John Daniel: Okay.
Ben Palmer: Lot of work. Yeah.
John Daniel: That’s helpful. And my follow up, and I hate to be that guy, but I missed the revenue breakdown when you went through the prepared remarks.
Ben Palmer: I knew that was going to be the case. I’m sure I knew that [Multiple Speakers]
John Daniel: I was drinking my coffee. I wasn’t ready for it. Yes.
Mike Schmit: So, this is Mike. I can give you that. John, pressure pumping was 33.5%, downhole tools was 29.1%, coiled tubing was 11.1%, cementing was 8.1%, rental tools was 6.1%, and nitrogen was 3.7%.
John Daniel: Perfect. Thank you. Sorry about that.
Mike Schmit: No problem.
Ben Palmer: No problem.
Operator: We’ll move next to Don Crist at Johnson Rice.
Don Crist: Good morning, gentlemen.
Ben Palmer: Good morning.
Don Crist: Obviously, it’s a challenging quarter, but I wanted to ask, just from a fleet count, obviously you were at about 10 the first quarter of the year. Do you think that you can get back close to that in the fourth quarter, or do you think it will be a little bit less than that? Just kind of driving kind of what John was asking on the demand side, I mean, what does the demand look like out there for you all?
Ben Palmer: Well, a couple of ways to characterize that. You know, I’m sure people have already done the math that pressure pumping is down about 50%. So that pretty much correlates, I guess, to the effective utilization of our fleets. So, the question of can we get back to 10 once the quarter is over? I don’t know that we would say that all 10 fleets were fully utilized during the fourth quarter, but we think it’s — still think it’s appropriate for us to held on to. And we’re pleased with the fact that we have all of those 10 plus fleets are staffed up and available to work in the fourth quarter and moving into early 2024. So, you know, we indicated that fourth quarter is going to look more like the second quarter than the third quarter.
And we were pretty well utilized with all of our fleets in the second quarter. Obviously, as the quarter ended, it was less fully utilized, but we needed all of that capacity to be able to service the business that we had the opportunity to work on.
Don Crist: Yeah, okay.
Mike Schmit: Frac calendar would say that they are — we’re going to be a lot closer to using all of those. So [Multiple Speakers]
Don Crist: Okay. I appreciate that color. And we’ve been hearing some anecdotes of equipment moving back into the Haynesville and other gas type basins. Are you moving any assets kind of out of the Permian into chasing some of that gas work that people are doing into year end?
Ben Palmer: We — at this point in time, we are not.
Don Crist: Okay. And just one final one for me. On the Spinnaker acquisition, it sounds like that is already starting to contribute positively to financials. How — any comments around how that integration is going?
Ben Palmer: Yes. We mentioned it’s going very, very well as planned leading up to the closing. Obviously, we did a lot of planning and we’ve got some post-closing integration activities from a system perspective and things like that. But, otherwise, you know, great company with a lot of great infrastructure and capability, and so it’s nothing complex at all about bringing them into our company. As you know, we were already in the cementing business, so we knew the business, so we’re not having to start from scratch and learn more about it. Seeing some benefits of now being diversified into a third basin or going from one basin in South Texas to now being in the MidCon and the Permian. So, we’re — we think that’s going to create a lot of opportunities. Spinnaker has tremendous customer relationships that we expect to be able to leverage not only within cementing, but hopefully within some of our other service lines as well.
