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Ensign Energy profit plummets 77 per cent from year-ago levels in Q3

From The Canadian Press, November 9, 2009 - 7:50 a.m.

Ensign Energy profit plummets 77 per cent from year-ago levels in Q3

By The Canadian Press

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CALGARY - Ensign Energy Services Inc. (TSX:ESI) says its third-quarter profit tumbled from year-ago levels as it continued to feel the impact of an oversupplied oilfield services industry struggling with low demand.

The Calgary-based oil and natural gas driller reported net income of $16.9 million or 11 cents per share for the quarter ended Sept. 30. This was a drop of 77 per cent from a year-ago profit of $72.1 million or 47 cents per share.

Quarterly revenues totalled $232.5 million, down from $435.2 million last year.

The figures fell short of analyst estimates which predicted earnings per share of 16 cents for the quarter and revenue of $276 million, according to Thomson Reuters.

Ensign said its earnings had taken a beating due to weak oil and natural gas supply and demand fundamentals.

In Canada, the company recorded revenue of $80.2 million, falling 59 per cent from the $193.9 million recorded a year ago. Operations in the U.S. saw revenue slide 42 per cent below year-ago levels to $94 million in the third quarter.

The company added that its international results were lowered due to the voluntary termination of contracts in Venezuela as Ensign worked to resolve issues with its major customer. Ensign's international operations posted revenue of $58.3 million for the quarter, a figure which was down 27 per cent from sales in the previous year.

The strengthening Canadian dollar also hurt financial results from U.S. and international business segments.

Ensign said despite the steady improvement in crude oil prices and recent improvements in natural gas prices,there has yet to be a meaningful increase in demand for oilfield services.

According to Ensign, too much equipment chasing too little work is the biggest challenge facing the North American oilfield services industry.

The company said it does not expect demand to improve until global economic conditions improve in a way that meaningfully influences oil and natural gas supply and demand.

Ensign did say however that it expects its international operations to improve through 2010 as weak areas begin to turn around. Venezuela and Libya in particular are expected to show meaningful improvement.