Welcome to our dedicated page for Enservco news (Ticker: ENSV), a resource for investors and traders seeking the latest updates and insights on Enservco stock.
Enservco Corporation reports developments in specialized well-site services for the domestic onshore oil and gas industry, with updates centered on a more focused hot oiling business. Company news has covered operating and financial results, debt refinancing, asset-portfolio changes, material agreements, and governance matters. Updates also include SEC reporting status and capital-structure actions tied to the company's efforts to streamline operations and reduce reliance on more seasonal service lines.
Enservco Corporation reported a significant decline in first-quarter financial results for 2020.
Total revenue fell 62% to $9.4 million from $24.8 million year-over-year. Production services revenue decreased by 22% to $3.2 million, while completion services revenue dropped 70% to $6.2 million. The company incurred a net loss of $2.8 million, compared to a net income of $4.3 million last year. Adjusted EBITDA turned negative at $503,000, down from $7.9 million. Enservco is restructuring its operations amid challenging market conditions due to the pandemic and pricing wars.
Enservco Corporation (NYSE American: ENSV) plans to release its first quarter 2020 financial results on May 15, 2020, following market closure. A conference call will commence at 2:30 PM MT (4:30 PM ET) to discuss the results and operational developments. Participants can join by calling 844-369-8770, with a replay available until May 29, 2020. The company offers specialized well-site services across seven major U.S. oil and gas basins.