Ensign Energy Says Oilfield Outlook Positive as Demand Rises

Revived drilling contracts in 2022 plumped up the coffers of Ensign Energy Services Inc., a fixture of oilfield operations in Canada and the United States.

Operating days were higher “as a result of supportive industry conditions driving activity improvements year/year,” executives said in the quarterly report. “The outlook for oilfield services continues to be positive reflecting year/year increases in oilfield services demand and activity.”

However, “global inflationary concerns have continued to prompt central banks to tighten monetary policies,” executives said. “Increasing interest rates, largely resulting from efforts to quell rising inflation, have subsequently led to uncertainty for global economies regarding recession risk and contracting economic growth....