Essential Energy Services Trust (“Essential”) provides oilfield services to oil and gas producers in western Canada related to the ongoing servicing of producing wells and new drilling activity. Services are provided through its Well Servicing and Wireline & Rentals divisions.
The Well Servicing division provides well completion and production / workover services across western Canada. This division has 51 service rigs, ranking it as the sixth largest service rig operator in Canada, and 23 rod rigs, which are generally light, hydraulic service rigs. Essential also has 29 coil tubing rigs including 1 deep coil tubing rig, 10 intermediate rigs and 18 shallow rigs. The coil tubing fleet is supported by 7 nitrogen pumpers.
The Wireline & Rentals division provides a variety of services to assist with the drilling, completion and production phases of oil and natural gas wells. Through this division Essential offers electric wireline (e-line) and slickline services; sells and services a full range of downhole tools and offers rental equipment. Essential has recently initiated a new multi-stage fracturing service that allows customers to isolate and fracture multiples zones within a single tool run. This is intended to service customers targeting resource plays in Saskatchewan and British Columbia.
Within the current economic climate the Trust is well-positioned with a strong balance sheet. Management has been proactive in managing costs in an effort to preserve operating margins and remain competitive.
Essential trades on the Toronto Stock Exchange under the symbol ESN.UN.