Business
SECURE Energy Services Announces Two New Locations and Results for the Second Quarter Ended June 30, 2015
CALGARY , July 29, 2015 /CNW/ - Secure Energy Services Inc. ("Secure" or the "Corporation...
About this update from Secure Waste Infrastructure Corp.
[{"type":"text","content":"\n\nCALGARY, July 29, 2015 /CNW/ - Secure Energy Services Inc. (\"Secure\" or the \"Corporation\") (TSX – SES) today announced operational and financial results for the three and six months ended June 30, 2015.  The following should be read in conjunction with the management's discussion and analysis (\"MD&A\"), the condensed consolidated financial statements and notes of Secure which are available on SEDAR at www.sedar.com. \n\nOPERATIONAL AND FINANCIAL HIGHLIGHTS FOR THE SECOND QUARTER ENDED JUNE 30, 2015 \n\nDuring the three months ended June 30, 2015, Secure completed and commissioned two new SWDs located in the active Montney and Deep Basin resource plays.  There is high demand for water disposal in these areas and as such, Secure anticipates these facilities to operate at full capacity with the ability to build out additional infrastructure in response to market activity.  Seasonality of the oil and gas industry, including the length of spring break-up, weather conditions, and the timing of road bans has the most significant effect on second quarter results.  Financial results were influenced by muted activity levels during the second quarter of 2015 due to an extended spring break-up and the decline in oil and gas prices. Total rig count and meters drilled across the WCSB were down 53% and 43% respectively, from the 2014 comparative period as drilling programs shut down near the end of March and did not begin to ramp-up until late June.  For the three months ended June 30, 2015, Secure generated adjusted EBITDA of $17.5 million.  Both revenue and adjusted EBITDA were in line with the Corporation's expectations for the period given the slow ramp-up in drilling activity, a decrease in activity levels typically associated with the second quarter due to seasonality, and the current commodity price environment.  \n\nThe seasonal slowdown in industry activity, compounded by the weakness in commodity pricing, had the most significant impact on the DS division results as operations are tied directly to drilling activity.  PRD division revenues are heavily concentrated in production related services and with the addition of seven new facilities since the second quarter of 2014, this alleviated a portion of the impact on consolidated results. The OS division continued to post solid...