Replies to post #121883 on Savvy Trades and Investments

[2morrowsGains]

FTK...📢Flotek Surpasses 2024 Annual Guidance with Strong Fourth Quarter and Full-Year Results

HOUSTON, March 10, 2025 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced operational and financial results for the fourth quarter and full-year ended December 31, 2024. Fourth quarter 2024 results were the strongest quarterly results of 2024 in terms of revenue, gross profit, net income and adjusted EBITDA (1).

Full-Year and Fourth Quarter 2024 Highlights

- Q4 2024 total revenue rose 20% vs. Q4 2023, led by a 21% jump in external customer revenue—the highest in 5 years.
- Data analytics service revenue grew 124% vs. Q4 2023 and 44% vs. full year 2023.
- Gross profit climbed 30% vs. Q4 2023 and 62% vs. full year 2023, with Q4 2024 gross margin rising to 24%.
- Q4 2024 net income was $4.4 million and adjusted EBITDA(1) totaled $7.0 million, up 111% and 78%, respectively, vs Q4 2023.
- 2024 net income hit $10.5 million or $0.34/share, vs. a loss of $(0.10)/share in 2023.
- 2024 adjusted EBITDA(1) reached $20.3 million, up $18.8 million from 2023—the highest since 2017—exceeding guidance of $18.5 million by 10%.

Management Commentary

Chief Executive Officer Dr. Ryan Ezell commented, "2024 marks a significant step in the execution of our corporate strategy towards the convergence between innovative Data and Chemistry solutions that deliver outstanding value to our customers and external stakeholders. This year, we not only achieved the highest profitability metrics in nearly a decade but did so through superior operational efficiency and service quality execution. Additionally, our commitment to safety has shone through, with no lost-time incidents recorded in the past three years.

We've expanded our technology portfolio with the introduction of three cutting-edge Data Analytics solutions: VeraCal, JP3 Raman, and XSPCT, systems specifically designed to address the unique challenges of the energy and infrastructure sector while driving high-margin growth into 2025 and beyond. In the fourth quarter, we observed a significant transformation in our Data Analytics revenue resulting in a 67% sequential increase in service revenue furthering the shift from products to services.

Looking ahead, we expect that the integration of Data and Chemistry at Flotek will provide exciting new innovations in the energy and infrastructure market. These advancements are set to empower our customers' assets to maximize returns, reduce costs, automate processes, and leverage data in ways previously unimaginable. We believe that our relentless pursuit to leverage chemistry as the common value creation platform will position Flotek as a leader in differentiated technologies and foster our future growth."

Fourth Quarter and Full-Year 2024 Financial Results

Revenue: Flotek reported total revenues of $50.8 million for fourth quarter 2024, an increase of $8.6 million, or 20%, compared to total revenues of $42.2 million for fourth quarter 2023. Full-year 2024 total revenues totaled $187.0 million, as compared to total revenues of $188.1 million during 2023. Fourth quarter and full year 2024 revenues include $8.6 million and $32.4 million, respectively, related to the minimum purchase requirements under the Company's long-term supply agreement with ProFrac Services, LLC.
Segment Revenue Summary (in thousands)

Gross Profit: The Company generated gross profit of $12.3 million during fourth quarter 2024 compared to a gross profit of $9.4 million during fourth quarter 2023. The improvement in fourth quarter 2024 gross profit was primarily the result of successful initiatives throughout 2024 to drive cost reductions with respect to freight, logistics and materials combined with an 18% increase in chemistry revenue and a 74% increase in data analytics revenue, as compared to fourth quarter 2023.

The Company generated gross profit of $39.4 million for full-year 2024 compared to gross profit of $24.3 million for full-year 2023.
Selling, General and Administrative ("SG&A") Expense: SG&A expense totaled $6.6 million for the fourth quarters of 2024 and 2023. SG&A expense totaled $24.7 million for full-year 2024 compared to $27.8 million for full-year 2023, an 11% reduction year-over-year. Excluding non-cash stock compensation expense, 2024 SG&A expense is 17% lower than 2023.
Net Income (Loss) and EPS: Flotek reported net income of $4.4 million, or $0.14 per diluted share, for the fourth quarter 2024. This compares to net income of $2.1 million, or $0.07 per diluted share, for the fourth quarter 2023. Net income for full-year 2024 was $10.5 million, or $0.34 per diluted share, compared to net income (loss) of $24.7 million, or ($0.10) per diluted share, for the comparable period of 2023. Net income for full-year 2023 included non-cash gains related to the fair value measurement of convertible notes payable and a PPP loan forgiveness totaling $34.5 million.
Adjusted EBITDA (Non-GAAP)(1): Adjusted EBITDA(1) was $7.0 million in fourth quarter 2024 as compared to $4.0 million in fourth quarter 2023. Adjusted EBITDA(1) was $20.3 million for full-year 2024 compared to $1.5 million for full-year 2023.
(1)

See the "Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings" section in this release for more information, including reconciliations to the most comparable GAAP measures.

2025 Guidance

Consistent with 2024 and 2023, Flotek plans to issue 2025 guidance in conjunction with the release of its first quarter 2025 financial and operating results.

Upcoming Investor Event

Flotek will participate in the 37th Annual Roth Conference to be held at the Marriott in Laguna Dana Point, California, March 17-18, 2025. Flotek Chief Executive Officer, Ryan Ezell, will participate in an industry panel discussion on March 17 at 10:00 a.m. PT and will be joined by Chief Financial Officer, Bond Clement, in hosting one-on-one meetings during the event. An updated corporate presentation to be used in discussions at the conference will be posted to the Investor Relations section of Flotek's corporate website at www.flotekind.com prior to the start of the conference.

[2morrowsGains]

FTK...📢Flotek Surpasses 2024 Annual Guidance with Strong Fourth Quarter and Full-Year Results
https://markets.ft.com/data/announce/detail?dockey=600-202503101601PR_NEWS_USPRX____DA37637-1

HOUSTON, March 10, 2025 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced operational and financial results for the fourth quarter and full-year ended December 31, 2024. Fourth quarter 2024 results were the strongest quarterly results of 2024 in terms of revenue, gross profit, net income and adjusted EBITDA (1).

Full-Year and Fourth Quarter 2024 Highlights

- Q4 2024 total revenue rose 20% vs. Q4 2023, led by a 21% jump in external customer revenue—the highest in 5 years.
- Data analytics service revenue grew 124% vs. Q4 2023 and 44% vs. full year 2023.
- Gross profit climbed 30% vs. Q4 2023 and 62% vs. full year 2023, with Q4 2024 gross margin rising to 24%.
- Q4 2024 net income was $4.4 million and adjusted EBITDA(1) totaled $7.0 million, up 111% and 78%, respectively, vs Q4 2023.
- 2024 net income hit $10.5 million or $0.34/share, vs. a loss of $(0.10)/share in 2023.
- 2024 adjusted EBITDA(1) reached $20.3 million, up $18.8 million from 2023—the highest since 2017—exceeding guidance of $18.5 million by 10%.

Management Commentary

Chief Executive Officer Dr. Ryan Ezell commented, "2024 marks a significant step in the execution of our corporate strategy towards the convergence between innovative Data and Chemistry solutions that deliver outstanding value to our customers and external stakeholders. This year, we not only achieved the highest profitability metrics in nearly a decade but did so through superior operational efficiency and service quality execution. Additionally, our commitment to safety has shone through, with no lost-time incidents recorded in the past three years.

We've expanded our technology portfolio with the introduction of three cutting-edge Data Analytics solutions: VeraCal, JP3 Raman, and XSPCT, systems specifically designed to address the unique challenges of the energy and infrastructure sector while driving high-margin growth into 2025 and beyond. In the fourth quarter, we observed a significant transformation in our Data Analytics revenue resulting in a 67% sequential increase in service revenue furthering the shift from products to services.

Looking ahead, we expect that the integration of Data and Chemistry at Flotek will provide exciting new innovations in the energy and infrastructure market. These advancements are set to empower our customers' assets to maximize returns, reduce costs, automate processes, and leverage data in ways previously unimaginable. We believe that our relentless pursuit to leverage chemistry as the common value creation platform will position Flotek as a leader in differentiated technologies and foster our future growth."

Fourth Quarter and Full-Year 2024 Financial Results

Revenue: Flotek reported total revenues of $50.8 million for fourth quarter 2024, an increase of $8.6 million, or 20%, compared to total revenues of $42.2 million for fourth quarter 2023. Full-year 2024 total revenues totaled $187.0 million, as compared to total revenues of $188.1 million during 2023. Fourth quarter and full year 2024 revenues include $8.6 million and $32.4 million, respectively, related to the minimum purchase requirements under the Company's long-term supply agreement with ProFrac Services, LLC.
Segment Revenue Summary (in thousands)

Gross Profit: The Company generated gross profit of $12.3 million during fourth quarter 2024 compared to a gross profit of $9.4 million during fourth quarter 2023. The improvement in fourth quarter 2024 gross profit was primarily the result of successful initiatives throughout 2024 to drive cost reductions with respect to freight, logistics and materials combined with an 18% increase in chemistry revenue and a 74% increase in data analytics revenue, as compared to fourth quarter 2023.

The Company generated gross profit of $39.4 million for full-year 2024 compared to gross profit of $24.3 million for full-year 2023.
Selling, General and Administrative ("SG&A") Expense: SG&A expense totaled $6.6 million for the fourth quarters of 2024 and 2023. SG&A expense totaled $24.7 million for full-year 2024 compared to $27.8 million for full-year 2023, an 11% reduction year-over-year. Excluding non-cash stock compensation expense, 2024 SG&A expense is 17% lower than 2023.
Net Income (Loss) and EPS: Flotek reported net income of $4.4 million, or $0.14 per diluted share, for the fourth quarter 2024. This compares to net income of $2.1 million, or $0.07 per diluted share, for the fourth quarter 2023. Net income for full-year 2024 was $10.5 million, or $0.34 per diluted share, compared to net income (loss) of $24.7 million, or ($0.10) per diluted share, for the comparable period of 2023. Net income for full-year 2023 included non-cash gains related to the fair value measurement of convertible notes payable and a PPP loan forgiveness totaling $34.5 million.
Adjusted EBITDA (Non-GAAP)(1): Adjusted EBITDA(1) was $7.0 million in fourth quarter 2024 as compared to $4.0 million in fourth quarter 2023. Adjusted EBITDA(1) was $20.3 million for full-year 2024 compared to $1.5 million for full-year 2023.
(1)

See the "Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings" section in this release for more information, including reconciliations to the most comparable GAAP measures.

2025 Guidance

Consistent with 2024 and 2023, Flotek plans to issue 2025 guidance in conjunction with the release of its first quarter 2025 financial and operating results.

Upcoming Investor Event

Flotek will participate in the 37th Annual Roth Conference to be held at the Marriott in Laguna Dana Point, California, March 17-18, 2025. Flotek Chief Executive Officer, Ryan Ezell, will participate in an industry panel discussion on March 17 at 10:00 a.m. PT and will be joined by Chief Financial Officer, Bond Clement, in hosting one-on-one meetings during the event. An updated corporate presentation to be used in discussions at the conference will be posted to the Investor Relations section of Flotek's corporate website at www.flotekind.com prior to the start of the conference.

[2morrowsGains]

SD...SANDRIDGE ENERGY, INC. ANNOUNCES FINANCIAL AND OPERATING RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2024, $0.11 PER SHARE CASH DIVIDEND, AND 2025 GUIDANCE
https://finance.yahoo.com/news/venture-global-flop-swiftly-wipes-195352921.html

OKLAHOMA CITY, March 10, 2025 /PRNewswire/ -- SandRidge Energy, Inc. (the "Company" or "SandRidge") (NYSE: SD) today announced financial and operational results for the quarter and fiscal year ended December 31, 2024.

Recent Highlights

On March 7, 2025, the Board declared a cash dividend of $0.11 per share of the Company's common stock, payable on March 31, 2025 to shareholders of record on March 20, 2025
Recent Highlights

On March 7, 2025, the Board declared a cash dividend of $0.11 per share of the Company's common stock, payable on March 31, 2025 to shareholders of record on March 20, 2025

In 2024, paid $16.4 million in regular quarterly dividends and a one-time special dividend of $55.9 million

As of December 31, 2024, the Company had $99.5 million of cash and cash equivalents, including restricted cash

Production averaged 19.1 MBoe per day during the fourth quarter, an increase of 19% on a Boe basis versus the same period in 2023. Oil production increased 28% over the same period.

Successfully completed and initiated production from the Company's first operated wells in the Cherokee play in 2024, with three drilled but uncompleted wells ("DUCs") achieving costs below historical industry average in the play

Generated net income of $63.0 million, or $1.70 per basic share in 2024. Adjusted net income(1) was $34.5 million, or $0.93 per basic share (please see table below for reconciliation of net income to adjusted net income)

Generated adjusted EBITDA(1) of $69.5 million in 2024

Achieved a new Company record of more than three years without a recordable safety incident

On December 13, 2024, the Company closed a second acquisition in the Cherokee Shale Play of the Mid-Continent region that exchanged and increased its ownership interest in certain proved and unproved oil and gas properties within the Cherokee Shale Play for $5.7 million, after customary post-closing adjustments, and terminated the previously announced joint development agreement

2025 guidance contemplates a 1-rig Cherokee Shale development plan for the year, drilling eight and completing six new SandRidge-operated wells

Financial Results & Update

Operating Costs

During the fourth quarter of 2024, lease operating expense ("LOE") was $11.3 million or $6.43 per Boe. For the full year 2024, LOE was $40.0 million or $6.61 per Boe. The Company continues to focus on its operating costs and on safely maximizing the value of its asset base through prudent expenditure programs, cost management efforts, and continuous pursuit of efficiency in the field.

General and administrative expense ("G&A") was $3.0 million and $11.7 million for the fourth quarter and full year 2024, respectively. Adjusted G&A(1) was $2.4 million and $9.3 million or $1.39 and $1.54 per Boe for the fourth quarter and full year 2024, respectively, compared to $2.2 million and $8.8 million or $1.49 and $1.42 per Boe over the same periods in 2023.

Liquidity & Capital Structure

As of December 31, 2024, the Company had $99.5 million of cash and cash equivalents, including restricted cash of $1.4 million, deposited with multiple, well-capitalized financial institutions. The Company has no outstanding term or revolving debt obligations.

Dividend Program

On March 7, 2025, the Board declared a cash dividend of $0.11 per share of the Company's common stock, payable on March 31, 2025 to shareholders of record on March 20, 2025.

Acquisitions

On August 30, 2024, the Company closed on its previously announced acquisition of certain producing oil and natural gas properties in the Cherokee Play of the Western Anadarko Basin for $121.9 million, after customary post-closing adjustments. On December 13, 2024, the Company closed a subsequent acquisition that exchanged and increased its ownership interest in certain proved and unproved oil and gas properties within the same area for $5.7 million, after customary post-closing adjustments, and terminated the previously announced joint development agreement. The Company will operate the majority of its planned development in 2025.

Outlook

We remain committed to growing the value of our asset base in a safe, responsible and efficient manner, while prudently allocating capital to high-return, organic growth projects. Currently, these projects include (1) Development in the Cherokee Shale Play, which consists of 9 wells to be spud, 8 wells to be drilled and 6 wells to be completed in 2025 (2) Production Optimization program through artificial lift conversions to more efficient and cost-effective systems and high-graded recompletions (3) leasing program that will bolster future development and extend development in our Cherokee assets. Our legacy non-Cherokee leaseholds remain approximately 99% held by production, which cost-effectively maintains our development option over a reasonable tenor. We will continue to monitor forward-looking commodity prices, project results, costs and other factors that could influence returns and adjust capital allocations accordingly. These and other factors, to include reasonable reinvestment rates, sustaining our cash flows and prioritizing our regular-way dividend, will continue to shape our development decisions for the remainder of the year and beyond. We also remain vigilant in evaluating further merger and acquisition opportunities, with consideration of our strong balance sheet and commitment to our capital return program.