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Ensign Complete Merger; Argentina Stable; US Market Challenged
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Ensign reported its 2Q results.
total revenue of $377 million a reduction of xxx vs Q1 $445 million
revenue break down
Canada : $50.6 million US : $261.4 million International : $65.7 millionnet loss -$31.7 million
Key note :We sense that E&P CapEx spending will continue to be disciplined through the rest of 2019
US Market : Did not lose market-shareWe operate 134 rigs in the Continental U.S. and generally run an active utilization of approximately 65%. We also run a very active and growing well servicing division, which operates 47 wells service rigs, with the utilization of roughly 70%. Ensign, in spite of the market headwinds that has affected active rig counts for most of our competitors year-over-year, has held on and expanded its market share in the U.S. Ensign had about…
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