- Secure Energy Services (SES) released its Q2 2022 results, achieving 89 per cent of its $75 million cost savings target
- The company generated revenue (excluding oil purchase and resale) of $355 million , up 203 per cent from Q2 2021
- Secure achieved net income of $54 million and $0.17 per share, an increase of $67 million from Q2 2021
- The company also earned $127 million and $0.41 per basic share of Adjusted EBITDA in Q2, up 310 per cent from Q2 2021 and 116 per cent on a per basic share basis
- Secure Energy Services (SES) is up 0.63 per cent on the day, trading at $6.34 a share at 9:40 am ET
Secure Energy Services (SES) released its Q2 2022 results, achieving 89 per cent of its $75 million cost savings target for the year.
The company also generated revenue (excluding oil purchase and resale) of $355 million up 203 per cent from Q2 2021.
In the quarter, Secure achieved net income of $54 million and $0.17 per share, an increase of $67 million from Q2 2021. The company also earned $127 million and $0.41 per basic share of Adjusted EBITDA in Q2, up 310 per cent from Q2 2021 and 116 per cent on a per basic share basis.
The company’s President and Chief Executive Officer, Rene Amirault explained that the results were positively impacted by realized cost synergies from the Tervita transaction, which have progressed ahead of expectations. The team’s operations also benefited from robust industry activity levels led by higher oil and gas prices, driving significant demand for customer solutions.
“There is strong momentum throughout our operations. With our increased discretionary free cash flow generation capabilities and a strengthened balance sheet, we remain well positioned to meet our debt reduction targets, deliver on ESG initiatives, and at the same time capitalize on growth at existing facilities and favourable industry fundamentals.”
The team expects strong energy industry activity in the second half of the year. Notwithstanding the fluctuation in the price of benchmark crude, the economics and producer cash flows remain robust.
Secure Energy Services Inc. (SES) provides fluids and solids solutions to the oil and gas industry. It operates in two segments: Midstream infrastructure and environmental and fluid management.
Secure Energy Services (SES) is up 0.63 per cent on the day, trading at $6.34 a share at 9:40 am ET.