Superior Energy Services is an American oil services company that operates as a holding company for a portfolio of oilfield equipment rentals and well oil and gas services brands. It is structured as a C-corporation and was restructured in 2021 when it was delisted from the stock exchange. Its majority beneficial owners as of 2022, were GoldenTree Asset Management LP and Monarch GP LLC. Superior is headquartered in Houston, Texas. Its business units are located in North America and internationally in order to serve its oil gas company customers.

History

Foundation and early years

The company was founded in 1989 by Terence Hall, a native of

Louisiana Louisiana ( ; ; ) is a state in the Deep South and South Central regions of the United States. It borders Texas to the west, Arkansas to the north, and Mississippi to the east. Of the 50 U.S. states, it ranks 31st in area and 25 ...

. It had an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

in 1995, when it became listed on the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

. Hall remained CEO of the company until he stepped down in 2010 and was replaced by David Dunlap. In 2005, in response to

Hurricane Katrina Hurricane Katrina was a powerful, devastating and historic tropical cyclone that caused 1,392 fatalities and damages estimated at $125 billion in late August 2005, particularly in the city of New Orleans and its surrounding area. ...

, the Company launched a Catastrophic Relief Fund to provide grants to employees who experience property damage and other losses during emergencies and natural disasters. Since its inception, the Fund has granted more than 500 awards totaling nearly $1.4 million. In 2021, when many employees experienced losses during Winter Storm Uri and Hurricane Ida, the Fund made 52 grants totaling $188,865. In 2012, the company grew significantly with its acquisition of ''Complete Production Services'' for approximately $2.7 billion.

Bankruptcy and restructuring 2020 - 2021

In 2020, the Company and certain of its subsidiaries announced their intent to file for Chapter 11 protective bankruptcy which was approved in January 2021. On February 3, 2021, Superior Energy released a press release stating the company had emerged from bankruptcy. On February 4, 2021, Superior Energy stock, under symbol SPNX, was deleted, and became worthless. This had been foretold by the company in documents filed by the company with the U.S. Securities and Exchange Commission as part of its bankruptcy process. On March 22, 2021, Superior Energy announced the removal of CEO David Dunlap and CFO Wesley Ballard. In 2021, as part of a transformation initiative, the Company divested certain of its North American labor-intensive businesses.

New direction 2022 - Present

On January 21, 2022, Superior released a PR announcing the appointment of Brian K. Moore as President and CEO. Mr. Moore had previously held the position of Senior Executive Vice President at Superior for 16 years. In 2024, the company announced a change in leadership with Brian Moore stepping down and the appointment of Dave Lesar, who was the previous CEO of

Halliburton Halliburton Company is an American multinational corporation and the world's second-largest oil service company which is responsible for most of the world's fracking operations. It employs approximately 55,000 people through its hundreds of su ...

Portfolio of Brands

Rentals

Superior has three business units that provide oilfield rentals ranging from premium tubulars to highly specialized downhole tools and accessories.

Services

Superior has forty-three business units that provide specialized products for drilling, production, completion and decommissioning.

References

Oil companies of the United States Companies based in Houston Companies formerly listed on the New York Stock Exchange Companies that filed for Chapter 11 bankruptcy in 2020 Energy companies established in 1989 Non-renewable resource companies established in 1989 {{energy-company-stub