Ensign Energy Services Inc (TSX:ESI)
Shares Issued 163,118,758
Last Close 6/17/2021 $1.98
Friday June 18 2021 - In the News
The Financial Post reports in its Friday edition that oil field firms are reporting prices for their services and equipment have bottomed and many are fielding more calls for jobs.A Reuters dispatch to the Post reports that U.S. crude production is ticking up, despite generally flat spending by oil and gas producers. U.S. shale output is expected to rise by 38,000 barrels per day next month, halting earlier drops.Companies report drilling and well completions activity and pricing are edging higher, especially for those with specialized services or more productive equipment. Roughnecks also say they are seeing an increase in job offers.Providers of advanced drilling rigs, tubular goods and chemicals are gingerly pushing up invoices.Ensign Energy Services forecasts a $2,000 (U.S.) to $3,000 (U.S.) per day increase in rig day rates in Canada into the autumn as supply and demand tightens, the company said at an RBC Capital Markets conference this month. In the United States, the second quarter will be the bottom for cash margins, Ensign said.The shift is evident in employment with firms hiring again. Oil field workers are reporting job offers from employers including Schlumberger and Halliburton.