Service & Supply | Oilfield Services | Capital Markets | Capital Expenditure | Capital Expenditure - 2017
Essential Energy Services to Spend $11 MM in 2017
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Essential Energy Services Ltd. announced its 2017 capital budget:
$11 million, comprised of:
$4 million growth capital $7 million maintenance capitalThe growth capital consists primarily of pumping support equipment, the cost to recertify and prepare for work the four coil tubing rigs and four pumpers acquired in December 2016 and the purchase of rental drill pipe for the Company's Downhole Tools & Rentals division.
The increase in maintenance capital compared to 2016 reflects expectations that the fleet will be more active in 2017.
Essential's 2016 capital spending is expected to be $12 million, as previously announced. This includes $9 million for growth capital and $3 million for maintenance capital.
As previously announced, on November 6, 2016 Essential entered into a settlement…
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