BAKU, Azerbaijan, Sept.7
By Leman Zeynalova – Trend:
EXPRO, an international oil and gas service company, specializing in well flow management, headquartered in Reading, United Kingdom, continues to plan for capital expenditures during 2021 in the range of $70 to $75 million, Trend reports with reference to the company.
“Capital expenditures continue to trend downwards from 2019-2020 levels which included approximately $32 million of capital expenditures related to new well intervention and subsea well access technologies, with management focused on maximizing utilization of our existing assets and, where practical, limiting new capital expenditures. Capital expenditures related to property, plant and equipment totaled $18.5 million and $37.6 million, respectively, for the three and six months ended June 30, 2021,” said the company.
As of June 30, 2021, the company’s consolidated cash and cash equivalents (including restricted cash) totaled $84.3 million. The company had no outstanding debt as of June 30, 2021. The company’s liquidity as of June 30, 2021, totaled $184.3 million, including cash and cash equivalents ($82.4 million), restricted cash ($1.9 million) and availability under the company’s revolving credit facility ($100.0 million). Income tax expense for the three months ended June 30, 2021 was $0.7 million compared to $2.5 million for the three months ended March 31, 2021. The change in income taxes was primarily driven by the geographical mix of income.
Cash flow from operations decreased to $(7.2) million during the second quarter of 2021 from $9.6 million during the first quarter of 2021, primarily driven by increases in net working capital, which is expected to at least partially reverse during the second half of 2021. Adjusted operating cash flow decreased to $(2.9) million during the second quarter of 2021 from $15.6 million during the first quarter of 2021.
---
Follow the author on Twitter: @Lyaman_Zeyn