Dawson Geophysical Co
NASDAQ:DWSN
Dawson Geophysical Co
Dawson Geophysical Co. engages in the provision of onshore seismic data acquisition services. The company is headquartered in Midland, Texas and currently employs 190 full-time employees. The firm is engaged in the exploration and development of oil and natural gas on land and in land-to-water transition areas. The firm acquires and processes two-dimensional (2-D), three-dimensional (3-D) and multi-component seismic data for its clients, ranging from oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries. The firm also provides data acquisition services primarily to providers of multi-client data libraries for use in the onshore drilling and production of oil and natural gas, as well as directly to onshore oil and natural gas exploration and development companies. The firm provides its seismic data acquisition services primarily to providers of multi-client data libraries for use in the onshore drilling and production of oil and natural gas.
Dawson Geophysical Co. engages in the provision of onshore seismic data acquisition services. The company is headquartered in Midland, Texas and currently employs 190 full-time employees. The firm is engaged in the exploration and development of oil and natural gas on land and in land-to-water transition areas. The firm acquires and processes two-dimensional (2-D), three-dimensional (3-D) and multi-component seismic data for its clients, ranging from oil and gas companies to independent oil and gas operators as well as providers of multi-client data libraries. The firm also provides data acquisition services primarily to providers of multi-client data libraries for use in the onshore drilling and production of oil and natural gas, as well as directly to onshore oil and natural gas exploration and development companies. The firm provides its seismic data acquisition services primarily to providers of multi-client data libraries for use in the onshore drilling and production of oil and natural gas.
Revenue Collapse: Dawson's Q3 2021 revenue was $1.9 million, down 78% from $8.7 million a year ago, reflecting depressed industry activity.
Continued Losses: The company posted a net loss of $7.9 million for Q3, similar to last year, and negative EBITDA widened to $4.7 million.
Cash Burn Concerns: Management highlighted ongoing cash burn and warned that further rightsizing would threaten the company's ability to operate.
Industry Challenges: Demand for North American onshore seismic services remains historically low, with weak pricing and limited visibility for future projects.
Wilks Brothers Acquisition: Dawson's board unanimously recommends shareholders accept a $2.34 per share all-cash tender offer from Wilks Brothers, citing low liquidity and limited alternatives.
No Guidance Provided: The company did not give financial guidance for future quarters, reiterating uncertainty and lack of visibility.
