High Arctic Energy Services Inc (OTCPK:HGHAF)
$ 0.8767 0.0738 (9.19%) Market Cap: 11.11 Mil Enterprise Value: -15.93 Mil PE Ratio: 0 PB Ratio: 0.26 GF Score: 52/100
Back to the Transcripts List

Q2 2024 High Arctic Energy Services Inc Earnings Call Transcript

Aug 15, 2024 / 09:00PM GMT
Release Date Price: $2.01 (+4.43%)

Key Points

Positve
  • Successful reorganization and spin-out of PNG business into a new entity, SpinCo, trading on the TSX Venture Exchange.
  • Strong performance from the Canadian rental business, particularly after the acquisition of Delta Rental Services, leading to increased revenues and positive cash flow.
  • High Arctic Energy Services Inc (HGHAF) has a solid financial position with positive working capital and minimal debt.
  • Optimism for future drilling activities in PNG, driven by the anticipated Papua LNG project.
  • The company has a strategic vision for growth through selective and opportunistic investments, leveraging existing assets and tax loss carry forwards.
Negative
  • Disappointment over the delay in the final investment decision for the Papua LNG project, now expected in late 2025 or early 2026.
  • Softening in the deployment of rental assets due to the cessation of drilling operations in PNG.
  • Increased G&A costs related to the reorganization, impacting overall financial performance.
  • Low activity levels in the snubbing services segment due to seasonal factors and extreme weather events in Alaska.
  • Significant costs incurred by Team Snubbing International, leading to a net after-tax loss for the quarter.
Operator

2024 Q2 results conference call held on August 15 at 3 PM Mountain Time and 5 PM Eastern Time by Mr. Mike Maguire. (Operator Instructions)

Good afternoon, ladies and gentlemen. Welcome to the High Arctic Energy Services 2024 Q2 results conference call. I would now like to turn the meeting over to High Arctic Chief Executive Officer, Mike Maguire. Please go ahead, Mr. Maguire.

Michael Maguire
High Arctic Energy Services Inc - Chief Executive Officer

Thank you, Melanie, and good afternoon, everyone. Welcome to High Arctic second-quarter conference call. Today I'll be providing an update on the press release we issued after markets closed yesterday, August 14, including discussion of our financial performance for the second quarter of 2024.

Following my remarks, I'll hand the call over to our Chief Financial Officer, Lonn bate. Lonn will be discussing our financial performance for the quarter in more detail. After our formal comments, we'll open the call to answer any questions that you may have.

Before we begin, I'd like to remind

Already have an account? Log in
Get the full story
Start 7-Day Free Trial
Access to All Earning Calls and Stock Analysis
30-Year Financial on one screen
All-in-one Stock Screener with unlimited filters
Customizable Stock Dashboard
Real Time Insider Trading Transactions
8,000+ Institutional investors’ 13F holdings
Powerful Excel Add-in and Google sheets Add-on
All data downloadable
Quick customer support
And much more...
30-Day 100% money back guarantee
You are not charged until the trial ends. Subscription fee may be tax deductible.
Excellent
4.6 out of 5 Trustpilot
Research Tools
All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Discussion Board
Product
Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Mobile App 中文
Education
Financial Glossary Tutorials FAQ Schedule Free Session Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation
Company
About GuruFocus Career Contact Us Advertise Site Map Term of Use Privacy Policy Referral Program Partner Program
Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey
Follow Us
download GuruFocus on Apple store download GuruFocus on Google Play
Disclaimers
GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.
© 2004-2024 GuruFocus.com, LLC. All Rights Reserved.