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Cathedral Energy Services Ltd. (T:CET)

Business Focus: Oil & Gas Drilling (NEC)

Sector:  Energy Industry:  Oil & Gas Drilling
Company Contact
Address: 6030 - 3RD STREET S.E.
Tel: N/A
IR: See website
Key People
Thomas Joseph Connors
President, Chief Executive Officer, Director
Peter Scott Macfarlane
Interim Chief Financial Officer
W. Lee Harns
President, Altitude Energy Partners (US Operations)
Fawzi Irani
President, Discovery Downhole Services (US Operations)
Randal H. Pustanyk
Executive Vice President
Vaugn Spengler
Senior Vice President of Canadian Operations
Business Overview
Cathedral Energy Services Ltd. is a Canada-based company, which operates in the United States (U.S.) under Discovery Downhole Services, a division of Cathedral Energy Services Inc., Altitude Energy Partners, LLC and Rime Downhole Technologies, LLC. The Company is involved and engaged in the business of providing directional drilling services to oil and natural gas companies in Western Canada and the U.S. Its services include directional drilling, drilling optimization, well planning and automated gamma services (AGS) and remote drilling. Its products include nDURANCE MOTORS, Measurement While Drilling (MWD), FUSION and RapidFire. Its MWD sensors collect data used to determine basic trajectory parameters, such as inclination, direction, and tool-face orientation. Its FUSION family OF MWD tools include FUSION Dual Telemetry (DT), FUSION WPR (Wave Propagation Resistivity), FUSION Gamma Ray (GR) and The Hawk. Its RapidFire family of MWD tools include RapidFire Pulse and RapidFire DT.
Financial Overview
For the nine months ended 30 September 2023, Cathedral Energy Services Ltd revenues increased from C$177.2M to C$388.3M. Net income increased 10% to C$8.9M. Revenues reflect United States segment increase from C$94.9M to C$276.2M, Canada segment increase of 49% to C$112.1M. Net income was partially offset by Direct costs increase from C$16.1M to C$37.7M (expense), Provision increase from C$0K to C$4.3M (expense).
Employees: 302 as of Dec 31, 2022
Reporting Currency: Canadian Dollars
Enterprise value: $263.65M as of Sep 30, 2023
Annual revenue (TTM): $516.83M as of Sep 30, 2023
EBITDA (TTM): $66.39M as of Sep 30, 2023
Net annual income (TTM): $19.13M as of Sep 30, 2023
Free cash flow (TTM): $66.64M as of Sep 30, 2023
Net Debt Last Fiscal Year: $112.44M as of Sep 30, 2023
Shares outstanding: 241,655,056 as of Nov 16, 2023
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization