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Bonnett's Energy Services first quarter profits flat at $4.2 million |
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Written by THE CANADIAN PRESS
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Sunday, 11 May 2008 |
UFC fighter James (The Sandman) Irvin, right, punches Luiz Cane at UFC 79 in Las Vegas last December. Irvin returns to action April 2 against light-heavyweight Houston Alexander. THE CANADIAN PRESS/ HO - UFC - Josh Hedges
CALGARY - Oilfield services company Bonnett's Energy Services Trust reported flat net profits of $4.2 million for the first quarter.
The Calgary company said Thursday it earned 35 cents per unit for the three months ended March 31, compared with $4.2 million or 37 cents a unit in the same 2007 period.
Revenue from continuing operations fell to $26.2 million from just under $36 million.
The trust's first quarter results continued to be affected by historically low industry utilization levels," Bonnett's said in a release. Low natural gas prices, a weak U.S. dollar and the Alberta government's decision to increase royalty rates on natural gas production also dragged down the bottom line.
"In the second half of the first quarter, the fundamentals started to show some improvement for the first time in almost 10 years," Bonnett's said in a statement.
"A cold winter in North America has led to a decline in the storage levels of natural gas. Compounding this was a diversion of liquefied natural gas away from North America to capitalize on higher prices for natural gas in other parts of the world. Storage levels are now significantly lower than last year and in line with the five year average. As a result, March drilling rig utilization levels showed improvement."
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Last Updated ( Sunday, 11 May 2008 )
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