Oil and natural gas services company ESP Resources Inc. (OTC: ESPI) detailed its year-end 2013 financial results, the company said April 25.
Year-end revenue was lower by 38% than year-end 2012’s, the company said, noting that it was 10,591,111, down from 2012’s $16,987,213.
The decreased revenue was due to reduced sales to companies involved in hydraulic fracturing, as well as reduced sales in completed petrochemicals, ESP Resources said.Profits from operations, as a percentage of yearly revenue, were higher at year-end 2013 than they were at year-end 2012, the company said. They were 51%, up from 45%, ESP Resources said, noting that this was a 6% increase.
General and administrative expenses went down by 26% year-over-year, and stood at $2,760,666 at year-end 2013, ESP Resources said. This decrease was due to a reduction in the number of employees, the company added. The decrease was also due to lower international business development costs, the company said.
Regarding net losses, at year-end the amount was $5,237,777, the company said, noting that this was higher than the amount at year-end 2012. This was due to discontinued operations, the company said.
Working internationally and domestically, ESP Resources Inc. is based in Lafayette, La.
Recommended Reading
Sinopec Brings West Sichuan Gas Field Onstream
2024-03-14 - The 100 Bcm sour gas onshore field, West Sichuan Gas Field, is expected to produce 2 Bcm per year.
Trio Petroleum to Increase Monterey County Oil Production
2024-04-15 - Trio Petroleum’s HH-1 well in McCool Ranch and the HV-3A well in the Presidents Field collectively produce about 75 bbl/d.
Tech Trends: Halliburton’s Carbon Capturing Cement Solution
2024-02-20 - Halliburton’s new CorrosaLock cement solution provides chemical resistance to CO2 and minimizes the impact of cyclic loading on the cement barrier.
Tech Trends: SLB's Autonomous Tech Used for Drilling Operations
2024-02-06 - SLB says autonomous drilling operations increased ROP at a deepwater field offshore Brazil by 60% over the course of a five-well program.
E&P Highlights: March 4, 2024
2024-03-04 - Here’s a roundup of the latest E&P headlines, including a reserves update and new contract awards.