Flotek Industries’ US revenue
In the past year, Flotek Industries’ (FTK) revenue share from the United States has fallen. In 3Q16, it fell to 79%, compared with 84% in 3Q15. During the same period, FTK’s aggregate revenue fell 16%.
US rig count
Between 3Q15 and 3Q16, the US rig count fell 38%. Between its multiyear high in September 2014 and December 16, it fell 67%.
From September 30 until the week ended December 16, the US rig count gained ~20% to close at 637. A higher US rig count could boost FTK’s revenue and earnings in 4Q16. Next, we’ll discuss FTK’s revenue from international operations and the international rig count.