Klx Energy Services Holdings Inc Stock Price, News & Analysis

KLXE reported financial results for its fiscal Q3 ended October 31, 2020, showing revenue of $70.9 million, up 30.1% from the previous quarter. The net loss decreased to $38.3 million, and Adjusted EBITDA loss improved to $5.4 million, marking reductions of 30.1% and 72.0%, respectively. The merger with Quintana Energy Services is driving cost synergies of $40 million, with an additional $6 million identified. KLXE ended the quarter with $79.8 million in cash and $106.2 million in liquidity, indicating a solid financial position amid challenging market conditions.

KLX Energy Services Holdings (KLXE) announced the release of its fiscal third quarter 2020 financial results on December 7, 2020, after market close. The company will hold a conference call on December 8, 2020, at 10:00 a.m. Eastern Time, to discuss these results. The call will be accessible via phone and live stream. A replay will be available until December 15, 2020. KLXE provides diversified oilfield services to major U.S. oil and gas companies, focusing on drilling and production activities.

KLX Energy Services Holdings (Nasdaq: KLXE) announced that CEO Chris Baker and CFO Keefer Lehner will participate in the Barclays CEO Energy-Power Virtual Conference on September 8, 2020. KLXE provides a range of oilfield services to major U.S. onshore oil and gas companies, focusing on drilling, completion, intervention, and production activities. The company operates over 60 service facilities nationwide, offering proprietary products and specialized services supported by a skilled workforce and robust R&D capabilities. For more details, visit KLX Energy.

KLXE reported its fiscal Q2 results, ending July 31, 2020, reflecting a significant revenue decline to $36.2 million, down 56.4% from Q1. The net loss was $20.4 million, improving from a previous $243.1 million loss. The merger with QES on July 28 was completed, generating expected run-rate cost synergies of $40 million. KLXE ended the quarter with $98.5 million in cash and anticipates challenges in the drilling sector due to low commodity prices. The company reported significant losses across its segments, particularly in the Southwest region, which faced an 82.8% revenue decrease.

KLX Energy Services Holdings, Inc. (KLXE) announced the release of its fiscal second quarter 2020 financial results on September 2, 2020, after market close. A subsequent earnings conference call is scheduled for September 3, 2020, at 10:00 a.m. ET, which will be available for live listening via phone or internet. A replay will be provided until September 10, 2020. KLXE specializes in diversified oilfield services, providing critical support for drilling, completion, and production across major U.S. basins.

KLX Energy Services Holdings, Inc. (KLXE) has completed its all-stock merger with Quintana Energy Services, Inc. (QES), following approval from both companies' shareholders. The merger positions KLXE as a leading provider in the oilfield services sector, enhancing its service offerings across major U.S. onshore oil and gas basins. Estimated annual cost synergies are projected at $40 million by Q2 2021, and the merger is expected to positively impact free cash flow per share. KLXE now boasts a robust liquidity and improved capital structure, with over $117 million in cash and an undrawn revolving credit facility.

KLX Energy Services announced a 1-for-5 reverse stock split effective July 28, 2020, aiming to finalize its merger with Quintana Energy Services. This split will reduce KLXE's outstanding shares from approximately 24.9 million to 5.0 million and will not affect authorized share amounts. Shareholders' ownership percentage remains unchanged, though those with fractional shares will receive cash compensation. The merger is supported by a majority vote from KLXE shareholders, reflecting confidence in the strategic consolidation of oilfield services.

KLX Energy Services Holdings, Inc. (KLXE) announced that its stockholders approved a stock issuance proposal in connection with its merger with Quintana Energy Services Inc. (QES). The merger, effective around July 28, 2020, will see QES stockholders receiving 0.4844 shares of KLXE stock for each QES share. KLXE stockholders will own approximately 59% of the combined company. Additional proposals passed during the annual meeting include a reverse stock split and the election of new board members, while an increase to the Long-Term Incentive Plan was not approved.

KLX Energy Services (NASDAQ: KLXE) reported Q1 fiscal results for the period ending April 30, 2020, with revenues of $83.0 million, reflecting a 16% decline from the previous quarter due to COVID-19 and oil market disruptions. The company faced a net loss of $243.1 million, impacted by a $208.7 million asset impairment charge. Despite challenges, adjusted gross margin increased by 420 basis points to 18.9%. KLXE emphasized ongoing cost reductions, targeting $30 million in annual savings, and an all-stock merger with Quintana Energy Services is expected to finalize in H2 2020.