Business
Higher Capital Spending for Oil Industry to Drive Growth for Energy Service Providers
Vancouver, Kelowna and Delta, British Columbia--(Newsfile Corp. - April 11, 2023) - Investoridea...
About this update from Enterprise Group, Inc.
[{"type":"text","content":"Higher Capital Spending for Oil Industry to Drive Growth for Energy Service ProvidersVancouver, Kelowna and Delta, British Columbia--(Newsfile Corp. - April 11, 2023) - Investorideas.com, a global investor news source covering oil and gas stocks issues an energy services sector snapshot featuring Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF), a consolidator of services including specialized equipment rental to the energy/resource sector. The Company also works with particular emphasis on mobile power systems and technologies that mitigate, reduce or eliminate CO2 and Greenhouse Gas emissions for itself and its clients. Read the full article on Investorideas.com https://www.investorideas.com/News/2023/energy/04050Energy-Service-Providers.asp.Mining.com recently reported, \"The Alberta Energy Regulator projected capital spending on oil and gas to increase to C$17 billion this year, which would be a 56% increase over 2021.\"\"This year's been a really banner year for gas development,\" said Ian Archer, associate director of commodity insights for S&P Global. \"We've seen very strong growth in Western Canadian production.\"According to Oil and Gas Journal, \"More than 60% of oil and gas company executives surveyed by the Federal Reserve Bank of Dallas say they plan to increase their capital spending in 2023 versus last year while an even greater number expect input costs to rise further this year.\"Higher Capital Spending in the oil industry plus the ongoing Government push for Climate Change initiatives and solutions have created a perfect storm of success for Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF). Enterprise provides specialized equipment and services in the build out of infrastructure for energy, pipeline, and construction industries. The Company recently announced its Q4 2022 and FY2022 results and beat expectations.From the news: \"The 2022 year has been one of the strongest in recent history. Higher capital spending in the energy industry combined with increased customer activity levels in has resulted in improved results. During the year, Enterprise secured additional supply and services agreements with three of its tier one clients which contributed to the improved operating results. Revenue for the year ended December 31, 2022, was $26,892,249 compared to $18,732,335 in the prior period, an increase of $8,159,...