Financial Results

  • Mullen Group Recalls Most Employees; CEO Touts Business Diversification

    Trucking and logistics company Mullen Group Ltd. has recalled most of its employees but its overall workforce level remains lower than pre-COVID, says its president and chief executive officer.

    October 23, 2020, 10 AM MDT

  • Precision Sees Year-Over-Year Revenue Drop In Q3 2020; Firm Keeps Deploying Technology

    Precision Drilling Corporation’s third-quarter results reflect better-than-anticipated financial performance driven by excellent field performance and cost controls throughout the organization, says top brass.

    October 22, 2020, 7:58 AM MDT

  • Baker Hughes Posts Third Straight Quarterly Loss As Demand Still Hurt

    October 21, 2020, 1:03 PM MDT

  • Following Tough Q2, CES Readies Itself For Growth Post-COVID

    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 Reactivating Equipment

    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

  • Bri-Chem Sales Down In Q2

    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

  • Cathedral Revenues Hit By Reduced Activity

    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

  • Tidewater Bullish On Prince George Refinery Prospects

    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 Reinstates Dividend, Reports Q2 Revenue Increases Following Recent Merger

    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

  • Total Energy Services Records Revenue Drop As Sector Downturn Roils OFS

    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

  • Horizon North Looks Beyond CEWS

    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

  • Lower Headcount For NCS Multistage; Company Takes Other Actions In Face Of Downturn

    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

  • Essential Expects Lower Demand For Its Services In Q3

    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

  • Pason Drops Capex Spending To Less Than $1 Million In Q2

    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 Demonstrates Resilience During COVID-Stricken Second Quarter

    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

  • PHX Expects To Spend $27.5 Million; Pares Back Workforce

    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 Sees Net Loss Improvements For Q2 Thanks To Its Strategy And CEWS

    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 Pursues Government Support Programs; Sees Revenue Drop For Q2 2020

    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

  • Source Sand Volumes Down For Q2

    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 Reports $304 Million Q2 Loss As It ‘Moved ‘Swiftly’ To Adjust Its Business Amid Pandemic

    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

  • Collapse In Field Activity Due To Pandemic Hammers Calfrac In Second Quarter

    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 Benefits From Feds’ Orphan Well Program; Company Sees Less Revenue For Q2 2020

    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 Volumes Rebound For Enbridge

    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

  • Secure Expects Fixed Cost Reductions To Last

    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

  • Western Energy’s Revenue Dives In Q2

    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

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