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Released May 14, 2025 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Ensign Energy Services (Calgary, Alberta), an oil and gas exploration services provider, benefited from increased drilling activity among its Canadian clients in the first quarter of 2025. While depressed natural gas prices somewhat hindered activity in the U.S., Ensign expects its operations there to "modestly improve" in the near term. Industrial Info is tracking more than US$5.4 billion worth of oil and gas drilling projects featuring Ensign's services, more than 75% of which is attributed to projects in Alberta.
Click on the image at right for a graph detailing the top 10 parent companies for projects featuring Ensign's services, by total investment value.
In a quarterly earnings-related press release, Ensign said last year's completion of the Trans Mountain Pipeline expansion fueled strong first-quarter results for its Canadian business. "The pending activation of the Coastal GasLink Pipeline and several liquefied natural gas (LNG) projects, including LNG Canada, are expected to drive longer-term growth in Canada," the company added. "However, potential Canada-U.S. trade tariffs, including tariffs on crude oil, pose a risk to Canadian activity over the short-term."
An expansion of the Trans Mountain crude oil pipeline from Edmonton, Alberta, to refineries and terminals in British Columbia and the U.S. state of Washington pushed the capacity on the 714-mile system to about 880,000 barrels per day. The Coastal GasLink system, operated by TC Energy Corporation (NYSE:TRP) (Calgary), is designed to carry natural gas about 415 miles from northeastern British Columbia to the LNG Canada facility in Kitimat, British Columbia.
Tourmaline Oil Corporation (Calgary), the largest natural gas producer in Canada, is contracting Ensign for a swath of oil, natural gas and natural gas liquids (NGL) drilling projects across Western Canada, including two in the Deep Basin area near Edson, Alberta, each valued at US$130 million: one will drill 17 to 20 new wells to supply Tourmaline's 01-34 processing plant, and another will drill at least 20 new wells to supply its 04-17 plant.
Elsewhere in Alberta's Deep Basin, Tourmaline is contracting Ensign for a US$130 million program near Hinton, which will drill at least 20 new wells to supply the 06-32 plant, and a US$130 million program near Nordegg, which will drill at least 20 new wells to supply the Brazeau River 15-36 plant. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can read detailed reports on the Edson 01-34, Edson 04-17, Hinton and Nordegg projects.
Veren Incorporated, which earlier this week was acquired by Whitecap Resources Incorporated (Calgary) in a US$15 billion merger, is contracting Ensign for three of its oil, NGL and condensate projects in Alberta's Montney Shale. Each is in a field that currently produces 98,000 barrels of oil equivalent per day (BOE/d), and each is expected to see its production rate grow about 40% by 2028:
"The oilfield services sector maintains a generally constructive outlook, despite a year-over-year activity decline in some operating regions," Ensign said in its earnings-related press release. "Depressed natural gas prices and significant oil and natural gas merger-and-acquisition activity in 2024 decreased drilling programs in the United States. Furthermore, geopolitical tensions and global trade uncertainties have kept activity in the United States subdued and reinforced customer capital discipline."
Ensign's contracted work in the U.S. includes Jonah Energy LLC's (Denver, Colorado) US$15 million gas-drilling program in the Normally Pressured Lance (NPL) Field, near Pinedale, Wyoming. As part of the seventh year of a 10-year program, the project involves drilling 350 natural gas wells in the Upper Green River Basin. Subscribers can learn more from a detailed project report.
Ensign's net income for the first quarter of 2025 was reported to be C$3.7 million (US$2.65 million), compared with a net loss of C$1.2 million (US$859,320) for the first quarter of 2024.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of detailed project reports for active and proposed projects featuring Ensign's services.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing the top 10 parent companies for projects featuring Ensign's services, by total investment value.In a quarterly earnings-related press release, Ensign said last year's completion of the Trans Mountain Pipeline expansion fueled strong first-quarter results for its Canadian business. "The pending activation of the Coastal GasLink Pipeline and several liquefied natural gas (LNG) projects, including LNG Canada, are expected to drive longer-term growth in Canada," the company added. "However, potential Canada-U.S. trade tariffs, including tariffs on crude oil, pose a risk to Canadian activity over the short-term."
An expansion of the Trans Mountain crude oil pipeline from Edmonton, Alberta, to refineries and terminals in British Columbia and the U.S. state of Washington pushed the capacity on the 714-mile system to about 880,000 barrels per day. The Coastal GasLink system, operated by TC Energy Corporation (NYSE:TRP) (Calgary), is designed to carry natural gas about 415 miles from northeastern British Columbia to the LNG Canada facility in Kitimat, British Columbia.
Tourmaline Oil Corporation (Calgary), the largest natural gas producer in Canada, is contracting Ensign for a swath of oil, natural gas and natural gas liquids (NGL) drilling projects across Western Canada, including two in the Deep Basin area near Edson, Alberta, each valued at US$130 million: one will drill 17 to 20 new wells to supply Tourmaline's 01-34 processing plant, and another will drill at least 20 new wells to supply its 04-17 plant.
Elsewhere in Alberta's Deep Basin, Tourmaline is contracting Ensign for a US$130 million program near Hinton, which will drill at least 20 new wells to supply the 06-32 plant, and a US$130 million program near Nordegg, which will drill at least 20 new wells to supply the Brazeau River 15-36 plant. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can read detailed reports on the Edson 01-34, Edson 04-17, Hinton and Nordegg projects.
Veren Incorporated, which earlier this week was acquired by Whitecap Resources Incorporated (Calgary) in a US$15 billion merger, is contracting Ensign for three of its oil, NGL and condensate projects in Alberta's Montney Shale. Each is in a field that currently produces 98,000 barrels of oil equivalent per day (BOE/d), and each is expected to see its production rate grow about 40% by 2028:
- the US$260 million program in the Karr West Field, which involves drilling 22 new wells; see project report
- the US$255 million program in the Gold Creek West Field, which involves drilling 21 new wells; see project report
- the US$250 million program in the Gold Creek Field, which involves drilling 25 new wells; see project report
"The oilfield services sector maintains a generally constructive outlook, despite a year-over-year activity decline in some operating regions," Ensign said in its earnings-related press release. "Depressed natural gas prices and significant oil and natural gas merger-and-acquisition activity in 2024 decreased drilling programs in the United States. Furthermore, geopolitical tensions and global trade uncertainties have kept activity in the United States subdued and reinforced customer capital discipline."
Ensign's contracted work in the U.S. includes Jonah Energy LLC's (Denver, Colorado) US$15 million gas-drilling program in the Normally Pressured Lance (NPL) Field, near Pinedale, Wyoming. As part of the seventh year of a 10-year program, the project involves drilling 350 natural gas wells in the Upper Green River Basin. Subscribers can learn more from a detailed project report.
Ensign's net income for the first quarter of 2025 was reported to be C$3.7 million (US$2.65 million), compared with a net loss of C$1.2 million (US$859,320) for the first quarter of 2024.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of detailed project reports for active and proposed projects featuring Ensign's services.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
