receivable, net 233,487     283,607  
Inventories, net 221,342     209,393  
Prepaid expenses and other current assets 20,107     21,715  
Total current assets 483,429     534,031  
       
Property, plant and equipment, net 459,724     540,427  
Operating lease assets, net 43,616      
Goodwill, net 482,306     647,018  
Other intangible assets, net 230,091     255,301  
Other noncurrent assets 28,701     27,044  
Total assets $ 1,727,867     $ 2,003,821  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Current portion of long-term debt $ 25,617     $ 25,561  
Accounts payable 78,368     77,511  
Accrued liabilities 48,840     60,730  
Current operating lease liabilities 8,311      
Income taxes payable 4,174     3,072  
Deferred revenue 17,761     14,160  
Total current liabilities 183,071     181,034  
       
Long-term debt 222,552     306,177  
Long-term operating lease liabilities 35,777      
Deferred income taxes 38,079     53,831  
Other noncurrent liabilities 24,421     23,011  
Total liabilities 503,900     564,053  
       
Stockholders' equity:      
Common stock 726     718  
Additional paid-in capital 1,114,521     1,097,758  
Retained earnings 797,710     1,029,518  
Accumulated other comprehensive loss (67,746 )   (71,397 )
Treasury stock, at cost (621,244 )   (616,829 )
Total stockholders' equity 1,223,967     1,439,768  
Total liabilities and stockholders' equity $ 1,727,867     $ 2,003,821  
               


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)

  Year Ended December 31,
  2019   2018
  (Unaudited)    
Cash flows from operating activities:      
Net loss $ (231,808 )   $ (19,105 )
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization expense 123,319     123,530  
Impairment of goodwill 165,000      
Impairment of fixed assets 33,697      
Stock-based compensation expense 16,768     22,649  
Amortization of debt discount and deferred financing costs 7,884     7,408  
Deferred income tax benefit (15,469 )   (3,489 )
Gain on disposals of assets (4,291 )   (6,288 )
Other, net 3,079     1,411  
Changes in operating assets and liabilities, net of effect from acquired businesses:      
Accounts receivable 50,257     (16,792 )
Inventories (10,774 )   (7,283 )
Accounts payable and accrued liabilities (6,173 )   5,796  
Income taxes payable 662     802  
Other operating assets and liabilities, net 5,281     (5,469 )
Net cash flows provided by operating activities 137,432     103,170  
       
Cash flows from investing activities:      
Capital expenditures (56,116 )   (88,024 )
Proceeds from disposition of property, plant and equipment 6,046     3,659  
Acquisitions of businesses, net of cash acquired     (379,676 )
Proceeds from flood insurance claims     3,850  
Other, net (1,912 )   (1,184 )
Net cash flows used in investing activities (51,982 )   (461,375 )
       
       
Cash flows from financing activities:      
Revolving credit facility borrowings 246,828     835,467  
Revolving credit facility repayments (331,041 )   (699,322 )
Issuance of 1.50% convertible senior notes     200,000  
Purchases of 1.50% convertible senior notes (6,724 )    
Other debt and finance lease repayments, net (500 )   (537 )
Payment of financing costs (16 )   (7,372 )
Purchase of treasury stock (757 )    
Shares added to treasury stock as a result of net share settlements due to vesting of restricted stock (3,698 )   (4,178 )
Net cash flows (used in) provided by financing activities (95,908 )   324,058  
       
Effect of exchange rate changes on cash and cash equivalents (365 )   4  
Net change in cash and cash equivalents (10,823 )   (34,143 )
Cash and cash equivalents, beginning of year 19,316     53,459  
Cash and cash equivalents, end of year $ 8,493     $ 19,316  
       
Cash paid for:      
Interest $ 9,626     $ 9,864  
Income taxes, net of refunds (1,303 )   2,993  
           


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

SEGMENT DATA
(In Thousands)
(unaudited)

  Three Months Ended   Year Ended December 31,
  December 31,
2019 (2)
  September 30,
2019 (3)
  December 31,
2018 (4)
  2019 (5)   2018 (6)
Revenues:                  
Well Site Services:                  
Completion Services $ 82,820     $ 103,966     $ 108,142     $ 390,748     $ 411,019  
Drilling Services 8,916     12,034     18,000     41,346     69,235  
Total Well Site Services 91,736     116,000     126,142     432,094     480,254  
Downhole Technologies 38,402     42,882     52,187     182,314     213,813  
Offshore/Manufactured Products (1):                  
Project-driven products 53,969     39,474     22,593     159,205     120,894  
Short-cycle products 21,500     34,698     32,431     123,222     144,367  
Other products and services 32,754     30,643     40,765     120,519     128,805  
Total Offshore/Manufactured Products 108,223     104,815     95,789     402,946     394,066  
Total revenues $ 238,361     $ 263,697     $ 274,118     $ 1,017,354     $ 1,088,133  
                   
Operating income (loss):                  
Well Site Services:                  
Completion Services $ (9,339 )   $ 1,719     $ (1,109 )   $ (11,621 )   $ (7,647 )
Drilling Services 236     (36,495 )   (1,889 )   (43,419 )   (9,363 )
Total Well Site Services (9,103 )   (34,776 )   (2,998 )   (55,040 )   (17,010 )
Downhole Technologies (167,259 )   659     566     (164,008 )   26,705  
Offshore/Manufactured Products 9,815     11,139     6,729     36,022     38,914  
Corporate (9,488 )   (11,932 )   (14,237 )   (45,154 )   (54,485 )
Total operating loss $ (176,035 )   $ (34,910 )   $ (9,940 )   $ (228,180 )   $ (5,876 )

(1) Disaggregated revenue information is provided to supplement the Segment Data.

(2) Operating income (loss) for the three months ended December 31, 2019 included severance and downsizing charges of $0.5 million related to the Completion Services business and a non-cash goodwill impairment charge of $165.0 million related to the Downhole Technologies segment.

(3) Operating income (loss) for the three months ended September 30, 2019 included severance and downsizing charges of $0.3 million related to the Completion Services business and $0.4 million related to the Offshore/Manufactured Products segment, and a non-cash fixed asset impairment charge of $33.7 million related to the Drilling Services business.

(4) Operating income (loss) for the three months ended December 31, 2018 included severance and downsizing charges of $0.2 million related to the Completion Services business and $0.7 million related to the Offshore/Manufactured Products segment, $2.4 million of patent defense costs related to the Downhole Technologies segment, and transaction-related expenses of $0.6 million and $0.1 million related to Corporate and the Downhole Technologies segment, respectively.

(5) Operating income (loss) for the year ended December 31, 2019 included severance and downsizing charges of $1.8 million related to the Completions Services business and $1.7 million related to the Offshore/Manufactured Products segment, a non-cash fixed asset impairment charge of $33.7 million related to the Drilling Services business, and a non-cash goodwill impairment charge of $165.0 million related to the Downhole Technologies segment.

(6) Operating income (loss) for the year ended December 31, 2018 included severance and downsizing charges of $1.5 million related to the Offshore/Manufactured Products segment and $0.1 million related to the Completion Services business, $8.4 million of patent defense costs related to the Downhole Technologies segment, transaction-related expenses of $3.0 million and $0.3 million related to Corporate and the Downhole Technologies segment, respectively, as well as $3.0 million in reserves for prior years' Fair Labor Standards Act claims settlements related to the Completion Services business.


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
SEGMENT EBITDA (B)
(In Thousands)
(unaudited)

  Three Months Ended   Year Ended December 31,
  December 31,
2019
  September 30,
2019
  December 31,
2018
  2019   2018
Well Site Services:                  
Completion Services:                  
Operating income (loss) $ (9,339 )   $ 1,719     $ (1,109 )   $ (11,621 )   $ (7,647 )
Depreciation and amortization expense 16,882     17,024     17,333     68,440     66,415  
Other income 1,258     1,082     1,209     3,730     2,624  
EBITDA $ 8,801     $ 19,825     $ 17,433     $ 60,549     $ 61,392  
                   
Drilling Services:                  
Operating income (loss) $ 236     $ (36,495 )   $ (1,889 )   $ (43,419 )   $ (9,363 )
Depreciation and amortization expense 244     3,164     3,456     9,973     14,354  
Impairment of fixed assets     33,697         33,697      
Other income     50     1     197     380  
EBITDA $ 480     $ 416     $ 1,568     $ 448     $ 5,371  
                   
Total Well Site Services:                  
Operating loss $ (9,103 )   $ (34,776 )   $ (2,998 )   $ (55,040 )   $ (17,010 )
Depreciation and amortization expense 17,126     20,188     20,789     78,413     80,769  
Impairment of fixed assets     33,697         33,697      
Other income 1,258     1,132     1,210     3,927     3,004  
Segment EBITDA $ 9,281     $ 20,241     $ 19,001     $ 60,997     $ 66,763  
                   
Downhole Technologies:                  
Operating income (loss) $ (167,259 )   $ 659     $ 566     $ (164,008 )   $ 26,705  
Depreciation and amortization expense 5,616     5,309     5,651     21,247     18,649  
Impairment of goodwill 165,000             165,000      
Other income (expense)     (2 )   (7 )   12     (19 )
Segment EBITDA $ 3,357     $ 5,966     $ 6,210     $ 22,251     $ 45,335  
                   
Offshore/Manufactured Products:                  
Operating income $ 9,815     $ 11,139     $ 6,729     $ 36,022     $ 38,914  
Depreciation and amortization expense 5,602     5,680     6,181     22,842     23,207  
Other income 965     60     9     1,150     154  
Segment EBITDA $ 16,382     $ 16,879     $ 12,919     $ 60,014     $ 62,275  
                   
Corporate:                  
Operating loss $ (9,488 )   $ (11,932 )   $ (14,237 )   $ (45,154 )   $ (54,485 )
Depreciation and amortization expense 175     189     211     817     905  
EBITDA $ (9,313 )   $ (11,743 )   $ (14,026 )   $ (44,337 )   $ (53,580 )
                                       


OIL STATES INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In Thousands)
(unaudited)

  Three Months Ended   Year Ended December 31,
  December 31,
2019
  September 30,
2019
  December 31,
2018
  2019   2018
Net loss $ (175,552 )   $ (31,868 )   $ (14,336 )   $ (231,808 )   $ (19,105 )
Income tax provision (benefit) (2,175 )   (6,204 )   700     (8,919 )   (2,627 )
Depreciation and amortization expense 28,519     31,366     32,832     123,319     123,530  
Impairment of goodwill 165,000             165,000      
Impairment of fixed assets     33,697         33,697      
Interest expense, net 3,915     4,352     4,908     17,636     18,995  
Consolidated EBITDA (A) $ 19,707     $ 31,343     $ 24,104     $ 98,925     $ 120,793  
  1. The term Consolidated EBITDA consists of net loss plus net interest expense, taxes, depreciation and amortization expense, and adjustments for certain other items such as non-cash asset impairment charges. Consolidated EBITDA does not give effect to cash used for debt service requirements, reinvestment or other discretionary uses and is not a measure of financial performance under generally accepted accounting principles. Accordingly, it should not be considered in isolation from or as a substitute for net loss or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. The Company has included Consolidated EBITDA as a supplemental disclosure because its management believes that Consolidated EBITDA provides useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses Consolidated EBITDA to compare and to monitor the performance of the Company and its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The table above sets forth a reconciliation of Consolidated EBITDA to net loss, which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles.
     
  2. The terms EBITDA and Segment EBITDA consist of operating income (loss) plus depreciation and amortization expense, other income (loss), and adjustments for certain other items such as non-cash asset impairment charges. EBITDA and Segment EBITDA are not measures of financial performance under generally accepted accounting principles and should not be considered in isolation from or as a substitute for operating income (loss) or cash flow measures prepared in accordance with generally accepted accounting principles or as a measure of profitability or liquidity. The Company has included EBITDA and Segment EBITDA as a supplemental disclosure because its management believes that EBITDA and Segment EBITDA provide useful information regarding its ability to service debt and to fund capital expenditures and provides investors a helpful measure for comparing its operating performance with the performance of other companies that have different financing and capital structures or tax rates. The Company uses EBITDA and Segment EBITDA to compare and to monitor the performance of its business segments to other comparable public companies and as a benchmark for the award of incentive compensation under its annual incentive compensation plan. The tables above set forth reconciliations of EBITDA and Segment EBITDA to operating income (loss), which is the most directly comparable measure of financial performance calculated under generally accepted accounting principles.


Company Contact:
Lloyd A. Hajdik
Oil States International, Inc.
Executive Vice President, Chief Financial Officer and Treasurer
713-652-0582

Patricia Gil
Oil States International, Inc.
Director, Investor Relations
713-470-4860

SOURCE: Oil States International, Inc.

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Source: Oil States International, Inc.

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