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Text: Our call today will be led by our CEO, Cindy Taylor; and Lloyd Hajdik, Oil States' executive vice president and chief financial officer.
To the extent that our remarks today contain information other than historical information, please note that we are relying on the safe harbor protections afforded by federal law.
Any such remarks should be weighed in the context of the many factors that affect our business, including those risks disclosed in our Form 10-K along with other SEC filings.
First, I would like to extend my sincere hope that all of you have been able to safely navigate the horrendous weather that we've had over the last week, along with the associated power outages and impacted water supplies.
Our prayers are extended to you for a speedy return to normalcy.
December 31st marked the end of the year that will go down into the record books for the oil and gas industry.
Energy companies face the dawning challenges of excess supply, a demand crisis triggered by COVID, an OPEC supply management problem, and investor apathy toward the sector.
Already six years into an extended downturn, the industry took a notable turn for the worst in 2020 with the onset of the COVID-19 pandemic, leading to epic levels of demand destruction for crude oil and associated products.
With commodity prices in dangerous territory, coupled with deteriorating activity and financial results, energy companies had to respond quickly.
Rig counts and customer CAPEX spending collapsed in the second and third quarters of 2020.
In response to these events, we took immediate action to shore up liquidity and stabilize cash flows.
We will update you on these matters, give you our thoughts on near-term market conditions, and summarize our continued efforts to mitigate costs, both capital and operating as we navigate the early stages of a U.S.-led market recovery.
shale-driven activity, while at historic low levels, was improving as we entered the fourth quarter with stronger crude oil prices.
Activity in the U.S. shale basins has historically been the first market to decline in a downturn, but it is also the first to recover.
completion activity steadily improved during the fourth quarter, albeit off a low base, ending the quarter up 67% sequentially in terms of the average frac spread count as reported by primary vision.
Our fourth-quarter results reflected 2% sequential growth in revenues and a significant 55% improvement in gross profits before DD&A, reflecting the cost mitigation measures implemented earlier in the year.
Partially offsetting these benefits was $2.7 million of severance and restructuring charges.
During the fourth quarter, our well site services revenues were up 3% sequentially, and adjusted segment EBITDA margins improved.
Our completion services incremental adjusted EBITDA margins came in at 89%.
In our downhole technologies segment, revenues continued their recovery and were up 24% sequentially, with adjusted segment EBITDA margins also up nicely.
In contrast, revenues in our offshore/manufactured products segment, which is a later-stage business, decreased 4% sequentially due primarily to weaker connector product sales.
Segment backlog at December 31, 2020, totaled $219 million, a decrease of 4% sequentially.
Our segment bookings totaled $65 million for the quarter, yielding what appears to be an industry-leading book-to-bill ratio of 0.9 times for the fourth quarter and 0.8 times for the year.
During stress periods in our business, we know that the immediate focus needs to be on the preservation of liquidity and the management of variable and fixed costs.
To that end, we had an exceptional year in 2020, generating $133 million of cash flow from operations.
With our significant free cash flow, we materially delevered during the year, reducing our total net debt by $128 million.
In addition, despite capital being extremely tight in the U.S. for banks lending to the industry, we successfully syndicated a new four-year asset-based credit facility with our key banking relationships last week.
Lloyd will review additional details with you shortly.
We believe that we have managed the company effectively during a very difficult period, and we'll continue to closely manage our debt, working capital, and cash flow generation in the quarters to come.
Lloyd will now review our consolidated results of operations and financial position in more detail before I go into a discussion of each of our segments.
During the fourth quarter, we generated revenues of $137 million, while reporting a net loss of $19 million, or $0.31 per share.
Our revenues increased 2% sequentially, and our adjusted consolidated EBITDA improved significantly due to better cost absorption in our U.S. businesses.
After generating significant free cash flow in prior quarters, we were essentially cash flow-neutral after CAPEX during the fourth quarter.
For the fourth quarter of 2020, our net interest expense totaled $2.6 million, of which the majority are $1.8 million was noncash amortization of debt discount and debt issue costs.
At December 31, our net debt-to-book capitalization ratio was 12.8%, and our total net debt declined $128 million during 2020 through opportunistic open-market purchases of our convertible senior notes and repayments of borrowings outstanding under our revolving credit facility.
As Cindy mentioned, on February 10, we announced that we had entered into a new $125 million asset-based revolving credit agreement with a group of our key commercial relationship banks.
Our existing revolving credit facility was terminated upon entering into the new asset-based revolving credit facility.
Borrowing availability under the new facility is based on a monthly borrowing base on eligible U.S. customer accounts receivable and inventory.
The maturity date of the revolving credit facility is February 10, 2025, as Cindy mentioned, a four-year credit facility.
With a springing maturity 91 days prior to the maturity of any outstanding debt with a principal amount in excess of $17.5 million.
Excluding the seller promissory note associated with our acquisition of GEODynamics.
Borrowings outstanding under the new revolving credit facility will bear interest at LIBOR plus a margin of 2.75% to 3.25% based on our calculated availability under the facility with a LIBOR floor of 50 basis points.
We must also pay a quarterly commitment fee of 0.375% to 0.5% on the unused commitments.
At the closing of the new facility, we had approximately $29 million available, which was net of $12 million in outstanding borrowings and $29 million of standby letters of credit.
Together with $72 million of cash on hand at the end of December, pro forma liquidity would have been approximately $101 million.
At December 31, our net working capital, excluding cash and the current portion of debt and lease obligations, totaled $215 million.
In terms of our first-quarter 2021 consolidated guidance, we expect depreciation and amortization expense to total $23 million; net interest expense to total $2.1 million, of which approximately $1 million is noncash; and our corporate expenses are projected to total $8.4 million.
In this environment, we expect to invest approximately $15 million in total CAPEX during 2021, which is essentially flat when compared to 2020 spending levels.
In our offshore/manufactured products segment, we generated revenues of $76 million and adjusted segment EBITDA of $7.5 million during the fourth quarter.
Revenues decreased 4% sequentially due primarily to continued slow connector product sales.
Adjusted segment EBITDA margin of 10% compared to 12% margins achieved in the third quarter, reflecting lower revenues and reduced cost absorption.
As I mentioned earlier, orders booked in the fourth quarter totaled $65 million with a quarterly book-to-bill ratio of 0.9 times.
At December 31, our backlog totaled $219 million.
For over 75 years, our offshore/manufactured products segment has endeavored to develop leading-edge technologies, while cultivating the specific expertise required for working in highly technical, deepwater, and offshore environments.
Recent product developments should help us leverage our capabilities and support a more diverse base of energy customers going forward.
We continue to bid on potential award opportunities supporting our traditional subsea, floating, and fixed production systems, drilling, and military clients, while experiencing an increase in bidding to support multiple new clients actively involved in subsea mining, offshore wind developments, and other alternative energy systems globally.
While our 2020 bookings were lower than the levels achieved in 2019, our book-to-bill ratio for the year averaged 0.8 times, providing visibility as we progress into 2021.
In our downhole technologies segment, our revenues accelerated for the second quarter in a row, increasing 24%, while generating incremental adjusted segment EBITDA margins of 68% sequentially due primarily to cost savings measures implemented at the segment level.
Sales trends for our STRATX integrated gun systems and addressable switches continue to gain improved customer acceptance, and we experienced a 49% sequential improvement in international sales of our traditional perforating products.
We also continue to focus on the commercialization of ancillary perforating products, including a new wireline release tool and two new families of shaped charge technology.
Our product development efforts are designed with our wireline and E&P customers in mind, where we strive to provide them with flexibility, improved functionality, and increased performance, while ensuring the highest level of safety and reliability.
In our well site services segment, we generated $39 million of revenue with sequentially increasing adjusted segment EBITDA.
land completion activity in the quarter but was partially offset by seasonal fourth-quarter declines in operator spending in the Northeastern United States.
Excluding the Northeast region, revenues increased 20% sequentially.
International and U.S. Gulf of Mexico market activity comprised 26% of our fourth-quarter completion service business revenues.
We remain focused on streamlining our operations and pursuing profitable activity in support of our global customer base.
We will continue to focus on core areas of expertise in this segment and are actively developing and conducting field trials of selected new proprietary service offerings to differentiate Oil States' completions business.
Moving on to outlook.
COVID-19 disruptions continue to hamper activity in domestic and international markets.
The fourth-quarter 2020 U.S. rig count average was 311 rigs, which was up 22% sequentially.
As we are now a month and a half into the first quarter of 2021, the average frac spread count has increased by about 26 spreads or roughly 20% since the fourth quarter.
This increase gives us optimism that the first quarter is setting up more favorably for our U.S. shale-driven product and service offerings.
Given improvements in the frac spread count over the last several months, we expect our well site services and downhole technologies segments to grow sequentially in 2021, with increasing EBITDA contributions.
Revenues in our offshore/manufactured products segment will continue to lag into the first half of 2021 until our book-to-bill ratio exceeds one-time and our short-cycle product demand improves.
Our outlook for 2021 suggests that our consolidated revenue will be flat or declined modestly, given this very strong first quarter of 2020, which, of course, was pre-pandemic, with EBITDA growth resulting from cost mitigation efforts.
We expect 2021 full-year consolidated EBITDA of $35 million to $40 million, with roughly 60% of the total generated in the second half of 2021.
The first quarter will undoubtedly be the weakest quarter of 2021, given the impact of severe weather that has gripped the nation this week.
Record-breaking temperatures and dangerous conditions have limited our field operations and manufacturing locations for several days.
Now I would like to offer some concluding comments.
We believe that we made substantial progress in 2020 in terms of shoring up our liquidity with exceptionally strong free cash flow generation coupled with associated debt reduction initiative.
As I mentioned earlier, we stabilized the company during a very difficult period and have managed our debt, working capital, and cash flow generation throughout the period.
Oil States will continue to conduct safe operations and will remain focused on providing technology leadership in our various product lines with value-added products and services to meet customer demands globally as we recover from the harsh effects of the COVID-19 pandemic, which dramatically reduced travel and business activity, thereby depressing global oil demand and correspondingly, demand for our products and services.
That completes our prepared comments.

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compname reports q4 loss per share $0.31.
q4 loss per share $0.31.

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