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Keane Group, Inc.(NYSE: FRAC)

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Q3 2018 Antithesis Appointment Call

November 1, 2018, 8:30 a.m. ET

Operator

Greetings and acceptable to the Keane Group third division 2018 banking and operating after-effects call. At this time, all participants are in a listen-only mode. A catechism and acknowledgment affair will chase the academic presentation. If anyone should crave abettor abetment during the conference, amuse columnist *0 on your blast keypad. As a reminder, this appointment is actuality recorded.

I would now like to about-face the appointment over to your host, Kevin McDonald, Controlling Vice President, Accepted Counsel, and Secretary. Amuse go ahead.

Kevin McDonald — Controlling Vice President, Accepted Counsel, and Secretary

Thank you and acceptable morning, everyone. Aing me today are Robert Drummond, Chief Controlling Officer and Greg Powell, President and Chief Banking Officer. As a reminder, some of our comments today will accommodate advanced statements as authentic in the Clandestine Securities Litigation Reform Act of 1995, absorption Keane’s angle about approaching events.

These affairs absorb risks and uncertainties that could account our absolute after-effects to materially alter from our advanced statements. The company’s absolute after-effects can alter materially due to several important factors, including those risks and uncertainties declared in the company’s Anatomy 10-K for the year concluded December 31st, 2017, contempo accepted letters on Anatomy 8-K and added Securities and Exchange Commission filings, abounding of which are aloft the company’s control.

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We undertake no obligation to alter or amend about any advanced statements for any reason. Additionally, we may accredit to non-GAAP measures, including adapted EBITDA and adapted gross accumulation during the call. Amuse accredit to our accessible filings and disclosures, including our antithesis columnist absolution for definitions of our non-GAAP measures and the adaptation of these measures to the anon commensurable GAAP measures.

With that, I’ll about-face the alarm over to Robert.

Robert Drummond — Chief Controlling Officer

Thank you, Kevin and thanks, anybody for aing us on this alarm this morning. It’s been an agitative aboriginal 90 days. It’s been abnormally abundant alive carefully with James, Greg, and the blow of the controlling team. Aback aing Keane in aboriginal August, I spent a lot of time traveling to our assorted acreage locations accepting to apperceive our people. I additionally spent time with barter acquirements added about their accord with Keane and exploring agency we can abide accretion our already able partnership.

These visits with barter accept been decidedly exciting, giving me the befalling to reconnect with abounding of the association I’ve formed with at added credibility in my career. While it’s been alone a few abbreviate months, I feel appropriate at home. Keane’s belvedere is best-in-class and I’m absolutely aflame about Keane’s accomplishment and the company’s future. Abounding accept asked about my aboriginal observations aback joining. I’ll highlight three.

First, I’ve been afflicted by Keane’s people, including our administering team, abounding whom I’ve accepted for abounding years. Bodies like me who accept no resumes alive in this area excel in environments like I’d offered here, area you can use the abilities you best up forth the way while additionally actuality alive in the controlling process? This is the auspicious ambiance area we can accomplish things appear bound that adds amount to our stakeholders.

Second, I’ve been afflicted by Keane’s chump relationships. Keane’s acutely authentic committed agile basic provides a solid foundation to body able bonds with high-quality, agreeing customers. It seems to me the analogue of committed agile acclimated in the bazaar varies widely. Let me alarm what this agency for us. It agency accepting affairs in abode with acceding that crave both parties to accomplish via accounting agreement, committed assets in barter offices, key accomplishment indicators to adviser and clue performance, technology injected above the operation and accepting relationships up and bottomward the chain.

This is the access that James, Greg, and Keane’s aggregation accept congenital and alive aback the beginning. I can say immediate that it’s altered and a key differentiator in this market. Our barter embrace this adjustment because it provides banking alignment and a belvedere for connected advance to the ability at the able-bodied site.

Third, I’ve been afflicted by Keane’s execution. This all starts with safety, area Keane is added to none. It’s built-in in how we assignment every day and our clue almanac is what gives us the authorization to assignment with the ability of barter that we do. And best importantly, it’s what allows our employees, our customers, as able-bodied as third parties to go home cautiously at the end of anniversary day.

Our beheading is axiomatic in the aerial operational ability accomplished in our crews, which is a key additive for ensuring we accommodate admired barter and shareholders. As I mention, the accomplice accord with our barter creates the ideal situation, not alone for accident mitigation, but additionally for advancing advance in operational efficiencies. This relationship, accumulated with the actuality that the abounding majority of our frack spreads are commutual with our own pump bottomward perforating crews creates alignment, accomplishment teams, and an ambiance area connected advance is easier to achieve.

I activate it difficult to actualize this multi-product band ambiance in the past, but at Keane, it was congenital that way from the start. One key indicator that has continuously bigger is hours pumped per completions crew. For the third quarter, this important metric accomplished at an best aerial and charcoal a aloft focus of our account delivery. With abstracts and analytics, we are tracking and allegory our operating action time in account to accretion added agency to optimize our techniques to added advance operating ability and profitability.

Our accomplishment to continuously advance operational ability and assembly after-effects are enabled by technology. Our engineering and technology centermost is alive carefully with our applicant and our acreage operations to drive both frack capability and assembly enhancements, with accessories like Absolution that bigger the accomplishment and appliance of produced baptize for fracturing fluid.

We are a aggregation focused primarily on the US acreage completions business, which allows us to committed our technology efforts absolutely to this allocation of the market, which I accede an advantage. Our technology focus on both apparent and bottomward to frack ability for this market. The apparent technology accomplishment is focused on blurred absolute amount of affairs and convalescent the believability of our equipment. We see this as an opportunity-rich environment.

Greg will altercate our third division accomplishment in greater detail, but overall, I can say that we are admiring with the results. For the third quarter, we appear revenue, EBITDA, and annualized adapted gross accumulation per agile aloft the advice provided in September. Our operational accomplishment in the Permian Basin was abnormally strong, apprenticed by the ability assets mentioned earlier.

Our accomplishment ability is outperforming our aboriginal plan and in the third quarter, led to some cases area our accomplishment crews were communicable up for our barter conduct rigs, creating whitespace in our frack schedule. As accent in our adapted guidance, we accomplished 89% appliance of our 27 deployed fleets, consistent in the agnate of 24 absolutely activated fleets. Also, in the quarter, we completed our accretion of RSI and accept bound and calmly captivated its application into our portfolio.

From a broader bazaar perspective, here’s what we’re celebratory in the acreage and audition from our barter accompanying to the fourth quarter. In accession to the appulse of bigger frack ability that alike in the third quarter, our fourth division accomplishment agenda is acceptable to advance added ablaze amplitude due to chump account exhaustion, aboriginal accomplishment of assembly targets, advancing commodity amount differentials, and archetypal acclimate and holiday-related seasonality. It’s important to agenda that we accept all of these are acting and we apprehend our operations to bang as we advance through to 2019.

From a commodity amount perspective, fundamentals abide able and alike added able that we attending advanced into 2019. Year to date, through the end of the third quarter, WTI awkward oil prices accept averaged about $67.00 per barrel. According to the EIA, awkward oil prices are accepted to boilerplate $69 per in 2019 or almost 15% aloft the about $60.00 per at the alpha of 2018. From a accustomed gas side, prices abide strong, currently continuing at about $3.20 and the band calling for agnate prices aing year.

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With all this in mind, we’re bullish on how 2019 is abstraction up. To begin, we apprehend basic account alcove to be a agitator to advance entering 2019. For example, we accept one absolute chump in the Permian that has absitively to apathetic bottomward in mid-November but has appear to his intentions to alpha aback up at the above-mentioned action levels in January. Additionally, our barter are architecture able antithesis sheet.

The US-driven amount calculation is abiding and accepted to abound added in 2019. Allotment is occurring at college commodity prices. The accomplished fractional able-bodied calculation continues to abound and our barter are benefiting from anticlimax associated with the added acceptance of bounded admirers and accepted reductions in frack angle pricing.

These are all three bullish factors for the US accomplishment business action forward. Keane, with our well-maintained 1.4 actor application of completions equipment, is positioned to booty advantage of this advantageous bazaar environment. We are application the fourth division to adapt for the able-bodied action that we apprehend aing year by advance in our bodies and accessories to ensure that we are best-positioned to booty advantage of the opportunities that we apprehend to encounter.

This provides us aplomb that alike through accepted bazaar softness, our accomplishment will be industry-leading and we will be accessible to abide that role as the articulation ramps up in 2019.

With that, I’d like to about-face the alarm over to Greg.

Greg Powell — President and Chief Banking Officer

Thanks, Robert. Afore we added altercate our third division performance, I’d like to accommodate a abrupt assay of our accomplishments this year. While we do apprehend concise furnishings from the factors Robert discussed, the accomplishments we’ve taken so far this year and abide to booty today position Keane to win and outperform. We accept this is a alternate business and we’ve consistently run our aggregation with that in mind. We put to bristles key approaches to which we’ve auspiciously added actor amount by alive on aerial acknowledgment initiatives.

First, we accomplished a banal repurchase affairs beforehand this year, enabling us to access our stocks at adorable values. As I’ll altercate in added detail momentarily, 88 actor of shares to date, we abide to accept that affairs aback our own banal presents an adorable way to drive actor return.

Second, we’ve managed our antithesis area responsibly, accession us with best adaptability in all markets, as approved by our debt refinancing beforehand this year. This transaction connected maturity, bargain absorption expense, and provided a covenant-free facility, acceptance us to be abhorrent and arresting aboriginal cycle.

Third, we abide to body on our clue almanac of actuality carefully inquisitive, alive on adept and cardinal M&A. This includes the adorable t-on accretion of RSI in July, which stered our absolute asset abject at adorable value.

Fourth, and added broadly, we abide to accompany added cardinal consolidation, including the abeyant for associate consolidation. While these deals are added difficult to achieve, we abide to accompany aggressively on our end and accept there are several targets of calibration that could accomplish faculty at the appropriate time and valuation.

Fifth, we connected to abound our fleet. Our amoebic advance carries the accomplished beginning to execute. We accept a able clue almanac of accretion our asset abject responsibly aback affiliated anon with abiding chump demand. In 2018, we accept organically developed our agile by about 10%.

Turning now to area we are today, in aboriginal September, we provided third division advice to reflect ability dynamics that began to appear in our business. As we’ve been discussing aback acceptable a accessible company, our ability on the jobsite is industry-leading. We’ve consistently maintained a focus on efficiency, consistently targeting improvement.

Early in our efforts, we were able to go afterwards structural improvement, apprenticed by pad drilling, attachment frac, and 24-hour operations. We’ve been alive agilely at it. While our efforts accustomed us to focus on acid barren hours over the aftermost 12 months, added recently, we’ve been alive to barber off minutes. This includes initiatives aimed at abbreviation time amid stages and leveraging technology.

When you do this auspiciously above the board, it adds up. For the third quarter, all 27 of our fleets were deployed. However, aback factoring in white space, we had the agnate of 24 absolutely activated fleets. While we’ve consistently operated at actual aerial ability levels, our efficiencies went through a footfall change as we advance through 2018. This has resulted in a absorption of the block amid conduct efficiencies and frack efficiencies, causing our crews to t up to several conduct rigs.

Said addition way, aback we accomplishment one pad and move to alpha on the next, our barter weren’t yet accessible for us. At the aforementioned time, while abstain inventories accept been architecture above the industry, we’ve been able to accumulate clip with these as well.

Turning to our banking accomplishment for the quarter, absolute acquirement totaled $558.9 million, a abatement of about 3% compared to the added division absolute of $578.5 million. Third division acquirement came in hardly aloft the high-end of the advice range. Acquirement for our added casework segment, which includes our cementing operations totaled $10.5 actor for the third division of 2018. This represents a consecutive access of about 22% as compared to the $8.6 actor appear in the added division and reflects the continuing access of our cementing operation.

We’ve accomplished connected absorption in the business for both absolute and new customers. We’re additionally seeing added allowances at greater calibration as we aeon out new units in the Permian and Bakken and apprehend the business to acquaintance added access in appliance and advantage over the advancing quarter.

The aggregation absolute adapted EBITDA in the third division totaled $100.9 million, aloft our revised advice and compared to the $111.3 actor we appear in the above-mentioned quarter. Adapted gross accumulation totaled $122.3 actor for the third division compared to $130.8 actor in the above-mentioned quarter. On a per agile basis, annualized adapted gross accumulation was $20.5 million, hardly aloft the above-mentioned division and guidance.

Adjusted EBITDA for the third division excludes about $6.8 actor of ancient gains. This represents the net of $14.9 actor of assets from allowance gain accustomed associated with the ahead adventure in July 2018, partially account by $4.8 actor for non-cash banal advantage expense, $2.8 actor for acknowledged contingencies, and about $500,000 of amount associated with our accretion of RSI completed in July.

Selling, general, and administering big-ticket totaled $27.8 actor for the third quarter, compared to $24.1 actor in the above-mentioned quarter. Excluding ancient items, SG&A totaled $19.9 actor compared to $18.9 actor in the added division of 2018.

One-time SG&A items for the third-quarter of about $7.9 actor was primarily apprenticed by $4.8 actor for non-cash banal advantage amount and $2.8 actor for litigation-related matters. Our SG&A ability charcoal best in chic with third division SG&A excluding ancient items apery aloof 3.5% of absolute aggregation revenues.

Turning to the antithesis sheet, we exited the third division with banknote and banknote equivalents of $82.8 million, compared to $109.5 actor at the end of the added quarter. We generated absolute operating cashflow of about $108 actor for the third quarter.

Capital expenditures during the third division totaled about $90 million, apprenticed by spending associated with our new bill of fleet, bounded aliment CapEx, as able-bodied as investments in technology.

Total debt at the end of the third division was about $341 actor net of un-amortized deferred accuse and excluding charter obligations, about banausic as compared to the added quarter. On an annualized run amount abject third division adapted EBITDA was about $404 actor absorption a advantage arrangement of about 0.8.

Net debt at the end of the third division was about $258 million. We aflame the third division with absolute accessible clamminess of about $291 million, which includes banknote added availability beneath our asset-based acclaim facility.

Our three-pronged access to basic allocation charcoal unchanged. This includes advance in growth, advancement and convalescent our antithesis sheet, and basic return. We were appreciative of the added advance we fabricated with absorption to our allotment repurchase affairs during the third quarter.

Following the $100 actor affairs acceptable able in the added quarter, we got off to a able alpha repurchasing $40 actor through the end of the added quarter. In July, we appear that the lath accustomed a displace in the affairs aback to $100 million.

During the third division of 2018, we completed an added $29 actor of repurchases and appropriately far during the third quarter, we completed a added $18 actor of repurchases. Taken together, we’ve repurchased $88 actor of our stock, backward about 6.6 actor shares or almost 6% of outstanding shares above-mentioned to the program’s implementation.

Yesterday, we appear that our Lath of Directors has accustomed an access in the program’s accommodation aback to $100 million. This marks the added such access accustomed by our lath aback the program’s accomplishing beforehand this year. Additionally, the program’s cessation was connected to September 2019 from a antecedent cessation of February 2019. We abide to accept the banal repurchases at adorable amount represents one of the best uses of our banknote to drive broker allotment and Keane charcoal committed to opportunistically alive on added repurchases.

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Turning now to our outlook, the fourth division consistently carries its own set of variables, including acclimate and seasonality, but additionally present this year were the factors Robert discussed, including account exhaustion, aboriginal accomplishment of assembly targets, and commodity amount differentials.

While our business does a acceptable job in mitigating abounding of the headwinds faced by the industry, like others, we’re not allowed to the arising bazaar dynamics. During this quarter, we’re advance in bodies and equipment, befitting several crews out to aerate our acceleration to bazaar accustomed our able appearance for 2019.

For the fourth quarter, our assets will be comprised of 29 fleets, of which we apprehend 25 to be deployed. Of these 25 deployed fleets, apprehend to accomplish appliance of about 90%, apprenticed by whitespace in the frac calendar, consistent in the agnate of 22 absolutely activated fleets for the quarter.

On this pace, absolute acquirement is accepted to ambit amid $470 actor and $500 million. We apprehend annualized adapted gross accumulation per agile for the third division to ambit amid $16 actor and $18 million. Included in these numbers is about $15 actor of action and aliment costs associated with befitting the aggregate of our accommodation hot so that aback the bazaar picks up, we’re accessible to go.

So, aback adorable at our fourth quarter, it’s adumbrative of a abiding period, we would appropriate admeasurement and accept Keane would accomplish about $90 actor of adapted EBITDA per quarter. For cementing, we ahead guided the run amount accomplishment by year end of amid $70 actor and $90 actor on margins amid 20% to 25%.

While we’re seeing a connected access in the business, we’re seeing the timing of the advance about-face somewhat to the right. We reiterate our expectations to accomplish the aboriginal target, but now apprehend to do it in the aboriginal bisected of ’19. We now apprehend to avenue 2018 at run amount acquirement of about $50 actor to $60 actor at a allowance of about 15%.

Looking added out, while it’s too aboriginal to access 2019 with too abundant precision, we basic to comedy in how we’re cerebration about aing year. Robert discussed the able commodity amount that we apprehend in 2019, which we accept will abutment able-bodied spending by our chump base.

First let’s anticipate about how our business performed in 2018. Year to date through the third quarter, we’ve delivered about $300 actor in adapted EBITDA. Our advice for the fourth quarter, d about $20 actor in G&A, implies about $75 actor at the midpoint. This agency we’re anticipating accomplishing about $375 actor of adapted EBITDA for the full-year 2018.

Looking aback at our accomplishment in the added and third division of 2018, we delivered annualized gross accumulation per agile of about $20 million. Applying that to our abounding abject of 29 fleets and layering in $80 actor of annualized G&A with run amount adapted EBITDA of about $500 million.

Framing the downside, our annualized fourth division advice excluding the $15 actor of costs while befitting our asset bazaar accessible would agree to about $360 actor of adapted EBITDA. Taking the mean amid these two scenarios would aftereffect in about $430 actor of adapted EBITDA.

Now, let’s band in abeyant scenarios for the accent of advance in 2019, not that this represents our abject case, but let’s accept for a moment that altitude do not advance during the aboriginal bisected of the year and we see a agnate ambiance to what we’re assured in the fourth quarter. That would bear about $180 actor of adapted EBITDA for the aboriginal bisected of 2019.

Now, let’s accept for a moment that you accept a bullish angle on the added bisected as we do. Taking the added division and third division as we aloof discussed, we would about $250 actor of adapted EBITDA during the added bisected of 2019. Taken together, this would administer full-year adapted EBTIDA accomplishment of $430 million. Alike if you administer a abatement for access inefficiency, the abeyant outcomes for 2019 are attractive.

Again, it’s way too aboriginal to absolutely anticipation 2019, but based on what we apperceive today, this hopefully provides the framework on how to anticipate about the year. We would apprehend the drive in antithesis generated during the added bisected of 2019 to backpack in to 2020, apprenticed by the account of duct, likelihood of a able commodity amount environment, and added than abounding takeaway accommodation in the Permian.

With that, we’d like to accessible up the curve for Q&A. Operator?

Operator

At this time, we will be administering a catechism and acknowledgment session. If you would like to ask a question, amuse columnist *1 on your blast keypad. A acceptance accent will announce your band is in the catechism queue. You may columnist *2 if you would like to aish your catechism from the queue. For participants application apostle equipment, it may be necessarily to aces up your handset afore acute the * key. One moment amuse while we poll for questions.

Our aboriginal catechism comes from the band of Sean Meakim from J.P. Morgan. Amuse advance with your question.

Sean Meakim — J.P. Morgan — Analyst

Thanks and acceptable morning. Acknowledge you for that framework. I anticipate that was a absolutely accessible book analysis. I anticipate it suggests that as connected as advantage holds and that’s absolutely area investors accept been absolutely concerned, afresh the abrogating afterlight aeon for your numbers accept already — the numbers were already overcorrected on the advertise side. I anticipate a accepted pushback that we apprehend anatomy investors is that 2Q 18 was absolutely aiguille levels of advantage because it’s abundant at that point area accommodation can appear in and it comes in ambrosial quickly. So, in a altered blazon of book analysis, how do you anticipate about what aiguille advantage looks like for the business adjoin mid-cycle. Area does that $20 actor fit in?

Robert Drummond — Chief Controlling Officer

We, by the way, did the banal amount correction. It’s already been on the worse downside already. Aback you attending at Q2 and attending at the ability levels we were breeding at that time, we did advance aloft that a bit in Q3. Despite white amplitude in the schedule, we still managed to bear the over $20 actor in gross accumulation per fleet.

I anticipate there’s added efficiencies to be had in the market, in our pumping hours per day or fracks generated per fleet, per month, but there are additionally action to be some added appraisement opportunities already the bazaar arrival in action begins to go up again. Based aloft a abounding aqueduct calculation that’s out there and accretion and the likelihood that the backbreaker calculation absolutely increases in 2019, that’s an ambiance we accept in the added bisected that provides opportunities for us to revisit appraisement to the upside.

So, I don’t anticipate that 20 is necessarily the upside for us as we attending at the aback bisected of, say, 2019.

Sean Meakim — J.P. Morgan — Analyst

So, you would say that we anticipate $20 actor is about amid mid-cycle and aiguille cycle? Is that fair?

Robert Drummond — Chief Controlling Officer

I anticipate so.

Sean Meakim — J.P. Morgan — Analyst

The annotation on the accomplishment absence was additionally absolutely timely. As we anticipate about adage best highs for your crews in the average of this year arch to gaps in the schedule. You mentioned there were some added efficiencies to be had. How do we anatomy how abundant added aerodrome we accept for ability gains. I anticipate investors anamnesis the spectra of conduct efficiencies and what that did for the rigs? Can you advice us anatomy how abundant is larboard there? I anticipate that’s a key allotment of bodies aggravating to accept the supply/demand dynamic.

Greg Powell — President and Chief Banking Officer

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Sean, it’s Greg. We’ve been action adamantine afterwards this ability and I anticipate we started off affectionate of binding a grapefruit and it’s accepting bottomward to a lemon. The structural improvements with the pad conduct and attachment fracking were footfall function. Now, like we said in the able remarks, we’re action afterwards minutes, so time amid stages.

The aing annular of improvements is action to booty added lifting. It’s action to booty technology and added investment. We saw aerial single-digit advance in pump time over the aftermost three to four months. Year to date, we’re apparently at 15%. I anticipate you’ll still improvements in the approaching but they’re action to be harder to get and apparently of a abate magnitude.

Sean Meakim — J.P. Morgan — Analyst

Do you anticipate you’ll see added bifurcation amid altered pumpers to abduction those harder to get pieces?

Greg Powell — President and Chief Banking Officer

I anticipate you will. The added affair on the accumulation ancillary is in adjustment to hit those ability levels, the accessories is actuality pushed harder than anytime and it makes the aliment aeon added difficult. That’s area the investments in pump technology appear in to advance reliability. While we’re authoritative those improvements, I anticipate as an industry and the account acuteness continues to advance what’s offsetting the ability is these jobs crave added application in the jobsite as able-bodied as added application for a aliment rotation.

Sean Meakim — J.P. Morgan — Analyst

Got it. Acknowledgment a lot.

Operator

Our aing catechism comes from the band of Steve Snellville from Bank of America Merrill Lynch. Amuse advance with your question.

Chase Snellville — Bank of America Merrill Lynch — Analyst

Good morning, gentlemen. I assumption the aboriginal catechism to affectionate of aftereffect on the M&A. Aback you’re cerebration about M&A, is it added affectionate of aloof frac-focused or are you cerebration about added adapted accomplishment casework as well?

Robert Drummond — Chief Controlling Officer

I would say from an M&A angle anywhere that our accepted brand would accredit us to arrange a new artefact band is commodity that we’ve got our apperception accessible around. We do like actuality a accomplishment aggregation focused on US acreage aback we anticipate the macro for that business is absolutely acceptable aback the accumulation ancillary globally comes beneath a little bit of accent it’s action to be added opportunity. Growing our accommodation and accomplishment perforating frac is commodity we would adulation to do inorganically after abacus added resource, absolute accommodation to the market.

Chase Snellville — Bank of America Merrill Lynch — Analyst

Okay. Greg, aback you anticipate about M&A, what’s your abundance akin advantage ratios?

Greg Powell — President and Chief Banking Officer

Yeah, Chase. I anticipate any bigger accord would be a alliance of equals and a about-face of stock. The abate deals, we’re adequate application our antithesis area with our accepted leverages beneath one. I anticipate you guys accept apparent how we’ve operated the company. We’re bristles years’ clandestine architecture the aggregation and now ten years’ accessible and we’re actual bourgeois on the antithesis sheet. We’re beneath than ancient advantage now. We like that. Any allusive deal, I think, would accept to accept a cogent disinterestedness basic because we accept a actual low altruism for leveraging up the antithesis area accustomed the cyclicality of the business.

Chase Snellville — Bank of America Merrill Lynch — Analyst

Good to hear. Aback you anticipate about pricing, how is appraisement captivation up? Is there any accident as we go into 2019 that we get some debt on some of these fleets on the appraisement side?

Greg Powell — President and Chief Banking Officer

Like Robert mentioned, best of the abasement in the numbers has been apprenticed by utilization. The appraisement has been captivation up ambrosial well. The committed has been captivation up solid because I anticipate our barter accept that this is a acting break and the added ancillary of this is action to be actual able and the barter appetite their — the amount of change is aerial and they appetite their committed accomplice that’s chip with them on a set of goals. The dedicated, we’ve been admiring with how that’s captivated up.

The ones that are expiring or the added fleets, it’s ambrosial aerial out there. Like Robert said, we’re action to be acclimatized on economics if that comes at the amount of parking some fleets because we anticipate the added ancillary of this is actual able-bodied we apprehend a aciculate accretion in action in both appliance and pricing. It’s adamantine to put a in the date on that. As we get to ’19, we anticipate it’s action to get better. Our action is to position those fleets to participate in that as adjoin to action like we’re pressured to get into deals that don’t accept acceptable economics.

Robert Drummond — Chief Controlling Officer

I’d say meanwhile, we’re befitting an eye on the banal bazaar and maybe there are opportunities there that are short-scope, concise that accommodated our appraisement hurdle. We would attending at those two because we accumulate it, as Greg acicular out, the four fleets that we accept abandoned appropriate now, we’re advance in those as able-bodied as befitting those hot with our bodies accessible to go so that we can move on opportunities.

Greg Powell — President and Chief Banking Officer

Just to added that, in our fourth division guidance, there’s $15 actor of amount that’s 80% action and afresh a little bit of accepted aliment on the equipment. We do not accept a big deferred aliment not to get the accessories accessible or annihilation to that effect. So, it’s all accepted aliment or upgrades we’re accomplishing to the agile to advance new opportunities. There is $15 actor in a P&L to advance the beef so that we’re accessible to go with assignment that meets our bread-and-er threshold.

Steve Snellville — Bank of America Merrill Lynch — Analyst

Last one, I’ll about-face it over — any percent affairs that account you some heartburn?

Greg Powell — President and Chief Banking Officer

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No. We’re not upside down. We’ve done a acceptable job of managing to a percent apprenticed beginning and additionally bond in in-basin sand. So, we’re adequate area we are from a arrangement perspective.

Steve Snellville — Bank of America Merrill Lynch — Analyst

All right. Acknowledge you. Robert, War Eagle.

Operator

Our aing catechism comes from the band of Jud Bailey from Wells Fargo. Amuse advance with your question.

Judson Bailey — Wells Fargo– Managing Director

Thanks. Acceptable morning. Greg, as you anticipate of your alive agile count, you’ve got 29 fleets, 25 deployed, if you were to anticipate about the aboriginal bisected of ’19, would you apprehend to be aback to abounding appliance on those 25 fleets at some point in the aboriginal division and do you accept afterimage on accepting that alive agile calculation aback up to 28, 29 or is it to aboriginal to say at this point?

Greg Powell — President and Chief Banking Officer

Thanks. I anticipate it’s too aboriginal to say. We fell the drive will aces up mid-first quarter. You alpha to get aback to that 25-level and with connected momentum, you can get to the abounding activated akin to what we see today. It’s absolutely activating with the opportunities that are out there. As the barter are finishing their allotment process, we’ll acutely get some added abstracts on that. That would be a bourgeois baseline to lay out.

Robert Drummond — Chief Controlling Officer

It’s about timing with the action of drive in the market.

Judson Bailey — Wells Fargo– Managing Director

My aftereffect is you guys accept accent commodity we’ve heard from your aeon in acceding of the frack crews commutual the wells. Are you in altercation with your barter for 2019 year on how to bland things out a bit more, I guess, to acclimatize for the efficiencies that you fabricated this year and how you abstain the whitespace developing over courses of the aing year?

Robert Drummond — Chief Controlling Officer

Absolutely. Our barter are actual acute about how they’re scheduling. Their models, they advance every year about how fast they assignment wells. I would point out that some of the barter that accept broke the brakes in Q4, allotment of the argumentation for that is to body up an account that allows you to be added efficient. Yes, that’s a connected and advancing discussion. For example, we’ve bigger our frac ability as abstinent by pumping hours by 15% year to date. Appraisement anatomy will acclimatize to that as able-bodied as timing and scheduling. I accept we will abide as a aggregation to get bigger that way.

Judson Bailey — Wells Fargo– Managing Director

If I could clasp one added in, I assumption I’ll ask the binding electric frac agile catechism — your thoughts on what you’ve evaluated so far and the amount and what you see as the economics on those appropriate now.

Robert Drummond — Chief Controlling Officer

Certainly, I would say that it would be asinine if I accept advantageous absorption to that dynamic, what’s active it maybe the bigger disciplinarian for the accomplished affair are the ammunition efficiencies associated with it. There are added agency to get that. I would say we’re befitting an eye on it. I wouldn’t appetite to be the aboriginal mover, necessarily, but we feel it’s a bit anxious appropriate now. We don’t appetite to be larboard abaft either and conceivably authoritative added investments to booty advantage of the activating about ammunition savings.

Judson Bailey — Wells Fargo– Managing Director

Thanks. I’ll about-face it back.

Operator

Our aing catechism comes from the band of Scott Gruber from Citi. Amuse advance with your question.

Scott Gruber — Citigroup — Analyst

A brace for Greg actuality — Greg, how should we anticipate about start-up costs — as you had crews aing year, you are accustomed the added $15 actor in 4Q?

Greg Powell — President and Chief Banking Officer

I don’t anticipate there’s annihilation aloft that. We’re action to accumulate the action hot. There’s a little bit of accepted aliment in the fourth quarter. I don’t there’s any accurate start-up cost. We’ll aloof abide to backpack the action until those crews get acquirement to put adjoin it.

Scott Gruber — Citigroup — Analyst

Got it. And maintenance, CapEx for aing year on a per agile abject — is the aggregate of refurbs any greater or beneath than 2018?

Greg Powell — President and Chief Banking Officer

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That $4 actor aliment CapEx we’ve been active per agile per year, we feel acceptable about that. We accumulate up with our maintenance. There’s not any referred amounts out there. I anticipate you ability attending at our aliment CapEx numbers and they ability accept college than some things.

There’s alloyed bag out there in the industry but what I can assure you is we’ve got actual adult run to agile archetypal and we accumulate agent transitions in our pumps beginning so they can handle the account acuteness that’s accepted out there today. I anticipate in added situations you ability see some added chapped numbers, but our ambition is to never accept that lumpiness and accumulate our fleets beginning so they’re consistently adapted and they’re able to accommodated the demands we accept in the bazaar and can be responsive.

Scott Gruber — Citigroup — Analyst

Got it. One aftermost one aback on basic deployment — if we put the M&A accommodation to the ancillary because I anticipate that’s addition altered and not to say it’s not ambrosial or bare in the industry. We aloof basic the basic deployment accommodation bottomward to banknote acknowledgment to investors or advance in new pumps — how do you guys anticipate about the parameters? We’re adorable at an convalescent bazaar actuality in ’19 into ’20 convalescent atom pricing. How do you adjudge whether it’s bigger to buy your own horsepower?

Greg Powell — President and Chief Banking Officer

My appearance is that the numbers we laid out in the 2019 framework are action to accord us the framework to assassinate on all those strategies. Basic acknowledgment to shareholders is important to us and I anticipate we’ve apparent a clue almanac at alive that actuality in ’18 and we abide to. We laid out some scenarios on EBITDA. There’s abundant cashflow to accumulate a amenable antithesis sheet, acknowledgment basic to shareholders and accomplish cardinal investment. On the new builds, we put a actual aerial beginning on that.

Not alone do you accept to accept a acceptable bread-and-er return, but you’ve got to accept a appeal arresting from your barter that you anticipate is sustainable. New builds are absolutely on hold. We’ve got some assignment to do on accepting these fleets utilized. That’s our focus appropriate now and abiding basic to shareholders should we get altered signals from the bazaar as we access ’19 we’ll break alive on that. The acceptable account is we’re assured that we’ll accept abundant basic to assassinate on that countless of strategies.

Robert Drummond — Chief Controlling Officer

If you accredit aback to the advice too, accepting all 29 of our fleets accurate allows us to accomplish $500 actor EBITDA numbers on a 12-run amount abject with potentially basal advance CapEx of any kind. It’s a actual acceptable atom to be in to accept options action forward.

Operator

Ladies and gentlemen, we accept accomplished the end of the catechism and acknowledgment affair and I would like to about-face the alarm aback to Mr. Robert Drummond for closing remarks.

Robert Drummond — Chief Controlling Officer

Thank you actual abundant and I acknowledge your absorption in our aggregation and acknowledgment for aing the call. In closing, we’re able for the approaching and we apprehend this all-embracing bazaar to be actual favorable for our business for the aing few years. We’re active architecture the aggregation to booty advantage of this abiding and we’ll abide to attending adamantine for advance opportunities. I would like to booty this befalling to acknowledge all of our accomplished advisers for their adherence to allowance our barter be acknowledged while befitting themselves safe. This concludes the call. Acknowledge you.

Operator

This concludes today’s conference. You may abstract your curve at this time. Acknowledge you for your participation.

Duration: 47 minutes

Kevin McDonald — Controlling Vice President, Accepted Counsel, and Secretary

Robert Drummond — Chief Controlling Officer

Greg Powell — President and Chief Banking Officer

Sean Meakim — J.P. Morgan — Analyst

Chase Snellville — Bank of America Merrill Lynch — Analyst

Judson Bailey — Wells Fargo– Managing Director

Scott Gruber — Citigroup — Analyst

More FRAC analysis

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