Superior Energy Services

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Superior Energy Services, Inc.
TypePublic
OTC Pink: SPNX
IndustryOil and Gas
HeadquartersHouston, Texas, U.S.
Key people
David Dunlap, President and CEO
SubsidiariesWild Well Control, CSI Technologies
Previous Superior Energy Services logo

Superior Energy Services, Inc. is an oilfield services company. In 2014 it ranked 534 on the Fortune 1000. In 2020 it filed for Chapter 11 Bankruptcy and was removed from the New York Stock Exchange.[1]

History[edit]

The company was founded in 1989 by Terence Hall, a native of Louisiana. It had an initial public offering in 1995, when it became listed on the New York Stock Exchange. Hall remained CEO of the company until he stepped down in 2010 and was replaced by current CEO David Dunlap.[2]

In 2012, the company grew significantly with its acquisition of Complete Production Services for approximately $2.7 billion.[3]

In 2020, the company announced it intent to file chapter 11 protective bankruptcy which was approved in January of 2021.

On February, 1, 2021, CEO David Dunlop sold shares of SPNX while knowing the stock would be deleted in 2 days

On February 3, 2021, Superior Energy released a PR stating the company was out of bankruptcy

On February 4, 2021, Superior Energy stock, under symbol SPNX, was deleted, and became worthless. This had been foretold by the company in documents filed by the company with the U.S. Securities and Exchange Commission as part of its bankruptcy process.

On March 22, 2021, Superior Energy announced the removal of CEO David Dunlap and CFO Wesley Ballard. [4]

Stock Price Fall[edit]

Between February 2019 and the end of 2019 Superior Energy Stock fell from $56.30 on February 19, 2019 to $5.01 on December 31, 2019. The bottom was September 27, 2019 when the stock fell to $0.85. [5]

Rig Seizures by Venezuela[edit]

On October 31, 2013, two oil rigs belonging to Superior Energy Services were seized by the government of Venezuela. The company had shut down the rigs for several months as a result of a dispute over unpaid bills with the state-owned oil company PDVSA.[6]

References[edit]

  1. ^ "Superior Energy prepares for bankruptcy with more than $1B in debt". Houston Business Journal. September 30, 2020.
  2. ^ "Superior Energy Services picks David Dunlap as its new CEO". Times-Picayune. 29 April 2010. Retrieved 19 May 2015. CS1 maint: discouraged parameter (link)
  3. ^ Scott, Mark (10 October 2011). "Superior Energy to Acquire Complete for $2.7 Billion". New York Times. Retrieved 19 May 2015. CS1 maint: discouraged parameter (link)
  4. ^ https://ir.superiorenergy.com/news-releases/news-release-details/superior-energy-announces-management-changes
  5. ^ https://snapshot.fidelity.com/fidresearch/snapshot/landing.jhtml#/researchReports?symbol=SPN
  6. ^ "Venezuela's government seizes U.S.-owned oil rigs". CBS News. Caracas, Venezuela. Associated Press. 1 November 2013. Retrieved 18 May 2015. CS1 maint: discouraged parameter (link)

External links[edit]