Business
High Arctic Announces 2025 First Quarter Results
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAI...
About this update from High Arctic Energy Services Inc
[{"type":"text","content":"High Arctic Announces 2025 First Quarter Results\n\n\n\n\n NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW\n \n\n\n CALGARY, Alberta, May 13, 2025 (GLOBE NEWSWIRE) -- High Arctic Energy Services Inc. (TSX: HWO) (the “Corporation” or “High Arctic”) released its first quarter 2025 financial and operating results. The unaudited condensed interim consolidated financial statements, and the management discussion & analysis (“MD&A”), for the quarter ended March 31, 2025 will be available on SEDAR+ at www.sedarplus.ca, and on High Arctic’s website at www.haes.ca. All amounts are denominated in thousands of Canadian dollars (“CAD”), unless otherwise indicated.\n \n\n Mike Maguire, Interim Chief Executive Officer commented:\n \n\n\n “Our business has had a solid start to 2025, despite some pull back in well completion rates in Canada resulting from market uncertainty and customer consolidation events.\n \n\n\n\n Our investment in and amalgamation of Delta Rental Services continues to deliver financial performance in line with our pre-transaction expectations and we anticipate consistent results through the coming months with significant upside potential as gas well completion rates increase in anticipation of first gas through the Coastal GasLink pipeline.\n \n\n\n\n Decisive action by the management of Team Snubbing in Alaska has set a platform for improved value creation from our 42% holding of Team Snubbing.\n \n\n\n\n High Arctic is well positioned to benefit from upstream energy service activity levels in the western Canadian oil and gas industry.”\n \n\n\n In the following discussion, the three months ended March 31, 2025 may be referred to as the “quarter” or “Q1 2025” and the comparative three months ended March 31, 2024 may be referred to as “Q1 2024”. References to other quarters may be presented as “QX 20XX” with X/XX being the quarter/year to which the commentary relates.\n \n\n\n 2025 FIRST QUARTER HIGHLIGHTS\n \n\n\n\n Revenue from continuing operations of $2,335, a decrease of 22% compared to Q1 2024.\n \n\n Achieved an increase in oilfield services op...