Western Energy Services (TSE:WRG) has released an update.
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Western Energy Services Corp. reports a 22% decline in first-quarter revenue for 2024, at $62.0 million, owing largely to decreased drilling activity in Canada and the US due to lower natural gas prices. Despite the overall revenue drop, production services saw a 5% increase. The company also recorded a net income of $1.5 million, a decrease from the previous year’s first-quarter net income of $4.4 million, influenced by lower Adjusted EBITDA and other factors.
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