##### 



EXHIBIT 99.1
 
 Complete Production Services, Inc. First Quarter  Earnings Increase 76%




---



##### 



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




---



##### 



Complete Production Services, Inc.
Consolidated Statements of Operations
For the Quarters Ended March 31, 2007 and 2006
(in thousands except per share data)
 Quarter EndedMarch 31,2007
    
    
    2006(unaudited)
    
    
    (unaudited)Revenue:Services
    
    $
    366,035
    
    
    $
    235,119Products
    
    
    41,032
    
    
    
    27,227407,067
    
    
    
    262,346Cost of services
    
    
    203,513
    
    
    
    135,511Cost of products
    
    
    31,811
    
    
    
    19,883General and administrative expense
    
    
    50,570
    
    
    
    36,446Depreciation and amortization
    
    
    28,970
    
    
    
    15,607314,864
    
    
    
    207,447Operating income
    
    
    92,203
    
    
    
    54,899Interest expense
    
    
    15,625
    
    
    
    10,682Interest income
    
    
    (212
    )
    
    
    (7
    )Income from continuing operations
before minority interest and taxes
    
    
    76,790
    
    
    
    44,224Minority interest, net of tax
    
    
    261
    
    
    
    305Income from continuing operations before taxes
    
    
    76,529
    
    
    
    43,919Tax provision
    
    
    29,179
    
    
    
    17,004Income from continuing operations
    
    
    47,350
    
    
    
    26,915Income from discontinued operations (net of tax)
    
    
    
    
    
    
    1,198Net income
    
    $
    47,350
    
    
    $
    28,113Basic earnings per share:Continuing Operations
    
    $
    0.66
    
    
    $
    0.49Discontinued Operations
    
    $
    
    
    
    $
    0.02$
    0.66
    
    
    $
    0.51Diluted earnings per share:Continuing Operations
    
    $
    0.65
    
    
    $
    0.46Discontinued Operations
    
    $
    
    
    
    $
    0.02$
    0.65
    
    
    $
    0.48Weighted average shares outstanding:Basic
    
    
    71,503
    
    
    
    55,601Diluted
    
    
    73,021
    
    
    
    58,783




---



##### 



Complete Production Services, Inc.
Condensed Consolidated Balance Sheets
As of March 31, 2007 and December 31, 2006
(in thousands)
 March 31,
    
    
    December 31,2007
    
    
    2006(unaudited)
    
    
    (unaudited)Assets:Current assets
    
    $
    429,121
    
    
    $
    390,640Property, plant and equipment, net
    
    
    847,988
    
    
    
    771,703Goodwill
    
    
    556,685
    
    
    
    552,671Other long-term assets
    
    
    26,602
    
    
    
    25,310Total assets
    
    
    1,860,396
    
    
    
    1,740,324Liabilities and Stockholders Equity:Current liabilities
    
    
    187,311
    
    
    
    161,405Long-term debt
    
    
    786,170
    
    
    
    750,577Long-term deferred tax liabilities
    
    
    96,933
    
    
    
    90,805Minority interest
    
    
    2,609
    
    
    
    2,316Total liabilities and minority interest
    
    
    1,073,023
    
    
    
    1,005,103Common stock
    
    
    717
    
    
    
    714Treasury stock
    
    
    (202
    )
    
    
    (202
    )Additional paid-in capital
    
    
    567,049
    
    
    
    563,006Retained earnings
    
    
    203,321
    
    
    
    155,971Cumulative translation adjustment
    
    
    16,488
    
    
    
    15,732Total stockholders equity
    
    
    787,373
    
    
    
    735,221Total liabilities and stockholders equity
    
    $
    1,860,396
    
    
    $
    1,740,324
 Cash Flow Data
For the Three Months Ended March 31, 2007
(in thousands)
 March 31,2007(unaudited)Cash flows provide by/(used for):Operating activities
    
    $
    85,194Investing activities:Capital expenditures
    
    $
    (99,902
    )Other investing activities
    
    $
    (10,540
    )Financing activities
    
    $
    25,702




---



##### 



Complete Production Services, Inc.
Consolidated Segment Information
For the Quarters Ended March 31, 2007 and 2006 and December 31, 2006
(in thousands)
 Quarter EndedMarch 31,
    
    
    March 31,
    
    
    December 31,2007
    
    
    2006
    
    
    2006(unaudited)
    
    
    (unaudited)
    
    
    (unaudited)Revenue:Completion and production services
    
    $
    307,639
    
    
    $
    192,021
    
    
    $
    269,041Drilling services
    
    
    58,396
    
    
    
    44,030
    
    
    
    62,177Products
    
    
    41,032
    
    
    
    26,295
    
    
    
    32,290Total revenues
    
    $
    407,067
    
    
    $
    262,346
    
    
    $
    363,508EBITDA: (1)Completion and production services
    
    $
    104,162
    
    
    $
    54,602
    
    
    $
    80,705Drilling services
    
    
    18,068
    
    
    
    16,020
    
    
    
    23,176Products
    
    
    5,157
    
    
    
    3,816
    
    
    
    6,257Corporate and other
    
    
    (6,214
    )
    
    
    (3,932
    )
    
    
    (7,443
    )Total EBITDA
    
    $
    121,173
    
    
    $
    70,506
    
    
    $
    102,695EBITDA as a % of Revenue:Completion and production services
    
    
    33.9
    %
    
    
    28.4
    %
    
    
    30.0
    %Drilling services
    
    
    30.9
    %
    
    
    36.4
    %
    
    
    37.3
    %Products
    
    
    12.6
    %
    
    
    14.5
    %
    
    
    19.4
    %Total
    
    
    29.8
    %
    
    
    26.9
    %
    
    
    28.3
    %
 
 (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 March 31, 2007 and 2006 and December 31, 2006
(unaudited, in thousands)
 Completion& Production
    
    
    Drilling
    
    
    
    
    
    
    Corporate &Services
    
    
    Services
    
    
    Products
    
    
    Other
    
    
    TotalQuarter 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
    )
    
    $
    92,203Quarter Ended March 31, 2006:EBITDA
    
    $
    54,602
    
    
    $
    16,020
    
    
    $
    3,816
    
    
    $
    (3,932
    )
    
    $
    70,506Depreciation & amortization
    
    
    12,834
    
    
    
    2,018
    
    
    
    383
    
    
    
    372
    
    
    
    15,607Operating Income (loss)
    
    $
    41,768
    
    
    $
    14,002
    
    
    $
    3,433
    
    
    $
    (4,304
    )
    
    $
    54,899Quarter Ended December 31, 2006:EBITDA
    
    $
    80,705
    
    
    $
    23,176
    
    
    $
    6,257
    
    
    $
    (7,443
    )
    
    $
    102,695Depreciation & amortization
    
    
    21,694
    
    
    
    3,439
    
    
    
    430
    
    
    
    291
    
    
    
    25,854Write-off of deferred financing costs
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (170
    )
    
    
    (170
    )Operating Income (loss)
    
    $
    59,011
    
    
    $
    19,737
    
    
    $
    5,827
    
    
    $
    (7,564
    )
    
    $
    77,011