Oilfield services provider Quintana Energy Services aims to raise around $125 million through an IPO of shares, according to a filing on Jan. 29 with the U.S. Securities and Exchange Commission.
The Houston-based company, which provides drilling and well completion services, plans to sell around 9.3 million shares at between $12 and $15 per share in coming days. It reported a loss of $23 million on revenue of $307.2 million for the first nine months of 2017, its filing said.
Higher oil prices—U.S. crude futures have traded above $60 per barrel throughout January—are helping boost demand for drilling and other services and creating an opening for services firms to tap investor interest.
Pressure pumper Liberty Oilfield Services Inc. (NYSE: LBRT) in mid-January was the first oilfield service firm to go public this year, following a drought of IPOs in the second half of 2017. Since that offering, rival Nine Energy Service Inc. (NYSE: NINE) has also gone public, and last week FTS International Inc. firmed up plans to raise $250 million through a public offering.
Shares of Liberty Oilfield Services were trading around $22.50 on Jan. 29, above its initial offering price of $17 per share. Nine Energy Service was trading $25.70, about 11% over its initial price of $23 a share.
Recommended Reading
What's Affecting Oil Prices This Week? (Aug. 26, 2024)
2024-08-26 - For the upcoming week, Stratas Advisors expects that oil prices will move upwards but that the price of Brent crude will not break through $82 without some additional geopolitical disruption.
Cool-down Cargo Reaches Venture Global’s Plaquemines LNG Facility
2024-08-26 - Venture Global’s Plaquemines LNG export facility in Plaquemines Parish, Louisiana has received its initial cool-down cargo just three days after the FERC granted it's request to commission the introduction of nitrogen gas to the facility.
EIA NatGas Storage Report Comes in at 10 Bcf Above Forecast
2024-08-22 - Most of the additional gas in storage came from the Appalachian Basin. The Midwest added 19 Bcf and the East added 12 Bcf, according to the EIA.
Oil Settles $1 Down After US Job Data Revised Significantly Lower
2024-08-21 - U.S. employers added far fewer jobs than originally reported in the year through March, the Labor Department said on Aug. 21.
US Gasoline Margins Slump on Lackluster Summer Demand
2024-08-21 - Gasoline futures were last down about 2.8% and their premium over West Texas Intermediate crude oil futures shrank to their weakest since Nov. 7, 2023.