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Hunting says annual results will be swayed by December performance

By BFN News | 07:37 AM | Tuesday 17 December, 2019

Energy services group Hunting said its December performance would determine whether it would meet full-year market expectations, as activity levels in the North American oil and gas market continued to slow. The company anticipated a full-year Ebitda result remaining in the range of current market expectations, dependent on results in December. Hunting also warned that early announcements from its publicly quoted clients indicated that capital spend in the year ahead would be lower than 2019, as the oil and gas industry endeavoured to improve returns and increase cash generation for investors. The decline in activity levels within the North American oil and gas industry were paced by the decline in the US onshore market and hurt Hunting Titan's growth. Hunting Titan's revenue and operating profits during October and November were below the average monthly run-rate of the third quarter of 2019 due to the slowing US onshore market. Looking ahead, Hunting said capital spend for the full year was expected to be around $40m, with inventory likely to be at a similar level on-year. Year-end cash, before lease liabilities, was expected in the region of $110m, with lease liabilities expected to be around $45m to give a net cash position of $65m. Story provided by

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