##### 



EXHIBIT 99.1
 
 Complete Production Services, Inc. Second Quarter  Earnings Increase 65%




---



##### 



Conference Call
 www.completeproduction.com
    mmayer@completeproduction.com
 jbayardo@completeproduction.com




---



##### 



Complete Production Services, Inc.
Consolidated Statements of Operations
For the Quarters and Six Months Ended June 30, 2007 and 2006
(in thousands except per share data)
 Quarter Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006(unaudited)
    
    
    (unaudited)
    
    
    (unaudited)
    
    
    (unaudited)Revenue:Services
    
    $
    367,405
    
    
    $
    234,420
    
    
    $
    733,440
    
    
    $
    469,539Products
    
    
    43,310
    
    
    
    30,116
    
    
    
    84,342
    
    
    
    57,343410,715
    
    
    
    264,536
    
    
    
    817,782
    
    
    
    526,882Cost of services
    
    
    204,364
    
    
    
    139,323
    
    
    
    407,877
    
    
    
    274,834Cost of products
    
    
    33,654
    
    
    
    21,942
    
    
    
    65,465
    
    
    
    41,825General and administrative expense
    
    
    55,344
    
    
    
    35,752
    
    
    
    105,914
    
    
    
    72,198Depreciation and amortization
    
    
    33,492
    
    
    
    16,999
    
    
    
    62,462
    
    
    
    32,606326,854
    
    
    
    214,016
    
    
    
    641,718
    
    
    
    421,463Operating income
    
    
    83,861
    
    
    
    50,520
    
    
    
    176,064
    
    
    
    105,419Interest expense
    
    
    15,064
    
    
    
    9,488
    
    
    
    30,689
    
    
    
    20,170Interest income
    
    
    (316
    )
    
    
    (1,015
    )
    
    
    (528
    )
    
    
    (1,022
    )Income from continuing operations
before minority interest and taxes
    
    
    69,113
    
    
    
    42,047
    
    
    
    145,903
    
    
    
    86,271Minority interest, net of tax
    
    
    (205
    )
    
    
    (161
    )
    
    
    56
    
    
    
    144Income from continuing operations before taxes
    
    
    69,318
    
    
    
    42,208
    
    
    
    145,847
    
    
    
    86,127Tax provision
    
    
    25,535
    
    
    
    15,607
    
    
    
    54,714
    
    
    
    32,611Income from continuing operations
    
    
    43,783
    
    
    
    26,601
    
    
    
    91,133
    
    
    
    53,516Income from discontinued operations (net of tax)
    
    
    
    
    
    
    553
    
    
    
    
    
    
    
    1,751Net income
    
    $
    43,783
    
    
    $
    27,154
    
    
    $
    91,133
    
    
    $
    55,267Basic earnings per share:Continuing operations
    
    $
    0.61
    
    
    $
    0.40
    
    
    $
    1.27
    
    
    $
    0.87Discontinued operations
    
    $
    
    
    
    $
    (0.00
    )
    
    $
    
    
    
    $
    0.03$
    0.61
    
    
    $
    0.40
    
    
    $
    1.27
    
    
    $
    0.90Diluted earnings per share:Continuing operations
    
    $
    0.60
    
    
    $
    0.39
    
    
    $
    1.25
    
    
    $
    0.84Discontinued operations
    
    $
    
    
    
    $
    (0.00
    )
    
    $
    
    
    
    $
    0.02$
    0.60
    
    
    $
    0.39
    
    
    $
    1.25
    
    
    $
    0.86Weighted average shares outstanding:Basic
    
    
    71,916
    
    
    
    67,067
    
    
    
    71,711
    
    
    
    61,366Diluted
    
    
    73,367
    
    
    
    69,065
    
    
    
    73,195
    
    
    
    63,953




---



##### 



Complete Production Services, Inc.
Condensed Consolidated Balance Sheets
As of June 30, 2007 and December 31, 2006
(in thousands)
 June 30,
    
    
    December 31,2007
    
    
    2006(unaudited)
    
    
    (unaudited)Assets:Current assets
    
    $
    400,657
    
    
    $
    390,640Property, plant and equipment, net
    
    
    927,484
    
    
    
    771,703Goodwill
    
    
    571,644
    
    
    
    552,671Other long-term assets
    
    
    28,338
    
    
    
    25,310Total assets
    
    
    1,928,123
    
    
    
    1,740,324Liabilities and Stockholders Equity:Current liabilities
    
    
    134,703
    
    
    
    161,405Long-term debt
    
    
    839,813
    
    
    
    750,577Long-term deferred tax liabilities
    
    
    105,496
    
    
    
    90,805Minority interest
    
    
    2,631
    
    
    
    2,316Total liabilities and minority interest
    
    
    1,082,643
    
    
    
    1,005,103Common stock
    
    
    721
    
    
    
    714Treasury stock
    
    
    (202
    )
    
    
    (202
    )Additional paid-in capital
    
    
    574,273
    
    
    
    563,006Retained earnings
    
    
    247,104
    
    
    
    155,971Cumulative translation adjustment
    
    
    23,584
    
    
    
    15,732Total stockholders equity
    
    
    845,480
    
    
    
    735,221Total liabilities and stockholders
equity
    
    $
    1,928,123
    
    
    $
    1,740,324




---



##### 



Complete Production Services, Inc.
Cash Flow Data
For the Six Months Ended June 30, 2007
(in thousands)
 June 30,2007(unaudited)Cash flows provide by/(used for):Operating activities
    
    $
    139,924Investing activities:Capital expenditures
    
    $
    (194,479
    )Other investing activities
    
    $
    (36,628
    )Financing activities
    
    $
    82,235




---



##### 



Complete Production Services, Inc.
Consolidated Segment Information
For the Quarters Ended June 30, 2007 and 2006 and March 31, 2007
(in thousands, except percentages)
 Quarter EndedJune 30,
    
    
    June 30,
    
    
    March 31,2007
    
    
    2006
    
    
    2007(unaudited)
    
    
    (unaudited)
    
    
    (unaudited)Revenue:Completion and production services
    
    $
    307,212
    
    
    $
    183,270
    
    
    $
    307,639Drilling services
    
    
    60,193
    
    
    
    51,150
    
    
    
    58,396Products
    
    
    43,310
    
    
    
    30,116
    
    
    
    41,032Total revenues
    
    $
    410,715
    
    
    $
    264,536
    
    
    $
    407,067EBITDA: (1)Completion and production services
    
    $
    101,180
    
    
    $
    49,291
    
    
    $
    104,162Drilling services
    
    
    19,004
    
    
    
    18,236
    
    
    
    18,068Products
    
    
    5,440
    
    
    
    3,988
    
    
    
    5,157Corporate and other
    
    
    (8,271
    )
    
    
    (3,996
    )
    
    
    (6,214
    )Total EBITDA
    
    $
    117,353
    
    
    $
    67,519
    
    
    $
    121,173EBITDA as a % of Revenue:Completion and production services
    
    
    32.9
    %
    
    
    26.9
    %
    
    
    33.9
    %Drilling services
    
    
    31.6
    %
    
    
    35.7
    %
    
    
    30.9
    %Products
    
    
    12.6
    %
    
    
    13.2
    %
    
    
    12.6
    %Total
    
    
    28.6
    %
    
    
    25.5
    %
    
    
    29.8
    %
 Six Months Ended June 30,2007
    
    
    2006(unaudited)
    
    
    (unaudited)Revenue:Completion and production services
    
    $
    614,851
    
    
    $
    374,359Drilling services
    
    
    118,589
    
    
    
    95,180Products
    
    
    84,342
    
    
    
    57,343Total revenues
    
    $
    817,782
    
    
    $
    526,882EBITDA: (1)Completion and production services
    
    $
    205,342
    
    
    $
    103,901Drilling services
    
    
    37,072
    
    
    
    34,257Products
    
    
    10,596
    
    
    
    7,794Corporate and other
    
    
    (14,484
    )
    
    
    (7,927
    )Total EBITDA
    
    $
    238,526
    
    
    $
    138,025EBITDA as a % of Revenue:Completion and production services
    
    
    33.4
    %
    
    
    27.8
    %Drilling services
    
    
    31.3
    %
    
    
    36.0
    %Products
    
    
    12.6
    %
    
    
    13.6
    %Total
    
    
    29.2
    %
    
    
    26.2
    %
 
 (1)
    
    EBITDA is a non-GAAP measure used by management, as defined in the last paragraph
of this press release.




---



##### 



Complete Production Services, Inc.
Reconciliation of EBITDA to the Most Comparable GAAP Measure
For the Quarters Ended June 30, 2007 and 2006 and March 31, 2007
And the Six Months Ended June 30, 2007 and 2006
(unaudited, in thousands)
 Completion& Production
    
    
    Drilling
    
    
    
    
    
    
    Corporate &Services
    
    
    Services
    
    
    Products
    
    
    Other
    
    
    TotalQuarter Ended June 30, 2007:EBITDA
    
    $
    101,180
    
    
    $
    19,004
    
    
    $
    5,440
    
    
    $
    (8,271
    )
    
    $
    117,353Depreciation & amortization
    
    
    28,134
    
    
    
    4,017
    
    
    
    702
    
    
    
    639
    
    
    
    33,492Operating income (loss)
    
    $
    73,046
    
    
    $
    14,987
    
    
    $
    4,738
    
    
    $
    (8,910
    )
    
    $
    83,861Quarter Ended June 30, 2006:EBITDA
    
    $
    49,291
    
    
    $
    18,236
    
    
    $
    3,988
    
    
    $
    (3,996
    )
    
    $
    67,519Depreciation & amortization
    
    
    14,001
    
    
    
    2,284
    
    
    
    449
    
    
    
    265
    
    
    
    16,999Operating income (loss)
    
    $
    35,290
    
    
    $
    15,952
    
    
    $
    3,539
    
    
    $
    (4,261
    )
    
    $
    50,520Quarter Ended March 31, 2007:EBITDA
    
    $
    104,162
    
    
    $
    18,068
    
    
    $
    5,157
    
    
    $
    (6,214
    )
    
    $
    121,173Depreciation & amortization
    
    
    24,284
    
    
    
    3,635
    
    
    
    678
    
    
    
    373
    
    
    
    28,970Operating income (loss)
    
    $
    79,878
    
    
    $
    14,433
    
    
    $
    4,479
    
    
    $
    (6,587
    )
    
    $
    92,203Six Months Ended June 30, 2007:EBITDA
    
    $
    205,342
    
    
    $
    37,072
    
    
    $
    10,596
    
    
    $
    (14,484
    )
    
    $
    238,526Depreciation & amortization
    
    
    52,418
    
    
    
    7,652
    
    
    
    1,380
    
    
    
    1,012
    
    
    
    62,462Operating income (loss)
    
    $
    152,924
    
    
    $
    29,420
    
    
    $
    9,216
    
    
    $
    (15,496
    )
    
    $
    176,064Six Months Ended June 30, 2006:EBITDA
    
    $
    103,901
    
    
    $
    34,257
    
    
    $
    7,794
    
    
    $
    (7,927
    )
    
    $
    138,025Depreciation & amortization
    
    
    26,835
    
    
    
    4,302
    
    
    
    832
    
    
    
    637
    
    
    
    32,606Operating income (loss)
    
    $
    77,066
    
    
    $
    29,955
    
    
    $
    6,962
    
    
    $
    (8,564
    )
    
    $
    105,419