CALGARY, A.B. – Ensign Energy Services Inc. saw its first-quarter loss nearly double compared with a year ago as its revenue improved, helped by increased demand in the U.S. due to higher oil and natural gas prices.
The oilfield services company says it lost $26.7 million or 17 cents per share for the quarter ended March 31 compared with a loss of $13.8 million or nine cents per share a year earlier.
The bigger loss came as Ensign made an accounting change that raised its depreciation costs for the quarter compared with a year ago.
Funds flow from operations increased to $53.9 million or 34 cents per share for the quarter compared with $44.8 million or 29 cents per share in the first quarter last year.
Revenue for the three-month period totalled $258.5 million, up from $251.3 million in the same quarter last year.
Ensign says the overall increase in revenue came as revenue in the United States increased 28 per cent, offset by at 12 per cent drop in Canada and a 14 per cent decrease from its international segment.