Sector: Energy | Industry: Oil & Gas Drilling |
Company Contact | |
Address: | Suite 1700, 215 - 9th Avenue SW CALGARY AB T2P 1K3 |
Tel: | N/A |
Website: | https://www.wesc.ca |
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, Corporate Secretary | R Ross Clancy Vice President - Production Services. |
Business Overview |
Western Energy Services Corp. (Western) is a Canada-based energy 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 42 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 65 well servicing rigs. |
Financial Overview |
For the three months ended 31 March 2024, Western Energy Services Corp revenues decreased 22% to C$62M. Net income decreased 65% to C$1.5M. Revenues reflect Contract Drilling segment decrease of 32% to C$39.6M, Canada segment decrease of 14% to C$54.9M, United States (Country) segment decrease of 54% to C$7M. Net income also reflects Contract Drilling segment income decrease of 69% to C$2.1M, Corporate segment loss increase of 8% to C$1.7M. |
Employees: | 675 as of Dec 31, 2023 |
Reporting Currency: | Canadian Dollars |
Enterprise value: | $203.30M as of Mar 31, 2024 |
Annual revenue (TTM): | $216.19M as of Mar 31, 2024 |
EBITDA (TTM): | $41.44M as of Mar 31, 2024 |
Net annual income (TTM): | -$9.96M as of Mar 31, 2024 |
Free cash flow (TTM): | $33.35M as of Mar 31, 2024 |
Net Debt Last Fiscal Year: | $111.51M as of Mar 31, 2024 |
Shares outstanding: | 33,843,015 as of Mar 31, 2024 |
TTM: Trailing Twelve Months EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization |