Ensign has announced a 2016e capital program of $60 mm, modestly lower than our current forecast of $65. We expect the funds will be focused on maintenance activities. There is potential for the capital program to move higher if activity improves. Moreover, the Company has a number of partially constructed ADR rigs that were part of the 2015 program. In 2016e, we estimate Ensign will generate $163 mm in FCF prior to dividends and changes in working capital.
04 Dec 2015
ENSIGN ENERGY SERVICES INC. (ESI) ANNOUNCES 2016E CAPEX PROGRAM AND MAINTAINS DIVIDEND
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ENSIGN ENERGY SERVICES INC. (ESI) ANNOUNCES 2016E CAPEX PROGRAM AND MAINTAINS DIVIDEND
Ensign Energy Services Inc. (ESI:TSE) | 0 0 (-1.6%) | Mkt Cap: 1,063m
- Published:
04 Dec 2015 -
Author:
Ian B. Gillies -
Pages:
2
Ensign has announced a 2016e capital program of $60 mm, modestly lower than our current forecast of $65. We expect the funds will be focused on maintenance activities. There is potential for the capital program to move higher if activity improves. Moreover, the Company has a number of partially constructed ADR rigs that were part of the 2015 program. In 2016e, we estimate Ensign will generate $163 mm in FCF prior to dividends and changes in working capital.