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
For Sale, Again: Oily Northern Midland’s HighPeak Energy
2024-03-08 - The E&P is looking to hitch a ride on heated, renewed Permian Basin M&A.
E&P Highlights: Feb. 26, 2024
2024-02-26 - Here’s a roundup of the latest E&P headlines, including interest in some projects changing hands and new contract awards.
Gibson, SOGDC to Develop Oil, Gas Facilities at Industrial Park in Malaysia
2024-02-14 - Sabah Oil & Gas Development Corp. says its collaboration with Gibson Shipbrokers will unlock energy availability for domestic and international markets.
E&P Highlights: Feb. 16, 2024
2024-02-19 - From the mobile offshore production unit arriving at the Nong Yao Field offshore Thailand to approval for the Castorone vessel to resume operations, below is a compilation of the latest headlines in the E&P space.
TotalEnergies Acquires Eagle Ford Interest, Ups Texas NatGas Production
2024-04-08 - TotalEnergies’ 20% interest in the Eagle Ford’s Dorado Field will increase its natural gas production in Texas by 50 MMcf/d in 2024.