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Cathedral Reduces Capex, Director Pay
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Cathedral Energy Services Ltd. has announced its consolidated financial results for the three months and year ended December 31, 2014 and 2013.
OutlookFollowing a successful year for Cathedral in 2014 we are now faced with the reality of a rapid decline in oil prices in 2015 with a lot of uncertainty around how long these low prices may last.
Coupled with the recent oil price decline is soft natural gas pricing. Both these factors have resulted in our customers reducing their capital spending budgets in 2015 which has a direct impact on our business. Industry analysts are predicting a 40% to 50% activity declines over 2014 which is similar or worse than what was experienced in the 2008/2009 downturn.
Our strategy with dealing with this current reality is three fold:
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