Source Energy Services said it generated $93.5 million of sand revenue during the second quarter, an increase of 61% over the same period in 2021 and an increase of 16% over the first quarter of 2022.
Read MoreTag: WCSB
Source Energy Services Sand Revenue Increases 22%
Source Energy Services Ltd. announced its financial results for the three months ended March 3. Sustained strength in oil and gas commodity prices continued to buoy strong activity levels in the Western Canadian Sedimentary Basin (WCSB), generating $80.7 million of sand revenue, an increase of 22%, over the first quarter of 2021.
Read MoreSource Energy Services Grows Market Share
Source Energy Services Ltd. said that for the three months ended June 30, the company grew market share in the Western Canadian Sedimentary Basin (WCSB), realizing sand sales volumes of 557,208 metric tonnes (MT) and sand revenue of $58.1 million
Read MoreSource Energy Service Touts First Quarter Results
Source reported that it made significant changes to the company’s balance sheet and cost structure in the first quarter of 2021. These initiatives put Source in a solid position to benefit from the return of completion activities in the Western Canadian Sedimentary Basin (WCSB).
Read MoreSource Energy Announces Recapitalization Transaction
Source Energy Services Ltd. has proposed a recapitalization transaction to provide the company with a stronger, long-term capital structure to withstand current industry challenges and build on its position as the largest frac sand provider in the Western Canadian sedimentary basin (WCSB).
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