Energy
Quintana Energy Announces Potential Pricing for IPO
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Quintana Energy Services has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). The company intends to price its 9.26 million shares in the range of $12 to $15 per share, with an overallotment option for an additional 1.39 million shares. At the maximum price, the entire offering is valued up to $159.72 million. The company intends to list its shares on the New York Stock Exchange under the symbol QES.
The underwriters for the offering are Merrill Lynch, Simmons, Citigroup, Barclays, Tudor Pickering Holt, Evercore ISI, Stephens, and Capital One Securities.
This company is a growth-oriented provider of diversified oilfield services to leading onshore oil and natural gas exploration and production companies operating in both conventional and unconventional plays in all the active major basins throughout the United States.
The following are Quintana’s primary services:
- Directional drilling
- Pressure pumping
- Pressure control
- Wireline
Quintana’s directional drilling services enable efficient drilling and guidance of the horizontal section of a wellbore using its technologically advanced fleet of downhole motors and 117 measurement while-drilling kits. Its pressure pumping services include hydraulic fracturing, cementing and acidizing services, and such services are supported by a high-quality pressure pumping fleet of 236,125 hydraulic horsepower (HHP) as of September 30, 2017.
The firm’s primary pressure pumping focus is on large hydraulic fracturing jobs of up to 80,000 HHP. Its pressure control services provide various forms of well control for completions and workover applications through 23 coiled tubing units, 36 rig-assisted snubbing units and ancillary equipment. Its wireline services include 58 wireline units providing a full range of pump-down services in support of unconventional completions, and cased-hole wireline services enabling reservoir characterization.
The company intends to use the net proceeds from the offering to repay its indebtedness, with the remainder going toward working capital and general corporate purposes.
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