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Highlights:
- Hunting PLC (LSE:HTG) shares dropped 16.7% due to weakness in the US onshore market and reduced natural gas prices.
- The company secured $300 million in new borrowing facilities to support liquidity, bringing total liquidity to $393 million.
- Hunting lowered its EBITDA guidance but remains focused on international growth and potential acquisitions in subsea and well completions.
Hunting PLC (LSE:HTG) saw its shares plunge over 16% in early Tuesday trading after the oil services company issued a cautionary update on the weakness of the US onshore market, largely due to low natural gas prices. The company’s Hunting Titan division, which services this market, only managed to break even in the third quarter, prompting cost-cutting measures to align the business with current market conditions.
Hunting pointed to reduced prices for both oil and gas, which it believes will lead to lower client activity for the rest of the year. This is expected to hit the company’s short-cycle Perforating Systems product group the hardest. To address these challenges, Hunting is preparing cost reductions within its Titan division to mitigate the impact.
In response to market conditions, Hunting also secured $300 million in new borrowing facilities, consisting of a $200 million revolving credit facility and a $100 million term loan, which replaces a previous $150 million Asset Based Lending (ABL) facility. This move brings the company’s total liquidity to around $393 million, reinforcing its financial position.
Chief executive Jim Johnson noted that while the international and offshore sectors remain firm, the US onshore market's slower recovery has impacted short-term trading expectations. As a result, Hunting has lowered its EBITDA guidance but still expects to remain within the range provided at the start of the year.
Despite the short-term challenges, Johnson highlighted that Hunting is continuing to explore high-quality acquisition opportunities, particularly in the subsea and well completions sectors. Additionally, the company’s OCTG (Oil Country Tubular Goods), Advanced Manufacturing, and Subsea product lines are performing in line with expectations.
Hunting’s sales order book stands at approximately $652 million, driven by demand in the OCTG and Organic Oil Recovery (OOR) segments. However, the market reacted sharply to the outlook, with shares falling 61.5p or 16.7%, trading at 310.38p in London.
