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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.
Enservco Corporation (ENSV) reported a 44% increase in Q2 revenue, reaching $3.1 million, mainly due to higher commodity prices and customer activity. The net loss improved by 63% to $1.6 million, aided by cost efficiencies and CARES Act tax credits. Adjusted EBITDA rose 24%, while working capital strengthened to $4.2 million. Notably, the company fully forgave a $1.9 million PPP loan, expected to boost other income in Q3. Overall, Enservco's financial health is improving, with increased equity and cash reserves.
Enservco Corporation (NYSE American: ENSV) will release its 2021 second quarter financial results on August 5, 2021, after market close. Following the release, management will conduct a conference call at 2:30 p.m. MT (4:30 p.m. ET) to discuss the financial outcomes and operational developments. Interested parties can join by calling 888-506-0062 or via webcast accessible through Enservco's website. A replay of the call will be available until August 12, 2021, and the webcast until September 5, 2021.
Enservco Corporation (NYSE American: ENSV) urges stockholders to vote favorably on a proposal to reincorporate the company in Nevada during the Annual Meeting on July 23, 2021. This proposal is anticipated to yield significant cost savings for the company. The Board of Directors strongly recommends approval, emphasizing that non-votes will count against the proposal. Enservco provides essential well-site services across major U.S. oil and gas basins, aiming to enhance operational efficiency through this strategic move.
Enservco Corporation (NYSE American: ENSV) is urging shareholders to vote in favor of a proposal for reincorporation in Nevada, seeking significant cost savings. The proposal requires a majority approval of shares outstanding; non-votes count as votes against it. Management emphasizes that reincorporation is beneficial for all stockholders. This announcement follows the adjournment of the Annual Meeting of Stockholders on June 25, 2021, where the proposal was discussed. Shareholders are encouraged to vote through telephone or internet.
Enservco Corporation (NYSE American: ENSV) announced a virtual Annual Meeting of Stockholders to reconvene on July 23, 2021. The board encourages shareholders to vote in favor of a proposal to reincorporate the company in Nevada, claiming it will lead to significant cost savings. The company has engaged Advantage Proxy to assist in soliciting votes. During the adjournment period since June 25, 2021, stockholders can still cast their votes. The press release emphasizes management's belief that the reincorporation is beneficial for all stakeholders.
Enservco Corporation (ENSV) announced the adjournment of its Annual Meeting of Stockholders on June 25, 2021, regarding the proposal to reincorporate in Nevada. The meeting will reconvene on July 23, 2021, at 10:00 a.m. Mountain Time. The company, aiming for significant annual cost savings, will engage Advantage Proxy to solicit shareholder support. During the June meeting, shareholders approved the appointment of Plante & Moran, PLLC, as the accounting firm and reelected three directors.
Enservco Corporation (ENSV) reported its first-quarter financial results for 2021, revealing a total revenue decline to $5.1 million from $9.4 million in the previous year. The net loss improved to $2.2 million or $0.24 per diluted share, down from $2.8 million. Despite a 36% drop in total operating expenses, adjusted EBITDA worsened to a loss of $940,000 compared to $503,000. Management anticipates better performance during the heating season due to rising commodity prices and new customer acquisitions.
Enservco Corporation (NYSE American: ENSV) will release its first quarter 2021 financial results on May 13, 2021, before market opening. Following this, management will host a conference call at 8:30 a.m. MT (10:30 a.m. ET) to discuss the results and operational updates. Interested participants can join via phone by dialing 888-506-0062 for domestic calls or 973-528-0011 for international callers. A replay of the call will be available until May 20, 2021. The company's comprehensive service offerings span several U.S. oil and gas basins.
Enservco Corporation (ENSV) announced significant financial restructuring and strategic shifts in its latest report for Q4 and FY 2020. The company achieved $12.5 million in equity infusions and reduced total debt by $24 million since September 2020, providing greater financial flexibility. Despite a revenue decline to $15.7 million from $43 million year-over-year due to industry challenges, operating expenses were cut by 39%. Enservco aims to leverage its strong balance sheet and pursue growth opportunities in industrial services as the market recovers from the pandemic.
Enservco Corporation (NYSE American: ENSV) will announce its 2020 Q4 and full-year financial results on March 23, 2021, after market close. Following this, management will host a conference call at 2:30 p.m. MT (4:30 p.m. ET) to discuss the outcomes and operational updates. Interested participants can join via phone or listen to the webcast on the company’s website.
Enservco offers specialized oilfield services across seven major U.S. oil and gas basins, including hot oiling and acidizing, serving states such as Colorado, Texas, and Pennsylvania.
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