share_log

Earnings Call Summary | ENSIGN ENERGY SERVICES INC(ESVIF.US) Q1 2024 Earnings Conference

Futu News ·  May 7 18:34  · Conference Call

The following is a summary of the Ensign Energy Services Inc. (ESVIF) Q1 2024 Earnings Call Transcript:

Financial Performance:

  • Ensign Energy Services reported a Q1 2024 revenue of $431.3 million, down by 11% compared to Q1 2023 revenue.

  • Adjusted EBITDA for Q1 2024 was $117.5 million, an 8% decrease due to lessened activity across North American operations.

  • The depreciation expense for Q1 increased by 13% to $88.3 million compared to the same period in 2023.

  • Capital purchases for the quarter amounted to $51.5 million.

  • The company reduced its total net debt by $13.6 million since the end of 2023, aiming to decrease debt by $200 million in 2024.

Business Progress:

  • There was a 32% decrease in US operations, and a 1% decrease in Canadian operations, while international operations increased by 19%.

  • Ensign plans to make significant investments in technological enhancements due to growing demand for their automated drill system, EDGE AutoPilot.

  • The company anticipates a rise in market activity towards Q4 2024, expecting additional drilling rigs to be operational in the US and Canada.

  • The company foresees a rise in drilling activity and expects an increase in natural gas cogent plants to meet the rising demand for natural gas.

  • They plan to maintain their fleet size and continue their targeted debt reduction.

More details: ENSIGN ENERGY SERVICES INC IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment