Oilfield-service company Western Energy Services Corporation (WRG:TSX) released its 2Q results indicating that revenue increased 142 percent from last year, and EBITDA rose 162 percent during the period. The company released a statement indicating a strong increase in drilling activity over recent years, according to The Canadian Press.
The company reported 2Q revenue of $32.4 million, which was a $19.0 million increase from the previous year.
Western Energy recorded net income of $4.2 million, or 8 cents per share, according to The Canadian Press. This profit report was an improvement over the same quarter in 2010, when the company posted a $283,000 loss.
EBITDA for the quarter was $8 million, which represented a $5 million gain over the previous year. This boost in earnings was largely attributed to company efforts to consolidate drilling operations, which increased the average number of rigs to 28.
The company told The Canadian Press that its "utilization rates have consistently been above industry average, including during the second quarter of 2011."
Western Energy Services Corporation's stock opened at $8.70 on August 18 and closed at $8.95 on August 17. In the last 52 weeks, the stock hit a low of $0.36 and a high of $9.90.