|By Marketwired .||
|November 8, 2012 08:00 PM EST||
CALGARY, ALBERTA -- (Marketwire) -- 11/09/12 --
Secure Energy Services Inc. ("Secure" or the "Corporation") (TSX:SES) today announced financial and operational results for the three and nine months ended September 30, 2012. The following should be read in conjunction with the management's discussion and analysis ("MD&A"), the condensed consolidated interim financial statements and notes of Secure which are available on SEDAR at www.sedar.com.
THIRD QUARTER AND YEAR-TO-DATE 2012 HIGHLIGHTS Three Months Ended Sept 30, Nine Months Ended Sept 30, ($000's except share and per share data) (unaudited)(1 % % ) 2012 2011 Change 2012 2011 Change ---------------------------------------------------------------------------- Revenue (excludes oil purchase and resale) 99,503 84,088 18 283,836 129,052 120 Oil purchase and resale 149,705 74,108 102 466,747 190,886 145 ---------------------------------------------------------------------------- Total revenue 249,208 158,196 58 750,583 319,938 135 ---------------------------------------------------------------------------- EBITDA (2) 24,915 20,653 21 71,264 37,179 92 Per share ($), basic 0.25 0.23 9 0.76 0.50 52 Per share ($), diluted 0.25 0.22 14 0.74 0.47 57 ---------------------------------------------------------------------------- Profit for the period 6,354 7,853 (19) 22,418 12,095 85 Per share ($), basic 0.06 0.09 (33) 0.24 0.16 50 Per share ($), diluted 0.06 0.08 (25) 0.23 0.15 53 ---------------------------------------------------------------------------- Capital Expenditures 50,245 34,791 44 133,983 154,724 (13) Total assets 699,982 535,448 31 699,982 535,448 31 Long term borrowings 89,187 73,979 21 89,187 73,979 21 ---------------------------------------------------------------------------- Common Shares - end of period 104,492,885 89,274,291 17 104,492,885 89,274,291 17 Weighted average common shares basic 98,724,604 89,242,506 11 93,655,304 74,853,149 25 diluted 101,492,349 93,949,868 8 96,645,131 79,314,465 22 ---------------------------------------------------------------------------- (1)Certain amounts were reclassified to conform with current period presentation (2)Refer to "Non GAAP measures and operational definitions" -- Earnings before interest, taxes, depreciation and amortization ("EBITDA") increased 21% in the third quarter of 2012 to $24.9 million as compared to the third quarter of 2011, a record for the third quarter. EBITDA for the nine months ended September 30, 2012 increased 92% to $71.3 million as compared to the same period in 2011. EBITDA per share (diluted) of $0.25 and $0.74 for the three and nine months of 2012 increased 14% and 57% respectively as compared to the same periods in 2011. EBITDA improved through the addition of new facilities, acquisitions, higher demand for processing, recovery and disposal division ("PRD") products and servic es and increased operating margins; -- Revenue (excluding oil purchase and resale) of $99.5 million and $283.8 million for the three and nine months ended September 30, 2012 improved 18% and 120% respectively compared to the same periods in 2011. PRD division third quarter disposal volumes and processing volumes increased 28% and 127% respectively over the third quarter of 2011. Contributions from new facilities started in late 2011 and in 2012 increased revenues. In particular, the Drayton Valley full service terminal ("FST"), Silverdale FST, Wild River stand-alone w ater disposal ("SWD") and the two U.S. SWD facilities al l added to processing and disposal volumes in the third quarter. Third quarter 2012 revenue for the Drilling Services ("DS") division increased 3% to $65.3 million from the third quarter of 2011, despite lower drilling activity in the third quarter of 2012 compared to the third quarter of 2011. U.S. based revenue increased quarter-over-quarter due to the Corporation establishing the U.S. business in the third quarter of 2011 and the acquisition of a U.S. based drilling fluids company in the third quarter of 2012. The average rig count in Canada was 339 rigs in the third quarter of 2012 down 25% from the same period last year. The DS division's Canadian drilling fluid market share remained constant at approximately 30% in the third quarter of 2012 compared to the third quarter of 2011; -- Oil purchase and resale revenue of $149.7 million and $466.7 million for the three and nine months ended September 30, 2012 increased compared to revenue of $74.1 million and $190.9 million in the comparable periods of 2011. Revenue increases are a result of higher throughput at all pipeline connected facilities and the Drayton Valley FST, La Glace FST and Dawson FST becoming single shipper facilities within the past year; -- Profit for the period per share (diluted) decreased to $0.06 for the three months ended September 30, 2012 compared to $0.08 for the three months ended September 30, 2011 as a result of an increased number of shares issued in conjunction with the bought deal financing in August 2012 and lower profit for the period mainly due to higher interest and taxes in the third quarter of 2012; -- The Corporation received board of director approval in the third quarter to increase the 2012 organic capital budget by $50.0 million to a total of $166.0 million. The increased capital is allocated to the PRD division with $30.0 million targeted for additional growth initiatives and $20.0 million for expansion projects. Capital expenditures from growth and expansion (excludes acquisitions and sustaining capital) for the three and nine months ended September 30, 2012 was $42.7 million and $101.4 million, respectively and is summarized as follows: -- Wild River SWD (permanent facility); -- Phase III (oil treating and terminalling) at Dawson FST; -- Oil based mud ("OBM") blending plant at the Drayton Valley FST; -- Judy Creek FST (joint venture with Pembina Pipelines Corporation); -- Rocky Mountain House ("Rocky") FST; -- Obed, Dawson and Fox Creek FST expansions; -- Fox Creek landfill; -- Crosby SWD (North Dakota); and -- Rental equipment & long lead equipment (centrifuges, tanks, treaters, frac ponds); -- In July, the Corporation successfully completed an asset purchase agreement with DRD Saltwater Disposal LLC ("DRD") for total cash and share consideration of U .S. $29.9 million. The operating assets acquired include two recently constructed fully operational SWD facilities servicing the Bakken oil play in North Dakota, which aligns with the Corporation's strategy of expanding operations into underserviced markets. Results for the acquisition are recorded in the PRD division; -- In August, the Corporation successfully acquired the operating assets of Imperial Drilling Fluids Engineering Inc. ("IDF"), a Colorado based drilling fluids company that services the Niobrara and Cordell Shale plays for U.S. $7.0 million and a series of future earn out payments that in aggregate range from U.S. $2.7 million to U.S. $8.0 million for total maximum consideration of U.S. $15.0 million; -- In August, Secure closed a bought deal financing (the "Offering") raising total proceeds of $86.3 million. The net proceeds from the Offering were initially used to repay the Corporation's credit facility. It is management's intent to redraw on the credit facility to fund a portion of the increased 2012 capital expenditure program and for working capital and general corporate purposes; and -- Subsequent to the third quarter, the Corporation increased the syndicated credit facility from $200.0 million to $300.0 million through an amended and restated extendible credit facility agreement. The credit agreement also includes an accordion provision allowing the Corporation to increase the credit facility by $50.0 million to $350.0 million. The increase in the credit facility will be used to fund the 2013 and 2014 capital expenditure program, and for working capital and general corporate purposes. PRD DIVISION OPERATING HIGHLIGHTS Three Months Ended Sept 30, Nine Months Ended Sept 30, ($000's) (unaudited)(1) 2012 2011 % Change 2012 2011 % Change ---------------------------------------------------------------------------- Revenue Processing, recovery and disposal services (a) 34,252 20,562 67 93,335 56,021 67 Oil purchase and resale service 149,705 74,108 102 466,746 190,886 145 ---------------------------------------------------------- Total PRD division revenue 183,957 94,670 94 560,081 246,907 127 ---------------------------------------------------------- Operating Expenses Processing, recovery and disposal services (b) 13,211 8,484 56 36,342 23,825 53 Oil purchase and resale service 149,705 74,108 102 466,746 190,886 145 Depreciation, depletion, and amortization 7,408 4,951 50 20,299 12,960 57 ---------------------------------------------------------- Total operating expenses 170,324 87,543 95 523,387 227,671 130 General and administrative 3,955 2,704 46 9,798 6,736 45 ---------------------------------------------------------- Total PRD division expenses 174,279 90,247 93 533,185 234,407 127 Operating Margin (2) (a-b) 21,041 12,078 74 56,993 32,196 77 Operating Margin (2)as a % of revenue (a) 61% 59% 3 61% 57% 7 ---------------------------------------------------------------------------- (1)Certain amounts were reclassified to conform with current period presentation (see note below) (2)Refer to "Non GAAP measures and operational definitions"
Note: In the prior year, the Corporation completed the acquisition of Marquis Alliance Energy Group Inc. and its wholly owned subsidiaries ("Marquis Alliance") and XL Fluids Systems Inc. ("XL Fluids"), creating the DS division. In 2012, Secure has reclassified certain costs previously included in the PRD division, including segregating out costs associated with Corporate overhead. Accordingly, any reclassifications in 2012 were adjusted in the prior year to conform to current period presentation.
Highlights for the PRD division included:
-- For the three and nine months ended September 30, 2012, revenue from processing, recovery and disposal increased to $34.3 million and $93.3 million from $20.6 million and $56.0 million in the comparable periods of 2011. Processing volumes increased 127% and 158% for the three and nine months ended September 30, 2012 compared to the same periods of 2011. Added facilities and expansions in 2011 and 2012 plus increased demand contributed to the improvement in revenue. The following new facilities and services were added after the third quarter of 2011; Drayton Valley FST and Silverdale FST both operational in the fourth quarter of 2011; Secure's frac pond rental service starting in October of 2011; the completion of construction of the Wild River SWD permanent facility in April of 2012; the addition of Dawson FST crude oil treating in June of 2012; and the acquisition of DRD in June of 2012 (the "new facilities and services"). Secure's disposal volumes increased by 28% and 31% for the three and nine months ended September 30, 2012 compared to the same periods of 2011; -- Operating expenses from processing, recovery and disposal services for the three and nine months ended September 30, 2012 increased to $13.2 million and $36.3 million from $8.5 million and $23.8 million in the comparative periods of 2011. Operating expenses to a large degree are variable and will correspond to changes in revenue. Variable expenses include items such as trucking, utilities, facility repairs and maintenance. Revenue for both the three and nine months ending September 30, 2012 increased 67% which corresponds to the 56% and 53% increase in operating expenses over the comparable prior year periods. Operating expenses are also higher as a result of Secure's new facilities and services completed in 2011 and 2012 as mentioned above; and -- Operating margin as a percentage of revenue from processing, recovery and disposal services for the three and nine months ended September 30, 2012 was consistent at 61% for both periods, an increase from 59% and 57% for the three and nine months ended September 30, 2011, respectively. Operating margins increased by two percentage points over the third quarter of 2011. Third quarter 2011 operating costs and margins were negatively impacted by heavy rains in July which increased road maintenance, site and equipment, and leachate disposal expenses. These expenses decreased $0.8 million in the third quarter of 2012 as compared to the third quarter of 2011. Operating margins are in line with management expectations. DS DIVISION OPERATING HIGHLIGHTS Three Months Ended Sept 30, Nine Months Ended Sept 30, ($000's) (unaudited) (1) 2012 2011 % Change 2012 2011 % Change ---------------------------------------------------------------------------- Revenue Drilling services (a) 65,251 63,526 3 190,502 73,031 161 Operating expenses Drilling services (b) 50,259 46,240 9 145,371 52,832 175 Depreciation and amortization 3,709 2,284 62 9,417 3,134 200 ------------------------------------------------------------ Total DS division operating expenses 53,968 48,524 11 154,788 55,966 177 General and administrative 6,830 5,273 30 19,668 6,416 207 ------------------------------------------------------------ Total DS division expenses 60,798 53,797 13 174,456 62,382 180 ------------------------------------------------------------ Operating Margin (2) (a-b) 14,992 17,286 (13) 45,131 20,199 123 Operating Margin % (2) 23% 27% (15) 24% 28% (14) ---------------------------------------------------------------------------- (1)Includes DS division from its acquisition on June 1, 2011. (2)Refer to "Non GAAP measures and operational definitions"
Highlights for the DS division included:
-- Revenue from the DS division for the three and nine months ended September 30, 2012 was $65.3 million and $190.5 million. This compares to $63.5 million and $73.0 million in the same periods of 2011. Results for the nine months ended September 30, 2011 are not comparable to 2012 as the DS division was acquired on June 1, 2011. The 3% increase in DS division revenue in the third quarter of 2012 compared to the third quarter of 2011 is due to increased sales volumes of low margin oil based drilling fluids as well as revenue from the U.S. segment. Oil based drilling fluids are preferred for use in horizontal and directional drilling applications; -- The drilling fluids service line estimated Canadian market share over the third quarter of 2012 was approximately 30% consistent to the third quarter of 2011. The market share percentage was based on the Canadian Association of Oilwell Drilling Contractors ("CAODC")- average monthly rig count for Western Canada of 339 rigs for the third quarter of 2012, compared to 453 rigs through the first quarter (refer to "Non-GAAP measures and Operational Definitions"); -- Third quarter operating days for the Canadian drilling fluids service line were 9,113 operating days compared to 12,512 operating days in the third quarter of 2011. The 27% decrease in operating days is a result of the slowdown in drilling activity reflected by weakened customer demand. Revenue per operating day for the third quarter of 2012 was $5,267 compared to $4,334 in the third quarter of 2011. Revenue per operating day improved as a result of higher sales volumes of low margin oil based fluids in 2012 versus; and -- For the three months ended September 30, 2012 operating margins were $15.0 million or 23% of revenue compared to $17.3 million or 27% of revenue for the third quarter of 2011, a 13% quarter-over-quarter decline. The decline in both absolute dollars and margin percentage are due to slower industry conditions as demonstrated by the 25% drop in Western Canadian Sedimentary Basin ("WCSB") industry rig count, a higher proportion of sales volume relating to the purchase and sale of low margin oil based stock used in oil based drilling, an increase in U.S. lower margin drilling fluid revenue, and a decrease in high margin Canadian rental revenue. In periods of rising oil based stock prices or increased activity in oil based drilling fluids, revenue and product costs increase accordingly resulting in decreased margins on a percentage basis. On an absolute basis, operating margins remain in line with management expectations.
WCSB industry conditions in the third quarter of 2012 were lower than those experienced in the prior year's quarter. Activity in the WCSB was slower than expected due to wet weather continuing into July as well as spending restraint exhibited by Secure's customers. The quarter over quarter active rig count in the WCSB where focus continues to be on oil and natural gas liquid plays was down 25%. Low dry natural gas prices make exploration and production of the commodity uneconomical therefore dampening overall industry activity. The WCSB industry trend is consistent in the United States where the active land rig count softened for a fourth consecutive quarter and decreased 3% quarter over quarter. Oil drilling accounted for 75% of active rigs as rigs were redirected from the Marcellus and Haynesville shale gas resource plays. In Canada, the average rig count declined year-over-year to the end of September, consistent to the total metres drilled decline to 16.8 million metres for the nine months ended September 2012 from 20.4 million metres the previous year. Metres drilled has become a more relevant statistic as more complex drilling, shifts to horizontal wells and greater well depths drive overall industry activity. Secure's customers remain cautious given macro-economic factors, low natural gas prices and the desire to maintain reasonable debt levels.
Given the mixed industry conditions, Secure's strategy of focusing on underserviced geographic areas has proven to be effective. The addition of the Wild River SWD, crude oil treating and terminalling at the Dawson facility, the Drayton Valley FST and U.S. acquisitions contributed to improved operating and financial performance in the third quarter. Secure exploits the industry value chain from "crad le to grave" and focuses on environmental and midst ream services. By doing so, the Corporation lessens its dependence on drilling related revenue streams in favour of production related services.
The Corporation is exploring a number of strategic growth opportunities through acquisition and organic expansion in order to provide additional service lines in key market areas in Canada and the United States. In the quarter, Secure expanded its PRD business into North Dakota through the acquisition of the operating assets of DRD. DRD's assets included two recently constructed operating SWD facilities serving the Bakken oil play. The DRD acquisition provides the foundation for Secure to expand its PRD services at the two existing locations. Secure anticipates the opening of its first constructed SWD at Crosby, North Dakota, by the end of the fourth quarter. The DS division added to its drilling fluids presence in Colorado by acquiring a drilling fluids company that focuses on the Niobrara and Cordell Shale plays. Both of these acquisitions provide the Corporation a platform to capitalize on the potential in the active Bakken and Niorbrara areas.
Secure announced a $50.0 million increase in its organic capital expenditure program in the third quarter. The total capital program for 2012 is forecast to be $166.0 million, with a portion being carried into 2013 for long lead items and the completion of both the Judy Creek and Rocky FST's in the first quarter of 2013. The construction of the Saddle Hills landfill will be started in the spring of 2013 as the approvals for the facility were not received in time to complete construction in the fourth quarter. The new oil based mud blending facility at the Drayton Valley FST became fully operational in September; the new facility reduces costs associated with logistics, develops recycling opportunities, and provides support to the ongoing activities in the DS division. The DS division also added $3.6 million of rental equipment to its fleet in Canada and the United States. Management believes the capital growth projects undertaken in 2012 and into 2013 provide a basis for improved results on a go forward basis.
To ensure growth is executed in a disciplined manner the Corporation completed a bought deal financing raising $86.3 million in the quarter. The financing ensures a strong balance sheet is maintained allowing the Corporation to manage the cycles of the oil and gas industry. Subsequent to the third quarter, the Corporation executed an amending agreement to its credit facility increasing the available amount from $200.0 million to $300.0 million. The bought deal financing and increased credit facility permits the Corporation to seize growth initiatives while maintaining optimum debt and equity levels on the balance sheet.
Management believes the added facilities, new products and new services, combined with future opportunities, will provide continued growth over the long term.
The positive operational and financial results for the year are due to the commitment of Secure's employees, consultants and industry partners. Secure's focus remains on providing integrated innovative solutions for its customers.
INTERIM FINANCIAL STATEMENTS AND MD&A
The condensed consolidated interim financial statements and MD&A of Secure for the three and nine months ended September 30, 2012 are available immediately on Secure's website at www.secure-energy.ca. The condensed consolidated interim financial statements and MD&A will be available tomorrow on SEDAR at www.sedar.com.
Certain statements contained in this document constitute "forward-looking statements" and/or "forward- looking information" within the meaning of applicable securities laws (collectively referred to as forward-looking statements). When used in this document, the words "may", "would ", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", and similar expressions, as they relate to Secure, or its management, are intended to identify forward-looking statements. Such statements reflect the current views of Secure with respect to future events and operating performance and speak only as of the date of this document. In particular, this document contains forward- looking statements pertaining to: general market conditions; the oil and natural gas industry; activity levels in the oil and gas sector, including drilling levels; demand for the Corporation's services and the factors contributing thereto; expansion strategy; the expanded 2012 capital budget, the allocation between the PRD and DS divisions and the intended use thereof; debt service; capital expenditures; completion of facilities; future capital needs; access to capital; acquisition strategy; the Corporation's capital spending on the Rocky Mountain House and Judy Creek, Alberta full service terminals and the timing of completion thereof; oil purchase and resale revenue; the construction of a landfill at Fox Creek, Alberta and the timing for completion thereof and the amount of the Corporation's asset retirement obligations and the timing thereof; the construction of a standalone water disposal at Crosby, North Dakota and the timing for completion thereof.
Forward-looking statements concerning expected operating and economic conditions are based upon prior year results as well as the assumption that increases in market activity and growth will be consistent with industry activity in Canada, United States, and internationally and growth levels in similar phases of previous economic cycles. Forward-looking statements concerning the availability of funding for future operations are based upon the assumption that the sources of funding which the Corporation has relied upon in the past will continue to be available to the Corporation on terms favorable to the Corporation and that future economic and operating conditions will not limit the Corporation's access to debt and equity markets. Forward-looking statements concerning the relative future competitive position of the Corporation are based upon the assumption that economic and operating conditions, including commodity prices, crude oil and natural gas storage levels, interest rates, the regulatory framework regarding oil and natural gas royalties, environmental regulatory matters, the ability of the Corporation and its subsidiary to successfully market their services and drilling and production activity in North America will lead to sufficient demand for the Corporation's services and its subsidiary's services including demand for oilfield services for drilling and completion of oil and natural gas wells, that the current business environment will remain substantially unchanged, and that present and anticipated programs and expansion plans of other organizations operating in the energy service industry will result in increased demand for the Corporation's services and its subsidiary's services. Forward-looking statements concerning the nature and timing of growth are based on past factors affecting the growth of the Corporation, past sources of growth and expectations relating to future economic and operating conditions. Forward-looking statements in respect of the costs anticipated to be associated with the acquisition and maintenance of equipment and property are based upon assumptions that future acquisition and maintenance costs will not significantly increase from past acquisition and maintenance costs.
Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. Readers are cautioned not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, including but not limited to those factors referred to and under the heading "Business Risks" and under the heading "Risk Factors" in the Corporation's annual information form (" AIF") for the year ended December 31, 2011. Although forward-looking statements contained in this document are based upon what the Corporation believes are reasonable assumptions, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements in this document are expressly qualified by this cautionary statement. Unless otherwise required by law, Secure does not intend, or assume any obligation, to update these forward-looking statements.
Non GAAP Measures and Operational Definitions
1. The Corporation uses accounting principles that are generally accepted in Canada (the issuer's "GAAP"), which includes, International Financial Reporting Standards ("IFRS"). These financial measures are No n- GAAP financial measures and do not have any standardized meaning prescribed by IFRS. These non-GAAP measures used by the Corporation may not be comparable to a similar measures presented by other reporting issuers. See the management's discussion and analysis available at www.sedar.com for a reconciliation of the Non-GAAP financial measures and operational definitions. These non-GAAP financial measures and operational definitions are included because management uses the information to analyze operating performance, leverage and liquidity. Therefore, these non-GAAP financial measures and operational definitions should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
Secure Energy Services Inc.
Chairman, President and Chief Executive Officer
(403) 984-6101 (FAX)
Secure Energy Services Inc.
Chief Financial Officer
(403) 984-6101 (FAX)
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