FTS International, Inc. Responds to Recent Oil Market Downturn
FTS International, Inc. Class A (FTSI)
Last fts international, inc. class a earnings: 4/29 06:15 pm
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US:NYSE Investor Relations:
ftsi.com/investor-relations/default.aspx
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Source: Business Wire
FORT WORTH, Texas--(BUSINESS WIRE)--FTS International, Inc. (NYSE: FTSI) announced today that it is taking several actions in response to unprecedented conditions in the oil market.“Just over two weeks ago, our business was growing and we had a full frac calendar,” said Michael Doss, Chief Executive Officer. “However, in response to current conditions, many of our customers have already dropped fleets or will be dropping fleets over the next couple of months. Pressure pumping companies, like FTSI, are also giving price concessions that are expected to significantly reduce margins across the industry. Accordingly, we have initiated aggressive measures to reduce costs and position us for future success.”“Low oil prices combined with limited, if any, access to capital has ensured that our customers are reacting quicker than ever before,” Mr. Doss continued. “In return, our response must also be quick and decisive to ensure we adapt to the changing environment. The steps we have taken
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