SCOTTSDALE, Ariz.--(EON: Enhanced Online News)--Nuverra Environmental Solutions (NYSE:NES), a leading provider of full-cycle environmental solutions to energy and industrial end-markets, today announced a strategic rationalization of its Shale Solutions segment operating structure designed to maximize operating efficiencies, leverage future growth opportunities, and optimize sales and business development alignment with customers.
“We thank Chuck for his dedication and commitment to the organization. He has been an important contributor in the evolution and growth of our Company, and we wish him success with his future endeavors.”
As a first step in this process, the Company’s Shale Solutions segment will now be overseen by three operating divisions:
- The Northeast Division – comprising the Marcellus and Utica Shale areas;
- The Southern Division – comprising the Haynesville, Barnett, Eagle Ford, Mississippian Shale areas and the Permian Basin; and
- The Rocky Mountain Division – comprising the Bakken Shale area.
Division leaders will manage all operational performance, growth activities, business development, and financial responsibility within the division, and each division head will report directly to Mark Johnsrud, Chief Executive Officer. In light of this leadership transition, by mutual agreement with the Company, Charles R. Gordon, President and Chief Operating Officer, will leave the Company and pursue an opportunity in an unrelated business. The COO position has been eliminated.
Additionally, Nuverra has initiated a search for a vice president of business development to lead all new and organic business expansion opportunities, as well as national sales and marketing efforts.
Commenting on the reorganization, Mr. Johnsrud stated, “We believe it is key in the current operating environment to be flexible, nimble and focused on emerging growth opportunities as we place renewed emphasis on streamlining our organization, as well as aligning our business development organization with a customer base that is increasingly national in scope. These organizational changes provide us with better visibility and accountability within the operations in each shale basin and allow us to focus on enhancing best practices and reducing inefficiencies, where applicable. Additionally, this reorganization allows us to further extend the reach of our suite of environmentally compliant and sustainable solutions to a national customer base that is demanding stricter environmental compliance standards. While we understand that change takes time, we believe these efforts will move the Company forward and set us on a strong path for future success.”
Mr. Johnsrud concluded: “We thank Chuck for his dedication and commitment to the organization. He has been an important contributor in the evolution and growth of our Company, and we wish him success with his future endeavors.”
Company to Report Third Quarter 2013 Financial Results on November 7, 2013
The Company will host its third-quarter fiscal 2013 conference call to discuss financial results and its business outlook on Thursday, November 7, 2013 at 4:30 p.m. ET (1:30 p.m. PT). To participate on the conference call, please dial +1 877-941-2069 or +1 480-629-9713 and reference conference ID 4645996. An audio replay of the call will be available approximately one hour after the conclusion through November 21, 2013. The audio replay can be accessed by dialing +1 800-406-7325 or +1 303-590-3030 and entering the access code 4645996.
The call will be webcast live and the replay will be available for 12 months. Both will be available in the “Investors” section of the Nuverra web site at www.nuverra.com.
About Nuverra Environmental Solutions, Inc.
Nuverra is an environmental solutions company. The Company is one of the largest companies in the United States dedicated to providing comprehensive and full-cycle environmental solutions to our customers in energy and industrial end-markets. Nuverra focuses on the delivery, collection, treatment, recycling, and disposal of restricted solids, water, waste water, used motor oil, spent antifreeze, waste fluids and hydrocarbons. The Company continues to expand its suite of environmentally compliant and sustainable solutions to a collection of customers that demand stricter environmental compliance and accountability from their service providers.
Interested parties can access additional information about Nuverra on the Company's web site at http://www.nuverra.com, and in documents filed with the United States Securities and Exchange Commission, on the SEC's web site at http://www.sec.gov.
This press release may contain "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. Forward-looking statements in the press release include, without limitation forecasts of growth, revenues, adjusted EBITDA and pipeline expansion, and other matters that involve known and unknown risks, uncertainties and other factors that may cause results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: difficulties encountered in acquiring and integrating businesses, including Thermo Fluids Inc. and Badlands Power Fuels, LLC; whether certain markets grow as anticipated; and the competitive and regulatory environment. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as well as the Company's other reports filed with the United States Securities and Exchange Commission, which are available at http://www.sec.gov/ as well as the Company's web site at http://nuverra.com/. As a result of the foregoing considerations and the other limitations of non-GAAP measures described elsewhere herein, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this presentation. All forward-looking statements are qualified in their entirety by this cautionary statement. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.