Thread regarding Newpark Resources Inc. layoffs

Hey RS, the facts- DP ,your boy, only lasted 9 months (and as President no less) at Weir O&G ,his only job since spending 17 or so years with SLB. As pointed out by a previous poster– At HAL and SLB you can hide for years and take credit for Everything while doing Absolutely Nothing Productive (obviously you know nothing about oilfield service companies). NR down over 8% today on more than Average volume. His first report card in 2 +weeks. My guess, he is just now realizing what he got himself into. And it is not pretty. we shall see.

DP’s compensation is most certainly our business. Some of us are SHAREHOLDERS. Shares we BOUGHT and paid for. Not given or granted FREE to us.

Let’s see his performance, put up or shut up!

Hate to burst your bubble but SLB has MANY product lines, a well known name and the financial clout to partner up and buy into operators wells which certainly gives you a lot of leeway to “strategize”. NP has NONE of these offerings. So whether DP brings ANYTHING to the table will be determined with his forward performance, NOT past success or strategy (much like his predecessor)

Not an employee of Newpark however I am very familiar with the workings of High level people - VP and Presidents
David P is an extremely well respected Snr Manager having help serious positions with the Schlum group for many many years - His track record for success is fantastic - he is a high level strategist that gets the job done - Judge him by his actions and results not on his compensation which is his business not yours

Maybe their $2m consultant is telling NP to prepare for 800 rigs tops. If not, they should be.

The rig count is dropping at an average rate of 5 rigs per week since 1-2019. If it continues at this pace, there will be slightly less than 800 rigs working in the US come 1-2020. Apprx 45-50% of this number will probably be in W Texas-New Mexico.

ONLY 26 TOTAL rigs working in Offshore LA, inland waters LA and land jobs in South La. North LA has a total of 31 rigs running. Rig count currently in US down apprx 210 rigs since first of 2019. 868 rigs current number working

For a more complete picture look at cash in hand now vs 2015. Then look at long term debt then vs now. You will quickly see where NP is headed. And food for thought, 2020 is going to be a rough year in the patch. Not looking good for the home team

Facts for years 2016-2017-2018. Total Fluids Revenue for these 3 years- $1.726M. Total Operating Income (not net income)–$25M . Total Mats Revenue for 2016-2108 –$439M Total Operating Income-$115M. Corporate Office Expense- 2016–$28.3M 2017-$36.6M 2018- $37.4M Total Capital Expenditure for Fluids for 2016-2018 $65M Total Capital Expenditure for Mats– $43M. Just another walk in the park day. Mats makes 4 1/2 Times more Operating Income vs Fluids on apprx 1/4 Less in Total Revenue as compared to Fluids. And Corporate Expense- it just keeps on Rising. While the rig count is decreasing.

See how things get real quiet around here when someone states the truth and actual facts pertinent to the matter. Top management - what a joke but the BOD sits around and lets it continue year after year. Just look at the resumes of the Board- None have a clue about the inter workings of a service company and SF ( the senior member and nothing but a bean counter leftover from BHI) has been around WAY to long and is just another rubber stamp. GW ( the ex WFT hand ) at least just finally left after contributing Zero. TA, prz of NA, are you serious? And the new guy, halfway around the world. The whole pv debacle can only be described as – Unbelievable. And it lasted Over 4 years. As for the rig count, check for yourself. Hint- still going south.

Face it, without PB and the BU Mgrs/pre 2015, NP Fluids has failed miserably and is continuing that trend currently. Top heavy Mgmt, out of control op-ex, poor sales force and an out of touch board all contribute heavily. Declining rig count could be the nail in the coffin. Probably what Paulie wants....

Here is the best part. While Total Revenues @NR went DOWN in the 1st Half of 2019 to $428M from 1st Half Revenues in 2018 of $463M. THE CORPORATE OFFICE EXPENSE WENT UP to $22.2M in the 1st Half of 2019 versus $17.7M in the 1st Half of 2018 While Operating Income went Down from $33M in 2018 (1st Half) to $16.5M (1st half of 2019).

Looks like nr and nbr in a race to the bottom with both stocks –nbr and nr hitting Yearly Lows today.

Old saying: Smart people surround themselves with smarter people. Illiterates surround themselves with ignorance. I will let you be the judge .....

Correction– Not $50000 of free shares BUT 50,000 Free shares

Let me see if i understand the new Lawyer's contract correctly. He gets a three year deal at $35,000 more per year ($410K per year total) than the last lawyer he is replacing. He gets to participate in the Bonus Plan which he brings Absolutely Zero dollars of sales and/or Income into the Equation. He is given $50,000 FREE shares of Stock while not bringing ANY Sales/Income or Equity of any type into the Company (before or after getting hired), just simply for showing up.. He gets $1300/Month car allowance to drive his Personal Car the 85 miles of so round trip from his house to the Office (5 Days a week) with NO sales or Tech responsibility/24 Hour call. PLUS , the way i read his resume, he was not employed at a Company for apprx 12 months (maybe doing some consulting work) before nr. His last employer as I read it was Bristow which is in or was in Chapter 11. gotta love it.

From a past NP employee.
Why does any of this insanity surprise you?

Too the believers.
Wake up!

DA

And people just thought that LAK was worthless- now an ex SLB running Personnel at intermediate size mud company. It just gets better and better. As stated, a person could not draw up this nightmare scene any better,

Now that Newpark is run by the “Orange Brigade” we will see how big a dumpster fire they can start. Paterson, Armand, Ashley, Heinz, Lab dude and others are all ex SLB/MI. Look at the MI NA rig count and tell me how pathetic that company is..... This is the most laughable company in the patch right now. You couldn’t draw it up and make this many monumental mistakes😂😂😂

Probably the same reason NP shareholders are paying $50k per year for new Presidents kids schooling. Absolutely ridiculous! I’m telling y’all the upper management doesnt have half a brain.... And what is even worse, Pauline is in desperation mode right now

Maybe Management can tell us why the Lawyer they hired in August last year as a VP needs a $1300/ month car allowance plus gas,etc to drive BACK and FORTH from his River Oaks home to the office in the Woodlands every Work Day. He makes NO sales calls, NO tech calls and is not on 24 Hour Call. Just another way to piss away $$$$

There is ONE barge rig and THREE land rigs working in ALL of South La. nr with facilities to maintain at Venice, Cameron, Berwick, ICC besides Fourchon. ONLY 25 rigs working ALL of offshore LA. Total rig count will probably be under 860 by 11-1-2019. Now at 916. All 4 of Mgt/Leadership team in East TX/ N. La now GONE. Permian activity slowing every week. Cut throat pricing starting to set in. Oil currently under $54. ph ready for another big bonus.

What’s the P&P show going to do when NA rig count goes to 800? It’s gonna happen folks.....

Rig count down 19 for the week and nr sitting at $6.30–Yearly Low

How does mgt like it now at $6.52?

Let's see now–Paterson resume as i read it. Takes job with Weir O&G as president on 28 Oct 2018. In June, 2019 quits Weir and hires on to Newpark on July 2, 2019. So Spends a TOTAL of 7-8 Months working for Weir (a pressure pumping company) which he has a background in from working at SLB. BUT QUITS this job as President at Weir to come to work for a Drilling Fluids and Mats,etc company which he HAS absolutely No Experience in. And gets to name the Terms and Conditions he will work under. Sounds like a well thought out Plan to me....... Moving from essentially from Completion side (Production side) of business to Drilling Side. When anyone in the mud business knows the completion and drilling side are almost like 2 separate companies at an oil/gas company.

Problem is there seems to No One with any Credibility in the upper echelon of nr. And this new guy came from an employer he had been working for less than a year as i understand it. And The new lawyer came from Bristow , correct? , who is in middle of Chap 11. And he gets a free 50k shares. I wondered how long it was going to take for someone to comment on the utterly Amazing deal offered to the new guy.. But when you think about it- what else would one truly expect.... Just another walk in the park day at nr.