CALGARY,
July 30, 2014 /CNW/ - Western Energy
Services Corp. ("Western" or the "Company") (TSX: WRG) is pleased
to release its second quarter 2014 financial and operating
results. Additional information relating to the Company,
including the Company's financial statements and management's
discussion and analysis as at and for the three and six months
ended June 30, 2014 and 2013 will be
available on SEDAR at www.sedar.com. All amounts are
denominated in Canadian dollars (CDN$) unless otherwise
identified.
Second Quarter 2014 Highlights:
- Operating Revenue totalled $77.4
million, a $29.8 million
increase (or 62%) over the same period in the prior year due to
higher utilization and improved pricing in the contract drilling
and production services segments, coupled with a larger average
drilling rig fleet in Canada;
- Utilization per operating day in the Canadian contract drilling
segment improved to 34% as compared to 28% in the second quarter of
2013 and the CAODC industry average of 25%. In the United States, contract drilling
utilization per operating day improved to 80% as compared to 45% in
the same period of the prior year mainly due to fleet upgrades and
strong operational performance. With the exception of
downtime for the completion of two 1,500 hp AC pad conversions,
the United States fleet was fully
utilized in the quarter;
- Total well servicing hours in Western's production services
segment increased significantly in the second quarter of 2014 to
23,433 hours as compared to 13,718 hours in the second quarter of
2013, a 71% increase, due to increased activity. As a result,
well servicing utilization improved to 40% as compared to 30% in
the second quarter of 2013;
- EBITDA totalled $24.0 million
(31% of Operating Revenue) in the second quarter of 2014 as
compared to $9.2 million (19% of
Operating Revenue) in the same period of the prior year. The
increase in EBITDA is mainly due to the increased activity and
improved pricing in both the contract drilling and production
services segments coupled with effective cost control;
- During the second quarter of 2014, capital expenditures
totalled $27.0 million and include
$21.0 million of expansion capital,
$3.9 million of maintenance capital
and $2.1 million for critical spares.
Capital spending mainly relates to Western's drilling rig build
program, which totalled $15.8 million
in the period incurred on the construction of two drilling rigs, as
well as the completion of two 1,500 hp AC pad conversions in
the United States, which were both
commissioned during the second quarter of 2014;
- Additionally, Western is pleased to announce a $66 million increase to its 2014 capital budget,
which includes the construction of two 5,000m telescopic ELR double
drilling rigs, a 6,000m ELR AC triple pad drilling rig, a slant
service rig, and additional ancillary drilling equipment.
With this announcement, Western's 2014 capital budget is expected
to total $170 million.
Including these newly announced rig builds, Western now has three
telescopic ELR double drilling rigs, two ELR AC triple pad drilling
rigs, and one slant service rig under construction.
Year to Date Highlights:
- Operating Revenue totalled $227.0
million, an $89.3 million
increase (or 65%) over the same period in the prior year due to the
increased contribution from the production services segment
following the acquisition of IROC Energy Services Corp. ("IROC") in
April 2013, as well as increased
utilization and improved pricing in both the contract drilling and
production services segments, coupled with a larger average
drilling rig fleet in Canada;
- On a year to date basis, contract drilling utilization per
operating day in Canada averaged
57%, as compared to the CAODC industry average of 42% and 49% in
the same period in the prior year. In the United States, contract drilling
utilization per operating day increased significantly by 66% to 78%
as compared to 47% in the first half of 2013. With the
exception of downtime related to the completion of two 1,500 hp AC
pad conversions, the United States
fleet was fully utilized in the first half of 2014;
- For the six month period ended June 30,
2014, total well servicing hours in Western's production
services segment increased significantly to 60,242 from 16,148 in
the same period in the prior year. The increase can be
attributed to improved utilization, which on a year to date basis
increased to 51% in 2014 as compared to 29% in the same period of
the prior year, coupled with the increased size and scale of
Western's well servicing operations subsequent to the IROC
acquisition in April 2013;
- EBITDA totalled $83.6 million
(37% of Operating Revenue) in the first half of 2014 as compared to
$43.6 million (32% of Operating
Revenue) in the first half of 2013. The increase in EBITDA
reflects the increased activity, improved day rates and the larger
drilling rig fleet, coupled with effective cost control in the
contract drilling segment, as well as improved utilization and
pricing, in addition to the increased size and scale of Western's
production services segment;
- During the first six months of 2014, capital expenditures
totalled $46.4 million and include
$36.9 million of expansion capital,
$5.8 million of maintenance capital
and $3.7 million for critical spares.
Capital spending mainly relates to the drilling rig build program
in the contract drilling segment for the construction of two
drilling rigs which were commissioned in the first quarter of 2014
and an additional two drilling rigs currently under
construction. Additionally, two 1,500 hp AC pad conversions
were completed in the United
States in the second quarter of 2014.
Selected Financial Information
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(stated in thousands,
except share and per share amounts) |
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Three months ended June 30 |
|
Six months ended June 30 |
Financial Highlights |
2014 |
2013 |
Change |
|
2014 |
2013 |
Change |
Revenue |
81,981 |
50,835 |
61% |
|
243,397 |
148,841 |
64% |
Operating Revenue(1) |
77,352 |
47,616 |
62% |
|
226,979 |
137,696 |
65% |
Gross Margin(1) |
31,206 |
16,087 |
94% |
|
98,835 |
57,032 |
73% |
Gross Margin as a percentage of
Operating Revenue |
40% |
34% |
18% |
|
44% |
41% |
7% |
EBITDA(1) |
24,028 |
9,199 |
161% |
|
83,576 |
43,583 |
92% |
EBITDA as a percentage of Operating
Revenue |
31% |
19% |
63% |
|
37% |
32% |
16% |
Cash flow from operating
activities |
71,912 |
48,381 |
49% |
|
110,546 |
70,825 |
56% |
Capital expenditures |
27,026 |
18,547 |
46% |
|
46,389 |
36,703 |
26% |
Net income (loss) |
4,396 |
(3,381) |
230% |
|
29,896 |
11,522 |
159% |
-basic net income (loss) per share |
0.06 |
(0.05) |
220% |
|
0.40 |
0.18 |
122% |
-diluted net income (loss) per
share |
0.06 |
(0.05) |
220% |
|
0.40 |
0.17 |
135% |
Weighted average number of shares |
|
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-basic |
74,328,446 |
69,594,802 |
7% |
|
73,919,531 |
64,630,363 |
14% |
-diluted |
75,733,872 |
69,594,802 |
9% |
|
75,440,466 |
65,957,534 |
14% |
Outstanding common shares as at period
end |
74,780,175 |
73,343,763 |
2% |
|
74,780,175 |
73,343,763 |
2% |
Dividends declared |
5,609 |
5,501 |
2% |
|
11,147 |
9,975 |
12% |
(1) See "Financial Measures
Reconciliations" included in this press release. |
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Three months ended June 30 |
|
Six months ended June 30 |
Operating Highlights |
2014 |
|
2013 |
Change |
2014 |
|
2013 |
Change |
Contract Drilling |
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Canadian Operations: |
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Contract drilling rig fleet: |
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-Average |
49 |
|
45 |
|
9% |
|
49 |
|
45 |
|
9% |
-End of period |
49 |
|
45 |
|
9% |
|
49 |
|
45 |
|
9% |
Operating Revenue per revenue day
(CDN$)(1) |
26,285 |
|
24,008 |
|
9% |
|
26,368 |
|
25,009 |
|
5% |
Operating Revenue per operating day
(CDN$)(2) |
28,632 |
|
26,082 |
|
10% |
|
28,872 |
|
27,810 |
|
4% |
Drilling rig operating days(3) |
1,529 |
|
1,134 |
|
35% |
|
5,061 |
|
4,010 |
|
26% |
Drilling rig utilization per revenue
day(4) |
37% |
|
30% |
|
23% |
|
63% |
|
55% |
|
15% |
Drilling rig utilization rate per operating
day(3) |
34% |
|
28% |
|
21% |
|
57% |
|
49% |
|
16% |
CAODC industry average utilization
rate(3) |
25% |
|
18% |
|
39% |
|
42% |
|
38% |
|
11% |
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United States Operations: |
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Contract drilling rig fleet: |
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-Average |
5 |
|
5 |
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-% |
|
5 |
|
5 |
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-% |
-End of period |
5 |
|
5 |
|
-% |
|
5 |
|
5 |
|
-% |
Operating Revenue per revenue day
(US$)(1) |
25,900 |
|
21,700 |
|
19% |
|
24,905 |
|
22,324 |
|
12% |
Operating Revenue per operating day
(US$)(2) |
28,568 |
|
29,046 |
|
(2%) |
|
28,684 |
|
29,729 |
|
(4%) |
Drilling rig operating days(3) |
365 |
|
205 |
|
78% |
|
711 |
|
422 |
|
68% |
Drilling rig utilization per revenue
day(4) |
89% |
|
60% |
|
48% |
|
90% |
|
62% |
|
45% |
Drilling rig utilization per operating
day(3) |
80% |
|
45% |
|
78% |
|
78% |
|
47% |
|
66% |
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Production Services |
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Well servicing rig fleet: |
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-Average |
65 |
|
63 |
|
3% |
|
65 |
|
36 |
|
81% |
-End of period |
65 |
|
64 |
|
2% |
|
65 |
|
64 |
|
2% |
Operating Revenue per service hour
(CDN$)(2) |
800 |
|
753 |
|
6% |
|
814 |
|
735 |
|
11% |
Total service hours |
23,433 |
|
13,718 |
|
71% |
|
60,242 |
|
16,148 |
|
273% |
Service rig utilization rate(5) |
40% |
|
30% |
|
33% |
|
51% |
|
29% |
|
76% |
(1) Operating Revenue per revenue day is
calculated using Operating Revenue divided by operating and
mobilization days.
(2) Operating Revenue per operating day and per service hour
are calculated using Operating Revenue divided by operating days
and service hours, respectively.
(3) Drilling rig utilization rate per operating day and
drilling rig operating days are calculated on operating days only
(i.e. spud to rig release basis).
(4) Drilling rig utilization rate per revenue day is
calculated based on operating and move days.
(5) Service rig utilization rate calculated based on full
utilization of 10 hours per day, 365 days per year.
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Financial Position at (stated in
thousands) |
June 30, 2014 |
June 30, 2013 |
Change |
Dec 31, 2013 |
Change |
Working capital |
71,704 |
22,799 |
215% |
50,616 |
42% |
Property and equipment |
796,997 |
758,557 |
5% |
783,225 |
2% |
Total assets |
1,016,112 |
903,882 |
12% |
986,792 |
3% |
Long term debt |
263,293 |
232,529 |
13% |
262,877 |
- |
Western is an oilfield service company focused
on three core business lines: contract drilling, well servicing and
oilfield rental equipment services. Western provides contract
drilling services through its division, Horizon Drilling
("Horizon") in Canada, and its
wholly owned subsidiary Stoneham Drilling Corporation ("Stoneham")
in the United States.
Subsequent to the acquisition of IROC on April 22, 2013, Western provides well servicing
operations in Canada through
Western Energy Services Partnership's (the "Partnership") division
Eagle Well Servicing ("Eagle"). Previously, well servicing
operations were conducted through Western's division Matrix Well
Servicing ("Matrix"). Western also provides oilfield rental
services in Canada through the
Partnership's division Aero Rental Services ("Aero").
Financial and operating results for Eagle and Aero from the date of
the acquisition, as well as Matrix, are included in Western's
production services segment.
Western currently has a drilling rig fleet of 54
rigs, with an average age of approximately six years. Western
is the sixth largest drilling contractor in Canada with a fleet of 49 rigs operating
through Horizon. Additionally, Western has five Efficient
Long Reach ("ELR") triple drilling rigs deployed in the United States operating through
Stoneham. Western is also
the seventh largest well servicing company in Canada with a fleet of 65 rigs operating
through Eagle. Western's well servicing fleet is one of the
newest in the Western Canadian Sedimentary Basin ("WCSB"), with an
average age of approximately four years. Western's oilfield
equipment rental division, which operates through Aero, provides
oilfield rental equipment for frac services, well completions and
production work, coil tubing services and drilling.
During the first six months of 2014 commodity
prices have improved as compared to the same period in the prior
year. The price for light crude oil, such as Edmonton Par,
increased on average by 15% and 14% for the three and six month
periods ended June 30, 2014
respectively, compared to the same three and six month periods in
2013, while the price for heavy crude oil, such as the Western
Canadian Select price, increased by 19% and 27% respectively.
Natural gas prices have also improved significantly in the three
and six months ended June 30, 2014,
with the AECO 30-day spot rate increasing on average by 35% and 57%
respectively, compared to the three and six months ended
June 30, 2013 as heating demand
increased in the first quarter due to a cold winter, resulting in
decreased storage levels across North
America. The demand for oil, along with an emphasis on
liquids rich natural gas, has resulted in increased drilling of
horizontal wells in both conventional and unconventional resource
plays. Horizontal wells in the WCSB, as a percentage of all
wells drilled, increased in the first six months of 2014 to 76%
compared to 69% in the first six months of 2013. This has
resulted in continued demand in the WCSB for Western's ELR drilling
rigs, as industry utilization rates for the second quarter of 2014
averaged 25%, which is an increase over the five year average of
22% and an improvement over the prior year when industry
utilization averaged 18%. Similarly, industry utilization
rates for the first six months of 2014 averaged 42%, which is
consistent with the five year average of 42% and an improvement
over the prior year when industry utilization averaged 38%.
Outlook
Western's drilling rig fleet is specifically
suited for drilling horizontal wells of increased complexity.
In total, 94% of Western's fleet are ELR drilling rigs with depth
ratings greater than 3,000 meters and all of Western's rigs are
capable of drilling resource based horizontal wells.
Currently, 21 of Western's 54 drilling rigs (or 39%) are operating
under long term take-or-pay contracts, with 15 of these contracts
expiring between 2015 and 2017, providing a base level of future
revenue. These contracts typically generate 250 operating
days per year in Canada, as spring
breakup restricts activity during the second quarter, while in
the United States these contracts
typically range from 330 to 365 revenue generating days per
year.
Western's approved capital spending for 2014
totals approximately $170 million
comprised of $130 million in
expansion capital and $40 million in
maintenance capital, which includes $12
million for critical spare equipment. In total,
budgeted capital spending has increased by $66 million from the previously disclosed
$104 million. The increase
relates to additional expansion capital related to the construction
of two 5,000m telescopic ELR double drilling rigs, one 6,000m ELR
AC triple pad drilling rig, a slant service rig for the production
services segment, and additional ancillary drilling
equipment. The majority of Western's expansion capital budget
relates to the drilling rig build program, which in addition to the
three newly announced drilling rig builds, also includes the
construction of one 6,000m ELR AC triple pad drilling rig and one
5,000m telescopic ELR double drilling rig in Canada. Expansion capital also includes
two additional 1,500 hp AC pad conversions in the United States, which were both completed
in the second quarter of 2014. Western believes the 2014
capital budget provides a prudent use of cash resources and ensures
that it has the flexibility to execute on strategic opportunities
as they arise. This budget demonstrates the Company's
commitment to maintaining and increasing Western's premier drilling
and well servicing rig fleet and expanding Western's strategic
presence in the oilfield rental equipment market. Western
will continue to evaluate and expand its operations in a prudent
manner and make any required adjustments to its capital program as
these opportunities unfold during the remainder of 2014.
Currently, Western expects approximately $30
million of its capital spending to carry over into 2015.
The increased commodity price environment and
improving economic conditions in North
America led to increased oilfield service activity in the
first half of 2014. Western believes oilfield service
activity in the second half of 2014 and beyond will remain strong,
providing additional drilling rig build opportunities at attractive
rates that meet our return on investment criteria. Activity
is expected to remain strong as liquefied natural gas projects gain
approval, crude oil transportation capacity increases through rail
and pipeline development, drilling activity increases in various
resource plays in Alberta and
northeast British Columbia, and as
foreign investment continues to flow into Canada. Currently, the largest
challenges facing the oilfield service industry are producer
spending constraints, pricing differentials on Canadian crude oil,
the challenge to attract and retain skilled labour and increased
gas production from shale plays across North America. The Company believes
Western's modern drilling and well servicing rig fleet, strong
utilization, and corporate culture will provide a distinct
advantage in retaining and attracting qualified individuals.
Western's view is that its modern fleet, strong customer base and
solid reputation provide a competitive advantage which will enable
the Company to continue its growth strategy and higher than
industry average utilization.
Quarterly Dividend
On July 30, 2014,
Western's Board of Directors declared a quarterly dividend of
$0.075 per share, which will be paid
on October 14, 2014, to shareholders
of record at the close of business on September 30, 2014. The dividends are
eligible dividends for Canadian income tax purposes. On a
prospective basis, the declaration of dividends will be determined
on a quarter-by-quarter basis by the Board of Directors.
Financial Measures Reconciliations
Western uses certain measures in this press
release which do not have any standardized meaning as prescribed by
International Financial Reporting Standards ("IFRS"). These
measures which are derived from information reported in the
condensed consolidated statements of operations and comprehensive
income may not be comparable to similar measures presented by other
reporting issuers. These measures have been described and
presented in this press release in order to provide shareholders
and potential investors with additional information regarding the
Company.
Operating Revenue
Management believes that in addition to revenue,
Operating Revenue is a useful supplemental measure as it provides
an indication of the revenue generated by Western's principal
operating activities, excluding flow through third party
charges.
The following table provides a reconciliation of
revenue under IFRS as disclosed in the condensed consolidated
statements of operations and comprehensive income to Operating
Revenue:
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Three months ended June 30 |
Six months ended June 30 |
(stated in thousands) |
2014 |
2013 |
2014 |
2013 |
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Operating Revenue |
|
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|
|
|
Drilling |
55,148 |
35,675 |
168,493 |
124,216 |
|
Production Services |
22,946 |
11,941 |
59,494 |
13,480 |
|
Less: inter-company eliminations |
(742) |
- |
(1,008) |
- |
|
77,352 |
47,616 |
226,979 |
137,696 |
Third party charges |
4,629 |
3,219 |
16,418 |
11,145 |
Revenue |
81,981 |
50,835 |
243,397 |
148,841 |
Gross Margin
Management believes that in addition to net
income, Gross Margin is a useful supplemental measure as it
provides an indication of the results generated by Western's
principal operating activities prior to considering administrative
expenses, depreciation and amortization, how those activities are
financed, the impact of foreign exchange, how the results are
taxed, how funds are invested, and how non-cash items and one-time
gains and losses affect results.
EBITDA
Management believes that in addition to net
income, earnings before interest and finance costs, taxes,
depreciation and amortization, other non-cash items and one-time
gains and losses ("EBITDA") is a useful supplemental measure as it
provides an indication of the results generated by the Company's
principal operating segments similar to Gross Margin but also
factors in the cash administrative expenses incurred in the
period.
Operating Earnings
Management believes that in addition to net
income, Operating Earnings is a useful supplemental measure as it
provides an indication of the results generated by the Company's
principal operating segments similar to EBITDA but also factors in
the depreciation expense charged in the period.
The following table provides a reconciliation of net income
under IFRS as disclosed in the condensed consolidated statements of
operations and comprehensive income to Gross Margin, EBITDA and
Operating Earnings:
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Three months ended June
30 |
Six months ended
June 30 |
(stated in thousands) |
2014 |
2013 |
2014 |
2013 |
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Gross Margin |
31,206 |
16,087 |
98,835 |
57,032 |
Add (subtract): |
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Administrative expenses |
(7,906) |
(7,578) |
(16,979) |
(14,877) |
|
Depreciation - administrative |
439 |
369 |
884 |
764 |
|
Stock based compensation - administrative |
289 |
321 |
836 |
664 |
EBITDA |
24,028 |
9,199 |
83,576 |
43,583 |
|
Depreciation - operating |
(11,329) |
(7,642) |
(29,209) |
(18,498) |
|
Depreciation - administrative |
(439) |
(369) |
(884) |
(764) |
Operating Earnings |
12,260 |
1,188 |
53,483 |
24,321 |
|
Stock based compensation - operating |
(195) |
(218) |
(417) |
(372) |
|
Stock based compensation - administrative |
(289) |
(321) |
(836) |
(664) |
|
Finance costs |
(5,327) |
(3,995) |
(10,730) |
(7,754) |
|
Other items |
(113) |
(1,044) |
(602) |
42 |
|
Income taxes |
(1,940) |
1,009 |
(11,002) |
(4,051) |
Net income (loss) |
4,396 |
(3,381) |
29,896 |
11,522 |
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2014 Second Quarter Results Conference Call
and Webcast
Western has scheduled a conference call and
webcast to begin at 12:00 p.m. MST
(2:00 p.m. EST) on Thursday, July 31, 2014.
The conference call dial-in number is
1-888-231-8191.
A live webcast of the conference call will be
accessible on Western's website at www.wesc.ca by selecting
"Investors", then "Webcasts". Shortly after the
live webcast, an archived version will be available for
approximately 14 days.
An archived recording of the conference call
will also be available approximately one hour after the completion
of the call until August 15, 2014 by
dialing 1-855-859-2056 or 416-849-0833, passcode 64861256.
Forward-Looking Statements and Information
This press release contains certain statements
or disclosures relating to Western that are based on the
expectations of Western as well as assumptions made by and
information currently available to Western which may constitute
forward-looking information under applicable securities laws.
All such statements and disclosures, other than those of historical
fact, which address activities, events, outcomes, results or
developments that Western anticipates or expects may, or will occur
in the future (in whole or part) should be considered
forward-looking information. In some cases forward-looking
information can be identified by terms such as "forecast",
"future," "may", "will", "expect", "anticipate,", "believe",
"potential", "enable", "plan", "continue", "contemplate", "pro
forma", or other comparable terminology.
In particular, forward-looking information in
this press release includes, but is not limited to, statements
relating to future declaration of dividends; the future demand for
the Company's services and equipment; the terms of existing and
future drilling contracts in Canada and the US and the revenues resulting
there from; the Company's expansion and maintenance capital plans
for 2014, including the ability of current capital resources to
cover Western's financial obligations and the 2014 capital budget;
the Company's expected sources of funding to support such capital
plans; expectations as to the increase in crude oil transportation
capacity through rail and pipeline development; expectations as to
the necessary approvals for liquefied natural gas projects being
obtained; the expectation of continued foreign investment into the
Canadian oilfield industry; the expectation of increase in oilfield
services activities in general and drilling activity in various
resource plays, in particular, including the type of drilling; the
Company's expected utilization for its drilling and well servicing
divisions; strong oilfield activity levels and pricing; increased
commodity pricing; and the improving economic conditions in
North America; the Company's
ability to achieve its desired return on investment through
existing or future rig build opportunities; the continued and
enhanced marketability of the Company's drilling and servicing rigs
and the Company's expected tax rate in 2014.
The material assumptions in making the
forward-looking statements in this press release include, but are
not limited to, assumptions relating to, demand levels and pricing
for oilfield services; fluctuations in the price and demand for oil
and natural gas; commodity pricing; general economic and financial
market conditions; the Company's ability to finance its operations;
the effects of seasonal and weather conditions on operations and
facilities; the competitive environment to which the various
business segments are, or may be, exposed in all aspects of their
business; the ability of the Company's various business segments to
access equipment (including spare parts and new technologies);
changes in laws or regulations; currency exchange fluctuations and
the ability of the Company to attract and retain skilled labour and
qualified management; the ability to retain and attract significant
customers; and other unforeseen conditions which could impact the
use of services supplied by Western and Western's ability to
response to such conditions.
Although Western believes that the expectations
and assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information as Western
cannot give any assurance that they will prove to be correct.
Since forward-looking statements and information address future
events and conditions, by their very nature they involve inherent
risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to, the
risk that the demand for oilfield services will not continue to
improve for the remainder of 2014, and other general industry,
economic, market and business conditions. Readers are
cautioned that the foregoing list of risks, uncertainties and
assumptions are not exhaustive. Additional information on
these and other risk factors that could affect Western's operations
and financial results are included in Western's annual information
form which may be accessed through the SEDAR website at
www.sedar.com. The forward-looking statements and information
contained in this press release are made as of the date hereof and
Western does not undertake any obligation to update publicly or
revise any forward-looking statements and information, whether as a
result of new information, future events or otherwise, unless so
required by applicable securities laws.
SOURCE Western Energy Services Corp.