quick I remarks good a a outlook. since I our our the then the our Thanks, everyone. On November, Welcome earnings discuss our as in history first call off Ken, morning, to long and second financials of provided call a ended, David my our results, public XXXX will call company, begin the with go DTI. overview Today, version XXXX flurry the and to activity to through of hand of company. year
whose service downhole DTI process. capabilities. model manufacturing the differentiated tools, in-house with business in with construction equipment industry is oil industrial technology We serve gas an upstream combines along and wellbore and company the tools rental primarily
Our carbon geothermal and also sectors. tools emerging the capture serve
values and to us provides our our future. the with XXX of institutional throughout industry. dedicated share The base competitive in across employee business knowledge employees, advantage our an approximately in rental who for employ We vision infield and operations, our believe the relative and loyal the tool others
and Our revenues. on recovery repair rental, business relies model mostly
the sustain which adjusted to equipment damaged to cycles. energy cash repair and customers or revenue, fleet only also the relevant, charges, fleet, our enables sustainable tool us remain rental not Our equipment. provides model. The free us to positive throughout but also basis for on us relevant known income our allows lost and of generate count The recovery flow as industry rental maintain a
SLB assorted Oxy, efficient many configurations, other BP, Hughes, own and requirements. support not our in downhole Speaking our hole chip Exxon, blue would we because engineering Chevron, the fleet be firms Baker of Pioneer, rent it to prefer like prominent customers tools to industry. sizes, These many the maintain geographies to customers, and and ConocoPhillips, firms needs due own of EOG, their
too make in their variables our to There are dynamic many it just for inefficient that industry tools. own customers own
serve across and tools provide and support from centers customers eight DTI, We substantial across rent Houston, international Our maintain Texas, headquarters support East. service Middle of from and quality, service value tools operate from our service we fleet and along our North because and high America in with centers needs. and Europe the to XX their
capabilities satisfaction, enable reliability have machining, our in and utilization and service efficiently equipment, locations to inspection which assets. that results of efficient service our us of customer repair Many improved our
have support assets to also which of items. of the full many vast our and allows rental cost us our and tool fleet manufacturing of We delivery control capabilities,
Europe from covering We locations significant oil in America, geographic have revenue an product every enviable and and East. Middle stream region the and and numerous North multiple lines producing gas onshore offshore
consistently our state EBITDA and double-digit In flow free a business XX-plus-percent environment, delivers steady adjusted adjusted margins. cash margins
proud of are we record track and We the that progress built.
positive during has of during company the COVID. been XX years, year depths the EBITDA every the fact, single XXXX, last In including
done prefer to we including this is so cycle. as in stable and downturns that a upward, view opportunities strengthen our market and we current each business Although we have cycle,
performance industry reliability DTI. the for of helpful I was to of of rest call. hallmark our addition continues some financial be quick results safety, positive the these context throughout this cycles, the quality to in hope our recap providing and In
Unfortunately, all in business. many gas the to year throughout areas softened, ago, rig was our resulted which a as now natural modestly In market declines count or would about expectation XXXX. for rig Turning market XXXX, the that in counts outlook experienced throughout flat be we up the year. pick
XX% previous increasing activity over market. strategic rig continued approximately we declined December revenue our XX, the on While from January significantly Xst US from plan outperforming the year, XX% with to executing
with oil as come plants term the expected XXXX, to remain expecting at continue quarter is demand rig flat count next on as and increase such the XXXX, fourth robust, stream. bottomed the XXXX EIA believes materially Longer gas management Looking grow throughout LNG to few that American the remain trends to XXXX. in-process demand projections North in in of and to agencies from through years demand
It is industry demand our positioned that recent and and has drilling, meet and gas expand underinvested industry. competitively the wells base of ongoing entire completion years the future and be oil us worldwide. production well additional business across acquisitions in to to DTI's documented capabilities makes will required
steady requested serve East Sea as we As expanded Europe we new Middle the technologies expanding with into core the In to before, North have a of our tool made rental and as we we've many global stated them more to market, well fleet on response, scale. expand customers products. our our progress have
billion E&P As in of of mergers customers announced record in with XXXX over total consolidation pace you Permian know, $XXX and the Basin alone. acquisitions continue their
on Our to wave of alignment with has consolidation. the positive E&P enabled of our be recent the blue side us chip customers
Our maintain our sales certain base. make and industry operations the teams mitigate business changes of continuity in to the relationships customer to across
the the is by highly [ph] services there are public oilfield while fragmented
thoughtful It moving exist company making to triple in size goal possible near industry. opportunities double of we our is stated or going detailed We believe meaningful (XX:XX:XX) the the sector. future. that acquisitions, last in we can it that our Now to consolidation year, that
will us oilfield M&A tool selectively that consolidate strategically an pipeline service, established have framework the and robust product M&A allow to companies and plan. that meet for our and We growth numerous rental criteria
Superior and on Tools acquisition announced the the York Having we a said of Products, Deep Drilling of as that that, New Casing acquisition for trading Exchange. closed earlier of this SDPI the American month Stock definitive currently agreement we pending announced signing on our
financial potential from after We we close acquisitions SDP. provide these will impacts details on the more on synergies and positive
of in both are opportunities But examples DTI's both with on domestically Middle the our expanding particular how internationally, transactions East. growth outstanding presence are a focus and we
future that from Superior will offerings confident forward value. look the customers. drive unique innovation, result, addressable increase and professionals to and to our We expand collaborating Products, are Drilling shareholder dedicated as footprint market, We our Deep well product our their Casing and acquisitions Tools and a as as products with enhance differentiated providing and these
an with saw – facility, and credit our this ABL and with the improved added as probably earlier of million, extending $XX our amount million facilities balance XXXX. in of exited sheet And On both credit, loan the million provides you debt March credit by $XX and liquidity for sheet we principal facility. line we that revolving XXXX maturing balance both $XX from business, side month that of term in a amending an $XX a million, undrawn up our and no strengthened further new
strategy. to covenants, in flexibility We our with financial are growth to support this restrictive very refinancing and place pleased offer more further get less
poised what have and company we busy future positioning make for would said we see, the do acquisitions we can which growth, you As extremely accretive we public, additional to going is since are future. the been in believe
that, With financial for to it of Johnson, David? David turn our our a results. I'll review CFO, over
