Financial Results

  • ‘Modest’ Capital Plan For Cathedral

    Cathedral Energy Services Ltd.’s 2020 capital plan will be modest, and the company expects its net equipment additions (equipment additions less proceeds on equipment lost downhole) to be in the range of $nil to $2.5 million, depending on the level of lost-in-hole proceeds.

    March 16, 2020, 9:13 AM MDT

  • Horizon North Forms New Company, Suspends Dividend Program

    Horizon North Logistics Inc. has announced plans to join with Dexterra Integrated Facilities Management to create a “pan-Canadian” support services company.

    March 16, 2020, 10:48 AM MDT

  • Total Energy Cuts Spending, Halts Dividend

    Total Energy Services Inc. has suspended its dividend and slashed spending plans by more than half in light of “global economic uncertainty and market volatility” compounded by increasing concerns over the potential economic impact of the coronavirus and recent turmoil in global oil markets.

    March 13, 2020, 10:32 AM MDT

  • Cost Management Helps STEP Maintain Margins In 2019

    STEP Energy Services Ltd.’s Canadian operations posted stronger adjusted EBITDA margins for both the 2019 fourth quarter and full year at 13 per cent of revenue (2018-nine per cent) and 18 per cent (2018-16 per cent) respectively.

    March 13, 2020, 9:02 AM MDT

  • Tidewater’s New Assets Boost 2019 Results

    New assets placed into service in 2019, including the Pipestone Gas Plant and the acquisition of the Prince George Refinery, helped Tidewater Midstream and Infrastructure Ltd. post record adjusted EBITDA of nearly $40 million (12 cents per  share) in the fourth quarter of 2019.

    March 13, 2020, 11:01 AM MDT

  • Ensign Energy Records Net Loss, Grows Revenues In 2019

    Drilling operating days were up in Ensign Energy Services Inc.’s Canadian and American drilling segments year-over-year in 2019.

    March 10, 2020, 8:44 AM MDT

  • AKITA Continues Rig Relocation Plan

    AKITA Drilling Ltd. moved an AC pad heavy double drilling rig out of Canada to the Permian Basin in January 2020, bringing the company's total rig count in the U.S. to 18 rigs with 13 rigs located in the Permian Basin area where the company's presence continues to grow.

    March 9, 2020, 8:39 AM MDT

  • Calfrac Sees Lower Revenues In 2019

    Calfrac Well Services Ltd. reported lower revenues across all four of its operating areas in 2019.

    March 5, 2020, 8:58 AM MST

  • Western Reports Q4 Revenue Decrease

    Western Energy Services Corp.’s fourth quarter revenue decreased by $17.3 million to $45.8 million in 2019 as compared to $63.1 million in 2018.

    March 3, 2020, 8:07 AM MST

  • Strad Nearly Doubles U.S. Matting Fleet In 2019

    Strad Inc. continues to see potential for growth in its industrial matting business south of the border after a strong 2019.

    March 2, 2020, 12 AM MST

  • Tight Labour Market, Delayed Projects Curb CWC Energy Services Full-Year Results

    Crew shortages and postponed drilling projects hampered CWC Energy Services Corp.’s full-year 2019 earnings results.

    March 2, 2020, 12 AM MST

  • Expansion Planned For Pembina Prince Rupert Propane Export Terminal

    Pembina Pipeline Corporation in response to customer demand has decided to proceed with a $175 million expansion of its Prince Rupert propane export terminal which currently is under construction on Watson Island, the company said today.

    February 28, 2020, 10:44 AM MST

  • Husky’s China Operations Weathering Impacts Related To Coronavirus; Could Consider Reducing 2020 Capex

    Husky Energy Inc.’s top executive says his company’s operations in China have been relatively unscathed by the coronavirus outbreak and that employee wellbeing remains the number one priority.

    February 27, 2020, 11:10 AM MST

  • Husky Reports Q4 Net Loss Of $2.3 Billion On Impairments, Other Charges

    Husky Energy Inc. booked a fourth quarter net loss of $2.3 billion versus earnings of $216 million in the comparable period in 2018 as total non-cash asset impairments and other charges of $2.3 billion dented the bottom line.

    February 27, 2020, 11:42 AM MST

  • Trican Reports Improvement In Q4 Results

    Although the red ink continued to flow for Trican Well Services Ltd. in the fourth quarter of 2019, as well as for the entire year, the specialized oilfield services company’s cost reduction and efficiency measures allowed it to show better results than in the previous year.

    February 27, 2020, 9:50 AM MST

  • PHX Energy Sets $30 Million Capex, Allocates Funds To Grow U.S. Fleet

    PHX Energy Services Corp. is expected to allocate the majority of its $30-million capital budget in 2020 to expand its high performance fleets in the United States.

    February 26, 2020, 3:30 PM MST

  • Gibson Continues Going After DRU Contracts, Posts Strong 2019 Results

    Gibson Energy Inc. expects to begin construction on its diluent recovery unit (DRU) near its Hardisty rail facility over the next few months.

    February 25, 2020, 11:13 AM MST

  • Secure Plans $50 Million In Growth Spending

    Secure Energy Services Inc. says its current growth capital plan for 2020 is $50 million and will be directed primarily at completing construction of the East Kaybob oil pipeline system and other small expansion projects.

    February 25, 2020, 9:46 AM MST

  • Inter Pipeline Wraps Up Busy 2019, Storage Sale Expected In 2020

    Inter Pipeline Ltd. has spent $2.2 billion on the Heartland Petrochemical complex — including $1.2 billion in 2019 in what CEO Christian Bayle said was an ‘capital intensive’ year for the company.

    February 24, 2020, 12 AM MST

  • Enerflex Sees Lower Engineering Systems Bookings In Q4 2019; Increases Revenue

    Enerflex Ltd. saw lower year-over-year engineered systems bookings in Q4 and full-year 2019 due to producers generally keeping their capital spending within free cash flow, as well as constrained producer access to capital and uncertainty around global politics and trade dynamics. So far, 2020 seems a bit better, according to top brass.

    February 21, 2020, 11:12 AM MST

  • Record Set For Enbridge Mainline Volumes In 2019

    Enbridge Inc. moved record volumes on the Canadian Mainline in 2019, including record volumes in December, as it delivered on its 100,000 bbls/d of planned optimizations on the Mainline system by the end of 2019.

    February 14, 2020, 11:16 AM MST

  • Mullen Group Mulling Over Selling Off OFS Segment

    Mullen Group Ltd. is not ruling out putting its energy services businesses on the market as it continues to evolve into a logistics-focused company.

    February 14, 2020, 9:22 AM MST

  • Pulse Capitalizes On Increased Datasets In 2019 Thanks To Seitel Purchase

    Pulse Seismic Inc. doubled its database and opportunity sets with last year’s $53.6 million Seitel Canada Ltd. acquisition, says top brass, enabling the company to capitalize on a larger range of traditional data sales in 2019.

    February 14, 2020, 10:39 AM MST

  • Growth Projects Contribute To TC Energy’s 2019 Results

    TC Energy Corporation today announced net income attributable to common shares of $1.11 billion ($1.18 per share) for the three months ended Dec. 31, 2019, up slightly from $1.09 billion  ($1.19 per share) in the comparable quarter of 2018.

    February 13, 2020, 10:59 AM MST

  • Precision Expects Strong Cash Flow From Canadian Drilling In 2020

    Precision Drilling Corporation reached a peak of 83 active rigs in Canada last month, which is up 34 per cent from the first quarter of 2019, says top brass. Currently the company has 80 Canadian rigs running, compared to 55 at the same point last year.

    February 13, 2020, 9:26 AM MST