FTS International, formerly Frac Tech, swung from a hefty profit in 2011 to a loss of $29.8 million as revenues slid 18 percent. The company said it kept its 34 fleets of hydraulic fracturing equipment busy all year, doing more fracturing stages even though the number of wells fractured declined slightly. But the revenue from each of those stages fell from $136,335 to $101,905, the lowest since 2009. The Fort Worth-based company replaced its CEO in November.
On Monday, The Wall Street Journal reported that Chesapeake Energy, FTS' biggest customer and owner of about 30 percent of the company, was no longer considering selling that stake. Citing unnamed sources, the newspaper said Chesapeake's stake, which it had estimated at about $2 billion earlier, was worth less than $1 billion under common evaluation methods using its most recent earnings before taxes, interest, depreciation and amortization.
-- Jim Fuquay