Ensign Energy Reports $3.3 Million Loss in Q3 Amid Decreased Revenue and Operating Days
Calgary-based Ensign Energy Services Inc. reported a net loss of $3.3 million for the third quarter of 2025, a significant shift from the $5.3 million net income posted in the same period last year. The oilfield services company saw its revenue decrease by five percent to $411.2 million, largely attributed to reduced operating activity in both its international and Canadian segments.
Despite a 17 percent drop in Adjusted EBITDA to $98.6 million, Ensign has prioritized debt reduction, trimming its total debt by $98.5 million within the first nine months of the year. The company repaid $40.8 million of debt during the third quarter, with total debt repayments for the year projected at $125 million. Ensign has revised its debt reduction target to $600 million, now aiming to achieve this goal by the first half of 2026.
The company pointed to ongoing geopolitical tensions and volatile oil prices as key factors impacting operations. However, Ensign also highlighted potential growth opportunities in Canada, notably the completion of the Trans Mountain Pipeline expansion and the anticipated startup of LNG Canada. These major projects are indeed seen as significant drivers for the broader Calgary energy sector, with drilling activity projected to reach a 10-year high in Western Canada in 2025 due to increased export capacity. Economists and industry groups in Calgary view the Trans Mountain expansion as beneficial for narrowing price differentials and boosting overall economic revenue.
Moving forward, Ensign maintains a cautious yet constructive outlook, emphasizing disciplined capital allocation and strategic debt management in a dynamic market. This reflects a sentiment within Calgary's energy community that, while challenges persist, strategic infrastructure and operational efficiencies are paving the way for future stability and growth.
