Complete Production Services

Complete Production Services, Inc. to Present at the Credit Suisse 2009 Energy Summit

admin — Wed, 04 Feb 2009 21:59:36 +0000

HOUSTON–(BUSINESS WIRE)– Complete Production Services, Inc. (NYSE:CPX) announced today that Chairman and Chief Executive Officer Joseph C. Winkler will make a presentation at the Credit Suisse 2009 Energy Summit in Vail, Colorado, on Thursday, February 5, at 10:05 a.m. MST.

A link to the webcast presentation will be available in the Investor Relations section of Complete’s web site at www.completeproduction.com. The replay of the presentation will be available after the presentation time and will be available until February 12, 2009.

Complete Production Services, Inc. is a leading oilfield service provider focused on the completion and production phases of oil and gas wells. The company has established a significant presence in unconventional oil and gas plays in North America that it believes have the highest potential for long-term growth.

Source: Complete Production Services, Inc.

Complete Production Services, Inc.
Vice President and Chief Financial Officer
Jose Bayardo, 281-372-2325

Complete Present at Bank of America 2008 Energy Conference

admin — Tue, 04 Nov 2008 17:21:51 +0000

HOUSTON–(BUSINESS WIRE)–Nov. 4, 2008–Complete Production Services, Inc. (NYSE:CPX) announced today that Chairman and Chief Executive Officer, Joseph C. Winkler, will present at the Bank of America 2008 Energy Conference in Key Biscayne, Florida on Friday, November 14, 2008 at 8:40 a.m. Eastern Time.

A link to the webcast presentation will be available in the Investor Relations section of Complete’s web site at www.completeproduction.com. The replay of the presentation will be available one hour after the presentation time and will be available until November 28, 2008.

CONTACT: Complete Production Services, Inc.
Vice President and Chief Financial Officer
Jose Bayardo, 281-372-2325

SOURCE: Complete Production Services, Inc.

Complete Announces Third Quarter Earnings of $0.70 Per Diluted Shares

admin — Thu, 23 Oct 2008 15:27:06 +0000

HOUSTON–(BUSINESS WIRE)–

Complete Production Services, Inc. (NYSE:CPX) today reported third quarter revenue of $493.2 million, an increase of 32% over the third quarter of 2007 and 12% over the second quarter of 2008. EBITDA (as defined below) totaled $143.7 million, an increase of 35% year over year and 22% sequentially. Third quarter 2008 net income from continuing operations was $52.3 million, or $0.70 per diluted share, compared to third quarter 2007 net income from continuing operations of $38.8 million, or $0.53 per share, and second quarter 2008 net income from continuing operations of $39.8 million, or $0.54 per share.

Revenue for the Completion and Production Services segment during the third quarter of 2008 was $417.8 million, an increase of 34% year over year and 13% sequentially. Segment EBITDA was $133.2 million, an increase of 40% over the same period for the prior year and 24% over the prior quarter. Year over year growth in the Completion and Production Services segment was the result of investment in organic growth capital, improved utilization and pricing, and impact from acquisitions. Sequential growth was due to a full quarter of results from the pressure pumping acquisition completed in the second quarter of 2008, the seasonal recovery in Canada and improved utilization and pricing in several service lines. The segment also experienced some sequential margin improvement due to limited relief on fuel prices.

Third quarter Drilling Services segment revenue and EBITDA were $62.2 million and $17.0 million, respectively. Revenue increased 18% over the same period in 2007 and 9% compared to the prior quarter. Segment EBITDA increased 20% over the third quarter of 2007 and 10% over the second quarter of 2008. The improved results were primarily due to higher utilization rates in both rig logistics and contract drilling operations as well as price improvements and cost control measures implemented in the rig logistics business.

“We delivered an outstanding performance during the third quarter,” commented Joe Winkler, Chairman and CEO. “Activity levels across our businesses were strong and we were able to generate significant cash-flow and strengthen our balance sheet.”

“Concerns over the price of natural gas, the issues surrounding the credit markets and the impact a weaker economy may have on demand for natural gas will result in near term reduction in activity in North America by our customers. It is difficult to predict the magnitude and duration of this reduction and the effect it will have on our business; however, we believe that the natural gas fundamentals in North America are such that a significant drop in activity will be relatively short-lived and could result in a strong recovery. We also believe that we are positioned to be opportunistic. Our balance sheet is well structured to withstand a down-turn and our operations are positioned in unconventional resource play basins that we believe will be less susceptible to significant declines in activity levels. These unconventional basins should also have stronger than average growth in a recovery,” concluded Mr. Winkler.

Conference Call

Complete will hold a conference call to discuss third quarter 2008 results on Friday, October 24 at 11:00 a.m. Eastern Time. To participate in the live conference call, dial 866-272-9941 at least ten minutes prior to the scheduled start of the call. When prompted, provide the passcode: 24608724. The conference call will be available for replay beginning at 1:00 p.m., October 24, 2008 and will be available until October 31, 2008. To access the conference call replay, please call 888-286-8010 and use the passcode: 91683297. The call is also being webcast and can be accessed at our website at www.completeproduction.com.

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 risk and uncertainties. These statements include those relating to the Company’s future business activity. 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 other things, risks associated with the general nature of the oilfield service industry. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release.

Management evaluates the performance of Complete’s operating segments using a non-GAAP financial measure, EBITDA. EBITDA is calculated as net income from continuing operations before net interest expense, taxes, depreciation and amortization, impairment charge, and minority interest. EBITDA is not a substitute for the GAAP measures of earnings and cash flow. EBITDA is used in this press release because our management considers it an important supplemental measure of performance and believes it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry.

                  Complete Production Services, Inc.
                Consolidated Statements of Operations
  For the Quarters and Nine Months Ended September 30, 2008 and 2007
                (in thousands, except per share data)

                            Quarter Ended         Nine Months Ended
                            September 30,           September 30,
                       ----------------------- -----------------------
                          2008        2007        2008        2007
                       ----------- ----------- ----------- -----------
                       (unaudited) (unaudited) (unaudited) (unaudited)
Revenue:
  Services             $  479,996  $  364,900  $1,310,807  $1,075,247
  Products                 13,237       8,505      40,689      31,194
                       ----------- ----------- ----------- -----------
                          493,233     373,405   1,351,496   1,106,441

Cost of services          290,166     219,367     800,451     619,239
Cost of products            8,888       5,458      27,438      21,743
General and
 administrative
 expense                   50,443      42,221     141,966     133,639
Depreciation and
 amortization              47,695      34,185     129,983      94,514
                       ----------- ----------- ----------- -----------
                          397,192     301,231   1,099,838     869,135

                       ----------- ----------- ----------- -----------
  Income from
   continuing
   operations before
   interest, taxes and
   minority interest       96,041      72,174     251,658     237,306

Interest expense           14,647      16,667      46,077      47,335
Interest income              (680)       (484)     (2,067)     (1,012)

                       ----------- ----------- ----------- -----------
  Income from
   continuing
   operations before
   minority interest
   and taxes               82,074      55,991     207,648     190,983

Minority interest, net
 of tax                         -        (283)          -        (227)

                       ----------- ----------- ----------- -----------
  Income from
   continuing
   operations before
   taxes                   82,074      56,274     207,648     191,210

Tax provision              29,731      17,483      73,687      68,098

                       ----------- ----------- ----------- -----------
  Income from
   continuing
   operations          $   52,343  $   38,791  $  133,961  $  123,112

  Income (loss) from
   discontinued
   operations (net of
   tax)                      (153)      2,817      (4,859)      9,629

                       ----------- ----------- ----------- -----------
  Net income           $   52,190  $   41,608  $  129,102  $  132,741
                       =========== =========== =========== ===========

Basic earnings per
 share:
  Continuing
   operations          $     0.71  $     0.54  $     1.83  $     1.71
  Discontinued
   operations          $    (0.00) $     0.04  $    (0.07) $     0.14
                       ----------- ----------- ----------- -----------
                       $     0.71  $     0.58  $     1.76  $     1.85
                       =========== =========== =========== ===========

Diluted earnings per
 share:
  Continuing
   operations          $     0.70  $     0.53  $     1.80  $     1.68
  Discontinued
   operations          $    (0.00) $     0.04  $    (0.06) $     0.13
                       ----------- ----------- ----------- -----------
                       $     0.70  $     0.57  $     1.74  $     1.81
                       =========== =========== =========== ===========

Weighted average
 shares outstanding:
  Basic                    73,935      72,191      73,225      71,873
  Diluted                  75,008      73,495      74,370      73,296

                  Complete Production Services, Inc.
                Condensed Consolidated Balance Sheets
            As of September 30, 2008 and December 31, 2007
                            (in thousands)

                                            September 30, December 31,
                                                2008          2007
                                            ------------- ------------
                                             (unaudited)  (unaudited)
Assets:
   Current assets                            $   444,063   $  378,018
   Property, plant and equipment, net          1,115,713    1,013,190
   Goodwill                                      569,092      549,130
   Other long-term assets                         31,607       31,064
   Discontinued operations/held for sale               -       83,357
                                            ------------- ------------
      Total assets                             2,160,475    2,054,759
                                            ============= ============

Liabilities and stockholders' equity:
   Current liabilities                           170,472      159,840
   Long-term debt                                751,545      825,985
   Long-term deferred tax liabilities            154,658      126,821
   Discontinued operations/held for sale               -       11,790
                                            ------------- ------------
      Total liabilities                        1,076,675    1,124,436

   Common stock                                      741          725
   Treasury stock                                   (202)        (202)
   Additional paid-in capital                    610,842      581,404
   Retained earnings                             446,637      317,535
   Cumulative translation adjustment              25,782       30,861
                                            ------------- ------------
      Total stockholders' equity               1,083,800      930,323

                                            ------------- ------------
      Total liabilities and stockholders'
       equity                                $ 2,160,475   $2,054,759
                                            ============= ============

                  Complete Production Services, Inc.
                            Cash Flow Data
             For the Nine Months Ended September 30, 2008
                            (in thousands)

                                                         September 30,
                                                             2008
                                                         -------------
                                                          (unaudited)
Cash flows provided by/(used for):
   Operating activities                                   $   265,516
   Investing activities:
      Capital expenditures                                $  (193,229)
      Other investing activities                          $   (14,717)
   Financing activities                                   $   (62,283)

                  Complete Production Services, Inc.
                   Consolidated Segment Information
For the Quarters Ended September 30, 2008 and 2007, and June 30, 2008
      And for the Nine Months Ended September 30, 2008 and 2007
                  (in thousands, except percentages)

                                           Quarter Ended
                             -----------------------------------------
                             September 30, September 30,   June 30,
                                 2008          2007          2008
                             ------------- ------------- -------------
                              (unaudited)   (unaudited)   (unaudited)
Revenue:
   Completion and production
    services                  $   417,788   $   312,020   $   368,656
   Drilling services               62,208        52,880        57,192
   Products                        13,237         8,505        15,237
                             ------------- ------------- -------------
      Total revenues          $   493,233   $   373,405   $   441,085
                             ============= ============= =============

EBITDA: (1)
   Completion and production
    services                  $   133,229   $    95,493   $   107,536
   Drilling services               17,005        14,211        15,512
   Products                         3,387         2,235         3,532
   Corporate and other             (9,885)       (5,580)       (8,403)
                             ------------- ------------- -------------
      Total EBITDA            $   143,736   $   106,359   $   118,177
                             ============= ============= =============

EBITDA as a % of Revenue:
   Completion and production
    services                         31.9%         30.6%         29.2%
   Drilling services                 27.3%         26.9%         27.1%
   Products                          25.6%         26.3%         23.2%
      Total                          29.1%         28.5%         26.8%

                                                Nine Months Ended
                                           ---------------------------
                                           September 30, September 30,
                                               2008          2007
                                           ------------- -------------
                                            (unaudited)   (unaudited)
Revenue:
   Completion and production
    services                                $ 1,138,096   $   917,146
   Drilling services                            172,711       158,101
   Products                                      40,689        31,194
                                           ------------- -------------
      Total revenues                        $ 1,351,496   $ 1,106,441
                                           ============= =============

EBITDA: (1)
   Completion and production
    services                                $   352,940   $   297,619
   Drilling services                             44,733        47,050
   Products                                      10,209         7,215
   Corporate and other                          (26,241)      (20,064)
                                           ------------- -------------
      Total EBITDA                          $   381,641   $   331,820
                                           ============= =============

EBITDA as a % of Revenue:
   Completion and production
    services                                       31.0%         32.5%
   Drilling services                               25.9%         29.8%
   Products                                        25.1%         23.1%
      Total                                        28.2%         30.0%

(1) EBITDA is a non-GAAP measure used by management, as defined in the
 last paragraph of this press release.

                  Complete Production Services, Inc.
     Reconciliation of EBITDA to the Most Comparable GAAP Measure
 For the Quarters Ended September 30, 2008 and 2007 and June 30, 2008
        And the Nine Months Ended September 30, 2008 and 2007
                      (unaudited, in thousands)

                    Completion                      Corporate
                   & Production Drilling                &
                     Services   Services  Products    Other    Total
                   ------------ --------- --------- --------- --------
Quarter Ended
 September 30,
 2008:
-------------------
EBITDA              $   133,229  $ 17,005  $  3,387 $ (9,885) $143,736
Depreciation &
 amortization            41,169     5,223       657      646    47,695
                   ------------ --------- --------- --------- --------
   Operating
    income (loss)   $    92,060  $ 11,782  $  2,730 $(10,531) $ 96,041
                   ============ ========= ========= ========= ========

Quarter Ended
 September 30,
 2007:
-------------------
EBITDA              $    95,493  $ 14,211  $  2,235 $ (5,580) $106,359
Depreciation &
 amortization            29,475     3,933       577      200    34,185
                   ------------ --------- --------- --------- --------
   Operating
    income (loss)   $    66,018  $ 10,278  $  1,658 $ (5,780) $ 72,174
                   ============ ========= ========= ========= ========

Quarter Ended June
 30, 2008:
-------------------
EBITDA              $   107,536  $ 15,512  $  3,532 $ (8,403) $118,177
Depreciation &
 amortization            36,998     4,888       559      592    43,037
                   ------------ --------- --------- --------- --------
   Operating
    income (loss)   $    70,538  $ 10,624  $  2,973 $ (8,995) $ 75,140
                   ============ ========= ========= ========= ========

Nine Months Ended
 September 30,
 2008:
-------------------
EBITDA              $   352,940  $ 44,733  $ 10,209 $(26,241) $381,641
Depreciation &
 amortization           111,897    14,527     1,762    1,797   129,983
                   ------------ --------- --------- --------- --------
   Operating
    income (loss)   $   241,043  $ 30,206  $  8,447 $(28,038) $251,658
                   ============ ========= ========= ========= ========

Nine Months Ended
 September 30,
 2007:
-------------------
EBITDA              $   297,619  $ 47,050  $  7,215 $(20,064) $331,820
Depreciation &
 amortization            81,307    10,460     1,535    1,212    94,514
                   ------------ --------- --------- --------- --------
   Operating
    income (loss)   $   216,312  $ 36,590  $  5,680 $(21,276) $237,306
                   ============ ========= ========= ========= ========

Source: Complete Production Services, Inc.

Complete Production Services, Inc. Announces Management Changes

admin — Wed, 08 Oct 2008 22:38:09 +0000

HOUSTON, Oct 08, 2008 (BUSINESS WIRE) — Complete Production Services, Inc. (NYSE:CPX) today announced that Senior Vice President and Chief Financial Officer Mike Mayer has elected to retire and that Jose Bayardo will be promoted to the position of Vice President and Chief Financial Officer effective October 15, 2008. Mr. Bayardo most recently served as the company’s Vice President Corporate Development and Investor Relations and has been a key contributor to the growth of CPX and its predecessors since 2003.
“On behalf of the entire CPX team, I would like to thank Mike and his family for his efforts and contributions in helping us establish CPX as a leading North American service provider,” stated Joe Winkler, Chairman and CEO of Complete. “We wish Mike the best of luck and will always be thankful to him for his contributions to our success.”

“It has been an honor to be part of the team that has built CPX into the service company it is today,” commented Mike Mayer. “I look forward to the next chapter in my life and will forever be proud of our accomplishments at CPX.”

Mr. Winkler continued, “Jose will continue to build upon the high standards established within our finance organization and he has the qualities and characteristics required in this challenging role. Mike will assist Jose to assure a smooth transition over the course of the next several months and we look forward to working with Jose in his new role.”

SOURCE: Complete Production Services, Inc.

Complete Production Services, Inc., Houston
Jose Bayardo, 281-372-2300
www.CompleteProduction.com

Complete Production Services Acquires Platform Businesses in the Marcellus and Haynesville Shales

admin — Mon, 06 Oct 2008 22:40:04 +0000

HOUSTON, Oct 06, 2008 (BUSINESS WIRE) — Complete Production Services, Inc. (NYSE:CPX) today announced that it acquired substantially all of the operating assets and certain real estate used by Appalachian Well Services, Inc. (”AWS”), a provider of pressure pumping and E-line services in the Appalachian region, and certain operating assets of TSWS, Inc. (”TSWS”), a provider of well servicing, heavy haul and other related services in Northern Louisiana, East Texas and Southern Arkansas.
The assets acquired from AWS include four conventional Appalachian frac spreads (approximately 17,000 horsepower), a new 20,000 horsepower Marcellus Shale frac spread (to be deployed by year-end), 7 cement spreads, 19 E-line units, two small coiled tubing units and support equipment. The consideration paid for the assets of AWS was approximately $49.3 million in cash and 588,292 shares of Complete common stock. Complete will also pay for the completion of the Marcellus Shale frac spread at a cost not to exceed $6.5 million. Additionally, Complete may pay up to an additional $5.0 million in cash consideration if certain performance targets are achieved in 2009-2010.

The assets acquired from TSWS, Inc. include 24 well servicing rigs, 3 swab units, 17 haul trucks, rental equipment and other support equipment. The consideration paid for the assets of TSWS was approximately $57.0 million in cash.

Commenting on the acquisitions, Chairman and CEO Joe Winkler stated, “These acquisitions are consistent with our long-term strategy of acquiring businesses with excellent reputations in new resource plays. As the Marcellus and Haynesville shales continue to develop, we will be well positioned to leverage the platforms provided by AWS and TSWS to take advantage of the increase in demand for our services.” Both transactions are anticipated to be immediately accretive to earnings.

Safe Harbor Statement

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 risk 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 other things, risks associated with the general nature of the oilfield service industry. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release.

SOURCE: Complete Production Services, Inc.

Complete Production Services, Inc.
Mike Mayer
281-372-2311
Jose Bayardo
281-372-2325

Complete Production Services, Inc. Third Quarter 2008 Earnings Conference Call

admin — Thu, 02 Oct 2008 20:35:38 +0000

HOUSTON, Texas, Oct 02, 2008 (BUSINESS WIRE) — Complete Production Services, Inc. (NYSE:CPX), will hold its quarterly conference call to discuss second quarter 2008 results on Friday, October 24 at 11:00 a. m. Eastern time.
To participate in the live conference call, dial (866) 272-9941 at least ten minutes prior to the scheduled start of the call. When prompted, provide the passcode: 24608724. The conference call will be available for replay beginning at 1:00 p.m., October 24, 2008, and will be available until October 31, 2008. To access the conference call replay, please call (888) 286-8010 and use the passcode: 91683297.

This call is being webcast by Thomson/CCBN and can be accessed at www.completeproduction.com.

The webcast is also being distributed through the Thomson StreetEvents Network. Individual investors can listen to the call at www.earnings.com, Thomson’s individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson StreetEvents (www.streetevents.com), a password-protected event management site.

SOURCE: Complete Production Services, Inc.

Complete Production Services, Inc. Media Contacts: Mike Mayer, 281-372-2311 or Jose Bayardo, 281-372-2325

Complete Production Services, Inc. to Present at the Merrill Lynch Global Energy Mid and Small Cap Conference

admin — Thu, 25 Sep 2008 20:25:19 +0000

HOUSTON–(BUSINESS WIRE)–Sept. 25, 2008–Complete Production Services, Inc. (NYSE:CPX) announced today that Chairman and Chief Executive Officer, Joseph C. Winkler, will present at the Merrill Lynch Global Energy Mid and Small Cap Conference in New York on Thursday, October 2, 2008 at 1:15 p.m. Eastern Time.

A copy of the presentation along with a link to the audio-only webcast will be available in the Investor Relations section of Complete’s web site at www.completeproduction.com. The replay of the presentation will be available within 24 hours after presentation time and will be available until October 16, 2008.

CONTACT: Complete Production Services, Inc., Houston
Senior Vice President and Chief Financial Officer
Mike Mayer, 281-372-2311
or
Vice President, Corporate Development and Investor
Relations
Jose Bayardo, 281-372-2325

SOURCE: Complete Production Services, Inc.

Complete Production Services, Inc. to Present at the Lehman Brothers CEO Energy Conference

admin — Tue, 26 Aug 2008 16:20:57 +0000

HOUSTON, Aug 26, 2008 (BUSINESS WIRE) — Complete Production Services, Inc. (NYSE:CPX) announced today that Chairman and Chief Executive Officer, Joseph C. Winkler, will present at the Lehman Brothers CEO Energy Conference in New York on Thursday, September 4, 2008 at 8:25 a.m. Eastern Time.
A link to the webcast presentation will be available in the Investor Relations section of Complete’s web site at www.completeproduction.com.

SOURCE: Complete Production Services, Inc.

Complete Production Services, Inc., Houston
Mike Mayer, 281-372-2311
Senior Vice President and Chief Financial Officer
or
Jose Bayardo, 281-372-2325
Vice President, Corporate Development and Investor Relations

Complete Production Services, Inc. Announces Second Quarter Earnings of $0.54 Per Diluted Share from Continuing Operations, Divestiture of Non-Core Assets and New Growth Initiatives

admin — Wed, 23 Jul 2008 17:47:58 +0000

HOUSTON, Jul 23, 2008 (BUSINESS WIRE) — Complete Production Services, Inc. (NYSE:CPX) today reported second quarter 2008 revenue of $441.1 million, up 20% over second quarter 2007 revenue and up 6% over the first quarter of 2008. Net income from continuing operations for the quarter was $39.8 million or $0.54 per diluted share, compared to second quarter 2007 net income of $40.1 million or $0.55 per diluted share and first quarter 2008 net income of $41.8 million or $0.57 per diluted share. Earnings before interest, taxes, depreciation, amortization, impairment charge and minority interest (EBITDA, as defined below) totaled $118.2 million, up 7% year-over-year and down 1% from the first quarter of 2008. These operating results from continuing operations exclude the impact of discontinued operations associated with certain non-core business assets, primarily within the Product Sales segment, which were sold during the second quarter of 2008. Concurrent with the sale, CPX acquired a well service and fluid handling operation in the Barnett Shale area, resulting in net cash received of approximately $50 million.
Second quarter 2008 revenues for the Completion and Production Services segment were $368.7 million, up 22% year-over-year and up 5% sequentially. Segment EBITDA was $107.5 million, up from $99.6 million in the prior year and down from the $112.2 million for the first quarter of 2008. Segment EBITDA margins were 29.2% compared to 32.9% in the prior year and 31.9% in the first quarter of 2008. Year over year EBITDA increased as a result of Complete’s investment in organic growth capital and strategic acquisitions. However, EBITDA margins declined due to the impact of lower pricing levels and slightly lower utilization rates for certain service offerings, and the impact of inflationary forces on labor, consumables and, in particular, fuel. Sequentially, EBITDA margins declined due primarily to the seasonal downturn in Canada and significantly higher fuel costs.

Drilling Services segment revenue and EBITDA were $57.2 million and $15.5 million, respectively, for the second quarter of 2008. The results compared to $53.3 million and $16.6 million for the same period of 2007, and $53.3 million and $12.2 million for the previous quarter. EBITDA margins increased sequentially as higher volumes and improved mix more than offset the impact of inflationary forces in both the rig logistics and contract drilling operations. Year-over-year, higher volume did not fully counteract the impact of higher fuel costs and weaker pricing, resulting in lower EBITDA margins.

Commenting on the quarter, Chairman and CEO Joe Winkler stated, “Activity levels across most of our geographic areas and service lines were strong during the quarter as resource play development accelerated in the United States. Given the current environment, we believe we will regain some pricing leverage during the second half of 2008. All indications are that Complete’s customers are moving forward with their growth plans and continue to identify new and exciting resource plays. We will continue to invest alongside our customers in emerging areas to help them capitalize on new opportunities.”

Significant achievements since the first quarter include:

– Divesting non-core business assets from the Complete’s Product Sales segment;

– Acquiring and integrating Frac Source Services, Inc., a Barnett Shale focused pressure pumping business;

– Expanding our service offering in the Bakken Shale of North Dakota by introducing hydraulic fracturing services into this market; and

– Securing exclusive rights from Sondex, part of the new Oilfield Technology (OFT) group within GE Energy, for the use of its new open hole formation evaluation tools in the United States.

Mr. Winkler further commented, “As a result of our recent accomplishments, customer actions and our positive view on the long-term fundamentals in North America, we have increased our expected 2008 investment in capital expenditures to approximately $250 million.”

Conference Call

Complete will hold a conference call to discuss second quarter 2008 results on Thursday, July 24 at 8:30 a.m. Eastern Time. To participate in the live conference call, dial 866-800-8651 at least ten minutes prior to the scheduled start of the call. When prompted, provide the passcode: 64641903. The conference call will be available for replay beginning at 10:30 a.m., July 24, 2008 and will be available until July 31, 2008. To access the conference call replay, please call 888-286-8010 and use the passcode: 87658249. The call is also being webcast and can be accessed at our website at www.completeproduction.com.

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 risk 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 other things, risks associated with the general nature of the oilfield service industry. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that may arise after the date of this press release.

                  Complete Production Services, Inc.
                 Consolidated Statements of Operations
     For the Quarters and Six Months Ended June 30, 2008 and 2007
                 (in thousands, except per share data)

                            Quarter Ended         Six Months Ended
                              June 30,                June 30,
                       ----------------------- -----------------------
                          2008        2007        2008        2007
                       ----------- ----------- ----------- -----------
                       (unaudited) (unaudited) (unaudited) (unaudited)
Revenue:
  Services               $425,848    $355,620    $830,811    $710,347
  Products                 15,237      11,194      27,452      22,689
                       ----------- ----------- ----------- -----------
                          441,085     366,814     858,263     733,036

Cost of services          264,142     197,344     506,354     393,762
Cost of products           10,730       8,000      18,550      16,285
General and
 administrative
 expense                   48,036      51,134      95,454      97,528
Depreciation and
 amortization              43,037      32,375      82,288      60,329
                       ----------- ----------- ----------- -----------
                          365,945     288,853     702,646     567,904

                       ----------- ----------- ----------- -----------
  Income from
   continuing
   operations before
   interest, taxes and
   minority interest       75,140      77,961     155,617     165,132

Interest expense           15,515      15,055      31,430      30,668
Interest income              (762)       (316)     (1,387)       (528)

                       ----------- ----------- ----------- -----------
  Income from
   continuing
   operations before
   minority interest
   and taxes               60,387      63,222     125,574     134,992

Minority interest, net
 of tax                         -        (205)          -          56

                       ----------- ----------- ----------- -----------
  Income from
   continuing
   operations before
   taxes                   60,387      63,427     125,574     134,936

Tax provision              20,544      23,322      43,956      50,615

                       ----------- ----------- ----------- -----------
  Income from
   continuing
   operations            $ 39,843    $ 40,105    $ 81,618    $ 84,321

  Income (loss) from
   discontinued
   operations (net of
   tax)                    (6,857)      3,678      (4,706)      6,812

                       ----------- ----------- ----------- -----------
  Net income             $ 32,986    $ 43,783    $ 76,912    $ 91,133
                       =========== =========== =========== ===========

Basic earnings per
 share:
  Continuing
   operations            $   0.54    $   0.56    $   1.12    $   1.18
  Discontinued
   operations            $  (0.09)   $   0.05    $  (0.06)   $   0.09
                       ----------- ----------- ----------- -----------
                         $   0.45    $   0.61    $   1.06    $   1.27
                       =========== =========== =========== ===========

Diluted earnings per
 share:
  Continuing
   operations            $   0.54    $   0.55    $   1.10    $   1.15
  Discontinued
   operations            $  (0.10)   $   0.05    $  (0.06)   $   0.10
                       ----------- ----------- ----------- -----------
                         $   0.44    $   0.60    $   1.04    $   1.25
                       =========== =========== =========== ===========

Weighted average
 shares outstanding:
  Basic                    73,171      71,916      72,866      71,711
  Diluted                  74,407      73,367      74,059      73,195

                  Complete Production Services, Inc.
                Condensed Consolidated Balance Sheets
              As of June 30, 2008 and December 31, 2007
                            (in thousands)

                                               June 30,   December 31,
                                                 2008         2007
                                              ----------- ------------
                                              (unaudited) (unaudited)
 Assets:
    Current assets                            $  420,724   $  378,018
    Property, plant and equipment, net         1,107,897    1,013,190
    Goodwill                                     569,569      549,130
    Other long-term assets                        33,438       31,064
    Discontinued operations/held for sale              -       83,357
                                              ----------- ------------
       Total assets                            2,131,628    2,054,759
                                              =========== ============

 Liabilities and stockholders' equity:
    Current liabilities                          166,281      159,840
    Long-term debt                               788,150      825,985
    Long-term deferred tax liabilities           148,186      126,821
    Discontinued operations/held for sale              -       11,790
                                              ----------- ------------
       Total liabilities                       1,102,617    1,124,436

    Common stock                                     738          725
    Treasury stock                                  (202)        (202)
    Additional paid-in capital                   605,706      581,404
    Retained earnings                            394,447      317,535
    Cumulative translation adjustment             28,322       30,861
                                              ----------- ------------
       Total stockholders' equity              1,029,011      930,323

                                              ----------- ------------
       Total liabilities and stockholders'
        equity                                $2,131,628   $2,054,759
                                              =========== ============

                  Complete Production Services, Inc.
                            Cash Flow Data
                For the Six Months Ended June 30, 2008
                            (in thousands)

                                                          June 30,
                                                            2008
                                                        -------------
                                                         (unaudited)
 Cash flows provided by/(used for):
   Operating activities                                    $ 179,762
   Investing activities:
     Capital expenditures                                  $(134,424)
     Other investing activities                            $ (15,867)
   Financing activities                                    $ (25,363)

                  Complete Production Services, Inc.
                   Consolidated Segment Information
   For the Quarters Ended June 30, 2008 and 2007, and March 31, 2008
          and for the Six Months Ended June 30, 2008 and 2007
                  (in thousands, except percentages)

                                              Quarter Ended
                                   -----------------------------------
                                    June 30,    June 30,    March 31,
                                      2008        2007        2008
                                   ----------- ----------- -----------
                                   (unaudited) (unaudited) (unaudited)
 Revenue:
    Completion and production
     services                        $368,656    $302,304    $351,652
    Drilling services                  57,192      53,316      53,311
    Products                           15,237      11,194      12,215
                                   ----------- ----------- -----------
       Total revenues                $441,085    $366,814    $417,178
                                   =========== =========== ===========

 EBITDA: (1)
    Completion and production
     services                        $107,536    $ 99,606    $112,176
    Drilling services                  15,512      16,589      12,217
    Products                            3,532       2,411       3,290
    Corporate and other                (8,403)     (8,270)     (7,955)
                                   ----------- ----------- -----------
       Total EBITDA                  $118,177    $110,336    $119,728
                                   =========== =========== ===========

 EBITDA as a % of Revenue:
    Completion and production
     services                            29.2%       32.9%       31.9%
    Drilling services                    27.1%       31.1%       22.9%
    Products                             23.2%       21.5%       26.9%
       Total                             26.8%       30.1%       28.7%

                                                 Six Months Ended
                                              -----------------------
                                               June 30,    June 30,
                                                 2008        2007
                                              ----------- -----------
                                              (unaudited) (unaudited)
 Revenue:
    Completion and production services          $720,308    $605,126
    Drilling services                            110,503     105,221
    Products                                      27,452      22,689
                                              ----------- -----------
       Total revenues                           $858,263    $733,036
                                              =========== ===========

 EBITDA: (1)
    Completion and production services          $219,712    $202,126
    Drilling services                             27,728      32,839
    Products                                       6,822       4,980
    Corporate and other                          (16,357)    (14,484)
                                              ----------- -----------
       Total EBITDA                             $237,905    $225,461
                                              =========== ===========

 EBITDA as a % of Revenue:
    Completion and production services              30.5%       33.4%
    Drilling services                               25.1%       31.2%
    Products                                        24.9%       21.9%
       Total                                        27.7%       30.8%

(1) EBITDA is a non-GAAP measure used by management, as defined in the
     last paragraph of this press release.

Footnote: The results for all periods exclude discontinued operations.

                  Complete Production Services, Inc.
     Reconciliation of EBITDA to the Most Comparable GAAP Measure
   For the Quarters Ended June 30, 2008 and 2007 and March 31, 2008
           And the Six Months Ended June 30, 2008 and 2007
                      (unaudited, in thousands)

                   Completion &                     Corporate
                    Production  Drilling                &
                     Services   Services  Products    Other    Total
                   ------------ --------- --------- --------- --------
Quarter Ended June
 30, 2008:
------------------
EBITDA             $    107,536 $  15,512 $   3,532 $ (8,403) $118,177
Depreciation &
 amortization            36,998     4,888       559      592    43,037
                   ------------ --------- --------- --------- --------
  Operating income
   (loss)          $     70,538 $  10,624 $   2,973 $ (8,995) $ 75,140
                   ============ ========= ========= ========= ========

Quarter Ended June
 30, 2007:
------------------
EBITDA             $     99,606 $  16,589 $   2,411 $ (8,270) $110,336
Depreciation &
 amortization            27,836     3,414       486      639    32,375
                   ------------ --------- --------- --------- --------
  Operating income
   (loss)          $     71,770 $  13,175 $   1,925 $ (8,909) $ 77,961
                   ============ ========= ========= ========= ========

Quarter Ended
 March 31, 2008:
------------------
EBITDA             $    112,176 $  12,217 $   3,290 $ (7,955) $119,728
Depreciation &
 amortization            33,730     4,416       546      559    39,251
                   ------------ --------- --------- --------- --------
  Operating income
   (loss)          $     78,446 $   7,801 $   2,744 $ (8,514) $ 80,477
                   ============ ========= ========= ========= ========

Six Months Ended
 June 30, 2008:
------------------
EBITDA             $    219,712 $  27,728 $   6,822 $(16,357) $237,905
Depreciation &
 amortization            70,728     9,304     1,105    1,151    82,288
                   ------------ --------- --------- --------- --------
  Operating income
   (loss)          $    148,984 $  18,424 $   5,717 $(17,508) $155,617
                   ============ ========= ========= ========= ========

Six Months Ended
 June 30, 2007:
------------------
EBITDA             $    202,126 $  32,839 $   4,980 $(14,484) $225,461
Depreciation &
 amortization            51,832     6,527       958    1,012    60,329
                   ------------ --------- --------- --------- --------
  Operating income
   (loss)          $    150,294 $  26,312 $   4,022 $(15,496) $165,132
                   ============ ========= ========= ========= ========

                  Complete Production Services, Inc.
   Consolidated Statements of Operations--Restated for Discontinued
                               Operations
        For Each Quarter of 2007 and the First Quarter of 2008
                 (in thousands, except per share data)

                 -----------------------------------------------------
                                     Quarter Ended
                 -----------------------------------------------------

                                  March 31,   June 30,   September 30,
                                    2007        2007         2007
                                 ----------- ----------- -------------
                                 (unaudited) (unaudited)  (unaudited)
 Revenue:
    Services                       $354,727    $355,620      $364,900
    Products                         11,495      11,194         8,505
                                 ----------- ----------- -------------
                                    366,222     366,814       373,405

 Cost of services                   196,418     197,344       215,533
 Cost of products                     8,285       8,000         5,458
 General and administrative
  expense                            46,394      51,134        46,055
 Depreciation and amortization       27,954      32,375        34,185
                                 ----------- ----------- -------------
                                    279,051     288,853       301,231

                                 ----------- ----------- -------------
    Income from continuing
     operations before interest,
     taxes and minority interest     87,171      77,961        72,174

 Interest expense                    15,613      15,055        16,667
 Interest income                       (212)       (316)         (484)
 Impairment charge                        -           -             -

                                 ----------- ----------- -------------
    Income from continuing
     operations before minority
     interest and taxes              71,770      63,222        55,991

 Minority interest, net of tax          261        (205)         (283)

                                 ----------- ----------- -------------
    Income from continuing
     operations before taxes         71,509      63,427        56,274

 Tax provision                       27,293      23,322        17,483

                                 ----------- ----------- -------------
    Income from continuing
     operations                    $ 44,216    $ 40,105      $ 38,791

    Income (loss) from
     discontinued operations (net
     of tax)                          3,134       3,678         2,817

                                 ----------- ----------- -------------
    Net income                     $ 47,350    $ 43,783      $ 41,608
                                 =========== =========== =============

 Basic earnings per share:
    Continuing operations          $   0.62    $   0.56      $   0.54
    Discontinued operations        $   0.04    $   0.05      $   0.04
                                 ----------- ----------- -------------
                                   $   0.66    $   0.61      $   0.58
                                 =========== =========== =============

 Diluted earnings per share:
    Continuing operations          $   0.61    $   0.55      $   0.53
    Discontinued operations        $   0.04    $   0.05      $   0.04
                                 ----------- ----------- -------------
                                   $   0.65    $   0.60      $   0.57
                                 =========== =========== =============

 Weighted average shares
  outstanding:
    Basic                            71,503      71,916        72,191
    Diluted                          73,021      73,367        73,495

                                              December 31,  March 31,
                                                  2007        2008
                                              ------------ -----------
                                              (unaudited)  (unaudited)
 Revenue:
    Services                                     $379,339    $404,963
    Products                                        9,663      12,215
                                              ------------ -----------
                                                  389,002     417,178

 Cost of services                                 224,181     242,212
 Cost of products                                   5,878       7,820
 General and administrative expense                48,910      47,418
 Depreciation and amortization                     36,840      39,251
                                              ------------ -----------
                                                  315,809     336,701

                                              ------------ -----------
    Income from continuing operations before
     interest, taxes and minority interest         73,193      80,477

 Interest expense                                  15,304      15,915
 Interest income                                     (624)       (625)
 Impairment charge                                 13,094           -

                                              ------------ -----------
    Income from continuing operations before
     minority interest and taxes                   45,419      65,187

 Minority interest, net of tax                       (342)          -

                                              ------------ -----------
    Income from continuing operations before
     taxes                                         45,761      65,187

 Tax provision                                     18,753      23,412

                                              ------------ -----------
    Income from continuing operations            $ 27,008    $ 41,775

    Income (loss) from discontinued
     operations (net of tax)                        1,814       2,151

                                              ------------ -----------
    Net income                                   $ 28,822    $ 43,926
                                              ============ ===========

 Basic earnings per share:
    Continuing operations                        $   0.37    $   0.58
    Discontinued operations                      $   0.03    $   0.03
                                              ------------ -----------
                                                 $   0.40    $   0.61
                                              ============ ===========

 Diluted earnings per share:
    Continuing operations                        $   0.37    $   0.57
    Discontinued operations                      $   0.02    $   0.03
                                              ------------ -----------
                                                 $   0.39    $   0.60
                                              ============ ===========

 Weighted average shares outstanding:
    Basic                                          72,343      72,562
    Diluted                                        73,514      73,712

                  Complete Production Services, Inc.
Consolidated Segment Information--Restated for Discontinued Operations
        For Each Quarter of 2007 and the First Quarter of 2008
                (in thousands, except per share data)

                               ---------------------------------------
                                            Quarter Ended
                               ---------------------------------------

                                 March 31,    June 30,   September 30,
                                   2007         2007         2007
                               ------------- ----------- -------------
                                (unaudited)  (unaudited)  (unaudited)
Revenue:
  Completion and production
   services                    $    302,822  $  302,304  $    312,020
  Drilling services                  51,905      53,316        52,880
  Products                           11,495      11,194         8,505
                               ------------- ----------- -------------
    Total revenue                   366,222     366,814       373,405

EBITDA:
  Completion and production
   services                         102,520      99,606        95,493
  Drilling services                  16,250      16,589        14,211
  Products                            2,569       2,411         2,235
  Corporate and other                (6,214)     (8,270)       (5,580)
                               ------------- ----------- -------------
    Total EBITDA                    115,125     110,336       106,359

Depreciation and amortization:
  Completion and production
   services                          23,996      27,836        29,475
  Drilling services                   3,113       3,414         3,933
  Products                              472         486           577
  Corporate and other                   373         639           200
                               ------------- ----------- -------------
    Total depreciation and
     amortization                    27,954      32,375        34,185

Operating income (loss):
  Completion and production
   services                          78,524      71,770        66,018
  Drilling services                  13,137      13,175        10,278
  Products                            2,097       1,925         1,658
  Corporate and other                (6,587)     (8,909)       (5,780)
                               ------------- ----------- -------------
    Total operating income
     (loss)                          87,171      77,961        72,174
                               ============= =========== =============

                                         December 31,     March 31,
                                             2007            2008
                                        --------------- --------------
                                          (unaudited)    (unaudited)
Revenue:
  Completion and production services    $      325,168  $     351,652
  Drilling services                             54,171         53,311
  Products                                       9,663         12,215
                                        --------------- --------------
    Total revenue                              389,002        417,178

EBITDA:
  Completion and production services           101,009        112,176
  Drilling services                             14,368         12,217
  Products                                       2,728          3,290
  Corporate and other                           (8,072)        (7,955)
                                        --------------- --------------
    Total EBITDA                               110,033        119,728

Depreciation and amortization:
  Completion and production services            31,530         33,730
  Drilling services                              4,112          4,416
  Products                                         529            546
  Corporate and other                              669            559
                                        --------------- --------------
    Total depreciation and amortization         36,840         39,251

Operating income (loss):
  Completion and production services            69,479         78,446
  Drilling services                             10,256          7,801
  Products                                       2,199          2,744
  Corporate and other                           (8,741)        (8,514)
                                        --------------- --------------
    Total operating income (loss)               73,193         80,477
                                        =============== ==============

SOURCE: Complete Production Services, Inc.

Complete Production Services, Inc.
Senior Vice President and Chief Financial Officer
Mike Mayer, 281-372-2311
or
Vice President, Corporate Development and
Investor Relations
Jose Bayardo, 281-372-2325

Complete Production Services, Inc. Second Quarter 2008 Earnings Conference Call

admin — Wed, 16 Jul 2008 15:53:16 +0000

HOUSTON–(BUSINESS WIRE)–July 16, 2008–Complete Production Services, Inc. (NYSE:CPX), will hold its quarterly conference call to discuss second quarter 2008 results on Thursday, July 24 at 8:30 a. m. Eastern time.

To participate in the live conference call, dial (866) 800-8651 at least ten minutes prior to the scheduled start of the call. When prompted, provide the passcode: 64641903. The conference call will be available for replay beginning at 10:30 a.m., July 24, 2008, and will be available until July 31, 2008. To access the conference call replay, please call (888) 286-8010 and use the passcode: 87658249.

This call is being webcast by Thomson/CCBN and can be accessed at www.completeproduction.com.

CONTACT: Complete Production Services, Inc.
Media Contacts:
Mike Mayer, 281-372-2311
or
Jose Bayardo, 281-372-2325

SOURCE: Complete Production Services, Inc.