CES Energy Solutions Corp. responded to falling activity levels and pricing pressure by rationalizing costs and headcount in Canada and the U.S. during the second quarter, as well as implementing numerous cost-cutting measures with respect to discretionary spending, compensation, and travel and entertainment expenses.
August 17, 2020, 7:01 AM MDT
STEP Energy Services Ltd. says it is seeing some of its clients resume work programs, and with client activity resuming later in the second quarter and early third quarter, it has been able to reactivate some equipment.
August 17, 2020, 9:38 AM MDT
The reduction in global oil demand put a large dent in Bri-Chem Corp.’s sales in the second quarter of 2020.
August 17, 2020, 10:40 AM MDT
Second quarter 2020 revenues for Cathedral Energy Services Ltd. of $8.84 million were down 73 per cent from $32.55 million in the comparable 2019 period.
August 17, 2020, 11:12 AM MDT
Demand for diesel and gasoline from the Prince George Refinery has increased dramatically in the last 60 days and demand currently is outpacing production, Tidewater Midstream and Infrastructure Ltd.’s chief executive said Thursday.
August 14, 2020, 9:25 AM MDT
Horizon North Logistics Inc., which will be changing its name in the near-term, has reinstated its quarterly dividend at 7.5 cents per share as the company reported revenue and earnings increases for Q2 2020 — a quarter that saw a ‘reverse takeover’ for the company.
August 12, 2020, 10:52 AM MDT
Add Total Energy Services Inc. to the long list of Canadian oilfield service companies that were walloped financially by COVID-19, as the company recorded a dramatic decline in revenue in the second quarter of 2020.
August 12, 2020, 9:53 AM MDT
While the company is preparing for a Canada Emergency Wage Subsidy (CEWS) reduction, Horizon North Logistics Inc. still expects to receive more than $2 million for the four-week period ended Aug. 1.
August 12, 2020, 3:42 PM MDT
NCS Multistage Holdings, Inc.’s headcount was reduced in the U.S. and Canada by approximately 190 people, furloughs were implemented for certain employees in field operations and engineering roles, and there were reductions to salaries and hourly rates for substantially all remaining employees, including reductions in salaries for executives averaging 20 per cent.
August 11, 2020, 3:50 PM MDT
For the remainder of the third quarter, Essential Energy Services Ltd. is anticipating lower demand for its services.
August 11, 2020, 9:24 AM MDT
Unstable market conditions and the industry uncertainty forced Pason Systems Inc. to reduce capital expenditures to $799,000 in the second quarter of 2020 compared to the $4.21 million spent in the comparative quarter in 2019.
August 10, 2020, 12 AM MDT
Pembina Pipeline Corporation’s physical volumes reached second-quarter lows in early May, at levels roughly down 16 per cent from average levels in the prior two quarters — a decrease of about 135,000 bbls/d due to producer shut-ins and advancement of turnarounds and maintenance work.
August 7, 2020, 11:17 AM MDT
In 2020, PHX Energy Services Corp. expects to spend $27.5 million in capital expenditures. This was earlier lowered from $30 million.
August 6, 2020, 7:37 AM MDT
Trican Well Service Ltd. improved on its net loss in Q2 2020 despite a revenue decline, mostly due to cost-reduction strategies made late in Q1, efficiency improvements made through the last several quarters as part of a business-optimization program, as well as government assistance programs relating to the ongoing pandemic.
July 31, 2020, 10:53 AM MDT
CWC Energy Services Corp. continues to pursue cash saving initiatives to preserve cash resources and maintain balance sheet strength, as well as retain key employees, as the duration of negative impacts due to COVID-19 remain uncertain, says the company in its second quarter release.
July 31, 2020, 7:31 AM MDT
Sand volumes for Source Energy Services Ltd. declined in Q2 to 122,375 metric tonnes (MT) from 504,907 MT the previous year.
July 31, 2020, 5:01 AM MDT
Husky Energy Inc. reported a second quarter net loss of $304 million compared to net earnings of $370 million during the same period in 2019 as earnings were impacted by the COVID-19-related economic downturn.
July 30, 2020, 10:53 AM MDT
Calfrac Well Services Ltd. reported a net loss of $277 million in the second quarter of 2020 as field activity in North America and Argentina ground to halt due to the COVID-19 pandemic.
July 30, 2020, 9:05 AM MDT
Tervita Corporation’s industrial service line results for Q2 2020 benefitted from the federal government’s $1.7 billion orphan and inactive well abandonment and site rehabilitation program. The company is a prime contractor with Alberta’s Orphan Well Association (OWA) and British Columbia’s Oil and Gas Commission (OGC).
July 30, 2020, 9:21 AM MDT
Heavy crude volumes have rebounded on the Enbridge Inc. Mainline and heavy capacity is being fully utilized in July as refining demand picked up in the United States Midwest and Gulf Coast, the company said today.
July 29, 2020, 11:41 AM MDT
Through organizational and structural changes, Secure Energy Services Inc. expects the reductions made to its fixed cost structure will result in annualized savings to adjusted EBITDA in excess of $40 million, the majority of which is expected to remain regardless of increases in activity levels.
July 29, 2020, 12 AM MDT
Because of what it called “demand destruction as a result of the COVID-19 pandemic,” Western Energy Services Corp. saw revenue in both the U.S. and Canada plunge in the second quarter of 2020, leading to a net loss of $8 million in the quarter, as revenue decreased by 71 per cent.
July 28, 2020, 5:03 AM MDT
Reduced drilling programs in response to the global economic slowdown weighed on Precision Drilling Corporation’s operating days and revenues in all three of its operating regions in the second quarter of 2020.
July 23, 2020, 9:33 AM MDT
Pulse Seismic Inc.’s revenue totalled $1.94 million in the second quarter of 2020, down significantly from $10.78 million in the comparative quarter in 2019 as customers trimmed capital budgets in the wake of the pandemic and decline in oil prices.
July 23, 2020, 6 AM MDT
July 22, 2020, 7:19 AM MDT