FTS International, formerly Frac Tech, said it lost $21.3 million in the third quarter, with revenue down 27 percent from a year ago to $469 million, as demand for its services eroded with lower oil and gas prices and increased competition.
The company, which moved its headquarters to downtown Fort Worth last year, said it expects its pricing to remain weak the rest of the year as oil and gas producers' drilling budgets shrink.FTS said that it billed oil and gas producers for 4,420 hydraulic fracturing stages, down 8 percent from 2011, and that average revenue per stage fell 26 percent to $98,000.FTS said it foresees "some strengthening beginning in early 2013," according to a filing. The company is privately held but has publicly traded bonds. The company has $551 million in long-term debt.Jim Fuquay, 817-390-7552Twitter: @jimfuquayHave more to add? News tip? Tell us
