BJ Services Co. (BJS) said Monday after the markets closed that it slipped to a first quarter loss, as revenue dropped 34%.
The Houston, Texas-based oil field services company reported a net loss for the first quarter of $13.3 million or $0.05 per share, compared to net income of $149.2 million or $0.51 per share for the year-ago quarter.
Loss from continuing operations for the first quarter was $8.4 million or $0.03 per share, compared to income from continuing operations of $150.5 million or $0.51 per share in the prior year quarter.
The latest quarter results include costs of $3.1 million related to the pending merger with Baker Hughes Inc. (BHI), mainly representing legal fees associated with the deal.
In August, Baker Hughes and BJ Services announced a definitive merger agreement by which Baker Hughes would acquire BJ Services. The deal is worth $5.5 billion based on closing stock prices of BJ Services on August 28. However, the deal is awaiting U.S. antitrust approval. In October, the company announced the receipt of a request from the antitrust division of the U.S. Department of Justice for additional information, or commonly known as a second request, with respect to the proposed proposed merger. BJ Services said the deal is expected to close in March.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.04 per share for the first quarter. Analysts' estimates typically exclude special items.
Revenue for the first quarter fell 34% to $931.55 million from $1.42 billion in the same quarter last year. Five analysts had a consensus revenue estimate of $898.26 million for the first quarter.
U.S. drilling activity, particularly with respect to oil exploration, increased 14% sequentially, but declined 42% compared to the same period a year ago.
The company said it experienced increased service activity and a generally stable to slightly improved pressure pumping pricing environment in the U.S. and Canada markets during the quarter, as capacity utilization improved.
U.S./Mexico pressure pumping revenue for the quarter dropped 47% to $384.9 million from $721.5 million a year ago, while Canada pressure pumping revenue fell 38% to $82.3 million from $131.8 million last year. International pressure pumping revenue for the quarter declined 10% to $283.9 million from $314.1 million in the year-ago quarter.
Oilfield services revenue for the first quarter fell 28% to $180.5 million from $249.3 million in the first quarter of last year.
Oil field services companies have struggled during 2009. Halliburton Co. (HAL) last month reported a 48% drop in fourth quarter profit, as weak global demand and volatility in the commodity markets negatively impacted the oil service industry.
Also last month, Baker Hughes reported fourth quarter profit that fell 81% from a year earlier, hurt by weak performance across all its business operations.
Schlumberger Ltd. (SLB) last month reported a 31% decline in fourth quarter profit, reflecting a downswing in its oilfield services and WesternGeco revenues.
BJ Services shares, which have traded in a range of $8.72 to $22.00 over the past year, closed Monday's regular trading session at $20.33, down 14 cents.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.