Keane Group, Inc. (NYSE:FRAC) Q3 2019 Earnings Conference Call - Final Transcript
Nov 07, 2019 • 08:30 am ET
Good morning and welcome to the NexTier Oil Field Solutions Third Quarter 2019 Conference Call.
For opening remarks and introductions, I'd like to turn the call over to Kevin McDonald, Executive Vice President, Chief Administrative Officer and General Counsel of NexTier. Please go ahead, sir.
Thank you, operator and good morning everyone. As a reminder, some of our comments today will include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995 reflecting NexTier's views about future events. These matters involve risks and uncertainties that could cause our actual results to materially differ from our forward-looking statements.
The company's actual results could differ materially due to several important factors, including those risks and uncertainties described in both Keane Group and C&J Energy Services' Form 10-K for the year ended December 31, 2018, recent current reports on Form 8-K and other Securities and Exchange Commission filings.
Many of these risks are beyond the company's control. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. Additionally, our comments today include non-GAAP financial measures, including adjusted EBITDA and adjusted gross profit. Please refer to our public filings and disclosures, including our earnings press release for the definitions of our non-GAAP measures and the reconciliation of these measures to the directly comparable GAAP measures.
These are posted on our website under the Investor Relations tab. With that I will turn the call over to Robert. President and Chief Executive Officer of NexTier.
Thank you, Kevin, and thanks everyone for joining us on the call this morning. Before I begin and on behalf of the combined team from both Keane and C&J, I want to express how incredibly excited I am to be hosting our third-quarter earnings call, following the closing of our merger with C&J Energy Services last week. Given the timing of our transaction closing, today's discussion will cover Keane's results for the third quarter. We are also excited to formally introduce our new company formed as a result of Keane's merger with C&J which has recently announced, we have named NexTier Field Solutions, which now trades under the ticker NEX on the New York Stock Exchange. I'm pleased to be joined by Greg Powell, Chief Integration Officer of NexTier and JK van Gaalen, Chief Financial Officer of NexTier. After a review of third quarter results for Keane, JK , Greg and I will provide an update on NexTier, our strategy and outlook. With that introduction, let's start with Keane's results. For the third quarter, Keane achieved another strong performance delivering on the outlook provided last quarter and extending our track record of meeting our commitments despite a challenging backdrop facing the industry.
I'd like to touch on a few highlights from the quarter. From a top line perspective, total company revenue was $444 million approaching the high end of our guidance range reflecting sequential growth of approximately 3% compared to the average 3rd quarter US rig count, which decreased 7% sequentially. We