Revenue primarily comes from renting equipment to oil and gas companies, including majors such as Suncor (TSX: SU), Chevron (NYSE: CVX), and ConocoPhillips (NYSE: COP).
EBITDA was up 29% in 2021, and 27% YoY in Q1-2022, amid a rebound in market activities due to stronger oil and gas pricest. It is estimated that the oil and gas field services market in Canada will grow 15% this year vs the five-year average of 5% p.a. (Source: IBISWorld).
We have a positive outlook on oil prices as we are expecting a prolonged period of conflict between the West and East. Russia accounts for 13% of global oil production.
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