FTS International, formerly Frac Tech, said it lost $21.3 million in the third quarter, with revenue down 27 percent to $469 million from a year ago as prices for its services eroded and lower prices for crude oil and natural gas reduced demand. The company, which moved its headquarters to Fort Worth this year, expects pricing to remain weak this year as oil and gas producers’ drilling budgets shrink. FTS said it billed producers for 4,420 hydraulic fracturing stages, down 8 percent from 2011, and average revenue per stage fell 26 percent to $98,000. FTS foresees “some strengthening beginning in early 2013,” according to its public disclosures. The company is privately held but has publicly traded bonds.
-- Jim Fuquay