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.

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