CES Energy Solutions Corp. Announces Suspension of Dividend and Provides Q1 Conference Call Details

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CES Energy Solutions Corp. Announces Suspension of Dividend and Provides Q1 Conference Call Details

Canada NewsWire

CALGARY, April 16, 2020 /CNW/ - CES Energy Solutions Corp. ("CES" or the "Company") (TSX: CEU) (OTC – Nasdaq Intl: CESDF)  announced today that it will conduct its Q1 2020 conference call on May 15, 2020 following the upcoming release of its financial results for the first quarter ended March 31, 2020. The Q1 2020 results are expected to be released after the close of market the day before the conference call. Tom Simons, President and Chief Executive Officer of CES, will host the call.

Date:

May 15, 2020

Time:

9:00 a.m. MT

Dial-in:

(800) 319-4610 or (416) 915-3239

Online:

http://www.gowebcasting.com/10606

 

In response to continually evolving impacts on the oil and gas market as a result of demand weakness from the COVID-19 pandemic and continued uncertainty surrounding production level decisions amongst OPEC+ members, CES also announced today that the Company is suspending its monthly dividend.

On March 12, 2020, CES announced that it was reducing its dividend as a result of declining commodity prices and uncertainty surrounding the duration and severity of the low oil price environment. Since that time, conditions have continued to deteriorate amid increased uncertainty surrounding North American demand, production, and storage levels.  As a result, CES management and the Board of Directors believe that it is in the best interest of stakeholders to take further proactive steps to preserve the Company's strong financial position and prudent balance sheet.

In addition to suspending the dividend, CES continues to assess and implement several initiatives including reductions to Executive and Board of Directors' compensation levels, reductions in personnel and overhead costs, and elimination of non-essential capital expenditures.  CES will provide more specific details on initiatives and outlook during its Q1 2020 conference call on May 15, 2020.

CES remains cautious of the severity and duration of this low oil price environment and implications of the COVID-19 pandemic.  CES remains committed to the safety of our employees, support of our customers, defense of our strong financial position, and preservation of shareholder value. Our counter cyclical leverage model and capital light business will continue to demonstrate our resiliency and allow us to weather this challenging business environment while preparing the Company to excel as headwinds subside.

About CES Energy Solutions Corp.

CES is a leading provider of technically advanced consumable chemical solutions throughout the lifecycle of the oilfield. This includes solutions at the drill-bit, at the point of completion and stimulation, at the wellhead and pump-jack, and finally through to the pipeline and midstream market. CES' business model is relatively asset light and requires limited re-investment capital to grow. As a result, CES has been able to capitalize on the growing market demand for drilling fluids and production and specialty chemicals in North America while generating free cash flow.

Additional information about CES is available at www.sedar.com or on the Company's website at www.cesenergysolutions.com

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE CES Energy Solutions Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2020/16/c1432.html

Copyright CNW Group 2020

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