Posted on Wednesday, March 30th, 2011 at 1:38 pm.
Forbes Energy Services, LTD, has announced their fourth quarter financial results that ended on December 31 2010. One highlight that stood out was the increase in revenues from $52.3 million to $102.8 million.
The large increase had to do with the significantly higher pricing and utilization that was seen in both of the divisions of the company. The net income for the fourth quarter was $1.2 million which is a significant change from a year prior when the company had a net loss of $6.1 million.
The company’s president and CEO said that the financial results for this quarter were reflective of the natural gas and oil exploration in South and West Texas.
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