Bronco Drilling Grows Third Quarter Revenues

Bronco Drilling has provided its financial and operational results for the three months ended September 30, 2008.

Consolidated Results

Revenues for the third quarter of 2008 were $73.0 million compared to $69.8 million for the second quarter of 2008 and $76.3 million for the third quarter of 2007. Net loss for the third quarter of 2008 was $0.9 million compared to net income of $4.3 million for the previous quarter and $11.1 million for the third quarter of 2007.

The Company generated EBITDA of $12.9 million for the third quarter of 2008 compared to $20.6 million for the previous quarter and $28.3 million for the third quarter of 2007. The Company’s fully diluted earnings per share for the quarter ended September 30, 2008, were a loss of $0.03 based on 26.4 million shares.

Results for the third quarter of 2008 were adversely affected by several non-recurring charges. These charges are primarily comprised of expenses related to the termination of the proposed merger with Allis-Chalmers Energy, Inc., the severance of our Senior VP of Rig Operations and a large workers' compensation claim. These items resulted in a pre-tax charge of approximately $9 million in the third quarter. Without these non-recurring charges, fully diluted earnings per share for the quarter would be $0.18.

Land Drilling

Average operating land rigs for the third quarter of 2008 were 42 compared to 45 for the previous quarter and 53 for the third quarter of 2007. The decrease from the previous quarter is due to rigs being winterized and refurbished for deployment to the Bakken Shale and rigs refurbished for deployment to Mexico. Revenue days for the quarter decreased to 3,208 from 3,355 for the previous quarter and decreased from 3,739 for the third quarter of 2007. Utilization for the third quarter of 2008 was 84% compared to 82% for the previous quarter and 76% for the third quarter of 2007. Average daily cash margins for our land drilling fleet for the quarter ended September 30, 2008, were $7,582 compared to $7,088 for the previous quarter and $8,373 for the third quarter of 2007.

Well Servicing

Average operating workover rigs for the third quarter of 2008 were 54 compared to 53 for the previous quarter and 35 for the third quarter of 2007. Revenue hours for the quarter decreased to 25,401 from 25,533 for the previous quarter and increased from 17,184 for the third quarter of 2007. Utilization for the third quarter of 2008 was 73% compared to 75% for the previous quarter and 78% for the third quarter of 2007. Average hourly cash margins for our well servicing fleet for the quarter ended September 30, 2008, were $50 compared to $127 for the previous quarter and $111 for the third quarter of 2007.
 

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
Business Development Manager
Expertise: Business Development|Sales
Location: Centennial, CO
 
Project Manager, USA
Expertise: Project Management
Location: United States
 
Assistant Treasurer
Expertise: Accounting|Financial Analyst
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $50.75/BBL 0.09%
Light Crude Oil : $47.73/BBL 0.50%
Natural Gas : $3.05/MMBtu 0.97%
Updated in last 24 hours