Western Energy Services Corp - Q2 2026 net loss C$4 mln, or C$0.12 per basic share

Western Energy Services Corp. reported a net loss of C$4 million, or C$0.12 per basic share, for the second quarter of 2026, marking a significant decline from first-quarter net income of C$1.8 million, or C$0.05 per basic share. The shift reflects ongoing challenges in the energy services sector, including reduced drilling and well servicing activity, increased competition, and continued low natural gas prices.

Revenue for the second quarter totaled C$48.5 million, a decline from C$55.3 million reported in Q1. Adjusted EBITDA also fell to C$9.8 million in Q2 2026, compared to C$12.4 million in Q1 2026, primarily due to lower operating days and reduced service demand. The company attributed the decline to market uncertainty and geopolitical tensions on global energy markets.

In Canada, drilling rig utilization remained at 47%, while service rig utilization held steady at 37%. However, operating days and service hours declined, reflecting the broader industry trend of reduced activity. In the U.S., drilling rig utilization increased slightly to 32%, but operating days remained significantly lower compared to the prior year.

The company’s capital expenditures for the second quarter were C$3.8 million, focused on maintenance and selective upgrades to its active fleet. Western Energy Services Corp. remains focused on cost management, balance sheet strength, and operational flexibility amid a volatile market environment.