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Ensign Energy Services Inc. Reports 2015 Results
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Canada NewsWire
CALGARY, March 8, 2016
CALGARY, March 8, 2016 /CNW/ -
OVERVIEW
The Company's revenue for the year ended December 31, 2015 was $1,391.0 million, a 40 percent decrease from 2014 revenue of $2,321.8 million, which was the highest in the Company's history. Operating earnings, expressed as Adjusted EBITDA, for 2015 were $321.1 million ($2.11 per common share), a 40 percent decrease from Adjusted EBITDA of $537.5 million ($3.52 per common share) for the year ended December 31, 2014.
Net loss for the year ended December 31, 2015 was $104.0 million ($0.68 per common share), compared with net income of $71.1 million ($0.47 per common share) recorded in 2014. The reduction in net income in 2015 was due to lower operating activity and an increase in depreciation expense. Excluding the tax-effected impact of asset decommissioning and write-downs, share-based compensation and foreign exchange and other, Adjusted net loss for the year ended December 31, 2015 totaled $35.4 million ($0.23 per common share), compared with Adjusted net income of $148.6 million ($0.97 per common share) recorded for the year ended December 31, 2014. Funds from operations for 2015 decreased 40 percent to $296.3 million ($1.94 per common share) from $491.9 million ($3.22 per common share) in the prior year.
During the fourth quarter of 2015, the Company generated revenue of $283.9 million, a decrease of 53 percent from revenue of $602.7 million recorded in the fourth quarter of 2014. Adjusted EBITDA was $72.3 million ($0.47 per common share) for the fourth quarter of 2015, a decrease of 49 percent from Adjusted EBITDA of $143.0 million ($0.94 per common share) recorded in the fourth quarter of 2014. The Company recorded a net loss of $41.2 million ($0.26 per common share) for the fourth quarter of 2015 compared to a net loss of $31.0 million ($0.20 per common share) for the fourth quarter of 2014.
Adjusted net loss for the fourth quarter of 2015 totaled $31.4 million ($0.20 per common share), compared with Adjusted net income of $44.2 million ($0.29 per common share) recorded in the fourth quarter of 2014. Funds from operations were $48.9 million ($0.31 per common share) for the fourth quarter of 2015, a 63 percent decrease from $132.3 million ($0.87 per common share) recorded in the fourth quarter of 2014.
The Company's decreased operating and financial results for the 2015 fiscal year resulted from a continued decline in oil prices that began in the second half of 2014. Falling energy commodity prices adversely impact the current and future cash flows of the Company's customers and, as a result, the expected levels of future demand for oilfield services, particularly in North America.
Financial results from the Company's United States and international operations improved on translation to Canadian dollars due to the strengthening of the United States dollar relative to the Canadian dollar. For the year ended December 31, 2015 a 16 percent increase in the Canadian/United States dollar exchange rate positively impacted revenues and margins generated outside Canada. Furthermore, additions to the Company's global fleet helped to mitigate the overall decrease in activity levels by adding more technologically advanced rigs that earn higher revenue rates.
The financial results for the year ended December 31, 2015 were negatively impacted by a $28.3 million non-cash charge for asset decommissioning and write-downs recorded by the Company in the third quarter of 2015. Oilfield service equipment has a finite life and, accordingly, asset decommissionings are a normal occurrence for an oilfield service company. The current uncertain market conditions resulting from lower oil and gas commodity prices prompted the Company to take a closer look at its equipment fleet. As a result of a detailed review, the Company reduced its marketed equipment fleet in the fourth quarter of 2015 by decommissioning 21 drilling rigs and two well servicing rigs. Furthermore, the Company wrote down five drilling rigs in Latin America in the third quarter. In accordance with its long standing practice, the Company will retain useful components from the decommissioned rigs for use in its current and future operations. The majority of the non-cash charge associated with the asset decommissioning and write downs in 2014 relate to the write-down of certain drilling rigs to their recoverable value.
In 2015 the Company added eight new Automated Drill Rigs ("ADR®") to its drilling rig fleet: five in the Canadian market and three in the United States market. All of the newly constructed ADRs are subject to long-term contracts. The new build program also added one new well servicing rig in Canada and two new well servicing rigs in the United States.
The Company declared total dividends of $0.48 per common share in 2015.
The Company exited 2015 with a working capital balance of $144.2 million, compared to a working capital balance of $189.7 million as at December 31, 2014. The decrease in working capital year-over-year was mainly related to reduced operating activities by the Company in 2015.
FINANCIAL AND OPERATING HIGHLIGHTS
(Unaudited, in thousands of Canadian dollars, except per share data and operating information)
| | | Three months ended December 31 | | Twelve months ended December 31 | |||||||||||||||
| | 2015 | | 2014 | | % change | | 2015 | | 2014 | | % change | ||||||||
| Revenue | | | 283,887 | | 602,691 | | (53) | | | 1,390,978 | | | 2,321,765 | | (40) | ||||
| Revenue, net of third party 1 | | | 252,592 | | 521,713 | | (52) | | | 1,234,775 | | | 2,013,035 | | (39) | ||||
| Adjusted EBITDA 2 | | | 72,314 | | 143,012 | | (49) | | | 321,095 | | | 537,513 | | (40) | ||||
| Adjusted EBITDA per share 2 | | | | | | | | | | | | | | | | | |||
| | Basic | | $ | 0.47 | | $ | 0.94 | | (50) | | $ | 2.11 | | $ | 3.52 | | (40) | ||
| | Diluted | | $ | 0.47 | | $ | 0.94 | | (50) | | $ | 2.11 | | $ | 3.51 | | (40) | ||
| Adjusted net income (loss) 3 | | | (31,437) | | | 44,181 | | - | | | (35,409) | | | 148,567 | | - | |||
| Adjusted net income (loss) per share 3 | | | | | | | | | | | | | | | | | |||
| | Basic | | $ | (0.20) | | $ | 0.29 | | - | | $ | (0.23) | | $ | 0.97 | | - | ||
| | Diluted | | $ | (0.20) | | $ | 0.29 | | - | | $ | (0.23) | | $ | 0.97 | | - | ||
| Net income (loss) | | | (41,175) Werbung Mehr Nachrichten zur Ensign Energy Services Aktie kostenlos abonnieren
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