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QES - Quintana Energy Services Inc News Story

$0.928 0.0  0.0%

Last Trade - 27/07/20

Sector
Energy
Size
Micro Cap
Market Cap £24.0m
Enterprise Value £36.3m
Revenue £333.3m
Position in Universe th / 6381

BRIEF-Quintana Energy Services Announces Cost Realignment Actions In Response To Current Market Conditions

Mon 13th April, 2020 11:48am
April 13 (Reuters) - Quintana Energy Services Inc  QES.N :
    * QUINTANA ENERGY SERVICES ANNOUNCES COST REALIGNMENT
ACTIONS IN
RESPONSE TO CURRENT MARKET CONDITIONS
    * QUINTANA ENERGY SERVICES INC - BUSINESS CONTINUITY PLAN
EXPECTS
TO RESULT IN APPROXIMATELY $25.0 MILLION OF ANNUAL COST SAVINGS
    * QUINTANA ENERGY SERVICES INC - CEO VOLUNTARY BASE SALARY
REDUCTION OF 20%
    * QUINTANA ENERGY SERVICES INC - EXPECT ALL-IN EXECUTIVE
CASH
COMPENSATION TO REDUCE BY 30% TO 40%, INCLUDING VOLUNTARY SALARY
REDUCTIONS OF 10% TO 20%
    * QUINTANA ENERGY SERVICES INC - PLAN TO BEGIN A FURLOUGH
PROGRAM
TO MINIMIZE COST IN BALANCE WITH ACTIVITY
    * QUINTANA ENERGY SERVICES INC - REDUCING CASH BOARD
COMPENSATION
    * QUINTANA ENERGY SERVICES INC - UPDATING GUIDANCE FOR 2020
CAPITAL SPENDING TO $10 TO $15 MILLION
    * QUINTANA ENERGY SERVICES INC - IDLED THREE ADDITIONAL
LOCATIONS
AND BOTH ACTIVE FRAC SPREADS
    * QUINTANA ENERGY SERVICES INC - NEGOTIATING WITH LESSORS TO
REDUCE AND DEFER FIXED COST LEASE OBLIGATIONS
    * QUINTANA ENERGY SERVICES INC - QES'S DECEMBER 31, 2019 NET
DEBT
WAS $6.3 MILLION AND AVAILABLE LIQUIDITY WAS OVER $52.0 MILLION

Source text for Eikon:  ID:nPn29TBbKa 
Further company coverage:  QES.N 

 ((Reuters.Briefs@thomsonreuters.com;))
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