FTSI - FTS International Has Fragility In The Short-Term; Balance Sheet Remains Vulnerable
FTSI Loses More Fleet
The fall in energy demand after COVID-19 has wrecked the already fragile hydraulic fracturing market in the U.S. onshore. Although the fracking activity in the natural gas-dominant wells has fared relatively well, the overall pricing has declined, causing the natural gas compression equipment and services providers like FTS International (FTSI) to stay weak. As the company set fleet count even lower by the start of Q2, the fleet utilization is also expected to slump during the ongoing crisis.
FTSI has been aggressively cutting down costs at various levels. I think over