Business
Source Energy Services Reports Q4 2022 and Year End Results
(TheNewswire) Calgary, AB - TheNewswire - March 8, 2023 - Source Energy Service...
About this update from Source Energy Services Ltd.
[{"type":"text","content":"Source Energy Services Reports Q4 2022 and Year End Results\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Calgary, AB - TheNewswire - March 8, 2023 -\n \n \n Source Energy Services Ltd.\n \n \n (TSX:SHLE)\n \n \n (“\n \n \n Source\n \n \n ” or the “\n \n \n Company\n \n \n ”) is pleased to announce its\nfinancial results for the\n \n \n three and twelve\nmonths ended December 31, 2022\n \n \n .\n \n \n \n \n 2022 PERFORMANCE HIGHLIGHTS\n \n \n \n \n Key highlights for the\n \n \n year ended\nDecember 31, 2022\n \n \n , included the\nfollowing:\n \n \n \n \n \n \n realized Adjusted EBITDA\n \n \n (1)\n \n \n of\n \n \n $61.5\nmillion\n \n \n , a\n \n \n 59%\n \n \n increase from 2021;\n \n \n \n \n \n \n reported a net loss of\n \n \n $8.8\nmillion\n \n \n , a\n \n \n $15.6\nmillion\n \n \n improvement from 2021;\n \n \n \n \n \n \n realized sand sales volumes of\n \n \n 2,845,600\n \n \n MT and total revenue of\n \n \n $415.9 million\n \n \n , a\n \n \n 15%\n \n \n and\n \n \n 30%\n \n \n increase, respectively, from 2021;\n \n \n \n \n \n \n recorded utilization of 75% for the Canadian Sahara\nfleet and 74% for the US Sahara fleet for the year;\n \n \n \n \n \n \n closed a transaction with Canadian Silica Industries\n(“CSI”) to assume operation of CSI’s Peace River frac sand\nfacility, complementing Source’s Northern White proppant resources;\n \n \n \n \n \n \n closed a transaction for a new $75.4 million (US$55.0\nmillion) credit facility;\n \n \n \n \n \n \n lowered borrowing costs by 200 basis points by\ncommencing cash interest payments for the senior secured notes and\nfurther improved borrowing costs due to lower effective interest rates\non the new credit facility;\n \n \n \n \n \n \n reduced amounts outstanding for the credit facilities\nby $9.8 million at December 31, 2022 compared to prior year;\n \n \n \n \n \n \n renewed one major customer contract at the end of the\nyear and a second major contract in early 2023; and\n \n \n \n \n \n \n realized gross margin of\n \n \n $58.1\nmillion\n \n \n and Adjusted Gross Margin\n \n \n (1)\n \n \n of\n \n \n $79.0\nmillion\n \n \n , increases of\n \n \n 48%\n \n \n and\n \n \n 31%\n \n \n , respectively, when compared to\n2...