Ensign shares jump as driller reports lower loss, higher revenue in 3rd quarter

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Shares in Ensign Vitality Providers Inc. closed about eight per cent larger at $5.49 Monday after it reported a smaller loss in its third quarter in contrast with a 12 months in the past, whereas income grew 17 per cent.

The drilling firm says it misplaced $32.eight million or 21 cents per share on income of $289 million, in contrast with a lack of $36.5 million or 23 cents per share on income of $247 million within the third quarter of 2017.

The outcomes intently matched analyst expectations, in keeping with Thomson Reuters Eikon.

Ensign, which moved a drilling rig from Canada into the U.S. earlier this 12 months, reported third-quarter income from exercise in Canada dropped by 11 per cent from final 12 months, whereas U.S. income rose by 30 per cent.

READ MORE: Oil reductions develop as CEOs lament Canada’s competitiveness hole

Watch under: Some current movies from International Information’ protection of the Alberta oil business.

Final week, the Petroleum Providers Affiliation of Canada predicted a complete of 6,600 wells shall be drilled in Canada in 2019, down about 5 per cent from an anticipated 6,980 wells this 12 months, including that interprets to a year-over-year lower of as much as $1.eight billion in capital spending by exploration and manufacturing corporations.

Calgary-based Ensign had no replace on its hostile takeover bid of $470-million in money for cross-town rival Trinidad Drilling Ltd. it launched in August.

READ MORE: Precision Drilling shopping for Trinidad Drilling in pleasant deal valued at $1 billion

Trinidad’s board final month beneficial shareholders settle for as an alternative an all-shares bid valued at $540 million from Calgary-based Precision Drilling Ltd.

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Supply hyperlink – https://globalnews.ca/information/4632742/ensign-energy-drilling-third-quarter-2018/

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