Quick Value #289 - Oilfield Services Net-Net
A true net-net in the energy space... trades at a 30% discount to cash and 60% discount to tangible book value
Today’s post:
Shares down 83% from 2016 IPO
Came public as pure-play oilfield services business
Recent asset sales and segment divestitures left the business with a huge pile of cash, zero debt, and other assets
Management went with a recent divestiture which leaves the company without a management team or plan for deploying capital (shares drifting as a result)
Quick reminder — For newer subscribers, my write-ups are meant to be a “jumping off point” for the idea generation process (i.e. a surface level review). Check out past write-ups here and my home base page here.
Recent write-ups include:
10/13/25 — Solstice spin off from Honeywell
10/06/25 — Divestitures and delevering at Leggett & Platt ($)
09/29/25 — A look at Portillo’s recent struggles
09/15/25 — Axalta Coatings = quality mid-cap chemical business
09/09/25 — Deleveraging catalyst at Synchronoss ($)
09/02/25 — Special situation in Pitney Bowes (PBI)
08/25/25 — A look at Greenlight’s stake in Fluor (negative EV?) ($)
08/18/25 — Atleos a 20% EPS grower at 10x earnings
08/04/25 — My sourcing list and watchlist process
05/24/25 — Guide to reviewing a 10-K