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Western Energy Services Corp (T:WRG)

Business Focus: Oil & Gas Drilling (NEC)

Sector:  Energy Industry:  Oil & Gas Drilling
See Regulatory Filings on SEDAR
Company Contact
Address: 555 - 4Th Avenue S.W., Suite 2100
Tel: N/A
IR: See website
Key People
Alex R N Macausland
President, Chief Executive Officer, Founder, Director
Jeffrey K. Bowers
Chief Financial Officer, Senior Vice President - Finance, Secretary
Peter J. Balkwill
Vice President - Finance
Daniel Vern Lundstrom
Vice President, Health, Safety and Environment
Business Overview
Western Energy Services Corp. (Western) is a Canada-based oilfield service company. The Company is focused on providing contract drilling services through its division, Horizon Drilling (Horizon) in Canada, and its wholly owned subsidiary, Stoneham Drilling Corporation (Stoneham) in the United States. Western provides well servicing and oilfield rental equipment services in Canada through its wholly owned subsidiary Western Production Services Corp. (Western Production Services). Western Production Services' division, Eagle Well Servicing (Eagle) provides well servicing, and Aero Rental Services (Aero) provides oilfield rental equipment services. In Contract Drilling Services, the Company operates a fleet of approximately 57 drilling rigs specifically suited for drilling complex horizontal wells. In production services, the Company provides well servicing and oilfield equipment rentals primarily in Canada operates approximately 66 well servicing rigs.
Financial Overview
For the six months ended 30 June 2022, Western Energy Services Corp revenues increased 41% to C$81.1M. Net income totaled C$31.4M vs. loss of C$19.4M. Revenues reflect Contract Drilling segment increase of 50% to C$48.2M, Production Services segment increase of 30% to C$33.1M, Canada segment increase of 32% to C$70.9M, United States (Country) segment increase from C$3.8M to C$10.2M.
Employees: 566 as of Dec 31, 2021
Reporting Currency: Canadian Dollars
Enterprise value: $347.32M as of Jun 30, 2022
Annual revenue (TTM): $155.39M as of Jun 30, 2022
EBITDA (TTM): $24.35M as of Jun 30, 2022
Net annual income (TTM): $14.67M as of Jun 30, 2022
Free cash flow (TTM): -$0.59M as of Jun 30, 2022
Net Debt Last Fiscal Year: $113.49M as of Jun 30, 2022
Shares outstanding: 33,839,726 as of Aug 9, 2022
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization