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8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

    Date of Report (Date of earliest event reported): August 14, 2024

   

SUPERIOR ENERGY SERVICES, INC.

(Exact name of Registrant as Specified in Its Charter)


Delaware	001-34037	87-4613576
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1001 Louisiana Street, Suite 2900
Houston, Texas		77002
(Address of Principal Executive Offices)		(Zip Code)

    Registrant’s Telephone Number, Including Area Code: (713) 654-2200

   

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	N/A	N/A

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 15, 2024, Superior Energy Services, Inc. (the “Company”) issued a press release announcing financial results for the second quarter ended June 30, 2024. A copy of the press release is attached hereto as Exhibit 99.1.

The information in Item 2.02 of this Current Report and the accompanying Exhibit 99.1 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference to Item 2.02 of this Current Report in such a filing.

Item 7.01 Regulation FD Disclosure.

On August 15, 2024, the Company issued a press release announcing a leadership change effective August 19, 2024, a copy of which is furnished as Exhibit 99.2 hereto.

The information in Item 7.01 of this Current Report and the accompanying Exhibit 99.2 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference to Item 7.01 of this Current Report in such a filing.

Item 9.01 Financial Statements and Exhibits.


Exhibit No.		Exhibit Description
99.1		Press Release, dated August 15, 2024, announcing financial results for the quarter ended June 30, 2024.
99.2		Press Release, dated August 15, 2024, announcing certain management and Board changes.
104		Cover Page Interactive Data File (Embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			Superior Energy Services, Inc.

Date:	August 15, 2024	By:	/s/ James W. Spexarth
			James W. Spexarth Executive Vice President, Chief Financial Officer and Treasurer

EX-99.1

Exhibit 99.1

FOR FURTHER INFORMATION CONTACT:

Jamie Spexarth, Chief Financial Officer

1001 Louisiana St., Suite 2900

Houston, TX 77002

Investor Relations, ir@superiorenergy.com, (713) 654-2200

SUPERIOR ENERGY SERVICES ANNOUNCES
SECOND QUARTER 2024 RESULTS AND CONFERENCE CALL

Houston, August 15, 2024 – Superior Energy Services, Inc. (the “Company”) filed its Form 10-Q for the period ended June 30, 2024. In accordance with the Company’s Shareholders Agreement, it will host a conference call with shareholders on August 16, 2024.

For the second quarter of 2024, the Company reported net income from continuing operations of $29.5 million, or $1.46 per diluted share, with revenue of $201.1 million. This compares to net income from continuing operations of $37.9 million or $1.88 per diluted share, with revenue of $208.6 million, for the first quarter of 2024.

The Company’s Adjusted EBITDA (a non-GAAP measure defined on page 4) was $60.0 million compared to $68.1 million for the first quarter of 2024. Refer to pages 11 and 12 for a reconciliation of Adjusted EBITDA to GAAP results.

Brian Moore, Chief Executive Officer, commented, “Superior Energy’s second quarter results were consistent with the expectations indicated in our Q1 2024 Earnings Release. Recognizing changing market conditions, particularly in US Land and Latin America, our leaders and their teams’ nimble actions enabled us to deliver expected results. In the second quarter we generated $39 million Free Cash Flow while continuing to support our businesses with nearly $35 million in capital expenditures.”

Second Quarter 2024 Geographic Breakdown

U.S. land revenue was $39.0 million for the second quarter of 2024, a decrease of 16% compared to revenue of $46.5 million for the first quarter of 2024. The decline in U.S. land revenue was primarily driven by decreased activity from our premium drill pipe product line within our Rentals segment, consistent with a reduced U.S. land rig count.

U.S. offshore revenue was $53.8 million in the second quarter of 2024, a decrease of 19% compared to revenue of $66.1 million in the first quarter of 2024. U.S. offshore revenue decreased across both our Rentals and Well Services segments, with the most significant decline coming from our project based completion services product line, which had a strong first quarter of 2024.

International revenue was $108.4 million in the second quarter of 2024, an increase of 13% compared to revenue of $96.0 million in the first quarter of 2024. International revenue was up across both our Rentals and Well

Services segments, with the increase being driven by our premium drill pipe business unit in the Rentals segment, and our Kuwait based production services business in the Well Services segment.

Second Quarter 2024 Segment Reporting

The Rentals segment revenue in the second quarter of 2024 was $99.9 million, an 8% decrease compared to revenue of $108.1 million in the first quarter of 2024, primarily due to decreases in U.S. land and U.S. offshore market activity for our premium drill pipe product line. In the second quarter of 2024, Rentals segment income from operations was $44.1 million as compared to $51.2 million in the first quarter of 2024. Adjusted EBITDA was $56.0 million, an 11% decrease from the first quarter of 2024. Adjusted EBITDA Margin (a non-GAAP measure defined on page 4) was 56%, a 2% decrease from the first quarter of 2024.

The Well Services segment revenue in the second quarter of 2024 was $101.2 million, a 1% increase compared to revenue of $100.5 million in the first quarter of 2024. This increase was primarily driven by improvements in our international production services businesses, which were partially offset by a decline in U.S. offshore completion service revenues. In the second quarter of 2024, Well Services segment income from operations was $10.7 million as compared to $13.4 million in the first quarter of 2024. Adjusted EBITDA for the second quarter of 2024 was $19.1 million with an Adjusted EBITDA Margin of 19%, as compared to Adjusted EBITDA of $21.5 million with an Adjusted EBITDA Margin of 21% in the first quarter of 2024.

Liquidity

As of June 30, 2024, the Company had cash, cash equivalents, and restricted cash of approximately $335.3 million. As of June 30, 2024, our borrowing base, as defined in our credit agreement, was approximately $89.4 million, and we had $36.7 million in letters of credit outstanding which reduced the borrowing availability to $52.7 million. At June 30, 2024, we had no outstanding borrowings under our credit facility.

Total cash proceeds received during the second quarter of 2024 from the sale of non-core businesses and assets were $0.7 million compared to total cash proceeds received during the first quarter of 2024 of $2.6 million. Additionally, during the first quarter of 2024, we paid a special cash dividend totaling $250.4 million to our shareholders.

During the second quarter of 2024, net cash from operating activities was $73.8 million. Free Cash Flow (a non-GAAP measure defined on page 4) for the second quarter of 2024 totaled $39.0 million as compared to $68.2 million for the first quarter of 2024. Refer to page 8 for a reconciliation of Free Cash Flow to Net Cash from Operating Activities.

Second quarter 2024 capital expenditures were $34.7 million. The Company expects total capital expenditures for 2024 to be approximately $100 to $110 million. Approximately 89% of total 2024 capital expenditures are targeted for the replacement of existing assets. Of the total estimated 2024 capital expenditures, approximately 68% is expected to be invested in the Rentals segment.

2024 Guidance

We expect the third quarter of 2024 revenue to come in at a range of $190 million to $215 million with Adjusted EBITDA in a range of $55 million to $70 million.

In regard to full year 2024 guidance, we expect revenue to come in at a range of $780 million to $840 million with Adjusted EBITDA in a range of $235 million to $265 million.

Conference Call Information

The Company’s management team will host a conference call on Friday, August 16, 2024, at 10:00 a.m. Eastern Time. The call will be available via live webcast in the “Events” section at ir.superiorenergy.com. To access via phone, participants can register for the call here, where they will be provided a phone number and access code. The call will be available for replay until August 16, 2025 on Superior’s website at ir.superiorenergy.com. If you are a shareholder and would like to submit a question, please email your question beforehand to Jamie Spexarth at ir@superiorenergy.com.

About Superior Energy Services

Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies worldwide through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. For more information, visit: www.superiorenergy.com.

Non-GAAP Financial Measures

To supplement Superior’s consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), the Company also uses Adjusted EBITDA and Adjusted EBITDA Margin. Management uses Adjusted EBITDA and Adjusted EBITDA Margin internally for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company also believes these non-GAAP measures provide investors useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making. Non-GAAP financial measures are not recognized measures for financial statement presentation under U.S. GAAP and do not have standardized meanings and may not be comparable to similar measures presented by other public companies. Adjusted EBITDA and Adjusted EBITDA Margin should be considered as supplements to, and not as substitutes for, or superior to, the corresponding measures calculated in accordance with GAAP. We define Adjusted EBITDA as net income (loss) from continuing activities before net interest expense, income tax expense (benefit) and depreciation, amortization, accretion and depletion, restructuring and transaction expenses, adjusted for other gains and losses and other expenses, net, which management does not consider representative of our ongoing operations. We define Adjusted EBITDA Margin as Adjusted EBITDA by segment as a percentage of segment revenues. For a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, please see the tables under “―Superior Energy Services, Inc. and Subsidiaries Reconciliation of Adjusted EBITDA” included on pages 11 and 12 of this press release.

Free Cash Flow is defined as net cash from operating activities less payments for capital expenditures. Free Cash Flow is considered a non-GAAP financial measure under the SEC’s rules. Management believes, however, that Free Cash Flow is an important financial measure for use in evaluating the Company’s financial performance, as it measures our ability to generate additional cash from our business operations. Free Cash Flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance or net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of Free Cash Flow is limited and does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Therefore, we believe it is important to view Free Cash Flow as supplemental to our entire Statement of Cash Flows.

The Company is unable to provide a reconciliation of the forward-looking non-GAAP financial measure, Adjusted EBITDA, contained in this press release to its most directly comparable GAAP financial measure, net income, as the information necessary for a quantitative reconciliation of the forward-looking non-GAAP financial measure to its respective most directly comparable GAAP financial measure is not (and was not, when prepared) available to the Company without unreasonable efforts due to the inherent difficulty and impracticability of predicting certain amounts required by GAAP with a reasonable degree of accuracy. Net income includes the impact of depreciation, income taxes and certain other items that impact comparability between periods, which may be significant and are difficult to project with a reasonable degree of accuracy. In addition, we believe such reconciliation could imply a degree of precision that might be confusing or misleading to investors. The probable significance of providing this forward-looking non-GAAP financial measure without the directly comparable GAAP financial measure is that such GAAP financial measure may be materially different from the corresponding non-GAAP financial measure.

Forward-Looking Statements

This press release contains, and future oral or written statements or press releases by the Company and its management may contain, certain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, the words “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks”, “will,” “could,” “may” and “estimates,” variations of such words and similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact regarding the Company’s financial position and results, financial performance, liquidity, strategic alternatives (including dispositions, acquisitions, and the timing thereof), market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties, including but not limited to conditions in the oil and gas industry, U.S. and global market and economic conditions generally and macroeconomic conditions worldwide, (including inflation, interest rates, supply chain disruptions and capital and credit markets conditions) that could cause the Company’s actual results to differ materially from such statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements.

While the Company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Company’s Form 10-K for the year ended December 31, 2023 and subsequent reports on Form 10-Qs and those set forth from time to time in the Company’s other periodic filings with the Securities and Exchange Commission, which are available at www.superiorenergy.com. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, unaudited)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2024			2024			2023			2024			2023

Rentals	$	99,851		$	108,091		$	112,411		$	207,942		$	221,232
Well Services		101,230			100,543			132,062			201,773			243,378
Total revenues		201,081			208,634			244,473			409,715			464,610

Rentals		36,596			37,766			35,021			74,362			71,489
Well Services		71,672			68,873			85,733			140,545			166,986
Total cost of revenues		108,268			106,639			120,754			214,907			238,475

Depreciation, depletion, amortization and accretion		20,868			20,447			20,621			41,315			40,760
General and administrative expenses		33,404			34,975			31,177			68,379			62,167
Restructuring and transaction expenses		-			-			-			-			1,983
Other (gains) and losses, net		(614	)		(1,082	)		47			(1,696	)		(1,351	)
Income from operations		39,155			47,655			71,874			86,810			122,576

Other income (expense):
Interest income, net		5,760			6,840			6,513			12,600			11,952
Other expense		(2,082	)		(1,813	)		(1,836	)		(3,895	)		(3,988	)
Income from continuing operations before income taxes		42,833			52,682			76,551			95,515			130,540
Income tax expense		(13,370	)		(14,787	)		(9,147	)		(28,157	)		(33,212	)
Net income from continuing operations		29,463			37,895			67,404			67,358			97,328
Income (loss) from discontinued operations, net of income tax		1,896			-			(9	)		1,896			280
Net income	$	31,359		$	37,895		$	67,395		$	69,254		$	97,608

Income per share - basic:
Net income from continuing operations	$	1.46		$	1.88		$	3.35		$	3.34		$	4.84
Income (loss) from discontinued operations, net of income tax		0.09			-			-			0.09			0.01
Net income	$	1.55		$	1.88		$	3.35		$	3.43		$	4.85

Income per share - diluted
Net income from continuing operations	$	1.46		$	1.88		$	3.35		$	3.34		$	4.83
Income (loss) from discontinued operations, net of income tax		0.09			-			-			0.09			0.02
Net income	$	1.55		$	1.88		$	3.35		$	3.43		$	4.85

Weighted-average shares outstanding
Basic		20,172			20,162			20,126			20,167			20,116
Diluted		20,183			20,180			20,143			20,181			20,136


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, unaudited)
	June 30,		December 31,
	2024		2023
ASSETS
Current assets:
Cash and cash equivalents	$	281,254	$	391,684
Accounts receivable, net		219,488		276,868
Inventory		66,267		74,995
Income taxes receivable		12,776		10,542
Prepaid expenses		25,716		18,614
Other current assets		7,148		7,922
Total current assets		612,649		780,625
Property, plant and equipment, net		309,994		294,960
Notes receivable		71,443		69,005
Restricted cash		54,003		85,444
Deferred tax assets		55,790		67,241
Other assets, net		42,114		43,718
Total assets	$	1,145,993	$	1,340,993

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable	$	38,515	$	38,214
Accrued expenses		93,786		103,782
Income taxes payable		19,841		20,220
Decommissioning liability		27,485		21,631
Total current liabilities		179,627		183,847
Decommissioning liability		147,284		148,652
Other liabilities		39,790		47,583
Total liabilities		366,701		380,082

Total equity		779,292		960,911
Total liabilities and equity	$	1,145,993	$	1,340,993


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands, unaudited)

	Three Months Ended									Six Months Ended
	June 30,			March 31,			June 30,			June 30,			June 30,
	2024			2024			2023			2024			2023

Cash flows from operating activities
Net income	$	31,359		$	37,895		$	67,395		$	69,254		$	97,608
Adjustments to reconcile net loss to net cash from operating activities:								-
Depreciation, depletion, amortization and accretion		20,868			20,447			20,621			41,315			40,760
Other non-cash items		4,205			3,235			8,392			7,440			22,791
Washington State Tax Settlement		-			-			(27,068	)		-			(27,068	)
Decommissioning costs		(143	)		(430	)		(2,878	)		(573	)		(2,878	)
Changes in operating assets and liabilities:		17,487			27,747			(36,780	)		45,234			(28,278	)
Net cash from operating activities		73,776			88,894			29,682			162,670			102,935

Cash flows from investing activities
Payments for capital expenditures		(34,744	)		(20,698	)		(27,540	)		(55,442	)		(45,626	)
Proceeds from sales of assets		669			2,616			3,578			3,285			15,147
Net cash from investing activities		(34,075	)		(18,082	)		(23,962	)		(52,157	)		(30,479	)

Cash flows from financing activities
Distributions to shareholders		-			(250,417	)		-			(250,417	)		-
Repurchase of shares		-			(962	)		-			(962	)		-
Other		-			(1,005	)		-			(1,005	)		(1,116	)
Net cash from financing activities		-			(252,384	)		-			(252,384	)		(1,116	)
Net change in cash, cash equivalents, and restricted cash		39,701			(181,572	)		5,720			(141,871	)		71,340
Cash, cash equivalents and restricted cash at beginning of period		295,556			477,128			404,727			477,128			339,107
Cash, cash equivalents, and restricted cash at end of period	$	335,257		$	295,556		$	410,447		$	335,257		$	410,447

Reconciliation of Free Cash Flow
Net cash from operating activities	$	73,776		$	88,894		$	29,682		$	162,670		$	102,935
Payments for capital expenditures		(34,744	)		(20,698	)		(27,540	)		(55,442	)		(45,626	)
Free Cash Flow	$	39,032		$	68,196		$	2,142		$	107,228		$	57,309

Free Cash Flow is a Non-GAAP measure. See Non-GAAP Measures for our definition of Free Cash Flow.


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
REVENUE BY GEOGRAPHIC REGION BY SEGMENT
(in thousands, unaudited)

	Three Months Ended						Six Months Ended
	June 30,		Mar 31,		June 30,		June 30,		June 30,
	2024		2024		2023		2024		2023
U.S. land
Rentals	$	32,713	$	39,006	$	44,730	$	71,719	$	89,863
Well Services		6,242		7,466		5,806		13,708		12,161
Total U.S. land		38,955		46,472		50,536		85,427		102,024

U.S. offshore
Rentals		30,644		37,251		37,516		67,895		73,186
Well Services		23,125		28,872		23,405		51,997		39,726
Total U.S. offshore		53,769		66,123		60,921		119,892		112,912

International
Rentals		36,494		31,834		30,165		68,328		58,183
Well Services		71,863		64,205		102,851		136,068		191,491
Total International		108,357		96,039		133,016		204,396		249,674
Total Revenues	$	201,081	$	208,634	$	244,473	$	409,715	$	464,610


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
SEGMENT HIGHLIGHTS
(in thousands, unaudited)

	Three Months Ended									Six Months Ended
	June 30,			Mar 31,			June 30,			June 30,			June 30,
	2024			2024			2023			2024			2023
Revenues
Rentals	$	99,851		$	108,091		$	112,411		$	207,942		$	221,232
Well Services		101,230			100,543			132,062			201,773			243,378
Total Revenues	$	201,081		$	208,634		$	244,473		$	409,715		$	464,610

Income (loss) from Operations
Rentals	$	44,061		$	51,211		$	58,106		$	95,272		$	111,120
Well Services		10,686			13,392			27,425			24,078			40,279
Corporate and other		(15,592	)		(16,948	)		(13,657	)		(32,540	)		(28,823	)
Income from operations	$	39,155		$	47,655		$	71,874		$	86,810		$	122,576

Adjusted EBITDA
Rentals	$	56,023		$	63,021		$	70,659		$	119,044		$	135,841
Well Services		19,078			21,523			34,629			40,601			54,560
Corporate and other		(15,078	)		(16,442	)		(12,793	)		(31,520	)		(25,082	)
Total Adjusted EBITDA	$	60,023		$	68,102		$	92,495		$	128,125		$	165,319

Adjusted EBITDA Margin
Rentals		56	%		58	%		63	%		57	%		61	%
Well Services		19	%		21	%		26	%		20	%		22	%
Corporate and other	n/a			n/a			n/a			n/a			n/a
Total Adjusted EBITDA Margin		30	%		33	%		38	%		31	%		36	%

Adjusted EBITDA is a Non-GAAP measure. See Non-GAAP Measures for our definition of Adjusted EBITDA and page 12 for a reconciliation to income (loss) from operations


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA
(in thousands, unaudited)

	Three Months Ended									Six Months Ended
	June 30,			Mar 31,			June 30,			June 30,			June 30,
	2024			2024			2023			2024			2023

Net income from continuing operations	$	29,463		$	37,895		$	67,404		$	67,358		$	97,328
Depreciation, depletion, amortization and accretion		20,868			20,447			20,621			41,315			40,760
Interest income, net		(5,760	)		(6,840	)		(6,513	)		(12,600	)		(11,952	)
Income tax expense		13,370			14,787			9,147			28,157			33,212
Restructuring and transaction expenses		-			-			-			-			1,983
Other losses, net		-			-			-			-
Other expense, net		2,082			1,813			1,836			3,895			3,988
Adjusted EBITDA	$	60,023		$	68,102		$	92,495		$	128,125		$	165,319

Adjusted EBITDA is a Non-GAAP measure. See Non-GAAP Measures for our definition of Adjusted EBITDA.


SUPERIOR ENERGY SERVICES, INC. AND SUBSIDIARIES
RECONCILIATION OF ADJUSTED EBITDA BY SEGMENT
(in thousands, unaudited)

	Three Months Ended									Six Months Ended
	June 30,			Mar 31,			June 30,			June 30,			June 30,
	2024			2024			2023			2024			2023
Rentals
Income from operations	$	44,061		$	51,211		$	58,106		$	95,272		$	111,120
Depreciation, depletion, amortization and accretion		11,962			11,810			12,553			23,772			24,721
Adjusted EBITDA	$	56,023		$	63,021		$	70,659		$	119,044		$	135,841

Well Services
Income from operations	$	10,686		$	13,392		$	27,425		$	24,078		$	40,279
Depreciation, depletion, amortization and accretion		8,392			8,131			7,204			16,523			14,281
Adjusted EBITDA	$	19,078		$	21,523		$	34,629		$	40,601		$	54,560

Corporate
Loss from operations	$	(15,592	)	$	(16,948	)	$	(13,657	)	$	(32,540	)	$	(28,823	)
Depreciation, depletion, amortization and accretion		514			506			864			1,020			1,758
Restructuring and transaction expenses		-			-			-			-			1,983
Other adjustments		-			-			-			-			-
Adjusted EBITDA	$	(15,078	)	$	(16,442	)	$	(12,793	)	$	(31,520	)	$	(25,082	)

Total
Income from operations	$	39,155		$	47,655		$	71,874		$	86,810		$	122,576
Depreciation, depletion, amortization and accretion		20,868			20,447			20,621			41,315			40,760
Restructuring and transaction expenses		-			-			-			-			1,983
Other adjustments		-			-			-			-			-
Adjusted EBITDA	$	60,023		$	68,102		$	92,495		$	128,125		$	165,319

Adjusted EBITDA is a Non-GAAP measure. See Non-GAAP Measures for our definition of Adjusted EBITDA.

EX-99.2

Exhibit 99.2

FOR FURTHER INFORMATION CONTACT:

Jamie Spexarth, Chief Financial Officer

1001 Louisiana St., Suite 2900

Houston, TX 77002

Investor Relations, ir@superiorenergy.com, (713) 654-2200

SUPERIOR ENERGY SERVICES ANNOUNCES
LEADERSHIP CHANGES

Houston, August 15, 2024 – Superior Energy Services, Inc. (the “Company”) today announced that Brian Moore is stepping down from his positions as President and Chief Executive Officer and as a member of the Board of Directors (the “Board”), each effective August 19, 2024.

The Board has appointed Dave Lesar as Chairman of the Board of Directors and Chief Executive Officer effective August 19, 2024. Mr. Lesar served as the Chairman of the Board and Chief Executive Officer of Halliburton Company for 17 years and was later promoted to serve as Executive Chairman until 2019. Mr. Lesar served as interim Chief Executive Officer of Health Care Service Corporation from July 2019 through June 1, 2020, and as a director from 2018 to July 2020. Mr. Lesar served as a director and the Chief Executive Officer of CenterPoint Energy, Inc. from 2020 until his retirement in January 2024.

In addition, the Board has appointed James Brown as President and Chief Operating Officer effective August 19, 2024. Mr. Brown served as the Western Hemisphere President at Halliburton Company for over 10 years, until his retirement in February 2019. Prior to joining Halliburton in 1995, Jim was a Vice President at the Western Company of North America and a Vice President of BJ Services.

Ian Foster, a member of the Company’s Board, thanked Brian for his dedication to Superior Energy over the last 12 years and said, “Brian’s leadership was instrumental in transforming the Company and creating value for shareholders. On behalf of the entire Board, we thank Brian for all of his efforts over the years and wish him and his family the best going forward.”

Said Mr. Lesar, “This is an exciting time to be returning to the energy services sector and Superior represents a unique platform to capitalize on both the opportunities as well as the challenges inherent in the sector. Jim and I look forward to working with the talented employees of Superior as we continue to strive to provide the best service possible to our customers.”

About Superior Energy Services

Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. In addition to operations in North America, both on land and offshore, Superior Energy Services operates in approximately 47 countries internationally. For more information, visit: www.superiorenergy.com.

Forward-Looking Statements

This press release contains, and future oral or written statements or press releases by the Company and its management may contain, certain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, the words “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks”, “will” and “estimates,” variations of such words and similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact regarding the Company’s financial position and results, financial performance, liquidity, strategic alternatives (including dispositions, acquisitions, and the timing thereof), market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties, including but not limited to conditions in the oil and gas industry, U.S. and global market and economic conditions generally and macroeconomic conditions worldwide, (including inflation, interest rates, supply chain disruptions and capital and credit markets conditions) that could cause the Company’s actual results to differ materially from such statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Company’s Form 10-K for the year ended December 31, 2023 and Form 10-Q’s for the quarter ended June 30, 2024 and those set forth from time to time in the Company’s other periodic filings with the Securities and Exchange Commission, which are available at www.superiorenergy.com. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.