Newswire summary Secure Energy Services Swings to Q2 Net Income of $0.17 Per Share Vs Year-Ago Loss; Revenue Jumps
06:56 AM EDT, 07/27/2022 (MT Newswires) -- Secure Energy Services (SES.TO) on Wednesday reported Q2 net income attributable to shareholders of $54 million, or $0.17 per share, compared with a net loss of $13 million, or $0.08 per share, a year earlier.
Revenue for the quarter ended June 30 jumped to $2.1 billion from $512 million a year earlier. Revenue after excluding oil purchase and resale doubled to $355 million from $117 million.
Rene Amirault, President and CEO of the oilfield services company, said results were positively impacted by realized cost synergies from the acquisition of Tervita, which have progressed ahead of expectations.
The company also benefited from robust industry activity levels led by higher oil and gas prices, driving significant demand for its services, Amirault said.