Bronco Drilling Co. Briefs 4Q 2009 Results

Bronco Drilling Company announced financial and operational results for the three months and twelve months ended December 31, 2009.

Consolidated Results

Revenues for the fourth quarter of 2009 were $16.2 million compared to $16.2 million for the third quarter of 2009 and $76.0 million for the fourth quarter of 2008. Net loss for the fourth quarter of 2009 was $6.1 million compared to a net loss of $42.7 million for the previous quarter and a net loss of $19.8 million for the fourth quarter of 2008. The Company's fully diluted earnings per share for the quarter ended December 31, 2009, were a loss of $0.23 based on 26.7 million shares.

Revenues for the year ended December 31, 2009 were $110.5 million compared to $281.1 million for the year ended 2008. Net loss for 2009 was $57.6 million compared to a net loss of $8.2 million for 2008. The Company generated adjusted EBITDA of $7.6 million in 2009 compared to adjusted EBITDA of $77.7 million for the previous year. The Company's fully diluted earnings per share for the year ended December 31, 2009, were a loss of $2.16 compared to a loss of $0.31 for 2008.

Land Drilling

Average operating land rigs for the fourth quarter of 2009 was 37 compared to 45 for the previous quarter and 43 for the fourth quarter of 2008. Revenue days for the quarter increased to 1,049 from 980 for the previous quarter and decreased from 3,300 for the fourth quarter of 2008. Utilization for the fourth quarter of 2009 was 31% compared to 23% for the previous quarter and decreased from 83% for the fourth quarter of 2008. Average daily cash margin for our land drilling fleet for the quarter ended December 31, 2009 was $2,186 compared to $3,576 for the previous quarter and $9,087 for the fourth quarter of 2008.

Average operating land rigs for the year ended December 31, 2009 was flat at 44 compared to 2008. Revenue days for 2009 decreased to 5,699 from 12,712 for the previous year. Utilization for 2009 was 36% compared to 79% for 2008. Average daily cash margins for our land drilling fleet for the year ended December 31, 2009 was $5,394 compared to $7,785 for 2008.

Well Servicing

Revenue hours for 2009 decreased to 11,386 from 91,591 for the previous year. Utilization for 2009 was 17% compared to 68% for 2008. As previously released, the Company temporarily suspended well servicing operations in June 2009.

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