CALGARY,
Oct. 30, 2014 /CNW/ - Western Energy
Services Corp. ("Western" or the "Company") (TSX: WRG) is pleased
to release its third quarter 2014 financial and operating
results. Additional information relating to the Company,
including the Company's financial statements and management's
discussion and analysis as at and for the three and nine months
ended September 30, 2014 and 2013
will be available on SEDAR at www.sedar.com. All amounts are
denominated in Canadian dollars (CDN$) unless otherwise
identified.
Third Quarter 2014 Highlights:
- Operating Revenue totalled $118.0
million, a $22.4 million
increase (or 23%) over the same period in the prior year due to
higher utilization and improved pricing in the contract drilling
and production services segments, coupled with a larger average
drilling rig fleet in Canada;
- Utilization per operating day in the Canadian contract drilling
segment improved to 60% as compared to the CAODC industry average
of 46% and 56% in the third quarter of 2013. In the United States, contract drilling
utilization per operating day remained strong at 89% as compared to
88% in the same period of the prior year. The United States drilling rig fleet was fully
utilized in the third quarter of 2014 as drilling rig utilization
per revenue day was 100%;
- Total well servicing hours in Western's production services
segment increased in the third quarter of 2014 to 33,071 hours as
compared to 30,328 hours in the third quarter of 2013, a 9%
increase due to increased activity. As a result, well
servicing utilization improved to 55% as compared to 51% in the
third quarter of 2013;
- Adjusted EBITDA totalled $42.8
million (36% of Operating Revenue) in the third quarter of
2014 as compared to $30.3 million
(32% of Operating Revenue) in the same period of the prior
year. The increase in Adjusted EBITDA is mainly due to
increased activity and improved pricing in both the contract
drilling and production services segments coupled with effective
cost control in all of Western's divisions;
- During the third quarter of 2014, capital expenditures totalled
$31.1 million and included
$24.6 million of expansion capital,
$3.5 million of maintenance capital
and $3.0 million for critical spares.
Capital spending mainly relates to Western's drilling rig build
program, which totalled $18.3 million
in the period incurred on the construction of five drilling
rigs.
Year to Date Highlights:
- Operating Revenue totalled $344.9
million, an $111.6 million
increase (or 48%) over the same period in the prior year due to the
increased contribution from the production services segment
following the acquisition of IROC Energy Services Corp. ("IROC") in
April 2013, as well as increased
utilization and improved pricing in both the contract drilling and
production services segments, coupled with a larger average
drilling rig fleet in Canada;
- On a year to date basis, contract drilling utilization per
operating day in Canada averaged
58%, as compared to the CAODC industry average of 44% and 52% in
the same period in the prior year. In the United States, contract drilling
utilization per operating day increased by 2,200 bps to 82% as
compared to 60% in the nine months ended September 30, 2013. With the exception of
downtime related to the completion of two 1,500 hp AC pad
conversions in the first half of 2014, the United States fleet was fully utilized in
the nine months ended September 30,
2014;
- For the nine month period ended September 30, 2014, total well servicing hours in
Western's production services segment increased significantly to
93,313 from 46,476 in the same period in the prior year. The
increase can be attributed to improved utilization, which on a year
to date basis increased to 53% in 2014 as compared to 40% in the
same period of the prior year, coupled with the increased size and
scale of Western's well servicing operations subsequent to the IROC
acquisition in April 2013;
- Adjusted EBITDA totalled $126.4
million (37% of Operating Revenue) in the nine months ended
September 30, 2014 as compared to
$73.9 million (32% of Operating
Revenue) in the same period in the prior year. The increase
in Adjusted EBITDA reflects the increased activity, improved day
rates and the larger drilling rig fleet in the contract drilling
segment, as well as improved utilization and pricing, in addition
to the increased size and scale of Western's production services
segment and effective cost control in all of Western's
divisions;
- During the nine month period ended September 30, 2014, capital expenditures totalled
$77.5 million and include
$61.6 million of expansion capital,
$9.3 million of maintenance capital
and $6.6 million for critical spares.
Capital spending mainly relates to the drilling rig build program
in the contract drilling segment as two drilling rigs were
commissioned in the first quarter of 2014 with an additional five
drilling rigs under construction, one of which has been
commissioned subsequent to September 30,
2014. Additionally, two 1,500 hp AC pad conversions
were completed in the United
States in the second quarter of 2014.
Selected Financial Information |
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(stated in thousands, except
share and per share amounts) |
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Three months
ended Sept 30 |
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Nine months ended
Sept 30 |
Financial Highlights |
2014 |
2013 |
Change |
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2014 |
2013 |
Change |
Revenue |
125,225 |
101,389 |
24% |
|
368,622 |
250,230 |
47% |
Operating Revenue(1) |
117,960 |
95,597 |
23% |
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344,939 |
233,293 |
48% |
Gross Margin(1) |
50,570 |
37,547 |
35% |
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149,405 |
94,579 |
58% |
Gross Margin as a
percentage of Operating Revenue |
43% |
39% |
10% |
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43% |
41% |
5% |
Adjusted EBITDA(1) |
42,782 |
30,297 |
41% |
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126,358 |
73,880 |
71% |
Adjusted EBITDA as a
percentage of Operating Revenue |
36% |
32% |
13% |
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37% |
32% |
16% |
Cash flow from operating
activities |
22,975 |
6,667 |
245% |
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133,521 |
77,492 |
72% |
Capital expenditures |
31,144 |
31,002 |
-% |
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77,533 |
67,705 |
15% |
Net income |
14,718 |
7,927 |
86% |
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44,614 |
19,449 |
129% |
-basic net income per share |
0.20 |
0.11 |
82% |
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0.60 |
0.29 |
107% |
-diluted net income per
share |
0.19 |
0.11 |
73% |
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0.59 |
0.28 |
111% |
Weighted average number of shares |
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-basic |
74,849,483 |
73,351,805 |
2% |
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74,232,921 |
67,569,459 |
10% |
-diluted |
75,742,044 |
73,793,367 |
3% |
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75,641,911 |
68,587,001 |
10% |
Outstanding common shares as at period
end |
74,883,428 |
73,366,253 |
2% |
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74,833,428 |
73,366,253 |
2% |
Dividends declared |
5,615 |
5,502 |
2% |
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16,762 |
15,478 |
8% |
(1) See
"Financial Measures Reconciliations" included in this press
release. |
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Three months ended Sept 30 |
Nine
months ended Sept 30 |
Operating Highlights |
2014
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2013 |
Change |
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2014 |
2013 |
Change |
Contract
Drilling
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Canadian
Operations:
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Contract drilling rig
fleet:
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-Average |
49 |
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45 |
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9% |
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49 |
45 |
9% |
-End of period |
49 |
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46 |
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7% |
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49 |
46 |
7% |
Operating Revenue per revenue
day(1) |
24,887 |
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23,055 |
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8% |
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25,852 |
24,294 |
6% |
Operating Revenue per operating
day(2) |
27,350 |
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25,385 |
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8% |
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28,343 |
26,918 |
5% |
Drilling rig operating
days(3) |
2,692 |
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2,335 |
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15% |
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7,754 |
6,345 |
22% |
Drilling rig utilization per revenue
day(4) |
66% |
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62% |
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6% |
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64% |
57% |
12% |
Drilling rig utilization rate per
operating day(5) |
60% |
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56% |
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7% |
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58% |
52% |
12% |
CAODC industry average utilization
rate(5) |
46% |
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40% |
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15% |
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44% |
39% |
13% |
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United States Operations: |
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Contract drilling rig fleet: |
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-Average |
5 |
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5 |
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-% |
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5 |
5 |
-% |
-End of period |
5 |
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5 |
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-% |
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5 |
5 |
-% |
Operating Revenue per revenue day
(US$)(1) |
26,239 |
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21,777 |
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20% |
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25,385 |
22,080 |
15% |
Operating Revenue per operating day
(US$)(2) |
29,348 |
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24,410 |
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20% |
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28,905 |
27,128 |
7% |
Drilling rig operating
days(3) |
410 |
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403 |
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2% |
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1,121 |
825 |
36% |
Drilling rig utilization per revenue
day(4) |
100% |
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98% |
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2% |
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94% |
74% |
27% |
Drilling rig utilization per operating
day(5) |
89% |
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88% |
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1% |
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82% |
60% |
37% |
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Production Services |
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Well servicing rig fleet: |
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-Average |
65 |
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65 |
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-% |
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65 |
46 |
41% |
-End of period |
65 |
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65 |
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-% |
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65 |
65 |
-% |
Operating Revenue per service
hour(2) |
804 |
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743 |
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8% |
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810 |
740 |
9% |
Total service hours |
33,071 |
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30,328 |
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9% |
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93,313 |
46,476 |
101% |
Service rig utilization
rate(6) |
55% |
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51% |
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8% |
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53% |
40% |
33% |
(1) Operating Revenue per revenue day is calculated using
Operating Revenue divided by operating and mobilization days. |
(2) Operating Revenue per operating day and per service
hour are calculated using Operating Revenue divided by operating
days and service hours, respectively. |
(3) Drilling rig operating days are calculated on a spud
to rig release basis. |
(4) Drilling rig utilization rate per revenue day is
calculated based on operating and mobilization days divided by
total available days. |
(5) Drilling rig utilization rate per operating day is
calculated on operating days only (i.e. spud to rig release basis)
divided by total available days. |
(6) Service rig utilization rate is calculated based on
actual well servicing hours divided by available hours, being 10
hours per day per well servicing rig, 365 days per year. |
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Financial Position at (stated in
thousands) |
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Sept 30, 2014 |
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Sept 30, 2013 |
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Change |
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Dec 31, 2013 |
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Change |
Working capital |
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71,912 |
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45,862 |
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57% |
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50,616 |
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42% |
Property and equipment |
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816,825 |
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770,770 |
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6% |
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783,225 |
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4% |
Total assets |
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1,040,973 |
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947,836 |
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10% |
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986,792 |
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5% |
Long term debt |
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263,624 |
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263,050 |
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-% |
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262,877 |
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-% |
Western is an oilfield service company focused
on three core business lines: contract drilling, well servicing and
oilfield rental equipment services. Western provides contract
drilling services through its division, Horizon Drilling
("Horizon") in Canada, and its
wholly owned subsidiary Stoneham Drilling Corporation ("Stoneham")
in the United States.
Subsequent to the acquisition of IROC on April 22, 2013, Western provides well servicing
operations in Canada through
Western Energy Services Partnership's (the "Partnership") division,
Eagle Well Servicing ("Eagle"). Previously, well servicing
operations were conducted through Western's division, Matrix Well
Servicing ("Matrix"). Western also provides oilfield rental
services in Canada through the
Partnership's division, Aero Rental Services ("Aero").
Financial and operating results for Eagle and Aero from the date of
the acquisition, as well as Matrix, are included in Western's
production services segment.
Western currently has a drilling rig fleet of 55
rigs, with an average age of approximately seven years.
Western is the sixth largest drilling contractor in Canada with a fleet of 50 rigs operating
through Horizon. Additionally, Western has five Efficient
Long Reach ("ELR") triple drilling rigs deployed in the United States operating through
Stoneham. Western is also
the seventh largest well servicing company in Canada with a fleet of 65 rigs operating
through Eagle. Western's well servicing rig fleet is one of
the newest in the Western Canadian Sedimentary Basin ("WCSB"), with
an average age of approximately five years. Western's
oilfield equipment rental division, which operates through Aero,
provides oilfield rental equipment for frac services, well
completions and production work, coil tubing services and
drilling.
Crude oil prices weakened in the third quarter
of 2014. The price for light oil, such as West Texas
Intermediate ("WTI"), decreased by 8% for the three months ended
September 30, 2014, as compared to
the same period in the prior year and by 6% as compared to the
second quarter of 2014. The price for heavy oil, such as
Western Canadian Select ("WCS"), decreased by 1% for the third
quarter of 2014 as compared to the same period of the prior year
and by 6% as compared to the second quarter of 2014. For the
nine months ended September 30, 2014,
WTI increased marginally by 1% and WCS increased by 17% as compared
to the same period in 2013. Natural gas prices have improved
significantly in the three and nine months ended September 30, 2014, with the AECO 30-day spot
rate increasing on average by 66% and 60% respectively, compared to
the three and nine months ended September
30, 2013, as heating demand increased in the first quarter
due to a cold winter, resulting in decreased storage levels across
North America. However,
subsequent to September 30, 2014, the
commodity price environment for crude oil and natural gas has
deteriorated as compared to the third quarter 2014 average.
The demand for oil, along with an emphasis on liquids rich natural
gas, resulted in increased drilling of horizontal wells in both
conventional and unconventional resource plays. Horizontal
wells in the WCSB, as a percentage of all wells drilled, increased
in the nine month period ended September 30,
2014 to 76% compared to 70% in the same period of
2013. This has resulted in continued demand in the WCSB for
Western's ELR drilling rigs, as industry utilization rates for the
third quarter of 2014 averaged 46%, which is an increase over the
five year average of 45% and an improvement over the prior year
when industry utilization averaged 40%. Similarly, industry
utilization rates for the first nine months of 2014 averaged 44%,
which is consistent with the five year average of 43% and an
improvement over the prior year when industry utilization averaged
39%.
Outlook
Western's drilling rig fleet is specifically
suited for drilling horizontal wells of increased complexity.
In total, 95% of Western's fleet are ELR drilling rigs with depth
ratings greater than 3,000 meters and all of Western's rigs are
capable of drilling resource based horizontal wells.
Currently, 19 of Western's 55 drilling rigs (or 35%) are operating
under long term take-or-pay contracts, with 13 of these contracts
expiring between 2015 and 2017, providing a base level of future
revenue. These contracts typically generate 250 operating
days per year in Canada, as spring
breakup restricts activity during the second quarter, while in
the United States these contracts
typically range from 330 to 365 revenue generating days per
year.
Western's approved capital spending for 2014
remains unchanged totalling approximately $170 million comprised of $130 million in expansion capital and
$40 million in maintenance capital,
which includes $12 million for
critical spare equipment. The majority of Western's expansion
capital budget relates to the drilling rig build program, which in
addition to the three telescopic double drilling rigs already
commissioned in Canada during
2014, one of which was commissioned subsequent to September 30, 2014, includes two additional
5,000m telescopic ELR double drilling rigs and two 6,000m ELR AC
triple pad drilling rigs. Expansion capital also includes two
additional 1,500 hp AC pad conversions in the United States, which were both completed
in the second quarter of 2014, the construction of a slant well
servicing rig for the production services segment as well as
additional oilfield rental equipment and ancillary drilling and
well servicing equipment. Western believes the 2014 capital
budget provides a prudent use of cash resources and ensures that it
has the flexibility to execute on strategic opportunities as they
arise, or alternatively adjust downward if necessary should there
be a prolonged downturn in oilfield service activity. Western
expects approximately $45 million of
its capital spending to carry forward into 2015. With this
carry forward, the Company will have flexibility over the timing
and deployment of some, or all, of this capital. This budget
demonstrates the Company's commitment to maintaining and increasing
Western's premier drilling and well servicing rig fleet and
expanding Western's strategic presence in the oilfield rental
equipment market.
While commodity prices for much of 2014 have
been strong, the recent pressure on crude oil and natural gas
prices may negatively impact our customer's cash flows and may
affect their capital spending on oilfield services into 2015.
However, the impact of lower commodity prices has been partially
offset by the weakening of the Canadian dollar. Western
believes oilfield service activity for the fourth quarter of 2014
and the first quarter of 2015 will remain steady, with less
visibility beyond spring breakup in 2015. Activity will be
impacted by the development of resource plays in Alberta and northeast British Columbia including those related to
liquefied natural gas projects, increased crude oil transportation
capacity through rail and pipeline development and foreign
investment into Canada.
Currently, the largest challenges facing the oilfield service
industry are producer spending constraints as a result of lower
commodity prices, pricing differentials on Canadian crude oil, the
challenge to attract and retain skilled labour and the potential
negative impact on gas pricing caused by increased gas production
from shale plays across North
America. The Company believes Western's modern
drilling and well servicing rig fleet, strong utilization, and
corporate culture will provide a distinct advantage in retaining
and attracting qualified individuals. Western's view is that
its modern fleet, strong customer base and solid reputation provide
a competitive advantage which will enable the Company to continue
its growth strategy and higher than industry average
utilization.
Restricted Share Unit Plan
Western has adopted a restricted share unit plan
(the "RSU Plan") pursuant to which restricted share units ("RSU")
may be granted to directors, officers, employees and certain
service providers, and has granted RSUs under the RSU Plan.
Although the TSX has accepted the adoption of the RSU Plan, the RSU
Plan and RSUs granted thereunder prior to the receipt of
shareholder approval of the RSU Plan remain subject to shareholder
ratification, which will be sought at the Company's next annual
meeting. The maximum number of shares reserved for issuance
under the RSU Plan may not exceed (i) 1% of the issued and
outstanding common shares of the Company, and (ii) when combined
with all other security based compensation arrangements of Western
(including options granted under the Company's stock option plan),
10% of the issued and outstanding shares of the Company.
Quarterly Dividend
On October 30,
2014, Western's Board of Directors declared a quarterly
dividend of $0.075 per share, which
will be paid on January 15, 2015, to
shareholders of record at the close of business on December 31, 2014. The dividends are
eligible dividends for Canadian income tax purposes. On a
prospective basis, the declaration of dividends will be determined
on a quarter-by-quarter basis by the Board of Directors.
Financial Measures Reconciliations
Western uses certain measures in this press
release which do not have any standardized meaning as prescribed by
International Financial Reporting Standards ("IFRS"). These
measures which are derived from information reported in the
condensed consolidated statements of operations and comprehensive
income may not be comparable to similar measures presented by other
reporting issuers. These measures have been described and
presented in this press release in order to provide shareholders
and potential investors with additional information regarding the
Company.
Operating Revenue
Management believes that in addition to revenue,
Operating Revenue is a useful supplemental measure as it provides
an indication of the revenue generated by Western's principal
operating activities, excluding flow through third party
charges.
Gross Margin
Management believes that in addition to net
income, Gross Margin is a useful supplemental measure as it
provides an indication of the results generated by Western's
principal operating activities prior to considering administrative
expenses, depreciation and amortization, how those activities are
financed, the impact of foreign exchange, how the results are
taxed, how funds are invested, and how non-cash items and one-time
gains and losses affect results.
The following table provides a reconciliation of
revenue under IFRS, as disclosed in the condensed consolidated
statements of operations and comprehensive income, to Operating
Revenue and Gross Margin:
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Three months ended Sept
30 |
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Nine months ended
Sept 30 |
(stated in thousands) |
2014 |
2013 |
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2014 |
2013 |
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Operating Revenue |
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Drilling |
86,735 |
69,499 |
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255,228 |
193,715 |
Production Services |
31,463 |
26,127 |
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90,957 |
39,607 |
Less: inter-company
eliminations |
(238) |
(29) |
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(1,246) |
(29) |
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117,960 |
95,597 |
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344,939 |
233,293 |
Third party charges |
7,265 |
5,792 |
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23,683 |
16,937 |
Revenue |
125,225 |
101,389 |
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368,622 |
250,230 |
Less: operating expenses |
(90,891) |
(77,375) |
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(265,079) |
(188,079) |
Add: |
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Depreciation - operating |
16,042 |
13,262 |
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45,251 |
31,785 |
Stock based compensation -
operating |
194 |
271 |
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611 |
643 |
Gross Margin |
50,570 |
37,547 |
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149,405 |
94,579 |
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Adjusted EBITDA
Management believes that in addition to net
income, earnings before interest and finance costs, taxes,
depreciation and amortization, other non-cash items and one-time
gains and losses ("Adjusted EBITDA") is a useful supplemental
measure as it provides an indication of the results generated by
the Company's principal operating segments similar to Gross Margin
but also factors in the cash administrative expenses incurred in
the period.
Operating Earnings
Management believes that in addition to net
income, Operating Earnings is a useful supplemental measure as it
provides an indication of the results generated by the Company's
principal operating segments similar to Adjusted EBITDA but also
factors in the depreciation expense charged in the period.
The following table provides a reconciliation of net income
under IFRS, as disclosed in the condensed consolidated statements
of operations and comprehensive income, to EBITDA, Adjusted EBITDA
and Operating Earnings:
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Three months ended Sept
30 |
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Nine months ended Sept 30 |
(stated in thousands) |
2014 |
2013 |
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2014 |
2013 |
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Net income |
14,718 |
7,927 |
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44,614 |
19,449 |
Add: |
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Finance costs |
5,155 |
4,149 |
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15,885 |
11,903 |
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Income taxes |
5,525 |
3,647 |
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16,527 |
7,698 |
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Depreciation - operating |
16,042 |
13,262 |
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45,251 |
31,785 |
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Depreciation - administrative |
448 |
347 |
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1,332 |
1,086 |
EBITDA |
41,888 |
29,332 |
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123,609 |
71,921 |
Add: |
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Stock based compensation - operating |
194 |
271 |
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611 |
643 |
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Stock based compensation - administrative |
918 |
519 |
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1,754 |
1,183 |
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Other items |
(218) |
175 |
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384 |
133 |
Adjusted EBITDA |
42,782 |
30,297 |
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126,358 |
73,880 |
Subtract: |
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Depreciation - operating |
(16,042) |
(13,262) |
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|
(45,251) |
(31,785) |
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Depreciation - administrative |
(448) |
(347) |
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(1,332) |
(1,086) |
Operating Earnings |
26,292 |
16,688 |
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|
79,775 |
41,009 |
2014 Third Quarter Results Conference Call
and Webcast
Western has scheduled a conference call and
webcast to begin at 12:00 p.m. MST
(2:00 p.m. EST) on Friday, October 31, 2014.
The conference call dial-in number is
1-888-231-8191.
A live webcast of the conference call will be
accessible on Western's website at www.wesc.ca by selecting
"Investors", then "Webcasts". Shortly after the
live webcast, an archived version will be available for
approximately 14 days.
An archived recording of the conference call
will also be available approximately one hour after the completion
of the call until November 14, 2014
by dialing 1-855-859-2056 or 416-849-0833, passcode 15225905.
Forward-Looking Statements and Information
This press release contains certain statements
or disclosures relating to Western that are based on the
expectations of Western as well as assumptions made by and
information currently available to Western which may constitute
forward-looking information under applicable securities laws.
All such statements and disclosures, other than those of historical
fact, which address activities, events, outcomes, results or
developments that Western anticipates or expects may, or will occur
in the future (in whole or part) should be considered
forward-looking information. In some cases forward-looking
information can be identified by terms such as "forecast",
"future," "may", "will", "expect", "anticipate,", "believe",
"potential", "enable", "plan", "continue", "contemplate", "pro
forma", or other comparable terminology.
In particular, forward-looking information in
this press release includes, but is not limited to, statements
relating to future declaration of dividends; the future demand for
the Company's services and equipment; the terms of existing and
future drilling contracts in Canada and the US and the revenues resulting
therefrom; the Company's expansion and maintenance capital plans
for 2014, including the ability of current capital resources to
cover Western's financial obligations and the 2014 capital budget;
the Company's expected sources of funding to support such capital
plans; expectations as to the increase in crude oil transportation
capacity through rail and pipeline development; expectations as to
the necessary approvals for liquefied natural gas projects being
obtained; the expectation of continued foreign investment into the
Canadian oilfield industry; the expectation of increase in oilfield
services activities in general and drilling activity in various
resource plays, in particular, including the type of drilling; the
Company's expected utilization for its drilling and well servicing
divisions; strong oilfield activity levels and pricing; increased
commodity pricing; and the improving economic conditions in
North America; the Company's
ability to achieve its desired return on investment through
existing or future rig build opportunities; the continued and
enhanced marketability of the Company's drilling and servicing
rigs; the Company's expected tax rate in 2014; and the receipt of
shareholder approval for the Company's restricted share unit
plan.
The material assumptions in making the
forward-looking statements in this press release include, but are
not limited to, assumptions relating to, demand levels and pricing
for oilfield services; fluctuations in the price and demand for oil
and natural gas; commodity pricing; the continued business
relationship between the Company and its one significant customer;
general economic and financial market conditions; the development
of liquefied natural gas projects, crude oil transport and pipeline
approval and development; the Company's ability to finance its
operations; the effects of seasonal and weather conditions on
operations and facilities; the competitive environment to which the
various business segments are, or may be, exposed in all aspects of
their business; the ability of the Company's various business
segments to access equipment (including spare parts and new
technologies); changes in laws or regulations; currency exchange
fluctuation; the ability of the Company to attract and retain
skilled labour and qualified management; the ability to retain and
attract significant customers; and other unforeseen conditions
which could impact the use of services supplied by Western
including Western's ability to respond to such conditions.
Although Western believes that the expectations
and assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information as Western
cannot give any assurance that they will prove to be correct.
Since forward-looking statements and information address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to, the
risk that the demand for oilfield services will not continue to
improve for the remainder of 2014, and other general industry,
economic, market and business conditions. Readers are
cautioned that the foregoing list of risks, uncertainties and
assumptions are not exhaustive. Additional information on
these and other risk factors that could affect Western's operations
and financial results are included in Western's annual information
form which may be accessed through the SEDAR website at
www.sedar.com. The forward-looking statements and information
contained in this press release are made as of the date hereof and
Western does not undertake any obligation to update publicly or
revise any forward-looking statements and information, whether as a
result of new information, future events or otherwise, unless so
required by applicable securities laws.
SOURCE Western Energy Services Corp.