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Superior Energy sees weak 3rd-qtr profit on Hurricane Isaac
October 2, 2012 / 10:26 PM / 5 years ago

Superior Energy sees weak 3rd-qtr profit on Hurricane Isaac

Oct 2 (Reuters) - Oilfield services company Superior Energy Services Inc estimated a weak third-quarter profit as operations in the U.S. Gulf of Mexico were hit by Hurricane Isaac.

Shares of the Houston-based company were down 4 percent in extended trade. They closed at $20.36 on Tuesday on the New York Stock Exchange.

Superior Energy estimated an operating profit of 52 to 55 cents per share for the quarter ended September. It reported a profit of 73 cents per share in the year-ago quarter.

Hurricane Isaac, which struck the Louisiana coast on Aug. 28, nearly shut all oil production in the Gulf of Mexico at one point.

The company also said during the third quarter its customers cut spending.

“The pace of reduction (in U.S. land drilling activity) was greater than we anticipated as our customers have taken action to contain their 2012 spending to budgeted levels,” Chief Executive David Dunlap said.

Oilfield services companies including Halliburton Co , the largest provider of such services in the United States, have also warned of a drop in activity in the home market during the third quarter.

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