Ensign Energy sees 1st quarter revenue up 50%

Ensign Energy Services Inc. reported a profit in its latest quarter compared with a loss a year ago as its revenue grew more than 50 per cent.

The Calgary-based company says it earned a profit attributable to common shareholders of $6.6 million or four cents per diluted share for the quarter ended March 31 compared with a loss of $43.6 million or 27 cents per diluted share a year earlier.

Revenue totalled $332.7 million, up from $218.5 million in the same quarter last year.

The company says its drilling business had 8,289 operating days in the quarter, up from 5,286 in the first three months of 2021.

Meanwhile, Ensign says its well servicing business reported 40,949 operating hours for the quarter, up from 39,055 in the same quarter last year.

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Funds flow from operations totalled $76.7 million or 42 cents per diluted share for the quarter, up from $46.5 million or 29 cents per diluted share a year earlier.

© 2022 The Canadian Press

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