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Enservco Corporation (NYSE American: ENSV) is a leading provider of well-site services in the domestic onshore oil and gas industry. Headquartered in Colorado Springs, Colorado, Enservco operates through two primary subsidiaries: Heat Waves Hot Oil Service and Dillco Fluid Services. The company offers a comprehensive range of services that includes hot oiling, acidizing, frac heating, pressure testing, bacteria and scale treatment, freshwater and saltwater hauling, fluid disposal, frac tank rental, and well site construction. These services are vital for the maintenance and enhancement of oil and gas wells, making Enservco a crucial partner for energy companies of all sizes.
Enservco's operations span a wide geographical area, serving oil and gas producers in Colorado, Utah, Wyoming, Kansas, Texas, Oklahoma, New Mexico, and the northeastern United States, particularly in the Marcellus Shale of the Appalachian Basin. The company is also expanding its presence in North Dakota to cater to the Bakken formation.
The company's recent achievements include a strategic exit from the North Dakota region to reallocate resources to more profitable areas, resulting in improved financial performance. For the nine-month period ending September 30, 2023, Enservco reported a 3% increase in revenue year over year, reaching $15.6 million. The company also improved its adjusted EBITDA by 42%, despite a negative impact from its North Dakota exit.
In the third quarter of 2023, Enservco acquired substantially all the assets of Rapid Hot, a major provider of frac water heating services in Ohio, Pennsylvania, and West Virginia. This acquisition not only bolsters Enservco's position in the Marcellus Shale but also adds incremental revenue and management depth. The company closed the third quarter with $4.2 million in term debt, down from $5.3 million at the end of 2022.
Looking ahead, Enservco is focused on organic growth, controlling costs to improve profitability, and reducing long-term debt. With improving margins and continued drilling activity, the company expects further demand growth for its services. Enservco remains committed to providing dependable, round-the-clock service to its customers, ensuring the efficient operation of oil and gas wells across its service areas.
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