Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on CANADIAN ENERGY SERVICES & T. We currently have 22 research reports from 1 professional analysts.
|09Feb17 22:19||MKW||Canadian Energy Services & Technology Corp. Announces Cash Dividend, JACAM Management Changes and Provides Q4 Conference Call Details|
|12Jan17 21:25||MKW||Canadian Energy Services & Technology Corp. Announces Cash Dividend|
|29Mar16 22:02||MKW||Canadian Energy Services & Technology Corp. Announces Amendments to Its Senior Credit Facility|
|10Mar16 23:09||MKW||Canadian Energy Services & Technology Corp. Announces Results for the Fourth Quarter and the Year Ended December 31, 2015 and Declares Cash Dividend|
|12Feb16 00:10||MKW||Canadian Energy Services & Technology Corp. Announces Reduced Cash Dividend and Provides 2015 Fourth Quarter Conference Call Details|
|14Jan16 21:15||MKW||Canadian Energy Services & Technology Corp. Announces Cash Dividend|
|12Nov15 22:26||MKW||Canadian Energy Services & Technology Corp. Announces Results for the Third Quarter 2015 and Declares Cash Dividend|
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CANADIAN ENERGY SERVICES & T
CANADIAN ENERGY SERVICES & T
Announces 2Q16 Results; PureChem Increasing Market Share
15 Aug 16
CEU posted 2Q16 revenue of $98 mm, in line with our forecast of $102 mm. The Company generated EBITDAS of -$1 mm, in line with our expectation. CEU has increased its Drilling Fluids market share in the U.S. to 11% and the acquisition of Catalyst should improve the Company’s Production Chemicals U.S. market share. However, competitive pricing is likely to continue until there is a recovery in activity. We are increasing our 2017e EBITDAS estimate to $94 mm from $89 mm driven by an upward revision to our revenue assumption for the year from Canadian production chemicals and an increase in U.S. Drilling Fluids market share.
Announces Acquisition of U.S. Production and Specialty Chemicals Business
03 Aug 16
CEU has announced it has acquired Catalyst Oilfield Services, a private West Texas based Production and Specialty Chemicals company, with exposure to the Permian, Barnett and Eagle Ford. We believe the transaction price was in the C$75 mm range, and that annual EBITDAS contribution will be $5 mm to $10 mm. The midpoint EV/EBITDAS transaction metric is 10.0x, whereas CEU was trading at 14.2x 2017e EV/EBITDAS prior to this announcement. We have increased our 2016e EBITDAS by 4.5% to $34 mm and 2017e EBITDAS by 9.0% to $89 mm.
ANNOUNCES ACQUISITION OF U.S. PRODUCTION AND SPECIALTY CHEMICALS BUSINESS
01 Aug 16
Impact: Neutral, as no transaction price or financial metrics were provided. As such, it is challenging to assess the transaction impact, but it is strategically aligned with the Company's previously stated goal of expanding its production chemicals presence in the Permian.
16 May 16
CEU expects to realize $20 mm of annualized cost savings through restructuring that occurred in 1Q16. CEU has shuttered eight of eleven mud facilities in the U.S. in an effort to reduce costs. The Company will now be focusing its drilling fluids business on the Permian, Eagle Ford, Utica and SCOOP/Stack in Oklahoma. The U.S. drilling fluids business generated negative margins in 1Q16. We have lowered 2016e EBITDAS to $35 mm (prior: $37 mm) and 2017e EBITDAS to $71 mm (prior: $74 mm).
20 Feb 17
Hayward Tyler Group* (HAYT): Trading update and financial position (CORP) | Petra Diamonds (PDL): Interim results (BUY) | Gemfields* (GEM): Interim results (CORP) | Premaitha Health* (NIPT): Middle East momentum (CORP) | Sound Energy (SOU): Acquisition update and TE-8 well spud (HOLD) | Proactis* (PHD): Interim trading on track (CORP) | 7digital* (7DIG): Automotive contract win (CORP)
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Playing the long term, with short-term risks
16 Feb 17
After the publication of the annual results, we update our view and highlight the key points. Q4 16 key highlights As a reminder, the company reported results 30% below expectations at $400m for Q4 16. By division: 1) In upstream, underlying replacement costs profit came to $400m, vs. a loss a year earlier of $728m and a loss of $224m in Q3 16, reflecting the ongoing lower costs which have benefited from simplifications, efficiencies and lower exploration write-offs. In the US, the loss is still $147m. Production came in at 2.19mbpd, down 5.5% yoy due to disposals and up 1.8% on an underlying basis thanks to ramp-ups. One of the key events during the quarter was the renewal of BP’s onshore concession in the UAE with a 10% interest in the ADCO onshore oil concession. In terms of outlook, production should be higher in 2017 and will depend on the timing of project start-ups, acquisitions, divestments, and OPEC quota. Also the Abu Dhabi concession will be visible as from Q1 17. 2) In downstream, replacement costs profit came to $877m, down from $1.2bn a year ago and $1.4bn in Q3 16. The US division showed a loss of $371m vs a gain of $1.25bn. Non-US Fuel business earnings halved to $417m due to the weaker refining environment as well as the impact from the particularly large turnaround at the Whiting refinery. In lubricants, profit rose to $357m, reflecting the continued strong performance in its growth markets and premium brands as well as simplifications and greater efficiencies. The margin should remain unchanged for Q1 17. 3) Rosneft. Underlying replacement costs profit came to $135m, down from $235m a year ago, affected by the increased government take. Production was at 1.15mbpd, up from 1.03mbpd a year ago. This reflects the completion of the acquisition of Bashneft and Rosneft’s increased stake in the PetroMonagas venture. BP received a dividend of $322m after deduction of the withholding tax, in July 2016. On the Macondo oil spill, the charge taken for the Q4 16 pre-tax was $530m. This reflects BP’s latest estimates for claims including business economic loss. The pre-tax cash outflow on costs related to the oil spill for the full year 2016 was $7.1bn. Cash flow Excluding the Gulf of Mexico payment, the operating cash flow was $4.5bn. Underlying operating cash flow excluding the oil spill-related payment was $17.8bn for the full year. Proceeds during the year and the scrip dividend were not enough to cover capex and the cash dividend. Gearing at the end of the year increased to 27% ($35.5bn debt), in the high range of the group’s target of 20-30%. Organic capital was $16bn, below original guidance of $17bn to $19bn. Capex in 2017 should be close to $16-17bn. Divestment proceeds should be higher in 2017, close to $5bn and then reducing by $2-3bn per year after 2018. The total costs of the Deepwater payment should fall to $2bn in 2018 and then $1bn per year as from 2019. In 2017, this should be close to $5bn. All in all, including the latest acquisitions, cash flow break-even should be close to $60/bbl in 2017.
GMP FirstEnergy ― UK Energy morning research package
17 Feb 17
Enquest (ENQ LN): Speculative Buy, £0.65: Kraken FPSO in the field and hooked up in the North Sea | Ithaca Energy (IAE LN/CN)6: BUY, £1.40: Stella First Hydrocarbons in the North Sea | Bowleven (BLVN LN) (not covered): Denies claims made by Crown Ocean Capital