Superior said flooding in North Dakota curtailed demand for its services. Other factors included downtime associated with switching equipment from Texas to other areas of operation and less business in Mexico.
The Houston-based company said second-quarter earnings are expected to be between 42 cents a share and 44 cents a share. Analysts polled by FactSet had seen earnings of 48 cents a share, compared with earnings of 40 cents a share in the previous quarter. Superior is slated to report July 30.
The wet weather is unlikely to have caused problems for other companies operating in the Bakken, analysts at Sterne Agee said in a note to clients. -- Barron's said the same thing.
“We do not believe that there has been unseasonably severe flooding from the typical ice-pack melt in North Dakota and Montana this spring, and we are comfortable with 2Q earnings estimates for our Bakken-focused coverage companies,” they said.
That includes Whiting Petroleum Corp. WLL, Oasis Petroleum Inc. OAS, and QEP Resources Inc. QEP, which mostly don’t use Superior services. Whiting on Tuesday updated the Street on production, estimating more barrels than the high end of its guidance.
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Phrase For The Day
I've run across this little quote several times in the past two weeks; it must mean that "someone" wants me to post it. From How To Sound Smart: A Quick and Witty Guide, by Norah Vincent Chad Conway, p. 119:
le mot juste [luh-mo-juiced]
Meaning: exactly the right word.
More specifically, it means the best, the one and only word that is appropriate for a certain situation.
Dorothy Parker always came up with le mot juste. Once at a fancy tea with society ladies, Parker was asked to take part in a game in which each person was given a "big" word to use correctly in a sentence. Parker hated pretentious society ladies, so when she got her word, which was "horticulture," she said, "You can lead a horticulture, but you can't make her think."
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