Superior Energy Services

Foundation and early years

The company was founded in 1989 by Terence Hall, a native of Louisiana. It had an initial public offering in 1995, when it became listed on the New York Stock Exchange. Hall remained CEO of the company until he stepped down in 2010 and was replaced by David Dunlap.[1]

In 2005, in response to Hurricane Katrina, 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.[2]

Strategic transaction 2019

In December 2019, Superior Energy Services announced a transaction to divest certain U.S. land-based service lines and combine them with Forbes Energy Services Ltd. to form a new publicly traded entity focused on U.S. completion, production, and water solutions. The divested businesses included service rigs, coiled tubing, wireline, pressure control, flowback, fluid management, and accommodations.

Under the terms of the agreement, Superior Energy would retain a controlling economic interest in the combined entity (“Newco”), initially approximately 65%, adjusting to approximately 52% following the conversion of preferred equity. The transaction also included plans to reduce up to $500 million of the company’s 2021 senior notes through a combination of debt reduction and maturity extension.

The transaction was approved by the boards of both companies and was expected to close in the first quarter of 2020. As part of the planned leadership transition, David Dunlap was expected to become Chief Executive Officer of Newco, and Westy Ballard was designated to succeed him as Chief Executive Officer of Superior Energy. [3]

However, in early 2020, the onset of the COVID-19 pandemic and the resulting disruption in global energy markets and capital markets delayed and ultimately prevented the completion of the transaction as originally contemplated.

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 mutual resignations of CEO David Dunlap and CFO Westy Ballard.[4]

In 2021, the company also divested certain North American labor-intensive businesses, including assets that had previously been identified for separation in the company’s 2019 strategic transaction, as part of a broader transformation initiative.[5]

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.[6]

In 2024, the company announced a change in leadership with Brian Moore stepping down and the appointment of David J. Lesar, who was the previous CEO of Halliburton.[7]

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.