Ensign Energy Services reports Q1 loss, revenue down 11% from year ago

The oilfield services company says its net loss attributed to common shareholders amounted to $1.2 million or a penny per diluted for its first quarter compared with a profit of $4.2 million or two cents per diluted share for the first quarter of 2023.

Revenue for the quarter ended March 31 totalled $431.3 million, down from $484.1 million in the same quarter last year.

Ensign says it saw 3,752 operating days in Canada in the quarter, down from 3,800 operating days a year earlier, while Canadian well servicing recorded 11,926 operating hours, down from 13,776 operating hours a year earlier.

In the U.S., the company recorded 3,134 operating days in the quarter, down from 4,617 operating days a year earlier as its U.S. well servicing business reported 26,251 operating hours, down from 27,917 operating hours in the first quarter of 2023.

Ensign's international drilling business saw 1,319 operating days in the first quarter of 2024, down from 1,104 operating days a year earlier.

This report by The Canadian Press was first published May 6, 2024.

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